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Skyharbour Resources Ltd (3)
Symbol SYH
Shares Issued 127,067,748
Close 2021-10-18 C$ 0.79
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Black Shield options 75% of Mann Lake from Skyharbour

2021-10-18 09:29 ET - News Release

See News Release (C-BDX) Black Shield Metals Corp

Mr. Fred Tejada of Black Shield reports

BLACK SHIELD ACQUIRES MANN LAKE, SASKATCHEWAN URANIUM PROPERTY AND ANNOUNCES PROPOSED NAME CHANGE TO BASIN URANIUM CORP

Black Shield Metals Corp. has entered into an option agreement with Skyharbour Resources Ltd. to acquire up to a 75-per-cent option of the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada.

Skyharbour owns a 100-per-cent interest in the 3,473-hectare (8,582-acre) Mann Lake uranium project located in the eastern Athabasca basin in Northern Saskatchewan. It is strategically located 25 kilometres southwest of the McArthur River mine, the largest high-grade uranium deposit in the world, and 15 kilometres to the northeast along strike of Cameco's Millennium uranium deposit. Skyharbour's Mann Lake project is also adjacent to the Mann Lake joint venture operated by Cameco (52.5 per cent) with partners Denison Mines (30 per cent) and Areva (17.5 per cent). Denison Mines acquired International Enexco and its 30-per-cent interest in the project after the 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization.

Skyharbour carried out a ground-based EM survey in 2014 focused on a zone where a favourable, two-kilometre-long aeromagnetic low coincides with possible basement conductor trends indicated by prior EM (electromagnetic) surveys. The survey was successful in confirming the presence of a broad, northeast-southwest-trending corridor of conductive basement rocks, which are probably graphitic metapelites.

Skyharbour's Mann Lake uranium project has seen over $3-million of previous exploration expenditures, including fieldwork, geophysical surveys, and two diamond drill programs totalling 5,400 metres carried out by Triex in 2006 and 2008. The geophysical surveys identified basement conductors and structural corridors containing reactivated basement faults. These features trend onto the adjacent ground held by Cameco. The 2006 drill program intersected a 4.5-metre-wide zone containing anomalous boron (with highlight values of 1,758 parts per million boron) in the sandstone immediately above the unconformity in hole MN06-005. Boron enrichment is common at the McArthur River uranium mine, and, along with illite and chlorite alteration, boron is a key pathfinder element for uranium deposits in the basin. In the same drill hole, an altered basement gneissic rock with abundant clay, chlorite, hematite and calc-silicate minerals was intersected about 7.6 metres below the unconformity and contained anomalous uranium, including 73.6 parts per million U3O8 (triuranium octoxide) over a 1.5-metre interval. Background uranium values are commonly between one part per million and five parts per million.

Under the terms of the option agreement, the company is committed to the following:

  1. Paying to the optionor a total of $850,000 and issuing to the optionor the total number of common shares of the company equivalent to a value of $1.75-million based on the 20-day volume-weighted average price at the time of issuance, as follows:
    1. Within five days of the signing of the option agreement, pay $100,000 and issue shares equivalent to $250,000 at the 20-day VWAP at the time of issuance;
    2. On the first anniversary of the signing of the option agreement, pay $250,000 and issue shares equivalent to $500,000 at the 20-day VWAP at the time of issuance;
    3. On the second anniversary of the signing of the option agreement, pay $250,000 and issue shares equivalent to $500,000 at the 20-day VWAP at the time of issuance;
    4. On the third anniversary of the signing of the option agreement, pay $250,000 and issue shares equivalent to $500,000 at the 20-day VWAP at the time of issuance;
  2. Incur a minimum of $4-million in exploration expenditures on the property as follows:
    1. $1-million in exploration expenditures on or before the first anniversary of the signing of the option agreement;
    2. An additional $1-million in exploration expenditures on or before the second anniversary of the signing of the option agreement;
    3. An additional $2-million in exploration expenditures on or before the third anniversary of the signing of the option agreement.

In the event that the company spends, in any of the aforementioned periods, less than the specified sum, it may pay to the optionor the difference between the amount it actually spent and the specified sum before the expiry of that period in full satisfaction of the exploration expenditures to be incurred. In the event that the company spends, in any period, more than the specified sum, the excess shall be carried forward and applied to the exploration expenditures to be incurred in succeeding periods.

Immediately on the company satisfying all of the conditions, the company will be deemed to have exercised the option and to have earned a 75-per-cent interest in and to the property, which will vest to the company, subject to the net smelter returns royalty. A net smelter return royalty of 2.5 per cent is payable to a third party of net smelter returns from minerals mined and removed from the property (payable pro rata based on ownership interest in the property).

The issuance of the shares is subject to approval by the board of directors of the company and the Canadian Securities Exchange. All securities issued pursuant to the offering will be subject to a four-month-plus-one-day hold period from the issuance date. The company may pay finders' fees and/or commissions to eligible persons in connection with the option in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, PGeo (British Columbia), a qualified person under National Instrument 43-101 and a consultant to the company.

Proposed name change to Basin Uranium Corp.

Subject to the approval for the CSE, the company is proposing to change its name to Basin Uranium and its trading symbol. The company will provide additional updates when approval has been received.

Debt settlement

The company has agreed with certain arm's-length third party vendors to settle $90,000 accrued accounts payables in exchange for the issuance of 450,000 shares of the company at a deemed price of 20 cents per share.

All securities issued in the debt settlement are subject to a four-month-plus-one-day hold period expiring the date of issuance. The issuance of securities is subject to approval by the board of directors of the company and the CSE.

About Black Shield Metals Corp.

Black Shield Metals is a Canadian junior exploration company focused diversified mineral resources. Black Shield is currently undertaking the CHG gold exploration project, located approximately 15 kilometres northwest of the town of Clinton in south-central British Columbia. The CHG project consists of seven contiguous mineral claims covering 3,606 hectares.

We seek Safe Harbor.

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