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Skyharbour Resources Ltd (3)
Symbol SYH
Shares Issued 127,067,748
Close 2021-11-10 C$ 0.69
Recent Sedar Documents

Skyharbour drills 5.7 m of 0.994% U3O8 at Moore

2021-11-10 09:13 ET - News Release

Mr. Jordan Trimble reports

SKYHARBOUR INTERSECTS ADDITIONAL ZONES OF HIGH GRADE URANIUM MINERALIZATION IN DRILLING AT MOORE URANIUM PROJECT

Skyharbour Resources Ltd. has released the second set of geochemical assay results and has completed its 2021 summer/fall diamond drilling program which totalled 19 holes in 6,598 metres (m) at its 100-per-cent-owned Moore uranium project. The Moore project comprises 35,705 hectares, about 15 kilometres east of Denison Mines' Wheeler River project and near regional infrastructure for Cameco's Key Lake/McArthur River operations in the Athabasca basin, Saskatchewan. Drill hole ML21-13 confirmed the presence of additional high-grade basement-hosted uranium mineralization at the Maverick East zone. This hole returned 0.994 per cent triuranium octoxide (U3O8) over 5.7 metres, including 1.51 per cent U3O8 over 2.5 metres. The geochemistry and geology from the Grid 19 targets illustrated the prospectivity of this area which warrants further drilling. Samples from the final six holes that tested the Maverick East zone have been delivered to the lab and assay results are still pending.

Highlights:

  • Hole ML21-13 was drilled within the east central portion of the Maverick East zone. This hole intersected predominantly basement-hosted mineralization and returned 0.994 per cent U3O8 over 5.7 metres from 270 metres to 275.7 metres, including an interval of 1.51 per cent U3O8 over 2.5 metres from 273.2 metres to 275.7 metres. The uranium mineralization was accompanied by intense clay alteration of the graphitic pelitic assemblages.
  • The mineralized intercept in hole ML21-12 returned 0.33 per cent U3O8 over a six-metre interval from 282.5 metres to 288.5 metres downhole. This mineralization is entirely basement hosted within clay altered to replaced graphitic pelitic gneiss and local clay altered to replaced felsic intrusives. The hole is also enriched in nickel (Ni) (equals 0.74 per cent), cobalt (Co) (equals 0.21 per cent) and zinc (Zn) (equals 1.2 per cent).
  • Substantial portions of the 4.7-kilometre-long Maverick corridor remain to be systematically drill tested leaving robust discovery potential along strike, as well as at depth in the basement rocks.
  • At the Grid 19 target area, exploratory drill holes ML21-07 to -09 were the first holes drilled where two prospective EM (electromagnetic) conductors were identified by this winter's SML-EM geophysical program. All three holes intersected highly encouraging altered, graphitic and sulphide-bearing basement lithologies accompanied by anomalous levels of boron (B) (equals 1,290 parts per million (ppm)), thorium (Th) (equals 445 ppm), Ni (equals 500 ppm), vanadium (V) (equals 350 ppm) and uraniumm (U) (equals 421 ppm). A notable intercept of 0.05 per cent U3O8 over one metre occurs well into the basement in hole ML21-07 on the Slice Pond conductor. Composite geochemical sampling in the second hole on this conductor, hole ML21-09, returned samples enriched in U (equals 7.5 ppm partial digest) and B (equals 161 ppm) over a broad 70-metre interval in the sandstone.
  • Final assay results are pending for six more drill holes.

Jordan Trimble, president and chief executive officer of Skyharbour Resources, states: "We are very pleased with the results thus far from this most recent drill program at our flagship Moore uranium project as we continue to outline new high-grade zones of uranium mineralization at the Maverick corridor and make notable progress at earlier-stage regional targets. Final assays are pending for six holes from the program and we plan to commence a fully funded winter drill program early in the new year to follow up on these results. Skyharbour is very well positioned to benefit from the accelerating uranium market recovery with strong discovery potential and upcoming news flow from its continued drilling at Moore, as well as at partner-funded projects. Worth highlighting is that we now have five partner companies with Azincourt Energy, Valor Resources, Basin Uranium Corp. and Medaro Mining, each planning upcoming exploration and drill programs at the East Preston, Hook Lake, Mann Lake and Yurchison projects, respectively."

Summary of 2021 drilling program

Drilling on the Moore uranium project over the summer and fall of 2021 totalled 6,598 metres in 19 diamond drill holes. Thirteen holes (ML21-01 to -05 and ML21-12 to -19) were drilled on the Maverick East zone, three holes on the Esker target (ML21-06, -10 and -11) and three on the Grid 19 target conductors (ML21-07 to -09). Results from holes ML21-01 to ML21-05 were reported in a previous news release dated Sept. 14, 2021. Results for holes ML21-06 to -13 have been received and samples for holes ML21-14 to -19 have been delivered to SRC Geoanalytical Laboratories in Saskatoon for analysis. The results of these latter holes will be reported upon once all of them have been received, compiled and interpreted by Skyharbour's geological team.

Maverick East zone drilling

Drill hole ML21-12 was collared five metres south of hole ML21-05, which intersected the hangingwall of the Maverick structure. Hole ML21-12 contained 0.33 per cent U3O8 over a six-metre interval from 282.5 metres to 288.5 metres downhole. This mineralization is entirely basement hosted within clay altered to replaced graphitic pelitic gneiss and local clay-altered to replaced felsic intrusives. Within the graphitic intervals is abundant carbonaceous matter, which is typically associated with large high-grade uranium deposits. This hole is also enriched in Ni (equals 0.74 per cent), Co (equals 0.21 per cent) and Zn (equals 1.2 per cent). Both the sandstone and basement are highly enriched in boron, with values commonly exceeding 1,000 ppm B and up to 7,900 ppm B.

Hole ML21-13 was drilled as a follow-up to historic hole ML-93, which had deviated significantly from its original target in the east central portion the Maverick East zone. Hole ML21-13 established the continuity of the mineralization within the eastern half of the Maverick East zone and was highly successful in that regard. This hole intersected predominantly basement-hosted mineralization and returned an assay result of 0.994 per cent U3O8 over 5.7 metres from 270 metres to 275.7 metres, which included a high-grade basement intercept comprising 1.51 per cent U3O8 over 2.5 metres from 273.2 metres to 275.7 metres. The uranium mineralization was accompanied by intense faulting and clay alteration of the sandstone and graphitic pelitic assemblages. The mineralization was also accompanied by concentrations of Pb (equals 4,960 ppm) and Cu (equals 1,090 ppm).

Hole ML21-14 and -15 were drilled to further establish the geometry of the eastern end of the Maverick East zone. Hole ML21-14 was drilled as a downplunge and downdip test of mineralization in previously reported hole ML20-13, which intersected 11.3 metres of 0.24 per cent U3O8. Hole ML21-15 was drilled as a follow-up to historical hole ML-533, which significantly deviated from its original target 25 metres along strike of the currently defined Maverick East zone. Both holes were completed to depth and intersected the expected prospective faulting and geology that has been identified in the Maverick East to date. Geochemical results are pending for these two holes and will be reported on once received, compiled and interpreted.

Holes ML21-16 through -19 were drilled in the eastern end of the Maverick East zone and at the eastern end of the Maverick Main zone in order to establish linkages and extensions of the mineralization in the intervening interval between these two mineralized zones. The drilling successfully established the relationships and complexity of the geology and structure within this area, with geochemical results also pending for these holes.

Grid 19 target area drilling

Hole ML21-07 was drilled in the central portion of the westernmost (Slice Pond conductor) of two subparallel north-trending conductors in the Grid 19 area. The hole intersected a variably bleached and locally faulted sandstone column overlying granitic gneiss and a significant package of cordierite-bearing graphitic pelitic gneiss and other metasediments. These units were accompanied by faulting and shearing and sulphide-rich intervals. The sandstone and basement are enriched in B (up to 1,290 ppm), with the basement also elevated in several important pathfinder elements, including Th (equals 242 ppm), V (equals 421 ppm) and Cu (equals 334 ppm). Of note in this hole is an interval of uranium mineralization grading 0.05 per cent U3O8 over one metre at 263.1 metres depth, approximately 70 metres (m) below the unconformity.

Drill hole ML21-08 was drilled on the south end of the eastern conductor in the Grid 19 area. This hole intersected a significant package of locally sheared and faulted sulphide-rich and cordierite-bearing pelitic gneiss, graphitic pelitic gneiss and calc-silicates. The interval is approximately 90 metres thick and begins nearly 100 metres below the unconformity. The basement rocks are locally sheared and faulted and are anomalous in the pathfinder elements of B (256 ppm), Ni (500 ppm) and Cu (158 ppm).

Hole ML21-09 was drilled on the southern end of the Slice Pond conductor in the Grid 19 area. Like holes ML21-07 and -08, an extensive package of fractured and faulted pelitic gneisses and graphitic pelitic gneisses were intersected well below the unconformity, in this case 65 metres below. The geochemistry of the overlying sandstone column is also notable in this hole, as the upper 70 metres returned anomalous uranium and boron averaging 7.54 ppm U (partial) and 161 ppm B, respectively, in composite samples. The basal 30 metres of the sandstone column are also anomalous in uranium. These results are associated with sooty faulting and bleaching of the sandstone. This enrichment of uranium and boron in the sandstone is highly anomalous, with similar levels commonly associated with significant uranium mineralization in the Athabasca basin.

Esker zone drilling

Holes ML21-06 and -10 were drilled as follow-up to historic drill hole MT-04, which intersected highly anomalous sandstone geochemistry in the Esker area in the 1980s. Hole ML21-06 was lost just above the unconformity and was followed up by hole ML21-10. The sandstone column in both holes contained significant intervals, 10 to 30 metres thick, of faulting and moderate to strong bleaching. The basement rocks are a mixed package of chloritic sheared to mylonitic graphitic and non-graphitic pelitic gneiss. The basement rocks are enriched in B (equals 502 ppm), V (equals 160 ppm) and Cu (equals 373 ppm) locally.

Hole ML21-11 was drilled as a follow-up to historic drill hole MT-10, which was also drilled in the 1980s. This hole contained local intervals of faulted and bleached sandstone. The basement rocks comprised a package of felsic intrusives, pelitic and graphitic pelitic gneiss, affected locally by faulting, fracturing and chlorite alteration. The hole is locally anomalous in V (equals 394 ppm), Cu (equals 239 ppm) and Ni (equals 159 ppm). The basement rocks are also often enriched in B, with values ranging from 101 ppm B to 408 ppm B over approximately 60 per cent of the sampled intervals.

Moore uranium project overview

In June, 2016, Skyharbour secured an option to acquire Denison Mines' Moore uranium project, on the southeastern side of the Athabasca basin, in Northern Saskatchewan; since then, Skyharbour has fulfilled its earn-in and acquired 100-per-cent ownership of the project. The project consists of 12 contiguous claims totalling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approximately 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Unconformity-related uranium mineralization was discovered on the Moore project at the Maverick zone in April, 2001. Historical drill highlights include 4.03 per cent eU3O8 (equivalent triuranium octoxide) over 10 metres, including 20 per cent eU3O8 over 1.4 metres, and, in 2017, Skyharbour announced drill results of up to 6.0 per cent U3O8 over 5.9 metres, including 20.8 per cent U3O8 over 1.5 metres at a vertical depth of 265 metres. In addition to the Maverick zone, the project hosts other mineralized targets with strong discovery potential that the company plans to test with future drill programs. The project is fully accessible through winter and ice roads which simplifies logistics and lowers costs. Large portions of the property are also easily accessible in the summer.

Qualified person

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, PGeo, MSc, Skyharbour's director, head geologist and qualified person.

About Skyharbour Resources Ltd.

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca basin and is well positioned to benefit from improving uranium market fundamentals with eight drill-ready projects covering over 250,000 hectares of land. Skyharbour has acquired, from Denison Mines, a large strategic shareholder of the company, a 100-per-cent interest in the Moore uranium project which is located 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 that returned drill results of up to 6.0 per cent U3O8 over 5.9 metres, including 20.8 per cent U3O8 over 1.5 metres at a vertical depth of 265 metres. The company is actively advancing the project through drill programs.

Skyharbour has a joint venture with industry-leader Orano Canada Inc. at the Preston project whereby Orano has earned a 51-per-cent interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5-per-cent interest in the project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston project, whereby Azincourt has earned a 70-per-cent interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15-per-cent interest in the project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit, as well as NexGen Energy's Arrow deposit. Furthermore, the company owns a 100-per-cent interest in the South Falcon Point uranium project on the eastern perimeter of the basin, which contains a National Instrument 43-101 inferred resource totalling seven million pounds of U3O8 at 0.03 per cent and 5.3 million pounds of thorium dioxide (ThO2) at 0.023 per cent.

Skyharbour has several active option partners, including Australian Securities Exchange-listed Valor Resources on the Hook Lake uranium project whereby Valor can earn-in 80-per-cent of the project through $3.5-million in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; Canadian Securities Exchange-listed Basin Uranium on the Mann Lake uranium project whereby Basin Uranium can earn-in 75 per cent of the project through $4-million in exploration expenditures and $850,000 in cash payments, as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison project whereby Medaro can earn-in an initial 70 per cent of the project through $5-million in exploration expenditures and $800,000 in cash payments, as well as share issuances over three years, followed by the option to acquire the remaining 30 per cent of the project through a payment of $7.5-million in cash and $7.5-million worth of shares.

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.

We seek Safe Harbor.

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