Vancouver, BC, Sept. 08, 2022 (GLOBE NEWSWIRE) — of Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the company”) Partner company Medaro Mining (“Medaro”) is pleased to announce that it has commenced an airborne geophysical survey on its Yurichson uranium property in Saskatchewan. Medaro engaged Terraquest Ltd. of Markham, Ontario to conduct helicopter-borne aeromagnetic, horizontal gradiometric, radiometric and VLF-EM surveys on the property. A total of 7,117 line kilometers of surveys are being conducted at 50 m spacing using helicopter.
Location map of the Yurchison project:
Total 7,117 line km at 50 m spacing; with 1029 lines and 19 equality lines; line azimuth 135°/315°; azimuth of link line 045°/225°
High resolution aeromagnetics (fixed nose boom for safe and low acquisition)
Radiometric (monocrystalline pack)
Horizontal Gradiometer – Fixed Side Arrows
Very low frequency digital matrix – electromagnetic (VLF-EM)
AStar 350 B2 aircraft; with ground clearance 25m-30m draped mode
Figure 1: Geophysics Flight path:
The survey team is based at KM147 Lamp Lights Lodge, Saskatchewan, which is located near the Yurichson property. The investigation is expected to be completed within the next few weeks. Medaro will provide an update on the survey results as they become available.
About the Yurchison Uranium Project:
Historical prospecting near old trenches has returned a significant amount of uranium (ranging from 0.09% to 0.30% U3O8) and molybdenum (ranging from 2,500 ppm to 6,400 ppm Mo) in outcrop and float samples. Two historic holes drilled under the trenches returned highly anomalous molybdenum values up to 3750 ppm and anomalous uranium values up to 240 ppm. The property has strong discovery potential for underground hosted uranium mineralization as well as copper, zinc and molybdenum mineralization. Regionally, Rio Tinto has entered into a seven-year, $30 million option agreement with Forum Energy Metals Corp. to acquire an 80% interest in their Janice Lake property, located on the strike to the southwest of the property.
The option contract:
Pursuant to the Agreement, Medaro may acquire an initial 70% interest in the Property by (i) issuing common stock of Medaro (“Shares”) for an aggregate value of CAD$3,000,000; (ii) make cash payments totaling CAD $800,000; and (iii) incur a total of C$5,000,000 in exploration expenditures on the property over a three-year period. Once Medaro has acquired an initial 70% interest in the Property, Medaro may acquire the remaining 30% interest in the Property, within 30 business days of acquiring the initial 70% interest, by (i) issuing Shares with a value of C$7,500,000, and (ii) making a cash payment of C$7,500,000.
Skyharbour will retain a two percent (2%) NSR on 11 of the 12 claims, with Medaro holding a buyout option whereby Medaro can purchase one percent (1%) of the NSR for C$1 million. A separate two percent (2%) NSR on the other claim is payable to a third party (payable pro rata based on ownership interest).
The technical information contained in this press release has been prepared in accordance with the Canadian regulatory requirements set forth in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a consulting geologist for Skyharbour and a qualified person .
About Skyharbour Resources Ltd. :
Skyharbour has an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are ready for drilling, covering more than 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a major strategic shareholder of the Company, a 100% interest in the Moore uranium project which is located 15 kilometers east of Denison’s Wheeler River project and 39 kilometers south of Cameco’s McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization in the Maverick Zone which has returned drill results up to 6.0% U3O8 over 5.9 meters of which 20.8% U3O8 over 1.5 meters at a vertical depth of 265 meters. Adjacent to the Moore Uranium Project is Rio Tinto’s recently optioned Russell Lake Uranium Project, which hosts historic high-grade drill intersections over a large property area with strong exploration potential. The Company is actively advancing these projects through exploration and drilling programs.
Skyharbour has a joint venture with industry leader Orano Canada Inc. at the Preston project whereby Orano acquired a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now holds a 24.5% interest in the project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston project in which Azincourt acquired a 70% interest in the project through exploration expenditures, cash payments and the issuance of shares. Skyharbour now holds a 15% interest in the project. Preston and East Preston are large geologically promising properties near Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit. In addition, the Company holds a 100% interest in the South Falcon Point uranium project on the eastern perimeter of the basin, which contains an NI 43-101 inferred resource totaling 7.0 million pounds of U.3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%.
Skyharbour has several active option partners, including: ASX-listed Valor Resources on the Hook Lake uranium project, where Valor can earn 80% of the project through exploration spending of 3 C$500,000, $475,000 in cash payments over three years and an initial issuance of shares; CSE-listed Basin Uranium Corp. on Mann Lake uranium project, where Basin Uranium can earn 75% of the project through $4,000,000 exploration spending, cash payments of $850,000 as well as share issues over three years; and CSE-listed Medaro Mining Corp. on the Yurchison project, under which Medaro can earn 70% of the project through exploration expenditures of $5,000,000, cash payments of $800,000 as well as equity issuances over three years, followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 in 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 favorable jurisdictions.
Map of the Skyharbour uranium project in the Athabasca Basin:
To learn more about Skyharbour Resources Ltd. (TSX-V: SYH), visit the company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
President and CEO
For more information contact me or:
Corporate development and communication
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
E-mail: [email protected]
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This press release includes certain statements that may be considered “forward-looking statements”. All statements contained in this press release, other than statements of historical facts, which address events or developments expected by the management of the Company, are forward-looking statements, including the private placement. Although management believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, and actual results or developments may differ materially from those contained 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 the forward-looking statements include market prices, exploration and development success, regulatory approvals, continued availability of capital and financing, and general terms and conditions. economy, market or business. Please see the Company’s public documents at www.sedar.com for more information.