09:51:02 EDT Fri 12 Jul 2024
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Skyharbour Resources Ltd (3)
Symbol SYH
Shares Issued 172,825,894
Close 2023-12-18 C$ 0.47
Market Cap C$ 81,228,170
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Skyharbour optionee North Shore plans Falcon drilling

2023-12-19 11:59 ET - News Release

Mr. Jordan Trimble reports


Skyharbour Resources Ltd. partner company North Shore Uranium has provided an update on the exploration activities at the 55,699-hectare Falcon property located at the eastern margin of the Athabasca basin in Northern Saskatchewan. North Shore has identified a number of high-priority uranium targets on the property and will commence drilling several of these targets in Q1 2024.

Falcon is a highly prospective uranium exploration property with a limited exploration history in an area of the Athabasca basin that is seeing increased exploration activity and recent discoveries. Significant grassroots uranium discoveries in 2021 by Baselode Energy Corp. and 92 Energy Ltd., approximately 40 kilometres to the north, illustrate the potential for new basement-hosted discoveries in this area. In 2022, both North Shore and Skyharbour completed fixed-wing gravity-magnetic-radiometric surveys that covered over 80 per cent of Falcon. Reinterpretation of the earlier electromagnetic (EM) data complemented by the recently acquired geophysical data is allowing North Shore to identify new high-priority targets that have never been tested by drilling.

North Shore's 2023 to 2024 exploration program at Falcon comprises the following three components:

  1. Continuing interpretation of historical and new geophysical and geological data to assist with prioritizing targets for detailed exploration;
  2. A Q1 2024 maiden drill program focusing on several high-priority targets;
  3. Prospecting, mapping and sampling related to the high-priority targets in the summer of 2024 in preparation for future drill programs.

The Q1 2024 drill program will be focused on several targets along a well-defined, dominantly northeast-southwest-trending EM conductor system at the southeastern end of the claim block. There has been no previous drilling in this area. Gravity, magnetic and radiometric data are being analyzed to assist with pinpointing the highest-priority drill locations along the EM conductors for drilling. The helicopter-supported program will be based out of Skyharbour's McGowan Lake camp which is located approximately 55 kilometres to the north along an all-weather road.

Brooke Clements, president and chief executive officer of North Shore, stated: "It's a great time to be exploring for uranium in the Athabasca basin, a Tier 1 jurisdiction for uranium exploration, development and mining. The uranium spot price has recently surged past $85 (U.S.)/pound, the highest we've seen in more than 15 years. We have identified a number of high-priority targets on our Falcon property and are excited to move forward with our exploration program and get the drill turning in Q1 2024."

North Shore has engaged TerraLogic Exploration Inc., of Cranbrook, B.C., to manage its Q1 2024 drill program at Falcon. TerraLogic has experience in the Athabasca basin and a proven record working with the mining and exploration industry, combining advanced data management and proven exploration techniques with a focus on precious metal, base metal and uranium exploration. In addition, Condor North Consulting ULC, a recognized expert in the field of geophysical data processing and interpretation, has been retained to perform a detailed interpretation of the existing geophysical data to assist in optimizing drill target locations.

Falcon uranium project

The Falcon property, which constitutes part of North Shore's Falcon property, contains 11 mineral claims comprising approximately 42,908 hectares approximately 50 kilometres east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon uranium project and the remaining two claims are from Skyharbour's Foster River project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings, including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492 per cent U3O8 (triuranium octoxide) and 1,300 parts per million lead was encountered in outcrop grab samples. Historical grab sampling at Knob Lake also encountered up to 0.01 per cent U3O8 in an outcrop of pegmatite, while anomalous nickel, copper and molybdenum were found in historical grab samples from the Fraser North target area.

A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the property, which was defined by airborne and ground geophysical surveys by JNR Resources in the 2000s. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totalling 7,348 metres) were drilled on the South Falcon uranium property at the Walker (14 holes), Walker South (7 holes) and EWA target areas (six holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235 per cent U3O8 over 0.5 metre (within a 3.5 m interval of 0.113 per cent U3O8) in hole WYL-08-501.

Furthermore, in 2022, Skyharbour completed a Falcon airborne gravity gradiometer and magnetic survey over nine of the 11 claims at the Falcon property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon property. North Shore's initial focus will be on the two claims formerly part of the Foster project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems, including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately six km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.

Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those farther to the north in the Wollaston domain (that is, Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite-/granite-hosted (that is, alaskite-type) U-Th-REE mineralization like at the Fraser Lakes zone B deposit on Skyharbour's adjacent South Falcon East property, currently under option to Tisdale Clean Energy.

The option agreement

Pursuant to the transaction, the resulting issuer may acquire an initial 80-per-cent interest in the property by (i) issuing common shares of the resulting issuer having an aggregate value of $1,225,000; (ii) making aggregate cash payments of $525,000; and (iii) incurring an aggregate of $3.55-million in exploration expenditures on the property over a three-year period.

Once the resulting issuer has earned an initial 80-per-cent interest in the property, the resulting issuer may acquire the remaining 20-per-cent interest in the property within 90 business days by (i) issuing shares having a value of $5-million, and (ii) making a cash payment of $5-million to Skyharbour. If the resulting issuer does not elect to acquire the remaining 20-per-cent interest, a joint venture will be formed with Skyharbour holding a 20-per-cent participating interest.

The resulting issuer will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totalling 10,673 hectares that form part of Skyharbour's Foster River property are subject to a 1-per-cent net smelter return royalty payable to Skyharbour. The remaining nine claims totalling 32,235 hectares that comprise Skyharbour's South Falcon Point property are subject to a 2-per-cent NSR royalty payable to Denison Mines Corp. with North Shore having the right to purchase 1 per cent of the royalty from Denison at any time by paying $1-million. All shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

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 David Billard, PGeo, a consulting geologist for Skyharbour as well as a 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 24 projects, 10 of which are drill ready, covering over 518,000 hectares (over 1.2 million acres) 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 per cent U3O8 over 5.9 metres, including 20.8 per cent U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore uranium project is Skyharbour's recently optioned Russell Lake uranium project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The company is actively advancing these projects through exploration and drill programs.

We seek Safe Harbor.

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