Skyharbour’s partner company Azincourt Energy updates plans for summer exploration program at East Preston uranium project
VANCOUVER, British Columbia, July 6, 2021 (GLOBE NEWSWIRE) – Skyharbour Resources Ltd. (TSK-V:SYH) (OTCQB:SYHB)(Frankfurt:SC1P) (the “Company”), partner company Azincourt Energy (“Azincourt”) is pleased to provide an update on the upcoming summer exploration program for the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan , in Canada.
Project location – Western Athabasca Basin, Saskatchewan, Canada
The main target area of the 2021 summer program continues to be the conductive corridor from Zone A to Zone G (Figures 1 and 2). The selection for this trend is based on a compilation of results from EM and ground gravity surveys from 2018 to 2020, property-wide VTEM and magnetic surveys, and drilling programs from 2019 to 2021. The HLEM survey 2020 completed in December indicates several potential drivers and structural complexity along the eastern edge of this corridor.
Figure 1: Target corridors of the East Preston uranium project
Figure 2: 2021 Drill Target Areas at the East Preston Uranium Project
Terralogic Exploration Inc. was contracted to facilitate an airborne radiometric survey over the southern portion of the property that had not yet been surveyed (Figure 3) and to conduct field investigations of the resulting anomalies. Special Project Inc. (SPI) of Calgary, Alta., Was selected as a contractor using a fixed-wing aircraft to conduct the airborne radiometric survey, which will consist of approximately 1,700 km of survey lines flown at a low minimum altitude and a 50m spacing to ensure good data collection and high survey resolution. The airborne survey is expected to begin over the next few weeks and last for about a week, with about a week of ground follow-up shortly thereafter.
Figure 3: Coverage of the 2021 radiometric survey at the East Preston uranium project
An airborne radiometric survey uses a gamma-ray scintillometer mounted on an airborne platform to measure and map the natural radiation emitted by rocks and soil overflown by the aircraft. Gamma radiation comes from the natural decay of elements such as uranium, thorium and potassium. Locations that have a radiation signature (anomalies) higher than normal values for the surrounding area (background) would then be examined by ground crews for the potential presence of radioactive bedrock if there is no lots of glacial till cover, or boulders in it until it can be traced back to a source. Numerous uranium deposits in the Athabasca Basin, including the nearby Triple-R deposit, have been discovered by following traces of radioactive blocks in glacial till to their source.
“The additional radiometric survey coverage will help us ensure that we are focusing on the best sections of the conductive trends that we have identified,” said Trevor Perkins, director of exploration at Agincourt. “We look forward to adding these results to our dataset to ensure that the highest quality targets are tested first,” continued Mr. Perkins.
Planning is underway for a diamond drilling program in late summer and early fall to complete approximately 1,000m of drilling remaining from the shortened winter 2021 program. 6000 m consisting of 25 to 30 drill holes is planned for winter 2022. The selection of targets for these programs will be refined based on the field activities in summer 2021.
Permits and funding are in place to complete all planned work through winter 2022, and consultations and briefings with local communities continue throughout.
About East Preston:
Skyharbour and Dixie Gold entered into an option agreement (the “Agreement”) with Azincourt under which Azincourt had a purchase option to acquire a direct 70% interest in a portion of the Preston uranium project known as East Preston property name. Azincourt has now earned its stake in the project by making C $ 2.5 million in phased exploration expenditures and making a total of C $ 1 million in cash payments as well as issuing a total of C $ 9.5 million common shares of Agincourt, divided equally between Skyharbour and Dixie Gold. Skyharbour retains a 15% interest in the East Preston project.
Three potential conductive corridors with low magnetic signature were discovered on the property. The three separate corridors have a total longitudinal length of more than 25 km, each with several EM conductive trends identified. Ground prospecting and sampling work carried out to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key elements for the discovery of unconformed uranium deposits.
The East Preston project has several long linear conductors with bending orientation changes and offset breaks near the interpreted fault lineaments – classic targets for unconformed uranium deposits in the basement. They are not simple basement conductors; these are clearly improved / improved prospectivity targets due to the structural complexity.
The targets are unconformity-related uranium deposits hosted underground, similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the Western Athabasca Basin, where the targets are in a near-surface environment with no cover of Athabasca sandstone. They are therefore relatively shallow targets but can have great depth when discovered. The project land is located along a conductive axis parallel between the PLS-Arrow axis and Cameco’s Centennial deposit (Virgin River-Dufferin Lake axis).
The technical information in this press release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Senior Technical Advisor and Director of Skyharbour . , as well as a Qualified Person.
About Skyharbour Resources Ltd. :
Skyharbour has a large portfolio of uranium exploration projects in the Athabasca Basin in Canada and is well positioned to benefit from improving uranium market fundamentals with six ready-to-drill projects covering more than 240 000 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 uranium exploration property with high grade uranium mineralization in the Maverick Zone that has returned drill results of up to 6.0% U3O8 over 5.9 meters including 20.8% U3O8 more than 1.5 meters at a vertical depth of 265 meters. The Company is actively advancing the project through drilling programs.
Skyharbour has a joint venture with industry leader Orano Canada Inc. on the Preston project whereby Orano acquired a 51% interest in the project through exploration expenses and cash payments. Skyharbour now owns a 24.5% stake in the project. Skyharbour also has a joint venture with Azincourt Energy on the East Preston project whereby Azincourt acquired a 70% interest in the project through exploration expenses, cash payments and the issuance of shares. Skyharbour now owns a 15% stake in the project. Preston and East Preston are large and promising geological properties located near the Triple R deposit of Uranium Fission as well as the Arrow deposit of NexGen Energy.
The Company also owns a 100% interest in the South Falcon uranium project on the eastern perimeter of the basin, which contains an inferred NI 43-101 resource totaling 7.0 million pounds of uranium.3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. Skyharbour has signed a definitive agreement with ASX-listed Valor Resources on the Hooke Lake (formerly North Falcon Point) uranium project under which Valor can acquire 80% of the project with $ 3,500,000 in spending. total exploration, $ 475,000 in total cash payments over three years and an initial issue of 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.
SKYHARBOR RESOURCES LTD.
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This press release includes certain statements which may be considered “forward-looking statements”. All statements in this press release, other than statements of historical fact, which deal with events or developments that the management of the Company expects, are forward-looking statements. 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 of forward-looking statements. The Company assumes no obligation to update these forward-looking statements if the beliefs, estimates or opinions of management, or other factors, should change. Factors that could cause actual results to differ materially from those of forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and economic, market conditions. or general commercial. Please see the Company’s public documents at www.sedar.com for more information.