Mining
Tuesday, February 27th, 2024 4:04 pm EDT
Key Points
- Skyharbour Resources Ltd. has expanded its uranium exploration portfolio in northern Saskatchewan by acquiring new prospective claims, increasing its total land package to 587,364 hectares across 29 projects, with the newly acquired claims adding 64,267 hectares.
- These 100% owned claims are located near the Athabasca Basin, known for hosting high-grade uranium deposits, and will be part of Skyharbour’s prospect generator business, seeking strategic partners to advance these assets.
- The new properties are prospective for both basement-hosted unconformity-related uranium and pegmatite-hosted uranium-thorium-rare earth elements (REE), with additional potential for base metals and other critical minerals. Skyharbour will focus on its co-flagship Russell Lake and Moore uranium projects while advancing these newly acquired claims.
Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that it has acquired by low-cost staking new prospective uranium exploration claims in northern Saskatchewan, increasing Skyharbour’s total land package that it has ownership interest in to 587,364 ha (1,451,408 acres) across 29 projects. These 100% owned claims add an additional 64,267 ha to Skyharbour’s existing holdings in and around the Athabasca Basin, which is host to the highest-grade uranium deposits in the world and is consistently ranked as a top mining jurisdiction by the Fraser Institute. As the Company remains focused on its co-flagship Russell Lake and Moore uranium projects, these new claims will become a part of Skyharbour’s prospect generator business as the Company will seek strategic partners to advance these assets.
Skyharbour’s New Uranium Project Portfolio Map:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14.jpg
List of New Properties:
- Bend Project – two mineral claims covering 9,114 hectares
- Compulsion Project – two mineral claims covering 10,451 hectares
- Genie Project – five mineral claims covering 16,930 hectares
- Hartle Project – ten mineral claims covering 52,518 hectares
- Regambal Project – five mineral claims covering 24,208 hectares
Property Summaries:
The recently staked minerals claims are all located in Wollaston Domain just outside of the Athabasca Basin sandstone and are underlain by prospective Wollaston Supergroup metasedimentary gneisses including lower Wollaston pelitic gneisses (± graphite). The properties are prospective for both basement-hosted unconformity-related U and pegmatite-hosted U-Th-REE, with additional potential to host base metals and other critical minerals. Some of these properties have historical pegmatite-hosted U-Th and base metal showings and historical EM conductors, with partial coverage of the properties by modern EM, magnetics, and radiometric surveys.
In addition to the newly staked claims, several other claims were re-staked during competitive staking rushes in the Usam and Riou River areas. The newly re-staked Usam project consists of 40,041 ha over twelve claims, covering a large portion of prospective Wollaston Supergroup metasedimentary gneisses northeast of Cameco’s Rabbit Lake Operation. Riou River now consists of 8,620 ha over six claims in the north-central portion of the Athabasca Basin and is underlain by Athabasca Supergroup sandstone and conglomerate.
At Skyharbour’s Highway project, three new claims non-contiguous with the original claim were added, adding 8,155 ha to project, increasing its size to 9,339 ha. These new claims are also located in close proximity to Highway 905 and have historical U-Th pegmatite showings on them.
Red Cloud’s Pre-PDAC Mining Showcase and the PDAC 2024 Convention:
Skyharbour is pleased to announce that the Company will be presenting at the Red Cloud Pre-PDAC Mining Showcase on Thursday, February 29th, and Friday, March 1st, at the Sheraton Centre Toronto Hotel followed by the PDAC Convention at the Metro Toronto Convention Centre, Sunday, March 3rd. through Wednesday, March 6th.
Skyharbour’s President and CEO, Jordan Trimble, will be presenting at the Red Cloud Pre-PDAC Mining Showcase Thursday, February 29th, at 11:00 am Eastern Standard Time, providing an overview and update for the Company. For more information and/or to register for the conference, visit: https://redcloudfs.com/prepdac2024/
Visit the Skyharbour management team at the PDAC 2024 Investor Exchange Booth #2629 Sunday, March 3rd to Wednesday, March 6th, from 10:00 am EST to 5:00 pm EST. President and CEO, Jordan Trimble, will be presenting Tuesday, March 5th at 10:40 am EST in Room 801A, to provide an overview and update for the Company. For registration details, visit: https://www.pdac.ca/convention
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, P.Geo., 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 twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.45 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% 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% U3O8 over 5.9 metres including 20.8% 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.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Valor Resources at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $19 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.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
