Skyharbour's Partner Company Basin Uranium Corp. Continues to Intersect Anomalous Uranium Mineralization at Mann Lake

2023-03-07 / @GlobeNewswire

Vancouver, BC, March 07, 2023 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (the “Company”) partner company, Basin Uranium Corp. (“Basin Uranium”) is pleased to announce the intersection of significant mineralization from the three-hole Phase 2 drill program at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit. A total of 6,279 metres of diamond drilling was completed on the Mann Lake property during the 2022 season.

Mann Lake Uranium Project:
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg

Highlights:

Drilling continued to intersect notable pathfinder elements (B, Co, Cu, Ni, and Pb) which provides for vectoring towards uranium mineralization as it is typically associated with Athabasca Basin unconformity-style mineralization.
Hole MN22-0007 intersected the unconformity at 671.8 metres and returned anomalous boron (dravite) and uranium mineralization at and above the unconformity. Dravite is a boron rich clay mineral, often found in association with uranium mineralization and is considered an important pathfinder in uranium exploration.
Notable intercepts include 1,060 ppm B from 669.3 – 669.8 metres (0.5 metres), 931 ppm B from 668.8 – 669.3 metres (0.5 metres), and 614 ppm boron (B) from 668.8 – 671.8 metres (2.5 metres) in conjunction with 41 ppm U₃O₈ from 671.8 – 672.3 metres (0.5 metres).
Significant polymetallic mineralization was intersected below the unconformity of hole MN22-007 including 884 ppm Cu from 679.2 – 679.7 metres (0.5 metres) and 158 ppm Zn from 676.0 – 683.75 metres (17.75 metres).
Significant boron mineralization was also encountered in hole MN22-008 which intersected the unconformity at 649.02 metres and returned 386 ppm B from 646.02 – 648.52 metres (2.5 metres).

Mann Lake Dill Plan 2022:
https://skyharbourltd.com/_resources/maps/Completed-drill-holes-at-Mann-Lake-2022.jpeg

Phase Two Drill Program Summary:

The Phase 2 program was comprised of 2,776 metres of diamond drilling over four holes. The first hole MN22-006 was wedged and re-started at 572 metres (MN22-006A), serving as a follow up hole to MN22-002 which was drilled during Phase 1 and hosted prospective uranium mineralization. The following two holes MN22-007 and MN22-008, targeted the southeastern portion of the tenure which had previously been untested. This southeastern zone was drilled to test a strong interpreted basement conductor that was situated on a magnetic low and on the border of a gravity low anomaly which is interpreted as a basement fault structure.

Hole MN22-006/MN22-006:

This hole was a 150 metre step out to the south-east designed to follow up mineralization intersected in hole MN22-002 which returned 323 ppm U₃O₈ U and 17 ppm Th from 660.05 – 660.55 metres. The hole tested an interpreted basement conductor (2022 Mobile MT resistivity survey), inverted resistivity low, corresponding with a northeast ground UTEM conductor (A3), magnetic low (interpreted metasediment basement) and was along the edge of a gravity low.

Hole MN22-006A was successful at crossing the unconformity at 617.48 metres and intersecting the intermittent psammite, pegmatite, and monzodiorite units that make up the basement lithologies but no notable assay results were returned.

Hole MN22-007:

This hole was designed to test an interpreted basement conductor, inverted resistivity low (2022 Mobile MT resistivity survey), corresponding with a northeast ground UTEM conductor (A3), magnetic low (interpreted metasediment basement) and is along the edge of a gravity low.

Hole MN22-007 intersected graphite enriched psammite throughout the entirety of the basement rocks until about 880 metres, whereby it became more silicified until the end of the hole at 887 metres. Two major fault structures with abundant graphite mineralization were intercepted in the basement, potentially serving as an explanation to the resistivity low and magnetic lows. Possible origins of the graphite mineralization could be from the graphite bearing pelites, however, due to the abundant graphite mineralization in conjunction with the major fault zones in the basement, it is possible that the graphite is being supplied from the basement structures.

Further investigation along the margins of this magnetic low and gravity low anomaly of MN22-007 is required in order to further understand the source of the graphite mineralization and potential interception of uranium mineralization in this area.

Hole MN22-008:

The most significant intersection in the upper portion of MN22-008 was the dravite mineralization present in the fault zones and fractures in the upper Athabasca group sediments. These were more well developed than previous drill holes and the potential for nearby structures with remobilized mineralization in the area is still high. In the basement, the intersected graphitic metasediments host to significant amounts of pyrite and minor chalcopyrite. The presence of a fault zone in proximity to the unconformity is notable, the graphite could be diagenetic and or could be present due to remobilization within basement structures. The chalcopyrite mineralization has the potential to host gold mineralization and further follow-up in the area is recommended. The graphite mineralization in conjunction with the pyrite does explain the presence of a resistivity low at depth.

About Mann Lake:

Skyharbour entered into an Option Agreement (the “Agreement”) with Basin Uranium whereby Basin Uranium has an earn-in option to acquire a 75% interest in the Mann Lake Uranium Project. Under the Option Agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totalling CAD $4,850,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project. Basin Uranium Corp will also issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of Basin Uranium over the three-year earn-in period to complete the earn-in.

The Mann Lake Uranium Project is strategically located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast of Cameco's Millennium uranium deposit. The Mann Lake project is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and Orano (17.5%). Denison Mines acquired International Enexco and its 30% interest in the project after a 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization at this adjacent project.

QA/QC:

Samples were sent for geochemical analysis with SRC Geoanalytical Laboratories, Saskatoon for the following analyses: ICP-MS1 (Sandstone) and ICP-MS2 (Basement) which includes both partial and total digestion methods as well as an additional Boron analysis. Over limit analysis were completed using U3O8 total digestion when U >1,000ppm.

On receipt of final certificates of analysis, the QA/QC sample results were reviewed to ensure the order of samples were reported correctly, that the blanks ran clean, and that the results for each standard had minimal variance from its certified value. QA/QC for the Mann Lake drilling included certified reference material (“CRM’s”) and blanks that were inserted into each sample batch in order to verify the analytical from the lab.

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 eighteen projects, ten of which are drill-ready, covering over 460,000 hectares 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 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 a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project, CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project, and CSE-listed Medaro Mining Corp. on the Yurchison Project. More recently, Skyharbour announced two new earn-in option agreements with Yellow Rocks Energy, a private Australian entity, to option the Wallee and Usam Island projects, and Tisdale Clean Energy at the South Falcon East Project.

Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin. Skyharbour has recently optioned the South Falcon East Project, a uranium project in the southeast Athabasca Basin and represents a portion of the larger South Falcon Project, to Tisdale Clean Energy whereby Tisdale will fund exploration, pay Skyharbour in cash, and issue shares of the company over a five-year earn-in period.

Collectively, Skyharbour has now signed option agreements with partners that total over $34 million in partner-funded exploration expenditures, over $22 million in stock being issued and just under $15 million in cash payments coming into Skyharbour, assuming that these partner companies earn-in the full amounts at their 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:
http://www.skyharbourltd.com/_resource s/images/SKY-SaskProject-Locator-20220324.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
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

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