VANCOUVER, British Columbia, March 28, 2018 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce its option partner Azincourt Energy (TSX-V:AAZ) (“Azincourt”) has paid its required cash payment to enter year two of the property option agreement after receiving positive results from the recent exploration program at the East Preston Uranium Project (the “Project”). Numerous high-quality drill targets were generated upon completion of the recent HLEM and Gravity geophysical surveys at East Preston with detailed interpretation work underway to prioritize these targets for future drill testing. The Project is located near NexGen Energy Ltd.’s high-grade Arrow deposit hosted on its Rook-1 property and Fission Uranium Corp.’s Triple R deposit located within their PLS Project area.
Preston Uranium Project Claims Map:
The East Preston geophysical program consisted of 51.45 km of grid preparation, 46.05 km of horizontal loop electromagnetic (HLEM), and 40.6 km of gravity. The HLEM data was collected using a 200 m transmitter-receiver separation, and 50 m station intervals. The survey was designed to accurately identify the location of multiple conductive systems in this shallow depth to basement environment. Uranium deposits are often associated close to basement conductive trends and represent a first order criterion for discovery.
The image below displays the gridded 7040 Hz in-phase HLEM data, which is considered to be representative of the entire data set. The most prospective trends, based solely on conductivity, are labelled as C1 and C2. However, there are zones of mineralization within the Athabasca Basin that are not directly related to graphite content; therefore, the weaker trends should not be dismissed. Lineaments interpreted from the airborne magnetic data are also displayed, which appear to offset the HLEM conductive trends.
Preston Uranium Property HLEM Survey Map:
The gravity survey recorded measurements at 50 m station intervals. Subtle gravity low anomalies can highlight areas of alteration and structural disruption. Gravity highs may represent basement topography, which is also associated with uranium deposits. This initial ground geophysical program has confirmed the interpretation of the airborne data and has yielded drill targets within previously untested corridors.
The Main Grid shows multiple long linear conductors with flexural changes in orientation and offsets breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors, they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.
Skyharbour and Clean Commodities entered into an Option Agreement (the “Agreement”) with Azincourt whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Under the Agreement, Azincourt has issued 4,500,000 listed common shares and will contribute cash and exploration expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments to Skyharbour and Clean Commodities, as well as $2,500,000 in exploration expenditures over the three year period. Azincourt has issued Skyharbour and Clean Commodities each 2,250,000 common shares upfront for a total issuance of 4,500,000 common shares.
Overview of East Preston:
The significant potential of the Western Athabasca Basin has been highlighted by recent discoveries in the area by NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple R) and a joint-venture consisting of Cameco Corporation, Orano Canada Inc. and Purepoint Uranium Group Inc. (Spitfire). More than $4.7-million in expenditures on the entire Preston Uranium Project have been incurred to date, including over $2 million at East Preston. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as two exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.
Preston Uranium Property Map and Regional Exploration Corridors:
Furthermore, on March 9th, 2017, Skyharbour announced an option agreement with Orano Canada Inc. which provides Orano an earn-in option to acquire up to a 70% working interest in a 49,635 hectare portion of the total 74,965 hectare Preston Uranium Project (see News Release dated March 9th, 2017). Under the agreement, Orano can contribute cash and exploration program consideration totaling up to CAD $8,000,000 in exchange for up to 70% of the applicable project area over six years.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.
Skyharbour in the Media:
The Financial Post recently featured Skyharbour in its business section in an article titled: “Topography, Timing, and Talent”. The article provides a summary of the uranium market and the Company, and can be found at:
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with five drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines, a large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which is located approx. 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone with drill results returning 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour recently signed option agreements with Orano Canada Inc. and Azincourt Energy whereby Orano and Azincourt can earn in 70% on the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and 4,500,000 Azincourt shares. Preston is a large, geologically prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. The Company also owns a 100% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which contains an NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023% contained within 10,354,926 tonnes using a cutoff grade of 0.01% U3O8. The project also hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade uranium mineralization was recently discovered. Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
To find out more about Skyharbour Resources Ltd. (TSX-V:SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
President and CEO
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Skyharbour Resources Ltd.
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This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.