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Skyharbour Resources Ltd (3)
Symbol SYH
Shares Issued 182,527,689
Close 2024-10-01 C$ 0.43
Market Cap C$ 78,486,906
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Skyharbour optionee North Shore receives Falcon permit

2024-10-01 20:36 ET - News Release

Mr. Jordan Trimble reports

SKYHARBOUR'S PARTNER NORTH SHORE URANIUM GRANTED EXPLORATION PERMIT AT FALCON URANIUM PROJECT

Skyharbour Resources Ltd.'s partner company, North Shore Uranium Ltd., has received a Crown land work authorization permit from the Saskatchewan Ministry of Environment. The permit covers the company's 55,700-hectare Falcon property at the eastern margin of the Athabasca basin in Northern Saskatchewan. North Shore may acquire an initial 80-per-cent interest in Falcon by issuing common shares having an aggregate value of $1,225,000, making aggregate cash payments of $525,000 to Skyharbour and incurring an aggregate of $3.55-million in exploration expenditures on the property over a three-year period.

Under the permit, which expires on July 31, 2027, North Shore is authorized to conduct mineral exploration activities, including prospecting and ground geophysics, trail and drill site clearing, line cutting, the drilling of up to 75 exploration drill holes, and the storage of drill core. While performing the exploration activities, North Shore is required to comply with existing regulations and the environmental conditions specified in the permit, including reclamation of exploration sites and monitoring wildlife in the area. North Shore is also committed to engaging with local communities and addressing their concerns throughout the life of the project.

As reported by North Shore on Sept. 17, 2024, North Shore is prioritizing uranium exploration targets for future drill programs at Falcon. The target model is near-surface basement-hosted uranium mineralization, which can be associated with electromagnetic conductor systems. To date, North Shore has identified 36 uranium targets at Falcon. The targets were selected based on the analysis of multiple data sets and interpretation by Condor North Consulting ULC, Earthfield Technologies Inc., TerraLogic Exploration Inc. and North Shore. North Shore's current goal is to select the top-10 sites to choose from for the next drill program.

Brooke Clements, president and chief executive officer of North Shore, stated: "After our maiden drill program at Falcon this March, we are preparing for follow-up work related to our two new uranium discoveries and to evaluating new targets. We believe that Falcon, located at the eastern margin of the prolific Athabasca basin, is a great setting for a major new uranium discovery. We have multiple targets that require testing, and we look forward to future exploration programs."

Falcon uranium project

The Falcon project, 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 electromagnetic conductors. At the EWA target, up to 0.492 per cent triuraniun octoxide and 1,300 parts per million lead were encountered in outcrop grab samples (Saskatchewan Mineral Deposits Index 5038). Historical grab sampling at Knob Lake (SMDI 1014) 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 (SMDI's 1125 and 1126).

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 (seven 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-metre interval of 0.113 per cent U3O8) in hole WYL-08-501 (Saskatchewan mineral assessment file 74H02-0045).

Furthermore, in 2022, Skyharbour completed a Falcon airborne gravity gradiometer and magnetic survey over nine of the 11 claims at the Falcon property. These 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 remain 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 kilometres 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) uranium-thorium-rare earth element 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

North Shore may acquire an initial 80-per-cent interest in the property by issuing common shares of the resulting issuer, having an aggregate value of $1,225,000; making aggregate cash payments of $525,000; and incurring an aggregate of $3.55-million in exploration expenditures on the property over a three-year period. Once North Shore has earned an initial 80-per-cent interest in the property, North Shore may acquire the remaining 20-per-cent interest in the property within 90 business days by issuing shares having a value of $5-million and making a cash payment of $5-million to Skyharbour. If North Shore 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.

North Shore 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 29 projects, 10 of which are drill ready, covering over 580,000 hectares (over 1.4 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 6.0 per cent U3O8 over 5.9 metres, including 20.8 per cent U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore uranium project is Skyharbour's Russell Lake uranium project optioned from Rio Tinto, which hosts several 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.

Skyharbour has joint ventures with industry leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake projects, respectively. The company also has several active earn-in option partners, including: Canadian Securities Exchange-listed Basin Uranium Corp. at the Mann Lake uranium project; Canadian Securities Exchange-listed Medaro Mining Corp. at the Yurchison project; TSX Venture Exchange-listed North Shore Uranium at the Falcon project; and TSX Venture Exchange-listed Terra Clean Energy (previously Tisdale) at the South Falcon East project, which is host to the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has signed earn-in option agreements with partners that total over $33-million in partner-financed exploration expenditures, over $27-million worth of shares being issued and over $20-million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

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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