VANCOUVER, British Columbia, Aug. 11, 2021 (GLOBE NEWSWIRE) – Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that Affiliate Valor Resources Limited (“Valor”) has issued an update on the results of the recently completed high-resolution airborne radiometric survey and the commencement of ground work on the Hook Lake Project (previously the North Falcon Point Project). The radiometric survey was completed in late July and covered the northeast third of the Hook Lake project, including the historic high grade uranium occurrence, Hook Lake / Zone S. The survey identified numerous anomalies (see Figure 1 below). Radiometric anomalies of the total count were graded, with the highest priority anomalies strongly correlated with uranium channel count.
Hook Lake (formerly North Falcon Point) Project:
The survey was conducted by Special Projects Inc. (“SPI”) of Calgary, Alberta, an industry leader in high-resolution airborne radiometric surveys. SPI conducted the radiometric survey that demarcated the PLS boulder field from Fission Uranium, which eventually led to the discovery of the high-grade Triple R uranium deposit.
The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares located 60 km east of the Key Lake uranium mine in northern Saskatchewan. Skyharbour has signed a definitive agreement with Valor Resources for the Hook Lake uranium project that will give Valor 80% of the project with a total of $ 3,500,000 in exploration expenses, a total of $ 475,000 in cash over three years and an initial issue of 233,333,333 shares of Valor. can earn.
figure 1: hook lake In the air Radiometry Ternary plot – priority Anomalies
The story goes on
Noteworthy is the group of Priority 1 and Priority 2 anomalies identified in the northwest of the project area where no uranium has been previously identified. The historic high grade uranium occurrence at Prospect Hook Lake (or S Zone) has been confirmed as a Priority 1 radiometric anomaly, with a Priority 2 anomaly located approximately 3 km northeast along strike. There are additional Priority 1 and 2 anomalies other than known occurrences that require on-site tracking.
The follow-up work on site was started, carried out by Dahrouge Geological Consulting Ltd. be performed. This work will focus on validating and developing the geological understanding of historical uranium occurrences such as the Hook Lake (or Zone S) project. The field crew will also pursue the new targets generated from the Magnetic / VLF-EM survey completed in April and the priority anomalies identified from the recently completed airborne radiometric survey. A field crew supported by a helicopter carries out the field program over a period of 2-3 weeks.
About the Hook Lake Project (formerly North Falcon Point):
Valor has the right to acquire an 80 percent working interest in the Hook Lake uranium project, located 60 km east of the Key Lake uranium mine in northern Saskatchewan. The 16 contiguous mineral claims extend over 25,846 hectares and host several prospective areas of uranium mineralization, including:
Hook Lake / Zone S – High grade surface exposed with reported grades up to 68% U3O8 in random samples; a 2015 bio-geochemical survey over the trenches responded positively with anomalies along strike 2 km northeast
Nob Hill – Fracture-controlled vein-like uranium mineralization on surface outcrops with up to 0.130% – 0.141% U3O8 in samples; Diamond drilling intersected abnormal uranium in multiple holes with values up to 422 ppm U over 0.5 meters
West Way – U-type mineralization within a NE trending shear zone; Samples taken from the surface showed variable uranium values, including up to 0.475% U3O8, and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U and Pb
Grid T – Fractional hosted secondary uranium mineralization in sheared calcium silicate and marbles in a 100m by 20m zone of anomalous radioactivity with samples up to 800ppm U
Alexander Lake Boulder Field – 30 biotite-quartz-K-feldspar-pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U, and 1,600 ppm U, respectively
Thompson Lake Boulder Field – Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite block
NE Alexander Lake – Several lime-silicate, plagioclase-quartz-granulite, quartzite and meta-arkose rocks with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
The project area is in close proximity to two weatherproof northern motorways and power grids. The historical exploration consisted of airborne and ground-based geophysics, multi-phase diamond drilling campaigns, detailed geochemical sampling and surveys, and ground-based prospecting, culminating in an extensive geological database for the project area.
Skyharbour also announces that it recently received a total of $ 1,204,713 from exercising stock purchase warrants. Since the end of June, a total of 4,461,900 warrants with an exercise price of 27 cents have been exercised, with this warrant expiring on August 10. Skyharbour is fully funded for its ongoing and expanded drilling program on its flagship Moore Lake uranium project for a total of over $ 8.5 million in cash and partner company shares. Partner companies Azincourt, Orano and Valor Resources are funding the majority of the exploration programs on the Preston, East Preston and Hook Lake projects (formerly North Falcon Point).
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements under National Instrument 43-101 and has been reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Head Technical Advisor and Director of Skyharbour, and a qualified person.
About Valor Resources Ltd:
Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder value through acquisitions and exploration activities.
About Skyharbour Resources Ltd .:
Skyharbour has an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improved uranium market fundamentals with six drill-ready projects on over 240,000 acres of land. Skyharbour has acquired a 100 percent interest in the Moore uranium project from Denison Mines, a major strategic shareholder in the Company, which is located 15 kilometers east of Denison’s Wheeler River project and 39 kilometers south of Cameco’s McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization in the Maverick Zone that has returned drill results of up to 6.0% U3O8 over 5.9 meters including 20.8% U3O8 over 1.5 meters at a vertical depth of 265 meters. The company is actively advancing the project through drilling programs.
Skyharbour has a joint venture with industry leader Orano Canada Inc. on the Preston Project, with Orano acquiring a 51% interest in the project through exploration expenses and cash payments. Skyharbour now has a 24.5% stake in the project. Skyharbour also has a joint venture with Azincourt Energy on the East Preston Project, with Azincourt acquiring a 70% interest in the project through exploration expenditures, cash payments and stock issuance. Skyharbour now owns 15% of the project. Preston and East Preston are large geologically promising properties near Fission Uranium’s Triple R deposit and NexGen Energy’s Arrow deposit.
The Company also has a 100% interest in the South Falcon uranium project on the eastern edge of the basin which is a 43-101 inferred resource totaling 7.0 million pounds U3O8 at 0.03% and 5.3 million pounds ThO2 Contains 0.023%. Skyharbour has signed a definitive agreement with ASX-listed Valor Resources for the Hooke Lake uranium project (formerly North Falcon Point), providing Valor with 80% of the project with a total of $ 3,500,000 in exploration expenses and a total of $ 475,000 in cash payments can earn over three years and an initial share issue.
Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships and the advancement of exploration projects in geopolitically favorable jurisdictions.
The Skyharbour uranium project map in the Athabasca Basin:
To learn more about Skyharbour Resources Ltd. (TSX-V: SYH), visit the company’s website at www.skyharbourltd.com.
SKYHARBOR RESOURCES LTD.
President and CEO
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Skyharbour Resources Ltd.
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