Skyharbour Resources Ltd.'s (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 at its Yurichson Uranium Property in Saskatchewan. Medaro has contracted Terraquest Ltd. of Markham, Ontario to complete a helicopter-borne aeromagnetic, horizontal gradiometric, radiometric, and VLF-EM surveys on the Property. A total of 7,117 line-kilometers of survey is being completed at 50 m line spacing using a helicopter.
Location Map of Yurchison Project: https://www.skyharbourltd.com/_resources/maps/Sky_Yurchison_20211209.jpg
Figure 1: Geophysical Flight Path: https://skyharbourltd.com/_resources/images/Medaro-Geophysical-Survey-Flight-Path.png
The survey crew is based at KM147 Lamp Lighters Lodge, Saskatchewan, which is located near the Yurichson Property. The survey is expected to be completed over the next few weeks. Medaro will provide an update on the results of the survey as soon as available.
Historical prospecting near old trenches returned significant uranium (ranging from 0.09% to 0.30% U 3 O 8 ) and molybdenum (ranging from 2,500 ppm to 6,400 ppm Mo) mineralization in both outcrop and float samples. Two historical holes drilled beneath the trenches returned highly anomalous molybdenum values, up to 3,750 ppm and anomalous uranium values up to 240 ppm. The Property boasts strong discovery potential for both basement hosted uranium mineralization as well as copper, zinc, and molybdenum mineralization. Regionally, Rio Tinto entered into a $30 million, seven-year, option agreement with Forum Energy Metals Corp. to acquire an 80% stake in their Janice Lake property which is located on-strike to the southwest of the Property.
Pursuant to the Agreement, Medaro may acquire an initial 70% interest in the Property by (i) issuing common shares of Medaro ("Shares") having an aggregate value of CAD $3,000,000; (ii) making aggregate cash payments of CAD $800,000; and (iii) incurring an aggregate of CAD $5,000,000 in exploration expenditures on the Property over a three year period. Once Medaro has earned an initial 70% interest in the Property, Medaro may acquire the remaining 30% interest in the Property, within 30 business days of earning the initial 70% interest, by (i) issuing Shares having a value of CAD $7,500,000, and (ii) making a cash payment of CAD $7,500,000.
Skyharbour will retain an NSR of two percent (2%) on 11 of the 12 claims with Medaro holding a buyback option whereby Medaro can purchase one percent (1%) of the NSR for CAD $1 million. A separate NSR of two percent (2%) on the other claim is payable to a third party (payable pro-rata based on ownership interest in the Property).
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.
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 fifteen projects, ten of which are drill-ready, covering over 450,000 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% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 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. Skyharbour now owns a 15% interest in the Project. 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. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share 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 worth 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 favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/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 .
"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
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.
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Industry experts expect uranium prices to rise and the nuclear industry resurgence to start accelerating as uranium continues to play an integral role in the generation of clean, base-load, affordable and reliable energy globally. Despite a predicted demand for uranium topping 185 million pounds in 2021, a major supply-side response has played out in recent years and supply deficits have continued to grow. As uranium is needed for nuclear power, exploration and development companies focused on uranium-based assets could benefit significantly in the coming years as renewed investor interest comes back to the sector.
Skyharbour Resources (TSXV: SYH,OTCQB:SYHBF,FWB:SC1P) is a mineral exploration company that holds an extensive portfolio of uranium and thorium projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with 450,000 hectares of drill-ready land consisting a total of fifteen projects, ten of which are drill ready. The Company has acquired from Denison Mines, a large strategic shareholder of the Company, a 100 percent 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 with drill results returning up to 6.0 percent U3O8 over 5.9 metres including 20.8 percent U 3O8 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. Skyharbour has the Option to acquire an initial 51 percent and up to 100 percent of Rio Tinto’s 73,294 ha Russell Lake Uranium Property strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. Skyharbour is actively advancing and drilling these projects with planned and ongoing exploration programs.
In addition to offering investors exposure to high-grade uranium discovery potential at its flagship Moore Project, Skyharbour leverages its property portfolio using the prospect generator model and has partner companies fund exploration and development at its other projects. It is a cost-effective model that facilitates large exploration programs without substantial equity dilution.
The Athabasca Basin hosts the highest-grade uranium deposits in the world and has historically accounted for 15-20 percent of annual global uranium production. Using modern exploration techniques and methodologies, Skyharbour is looking to emulate recent discovery success stories that have created significant returns for shareholders including those made by NexGen Energy (TSX: NXE), Fission Uranium (TSX:FCU), Alpha Minerals, Denison Mines (TSX:DML), and Hathor Exploration.
In September 2021, Skyharbour announced the initial set of diamond drill results from its 2021 summer diamond drilling program at its 100 percent owned, 35,705 hectare Moore Uranium Project. The summer/fall 2021 program included 6,598m in 19 holes and returned highlights of 2.54 percent U 3O8 over 6.0m including 6.80 percent U 3O8 over 2.0m in basement rocks at Maverick East Zone as well as 0.54 percent U3O8 over 19.5 metres including 4.0 metres of 2.07 percent U3O8.
The Company expects major developments and extensive exploration to be carried out in 2022, with a winter drill program of a minimum of 2500m recently completed with assays pending. “Outside of our Moore project, Skyharbour’s partner companies have been advancing some of our other projects,” Skyharbour CEO Jordan Trimble commented.
Currently, Skyharbour has joint venture agreements with Orano Canada Inc. (industry-leader and France’s largest uranium mining and nuclear fuel cycle company) and Azincourt Energy Corp. [ AAZ-TSXV; AZURF-OTC] on the Preston and East Preston Projects, respectively, which collectively cover one of the largest land positions in the Paterson Lake region. Orano recently became a 51 percent joint venture partner with Skyharbour and Dixie Gold after completing an earn-in option at the 49,645-hectare Preston Project by funding exploration and making cash payments. Meanwhile, Azincourt has recently earned a 70 percent stake in the 20,647 hectare East Preston Project by issuing shares, spending $2.5 million on exploration, and paying $1 million in cash to Skyharbour and Dixie Gold. Azincourt Energy recently completed its winter 2022 exploration program at the East Preston Uranium project which consisted of 5,004m of drilling in 19 drill holes, with assays pending.
Skyharbour has also recently signed a definitive agreement with ASX-listed Valor Resources on its Hook Lake Uranium Project (previously called North Falcon Point). Under the agreement, Valor can earn-in 80 percent of the project by spending $3.5 million on exploration and making $475,000 in cash payments over three years, as well as issuing 233,333,333 million shares to Skyharbour. Valor Resources completed a 1,757m diamond drilling program in six holes at the Hook Lake Uranium Project and scheduled an airborne gravity survey to commence in May 2022. In addition, Skyharbour has an active partnership with CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75 percent of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70 percent of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30 percent of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.
A world-class management and geological team lead Skyharbour Resource. The team brings years of expertise in uranium exploration, energy industries, corporate finance and capital markets. The company is well positioned to capitalize on the uranium market’s resurgence with strong potential for resource growth and new discoveries at its project base. 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 owns 100 percent of the 35,705 hectare Moore Uranium Project located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River mine. Unconformity-hosted uranium mineralization was discovered on the property at the Maverick Zone in the early 2000’s at relatively shallow depths. Skyharbour has carried out several drill programs with multiple holes intersecting high grade uranium mineralization over the 4.7 km long Maverick corridor.
Drill results include 20.8 percent U3O8 over 1.5m at 264m depth in hole ML-199, 9.12 percent U3O8 over 1.4m at 278m in hole ML-202 and 5.29 percent over 2.5m U3O8 at 279m depth in hole ML-200. Hole ML-202 represents a new high-grade discovery and illustrates the strong discovery potential of additional high grade lenses along strike. The Company is planning additional drill programs to expand the known high grade Maverick Zone and to test basement-hosted targets as well as regional targets.
The depth to the unconformity on the property is relatively shallow, with the thickness of the sandstone cover varying from less than 125 metres on the property’s eastern side to over 325 metres on the property’s northwestern side. Basement rocks are predominantly paragneisses belonging to the Wollaston Domain. A large mafic sill known as the “Moore Lake complex” partially overlies a portion of the eastern side of the property. The property has been the subject of extensive historical exploration with over $45 million in expenditures, and over 150,000 metres of diamond drilling completed in over 390 drill holes. The project is accessible via ice roads from the McArthur River mine haul road and float or ski equipped aircraft.
Skyharbour recently completed the 2022 winter drill program consisting of a minimum 2,500m, with assays pending.
The drilling focused on both unconformity and basement-hosted targets along the Maverick structural corridor and new targets identified in the Grid Nineteen area. Skyharbour specifically plans to expand the high-grade mineralization discovered recently at the Maverick East zone, along strike, down plunge and at depth with a focus on basement-hosted mineralization. Other targets along the 4.7 km long Maverick structural corridor will be investigated, including the Esker target, again with a focus on basement-hosted mineralization. All 2022 exploration work is fully funded and appropriately permitted.
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco’s Key Lake and McArthur River Projects and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. Highway 914, which services the McArthur River mine, runs through the western extent of the Property and greatly enhances accessibility. Similarly, a high-voltage powerline situated alongside Highway 914. Skyharbour’s acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.
There has been a meaningful amount of historical exploration carried out at Russell Lake but with most of it conducted prior to 2010. The Property has been the subject of over 95,000 metres of drilling in over 230 drill holes. The Property’s claims are in good standing for 2-22 years with assessment credits built-up from previous programs.
Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity exist on the Property as well.
Skyharbour, as operator, can earn an initial 51 percent interest in the Property by paying CAD $508,200 in cash, issuing 3,584,014 common shares to RTEC, and funding CAD $5,717,250 in exploration on the Project, inclusive of a 10 percent management fee to Skyharbour, over a period of 3 years.
Skyharbour has a second option to earn an additional 19 percent interest for a total of 70 percent, and a further possible option to obtain the remaining 30 percent interest in the Project for an undivided 100 percent ownership interest.
The Preston project is a large 49,635-hectare (122,651 acre) land position strategically located to the south of and proximal to NexGen Energy’s Rook 1 project host to the high-grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) project host to the high-grade Triple R deposit. Uranium mineralization in the Patterson Lake area bears a number of similarities to the high-grade uranium deposits in the Eastern part of the Athabasca Basin like those at the Cigar Lake and McArthur River mines. The mineralization occurs in structurally disrupted and strongly clay altered, commonly graphitic pelites and metapelites with narrow felsic segregations/pegmatites.
The Preston Uranium Property is bisected by the all-weather Highway 955, which runs north through the PLS discovery being advanced by Fission through to the former Cluff Lake uranium mine. Over $7 million in historical exploration expenditures on the Preston Project have been incurred to date. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as several exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.
Orano Canada has now earned 51 percent of the project through $4.8 million in exploration expenditures as well as cash payments. Skyharbour retains a 24.5 percent minority interest in the project.
The East Preston project is a large 20,647 hectare (51,020 acre) land position strategically located proximal to NexGen Energy’s Rook 1 project host to the high grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) project host to the high grade Triple R deposit. Uranium mineralization in the Patterson Lake area bears a number of similarities to the high-grade uranium deposits in the Eastern part of the Athabasca Basin like those at the Cigar Lake and McArthur River mines. The mineralization occurs in structurally disrupted and strongly clay altered, commonly graphitic pelites and metapelites with narrow felsic segregations/pegmatites.
Over $5 million in historical exploration expenditures on the Preston Uranium Project have been incurred to date. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as several exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.
Azincourt Energy has now earned 70 percent of the project by issuing shares, spending $2.5 million on exploration, and paying $1 million in cash to Skyharbour and Dixie Gold. Skyharbour retains a 15 percent minority interest in the project.
Azincourt recently completed drilling for the 2022 winter season at the East Preston Project, resulting in 5,004.5 metres completed in 19 drill holes with results showing uranium enrichment within the previously identified alteration zones along the G-, K, and H- target zones. Azincourt is planning an extensive drill program for the fall and winter of 2022-2023. The planned program will consist of approximately 6,000 metres of drilling in 20+ diamond drill holes, and the priority will be to continue to evaluate the alteration zones and elevated uranium values identified in the winter of 2022.
The North Falcon Point (Hook Lake) project consists of 16 contiguous mineral claims totaling 25,847 hectares. The property has seen extensive historical work, which advantageously allows for fast-tracked exploration. Uranium mineralization discovered to date at the Hook Lake Project is shallow and is characterized by structurally controlled mineralization at the Hook Lake, West Way and Nob Hill target zones. The primary Hook Lake target area at the property’s north end has returned high-grade uranium grab samples of up to 68 percent uranium in massive pitchblende veining at surface level.
Skyharbour recently announced a Definitive Agreement signed with ASX-listed Valor Resources whereby Valor can earn-in 80 percent of the project by contributing cash and exploration expenditures consideration totaling C$3,975,000 over a three-year period ($475,000 will be in cash payments to Skyharbour as well as $3,500,000 in exploration expenditures) as well as issuing a total of 233,333,333 shares to Skyharbour.
The project area is in close proximity to all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area. Compilation and reinterpretation of previous exploration work results are already underway. An initial phase of exploration work by Valor Resources includes further bio-geochemical surveys, detailed UAV magnetics, ground gravity and resistivity surveys as well as detailed geological and structural mapping. A 1,757m diamond drilling program has been completed at the project to test the extent of uranium mineralisation at the S-Zone which included up to 59.2 percent U3O8 in rock chip samples at surface. Assays are currently pending for the program with an airborne gravity survey underway with plans for additional drilling.
The South Falcon project consists of 21 claims totaling 44,470 hectares and is strategically located 55 kilometers east of the Key Lake mine. In March of 2015, Skyharbour released an updated NI 43-101 mineral resource estimate for the Fraser Lakes Zone B deposit at south end of the property: 6,960,681 pounds U3O8 inferred at average grade of 0.03 percent U3O8 and 5,339,219 pounds ThO2 inferred at average grade of 0.023 percent ThO2 within 10,354,926 tonnes (cutoff grade of 0.01 percent U3O8). The deposit has geological and geochemical features similar to basement-hosted deposits in the Athabasca Basin such as Eagle Point, Millennium, P-Patch and Roughrider. The exploration potential of the 6 by 7 kilometre Fraser Lakes target area is considered exceptional, including resource expansion potential along strike and at depth at the Zone B uranium deposit.
Drilling to date at South Falcon Point totals over 22,000 meters across 110 holes with over C$15 million spent on exploration across its six near-surface targets. Skyharbour carried out a drill program in 2015 that returned 0.172 percent U3O8 over 2.5 metres and the findings point to increasing uranium grades at depth beneath the deposit. Recommended future work includes defining additional resources at the Fraser Lakes Zone B deposit area and further interpretation of geochemical and assay data following geological analysis.
Skyharbour recently announced the commencement of an airborne geophysical survey to cover the entirety of the South Falcon Point Property at a vertical height of 80 m and a line spacing of 200 m for a total of 2,843 line km.
The Yurchison Project consists of 11 claims totalling 55,934 ha in the Wollaston Domain of northern Saskatchewan, Canada. This contiguous set of claims covers an extensive package of Wollaston Supergroup metasediments in an area known for its base metal potential. The northeastern half of the project falls within the Courtenay Lake-Cairns Lake fold belt, which contains numerous Pb-Zn-Ag showings while the remainder is along trend to the north-northeast of the Janice Lake Cu deposit and numerous other base metal showings in the “Wollaston Copperbelt”. Access to the area is enhanced by Highway 905 which transects the property near Courtney Lake. A planned all-weather road between Highway 905 and the communities of Wollaston Lake and Hatchet Lake is proposed adjacent to the northeastern section of the claims. It is unknown when the project will be completed, but once in place it will significantly improve logistics for the project. Grid power is used to service a motel, restaurant and gas bar is located at km 147 of Highway 905, a few km north of Courtenay Lake.
In November 2021, Skyharbour signed an option agreement with Medaro Mining Corp. which provides Medaro an earn-in option to acquire an initial 70 percent interest and up to a 100 percent interest in the Yurchison Uranium Property.
Pursuant to the agreement, Medaro may acquire an initial 70 percent interest in the Property by issuing common shares of Medaro having an aggregate value of C$3,000,000; making aggregate cash payments of C$800,000; and incurring an aggregate of C$5,000,000 in exploration expenditures on the Property over a three year period.
The 3,473 hectare (8,582 acre) Mann Lake Uranium Project is located in the eastern Athabasca Basin in northern Saskatchewan. It 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 along strike of Cameco's Millennium uranium deposit. In October, 2021 the Company entered into an option agreement with Basin Uranium Corp which provides them an earn-in option to acquire up to a 75 percent interest in the Mann Lake Uranium Project.
Under the option agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totaling C$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 C$1,750,000 in shares of the company over the three-year earn-in period to complete the earn-in.
Basin Uranium Corp. recently completed its phase one 2022 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. The phase one program consisted of five holes totalling 3,503 metres with the unconformity being intersected between 608 metres to 651 metres in all holes. This was the first significant drill program undertaken on the property since 2007.
The second phase of drilling is planned for the fall of this year and will consist of approximately 3,500 metres. Results from both the phase one drill program and upcoming geophysical surveys at Mann Lake will be used for targeting and follow-up in the second phase.
Jordan Trimble is an entrepreneur and has worked in the resource industry in various roles with numerous companies specializing in management, corporate finance and strategy, shareholder communications, deal structuring and capital raising. Previous to Skyharbour, he was the corporate development manager for Bayfield Ventures, a gold company with projects in Ontario, which New Gold successfully acquired in 2014. Throughout his career, Trimble has founded and helped manage several public and private companies and has been instrumental in raising substantial capital for mining companies with his extensive network of institutional and retail investors. He is a frequent speaker at resource and mining conferences globally and has appeared on various media outlets, including BNN and the Financial Post. Mr. Trimble holds a Bachelor of Science Degree from the University of British Columbia and he is a CFA Charterholder currently serving as a director of the CFA Society Vancouver.
Jim Pettit is currently serving as a director on the boards of several public resource companies. He offers over 30 years of experience within the industry specializing in finance, corporate governance, management and compliance. Pettit specializes in the early stage development of private and public companies. His background over the past 30 years has been focused primarily within the resource sector and he was previously chairman and CEO of Bayfield Ventures, which was sold to New Gold in 2014.
Dr. Ramcharan has an extensive background in corporate development, mining and exploration, project evaluation, and investment banking spanning over twenty years. Previously, as Manager of Corporate Development for IAMGOLD, Dr. Ramcharan was involved in raising over $600 million in equity financings and worked on project acquisitions totalling over $800 million. Prior to that, he was at SRK Consulting for several years and worked with uranium companies inlcuding SXR Uranium One, Ur-Energy, and UraMin which eventually sold for $2.5 billion in 2007 to Areva.
David Cates is a Director of Skyharbour. He is the President and CEO of Denison Mines (TSX: DML) and Uranium Participation Corp (TSX: U). Prior to being appointed the President and CEO position Mr. Cates served as Denison’s Vice President Finance, Tax and Chief Financial Officer. As Chief Financial Officer, Mr. Cates played a key role in the Company’s mergers and acquisitions activities – leading the acquisition of Rockgate Capital Corp. and International Enexco Ltd. Mr. Cates joined Denison in 2008 and held the position of Director, Taxation prior to his appointment as Chief Financial Officer. Prior to joining the Company, Mr. Cates held positions at Kinross Gold Corp. and PwC LLP with a focus on the resource industry.
Paul Matysek is a Strategic Advisor for Skyharbour and is a mining entrepreneur, professional geochemist and geologist with over 35 years of experience in the mining industry. He was the Founder, President and CEO of Energy Metals Corporation (“EMC”), a premier uranium company that traded on the New York and Toronto Stock Exchanges. Mr. Matysek led EMC as one of the fastest growing Canadian companies in recent years, increasing its market capitalization from $10 million in 2004 to approximately $1.8 billion when it was acquired by a larger uranium producer, Uranium One Inc., in 2007. In December of 2017, Mr. Matysek was involved of the sale of Lithium X Energy Corp. for $265M to NextView New Energy. Mr. Matysek was the President and CEO of Goldrock Mines Corp. which on June 7th, 2016 announced it had entered into a definitive agreement to be acquired by Fortuna Silver Mines (NYSE:FSM) (TSX:FVI) for $129 million on a fully-diluted in-the-money basis. Previously, Mr. Matysek was the President and CEO of Lithium One Inc., which developed a high-quality lithium project in northern Argentina. In July 2012, Lithium One and Galaxy Resources merged with a $112 million plan to create a fully integrated lithium company. Prior to Lithium One, Mr. Matysek was the President and CEO of Potash One Inc. where he was the architect of the $434 million friendly takeover of Potash One by K+S Ag, which closed in early 2011.
Mr. Gallucci is a senior capital markets executive and corporate director with over 20 years of experience in investment banking and equity research. His career focused on mining, base metals, precious metals and bulk commodities on a global scale. He is currently the Managing Director and Head of Investment Banking at Laurentian Bank Securities Inc. where he oversees the investment banking practice in entirety.
His career has spanned across various firms including BMO Capital Markets, GMP Securities, Dundee Securities, and he was a founding principal of Eight Capital where he led their Mining Investment Banking Team.
In his previous and current roles, he has acquired experience in corporate finance, mergers, acquisitions, business and operational development, financings and corporate strategy. He has been directly involved in raising several billion dollars for mining companies as well as lead advisor on significant M&A transactions.
Prior to investment banking, Mr. Gallucci spent over a decade in equity research with a focus on global mining at both GMP and Dundee Securities. At Dundee Securities, he was a Managing Director and Head of the Metals and Mining Research Team, where he oversaw the entire mining franchise.
He holds a Bachelor of Commerce degree from Concordia University and an MBA in Investment Management from the Goodman Institute of Investment Management. He also holds the ICD.D designation.
Skyharbour Resources Ltd. (TSXV: SYH) would like to cordially invite you to visit us at Booth #604 at the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Tuesday May 17 Wednesday May 18, 2022.
Former Prime Minister of Canada Stephen Harper and Former President of Mexico Felipe Calderon are two of the marquee speakers at the 2022 Resource Investment Conference. The Vancouver Resource Investment Conference (VRIC) will host over 100 international keynote speakers covering the hottest topics in finance, economics and geopolitics on May 17th and 18th, 2022.
Alongside the former Canadian Prime Minister and Mexican President are best selling finance author Robert "Rich Dad" Kiyosaki, dozens of globally respected economists, legendary money managers, and investors. The conversations on stage will cover the most important investment opportunities and key issues in macro-finance.
The VRIC will include a marketplace of 225 investment opportunities in the mining industry, spanning early-stage exploration to advanced producing mines.
For more information and/or to register for the conference please visit: https://cambridgehouse.com/vancouver-resource-investment-conference.
We look forward to seeing you there.
Skyharbour Resources Ltd. Jordan Trimble 604-687-3376 info@skyharbourltd.com https://skyharbourltd.com/
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Skyharbour Resources Ltd. (TSXV: SYH) is pleased to announce that the company will be presenting at Red Cloud's 2022 Very Pre-PDAC Mining Showcase. We invite our shareholders and all interested parties to join us there.
The annual conference will be a virtual event this year and will take place from March 2-4, 2022.
Jordan Trimble will be presenting on March 2nd at 3:00 PM Eastern Standard time.
For more information and/or to register for the conference please visit: https://www.redcloudfs.com/prepdac2022/.
We look forward to seeing you there.
Skyharbour Resources Ltd. Jordan Trimble 604-687-3376 info@skyharbourltd.com https://skyharbourltd.com/
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ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced assay results from trenching at the Galante and Ipueiras targets ("Galante" and "Ipueiras") at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.
"The final trench at Galante, and two additional trenches at Ipueiras, returned significant intervals of surface PGE mineralization," stated ValOre's VP of Exploration, Colin Smith. "Trench assay results confirm the presence of in-situ PGEs, demonstrate potential continuity of target chromite-bearing ultramafic rocks, and warrant follow-up testing in future drill programs."
Galante and Ipueiras 2022 Exploration Programs
The Galante PGE target is located 7 kilometres ("km") south-southwest of Santo Amaro deposit (NI 43-101 inferred resource 153,000 oz 2PGE+Au grading 1.11 g/t in 4.3 Mt), and 10 km north-northeast of the Curiu deposit (NI 43-101 inferred resource 150,000 oz 2PGE+Au grading 2.20 g/t in 2.1 Mt), and covers a 3-km-long prospective geological corridor. The Ipueiras target is located 10 km south of the Trapia deposit area, (NI 43-101 inferred resource 885,000 oz 2PGE+Au grading 0.96 g/t in 28.8 Mt), and exhibits geological, geochemical, and geophysical signatures similar to that of the known PGE deposits.
ValOre completed an extensive exploration program in both target areas in 2022, including reconnaissance mapping, soil sampling, Trado ® auger drilling and trenching ( CLICK HERE for news release dated August 3, 2022, on initial trench assay results at Galante, and CLICK HERE for news release dated July 11, 2022 on phase 2 Trado ® program at Ipueiras).
The final trench assay results reported herein, including the final trench at Galante (TR22GE07) and final two trenches at the Southwest Zone at Ipueiras (TR22IP05 and TR22IP06) confirm the presence of in-situ PGE mineralization, demonstrate potential continuity of chromite-bearing ultramafic rocks in both targets, and warrant follow-up testing in future drill programs.
Please see Figure 1 and Figure 2 below for detailed plan maps of the Galante and Ipueiras PGE targets and Table 1 for a summary of trench assay results reported for both target areas.
Table 1: Trenching Assay Highlights for Galante East and Ipueiras PGE Targets.
*Reported trench assay interval lengths are channel samples and estimated to represent 50-60% true width at TR22GE07, and 80-90% at TR22IP05 and TR22IP06.
Figure 1: Plan map of Galante PGE target, showing locations of the 7 trenches excavated along the main PGE-mineralized zones, over 2.5 km of trend.
Figure 2: Plan map of Ipueiras target, showing locations of the main PGE-mineralized zones (Northeast and Southwest), over a 2 km trend.
Figure 3: Detailed plan map of the Southwest Zone at Ipueiras target, showing locations of the two trenches excavated in the area (TR22IP05 and TR22IP06).
About the Trado ® Auger and Trenching methodology
CLICK HERE for more information regarding Trado ® Auger and Trenching methodology
Quality Control/Quality Assurance ("QA/QC") and Grade Interval Reporting
CLICK HERE for a summary of ValOre's policies and procedures related to QA/QC and grade interval reporting.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre's QP and Vice President of Exploration.
ValOre Metals Corp. (TSX ‐ V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.
In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au ( CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.
Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre's Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.
ValOre's team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.
On behalf of the Board of Directors,
James R. Paterson, Chairman and CEO
For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com .
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.
Graphics accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e028342-c75d-4c16-8569-4bfc2584c25b
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Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) ("Blue Sky" or the "Company") is pleased to announce assay results from the third and last tranche of the recently completed reverse circulation (" RC ") drilling program at the Ivana Deposit (as announced on April 5, 2022 ), within its wholly-owned Amarillo Grande Uranium-Vanadium Project (" AGP ") in Rio Negro Province Argentina . This tranche of drilling returned 2,042 samples from 209 holes averaging 9.3m depth that tested areas of lower drill hole density at the margins of, and within, the western portion of the Ivana deposit; as well as testing the potential expansion of the deposit to the west (see Figure 1 and Table 1 *). These results will be included in a future mineral resource estimate update for the Ivana deposit.
Highlights of the new RC drill results include*:
*All holes were vertical, and the reported intervals are believed to represent true thickness.
Nikolaos Cacos , Blue Sky President & CEO commented, "These results complete a very successful program, once again hitting significant uranium and vanadium mineralization both at our infill and expansion targets. We look forward to updating our resource estimate and moving the Ivana deposit closer to a prefeasibility stage in the future."
The assay results from drilling in the step-out zone, to the west of the current Ivana mineral resource, have confirmed the presence of uranium and vanadium mineralization near surface. Hole AGI-764, located 700m west of the boundary of the current mineral resource estimate published on February 27, 2019 , includes 8 metres averaging 197ppm U 3 O 8 and 202ppm V 2 O 5 from 1 to 9 metres in depth, including 1m @ 805ppm U 3 O 8 and 243ppm V 2 O 5 starting at 1 metre.
In this potential expansion step-out zone, the presence of near surface vanadium mineralization is notable, as observed in the following highlighted intercepts:
Drilling of areas with previously low-density hole coverage within the boundary of the current mineral resource estimate yielded a number of significant uranium intercepts as reported above, in addition to those previously reported on April 5, 2022 . Many of these holes also had notable vanadium intercepts, as highlighted below:
The entire program collected 3,136 samples from 350 new holes, totaling 3,346 metres drilled. This new data set will be included in a future mineral resource estimate. The new database includes samples from 838 RC holes sampled every metre. The aim of a new resource estimation is to upgrade a portion of the current inferred mineral resources into indicated mineral resources for the purposes of supporting a future prefeasibility study (PFS).
The drilling program was carried out by AVG Patagonia Drilling using a FlexiROC D65 drill rig from Atlas Copco, an ore-control track-mounted rig adapted to reverse circulation with triple cyclone to reduce the dust loss during sampling and automatic sampling.
Samples were sent to ALS Argentina for preparation by drying, crushing to 70%
The design of the Company's exploration program was undertaken by the Company's geological staff under the supervision of David Terry, Ph.D., P.Geo. Dr. Terry is a Director of the Company and a Qualified Person as defined in National Instrument 43-101. The contents of this news release have been reviewed and approved by Dr. Terry.
The Company's 100% owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province , Argentina is a new uranium district controlled by Blue Sky. The Ivana deposit is the cornerstone of the Project and the first part of the district for which both a Mineral Resource Estimate and a Preliminary Economic Assessment have been completed. Mineralization at the Ivana deposit has characteristics of sandstone-type and surficial-type uranium-vanadium deposits. The sandstone-type mineralization is related to a braided fluvial system and indicates the potential for a district-size system. In the surficial-type deposits, mineralization coats loosely consolidated pebbles, and is amenable to leaching and simple upgrading.
The Project includes several other target areas over a regional trend, at or near surface. The area is flat-lying, semi-arid and accessible year-round, with nearby rail, power and port access. The Company's strategy includes delineating resources at multiple areas and advancing the entire project to prefeasibility level.
For additional details on the project and properties, please see the Company's website.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina . The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
______________________________________ Nikolaos Cacos , President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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Skyharbour Resources Ltd. 's ( TSX-V: SYH ) ( OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") partner company, Basin Uranium Corp. ("Basin Uranium") is pleased to announce the intersection of significant uranium mineralization from the five-hole, phase one 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.
"Our phase one drill program has confirmed the northeast trending conductor corridor (A3) as highly prospective for uranium mineralisation with the first significant intersection of uranium at Mann Lake. We are greatly encouraged as these new results substantially upgrade the potential of the underexplored southeastern half of the project." commented Mike Blady, CEO of Basin Uranium. "We are looking forward to commencing phase two drilling in September and building off our successful phase one results."
Mann Lake Uranium Project https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
A phase two drill program at Mann Lake is planned to commence shortly to follow-up on the encouraging results from phase one. It will also incorporate targets generated from the recently completed geophysical surveys on the property which include gravity and airborne mobile magnetotellurics (mobile MT). The results of these surveys are currently being analyzed and incorporated into historic geophysical surveys with results anticipated to be released in the near-term.
Phase One Drill Program Summary :
The Phase 1 program was comprised of 3,503 metres of diamond drilling over five holes. Four drill holes (MN22001 – MN22004) over a strike length of 1,500 metres targeted the interpreted basement conductor from the 2014 MT resistivity survey, and a magnetic low (interpreted metasediment basement) within a gravity low anomaly (interpreted as a basement fault structure). One hole (MN22005) was drilled to test the intersection of a NE-trending structure parallel to MN06-005 which returned over 1,000 ppm boron at the unconformity, and a cross cutting E-W trending structure on strike to hole MN06-002 where hematite paleo weathering occurred at the unconformity.
Was drilled to test an interpreted basement conductor corresponding with ground UTEM conductor (A3), a mag low interpreted to be a metasediment basement host and a gravity low interpreted as a basement fault structure. This hole was successful in crossing the unconformity and intersecting weakly anomalous radioactive values. It also intersected graphite mineralization along fracture planes and foliation, indicating the potential for nearby uranium mineralization.
Was designed to test the same conductor and geophysical setting as hole MN22001, collared 400 metres to the N-NE. It was successful, crossing the unconformity and entering basement metasediments (mostly psammite) as well as locating anomalous radioactive values with the handheld scintillometre and downhole probe. Monazite and allanite mineralization at the anomaly was also observed. Graphite mineralization was also noted in basement psammites along foliations and within some fractures. Notably, this hole returned 323 ppm U 3 O 8 from 660.05 to 660.55 metres approximately 30 metres below the unconformity within a larger 7.2-metre interval of anomalous uranium radioactivity which is host to graphite mineralization.
Was a step-out of 350 metres to the N-NE of MN22002 and was designed to test the same conductor and geophysical setting. Blood-red hematite paleoweathering at the unconformity and silica mottling has overprinted the texture of the psammite directly below the unconformity. Dravite-clay alteration can be found within fractures throughout the paleoweathered section and decreases in prevalence with depth.
This hole was successful in crossing the unconformity and intersecting radioactively anomalous intervals with allanite mineralization. Intervals within the basement rocks were found to contain graphite and dravite mineralization. Significant rare earth elements (REE's) of 5,028 ppm (Sum REE's = La+Ce+Pr+Nd+Sm+Eu+Gd) over 0.5 metres from 681.22 metres downhole were intersected within a broader 50 metre zone of anomalous REE mineralization starting 20 metres below the unconformity.
Was a 150-metre step-out along the conductor and strike of MN06-003A which intersected 12 metres of hematized paleoweathering up hole of the unconformity. An interpreted basement conductor, mag low and gravity low were present. While the hole did not intersect any lithology resembling the target Wollaston Group metasediments. The intersection of minor monazite mineralization, 46 ppm U 3 O 8, over 0.33 metres starting from 615.22 metres downhole in close proximity to strong clay alteration, remains a potentially interesting indication of uranium mineralization nearby.
This hole was designed to test the intersection of a NE-trending structure parallel to MN06-005 which returned over 1,000 ppm boron and 720cps at the unconformity, and a cross cutting E-W trending structure on strike to MN06-002 where 750cps and hematite paleoweathering occurred at the unconformity.
The hole was successful in intersecting a strongly hematite altered basement fault structure up hole and in close proximity to the unconformity. There was also a small interval of granitized strongly foliated metapelite intersected just below the unconformity, followed by granitic gneiss with intercalated pegmatites to the end of hole. Within the granite basement, clay dravite mineralization occurred, coating the surfaces of several low angle fractures between 652m - 663m.
Phase 1 Mann Lake Drill Plan : https://skyharbourltd.com/_resources/maps/Phase-one-Drill-Plan.jpg
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 >1000ppm.
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.
Skyharbour has 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.
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.
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 fifteen projects, ten of which are drill-ready, covering over 450,000 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% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 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. Skyharbour now owns a 15% interest in the Project. 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. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share 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 worth 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 favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/image s/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 .
"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
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.
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce the commencement of a ground gravity survey and completion of a baseline archaeological study on its Nunavut Uranium Project, located 100 km west of the community of Baker Lake, Nunavut, within the Thelon Basin.
Rick Mazur, President & CEO stated, "The Thelon Basin is an important unconformity-type uranium district that represents the closest geological analogue in the world to the prolific Athabasca Basin. We believe that our ground hosts major high grade uranium deposits with similar potential and grades as the Athabasca. Forum is formulating plans to aggressively explore this project in 2023."
Forum staked 65,558 hectares of claims over the high-grade and not fully delineated Tatiggaq and Qavvik uranium deposits, as well as numerous highly prospective target areas formerly held by Cameco Corporation to the west of the Kiggavik Uranium Project (see News Release dated February 1, 2022). The Kiggavik uranium deposit* hosts 133 million pounds of uranium at an average grade of 0.46% Uranium and is held 66.2% by Orano Canada, 16.9% Denision Mines and 16.9% UEX Corporation.
Forum's technical team (see News Release dated March 22, 2022) visited the project in June, 2022 to:
Forum received a Screening Decision Report from the Nunavut Impact Review Board and its Land Use Permit from Crown Indigenous Relations and Northern Affairs Canada in August.
MWH Geo-Surveys currently has a 3-person team conducting ground gravity surveys over four grids within the project area (Figure 1). Approximately 1200 gravity stations will be collected largely at a station spacing of 100 m, along lines 400 m apart. Survey results will be available later in the fall and will help to delineate additional targets on the project. WSP Golder has completed a baseline archaeological study of the project. A 2-person team visited the new camp location, as well as numerous high-priority drill target areas to document any archaeological sites. WSP Golder is preparing its final report and no significant sites have been documented.
There are many Proterozoic basins worldwide, but only two have high grade unconformity-type uranium deposits that have gone into production; the Athabasca Basin in Saskatchewan, Canada and the McArthur Basin in the Northern Territory, Australia. The third Proterozoic basin having the greatest potential for high grade economic uranium deposits is the Thelon Basin in Nunavut, Canada (Figure 2). Three deposits have thus far been proposed for development - the Kiggavik, Andrew Lake and End deposits at the 133 million pound Orano/Denison/UEX Kiggavik Uranium Mine Development Project* at an average head grade of 0.46% U. The project is currently on care and maintenance.
Cameco drilled 135 holes for a total of 36,000 metres of drilling from 2008 to 2012 resulting in the discovery of the Tatiggaq deposit (approximately 5km west of Orano's Andrew Lake deposit), the Qavvik deposit, the Ayra showing and tested three other targets identified by geophysical surveys**.
The Tatiggaq discovery consists of two zones, the Main and West zones that average 30 metres in thickness between 80 and 100 metres in depth with strike lengths between 60 and 80 metres, respectively. Some significant intercepts are:
Tatiggaq occurs within a large clay alteration zone measuring 0.8km in width by 1.5km in length. (Figure 3). Potential exists to significantly increase the size of this deposit which will be the focus of Forum's proposed drill program in 2023, in addition to following up on Qavvik, Ayra and other targets on the property.
*Source: Kiggavik Popular Summary, April, 2012 Nunavut Impact Review Board submission. **Source: Various Cameco reports filed with the Nunavut Mining Recorder, presentations by Cameco at the Nunavut Mining Symposium and Saskatchewan Mining Open House from 2009 to 2013 and Rebecca Corrine Hunter PhD Thesis, Laurentian University, Sudbury, Ontario, Canada dated 2021.
Figure 1: Location of the Kiggavik, End and Andrew Lake uranium deposits on the Orano/Denison/UEX mineral lease, the Tattigaq, Qavvik and Ayra uranium showings, Forum's camp location and gravity surveys on Forum's mineral claims. To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_003full.jpg
Figure 2: Location of the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. These two geological areas of the Canadian Shield host the world's richest uranium deposits. To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_004full.jpg
Figure 3: The Tatiggaq deposit is within a large gravity anomaly that remains open at depth and along strike for 1.5 kilometres. Drill fences to the northeast of the West and Main deposits are proposed for 2023. To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_005full.jpg
Richard Mazur, P.Geo., Forum's President & CEO and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: https://www.forumenergymetals.com/.
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136014
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ValOre Metals Corporation ("ValOre", or the "Company") (TSX-V: VO, OTC: KVLQF, Frankfurt: KEQ) today announced the closing of the non-brokered private placement financing (the "Offering") disclosed on August 19, 2022. ValOre issued 7,440,000 units ("Units") at a price of $0.40 per Unit for gross proceeds of $2,976,000. Each Unit will consist of one common share (a " Share ") in the capital of ValOre and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant being a " Warrant "). Each Warrant will be exercisable to acquire one Share at a price of CDN$0.60 per Share for a period of 24 months, expiring August 30, 2024.
ValOre intends to use the net proceeds raised from the Offering for additional exploration work on ValOre's Angilak Property uranium project in Nunavut Territory, Canada and the Company's Pedra Branca palladium platinum project in Brazil, as well as for general working capital.
All securities issued under this placement are subject to TSXV and securities regulatory legends expiring on December 31, 2022. Finders' fees of $3,840 and 9,600 Warrants were issued to various finders under the Placement. The finders' warrants have the same terms and conditions as the Warrants issued to the subscribers under the Placement.
Certain insiders of ValOre acquired Units in the Offering. Any participation by insiders in the Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") . However, the Company expects such insider participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would not exceed 25% of the Company's market capitalization. There are no material facts or material changes regarding the Company that have not been generally disclosed.
ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.
On behalf of the Board of Directors,
James R. Paterson, Chairman and CEO
For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com .
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") has announced that it has obtained a final receipt for the final base shelf prospectus (the "Base Shelf Prospectus") it filed with the securities regulatory authorities in each of the provinces and territories of Canada.
The Base Shelf Prospectus allows the Company to qualify the distribution by way of prospectus of common shares, warrants, units and subscription receipts (all of the foregoing, collectively, the "Securities") or any combination thereof for aggregate gross proceeds of up to $15 million during the 25-month period that the Base Shelf Prospectus remains effective. The specific terms of any offering of Securities will be set forth in a prospectus supplement to the Base Shelf Prospectus, which will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.
"Factors affecting the uranium fuel cycle and the global capital markets have been changing quickly. This base shelf prospectus provides Purepoint additional financial flexibility and efficient access to institutional capital so we can rapidly close on fundraisings when access to capital is available at reasonable terms", said Chris Frostad, President & CEO of Purepoint.
The Company has not entered into any agreements or arrangements to offer or authorize the sale of any Securities at this time.
In connection with the filing of the Base Shelf Prospectus filing, the Company has re-filed a technical report entitled "Technical Report on the Hook Lake Uranium Project Northern Saskatchewan, Canada" dated August 8, 2022 which amended the original technical report dated April 19, 2022 (the "Amended Technical Report"). A copy of the Base Shelf Prospectus and the Amended Technical Report can be found under the Company's profile at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities in the United States. The Securities 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 state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Purepoint Uranium Group Inc. actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 175,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.
For more information, please contact:
Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Not for Dissemination in the United States or through U.S. Newswire Services
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135326
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