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Skyharbour Resources Ltd (3)
Symbol SYH
Shares Issued 182,527,689
Close 2024-08-30 C$ 0.34
Market Cap C$ 62,059,414
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Skyharbour Resources begins drilling at Moore

2024-09-03 16:09 ET - News Release

Mr. Jordan Trimble reports

SKYHARBOUR COMMENCES SUMMER DIAMOND DRILLING PROGRAM AT ITS MOORE URANIUM PROJECT, SASKATCHEWAN

Skyharbour Resources Ltd. has commenced a 2,500-metre summer drill program at its 100-per-cent-owned, 35,705-hectare high-grade Moore uranium project. The project is located approximately 15 kilometres east of Denison Mine's Wheeler River project and proximal to regional infrastructure for Cameco's Key Lake and McArthur River operations in the Athabasca basin, Saskatchewan. The drill program has been designed to expand and further characterize the high-grade Main Maverick and Maverick East zones, utilizing the existing Moore Lake camp, with Skyharbour's McGowan Lake camp at the Russell Lake project serving as a secondary base of operations. The company is fully funded and permitted for this drill program, as well as for future drilling, including 4,000 to 5,000 metres to be drilled later in the fall of 2024 at the adjacent Russell Lake project.

Highlights:

  • Skyharbour's summer drill program consisting of 2,500 metres in seven to nine holes has commenced at the Moore project.
  • The company is fully funded and permitted for this drill program and for an additional 4,000 to 5,000 metres of follow-up drilling at the company's adjacent Russell Lake project later this fall.
  • Local infrastructure, including the McArthur River Mine haul road, powerlines and the McGowan Lake camp at Russell, will help to materially lower all-in drill costs.
  • The drilling at Moore will be focused on the Main Maverick and Maverick East zones to further expand, characterize and define the extents of the mineralized zones.
  • These high-grade zones of uranium mineralization are relatively shallow, between 250 to 280 metres from surface.
  • There remains expansion potential at both of the high-grade Main Maverick and Maverick East zones; furthermore, 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.

Jordan Trimble, president and chief executive officer of Skyharbour, stated: "We are excited to commence drilling again with plans to carry out an initial program at Moore followed by a larger program at Russell totalling 7,000 to 8,000 metres combined across both projects. We have continued to expand the high-grade zones on the Moore project and will be drilling in this program to further delineate the numerous zones of uranium on the Maverick corridor, taking advantage of regional infrastructure to bring our costs down. Furthermore, with the recent discovery of high-grade uranium mineralization at Russell in the newly identified Fork zone, this has been a very successful year of drilling thus far for Skyharbour with much more news to come at both Moore and Russell as well as at the various partner-funded projects."

Summer diamond drilling program at Moore

Skyharbour has initiated another phase of drilling, consisting of 2,500 metres in seven to nine drill holes, at its high-grade Moore project in the Athabasca basin. The company is planning to focus on the Main Maverick and Maverick East zones to further expand, characterize and define the extents of the high-grade uranium mineralization. Both of these high-grade zones are potentially open along strike and at depth, with the basement rock having significantly less historical drill testing. Numerous additional regional targets exist elsewhere on the property, including targets along the full extent of the Maverick corridor, which may be tested during this or future drilling programs on the property.

Drilling at the Maverick corridor is planned within the Main Maverick and East Maverick zones to further delineate and expand the currently identified mineralized zones. Recently completed modelling of the mineralized zones has identified areas with potential to host additional high-grade uranium mineralization, including between the two delineated zones, which will be tested as part of the summer drill program.

The Main Maverick zone is characterized by high-grade basement and unconformity-hosted uranium mineralization, with a best interval drilled previously by Skyharbour of 6.0 per cent U3O8 (triuranium octoxide) over 5.9 metres at 265.0 metres depth, including 20.8 per cent U3O8 over 1.5 metres, in hole ML-199. A highlight from the winter drill program completed earlier this year was from hole ML24-08 which intersected five metres of 4.61 per cent U3O8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres, including 10.19 per cent U3O8 over 1.0 metres, at the Main Maverick zone.

At the Maverick East zone, Skyharbour previously drilled a high-grade uranium intercept of 1.79 per cent U3O8 over 11.5 metres at 270.0 metres depth, including 4.17 per cent U3O8 over 4.5 metres and 9.12 per cent U3O8 over 1.4 metres in hole ML-202.

Moore Uranium project overview

In June, 2016, Skyharbour secured an option to acquire Denison Mine's Moore uranium project, on the southeastern side of the Athabasca basin, in northern Saskatchewan, and has fulfilled its earn-in. 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-type uranium mineralization was discovered on the Moore project at the Maverick zone in April, 2001. Historical drill highlights include 4.03 per cent eU3O8 over 10 metres, including 20 per cent eU3O8 over 1.4 metres, in ML-61. In 2017, Skyharbour announced drill results of 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 hole ML-199. In addition to the Maverick zone, the project hosts other mineralized targets with strong discovery potential which 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 proportions of the property are accessible in the summer as well.

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 29 projects, 10 of which are drill ready, covering over 580,000 hectares (over 1.4 million acres) of land.

We seek Safe Harbor.

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