Skyharbour Resources Ltd.’s
(TSX-V: SYH)
(OTCQB: SYHBF)
(Frankfurt: SC1P) (the
“Company”) partner company Valor Resources Limited
(“Valor”) is pleased to announce that it has completed the third
and final anniversary payment to Skyharbour under its earn-in
option agreement at the Hook Lake Uranium Project, located in
Northern Saskatchewan, Canada.
Hook Lake Project Location:
https://www.skyharbourltd.com/_resources/maps/Sky_HookLake_20211209.jpg
Highlights:
- Valor completes earn-in of 80% interest in the prospective Hook
Lake Uranium Project through exploration expenditures as well as
cash and share payments to Skyharbour; the Company retains a 20%
interest in the Project
- Hook Lake is strategically located in the eastern flank of the
Athabasca Basin
- Multiple new uranium targets outlined by 2022 airborne gravity
survey requiring follow-up exploration at the drill-ready project;
planning currently underway for exploration programs this year
- Strong exploration upside potential for Skyharbour and Valor
against the backdrop of a rising uranium price
Formation of the JV:
Valor has completed its exploration expenditure
commitments under the earn-in, being C$3.5 million over a 3-year
period. Following the drill campaign completed in 2022, together
with the airborne gravity survey completed last year, Valor has met
its exploration expenditure commitments under the agreement.
Furthermore, Valor has issued the Company an additional 31,750,000
shares and made a C$75,000 cash payment to complete the third and
final earn-in milestone. This brings the total cash payments to
C$250,000 over three years and a total share issuance of
295,083,333 shares of Valor to Skyharbour.
Valor’s Executive Chairman, George Bauk, said:
“We are pleased to have completed this significant earn-in
milestone at Hook Lake, which delivers Valor 80% ownership of a
very attractive uranium asset located in one of the most
prospective uranium exploration provinces globally. This part of
the Athabasca Basin is regarded as one of the top uranium
exploration addresses in the world right now, thanks to the recent
Gemini/92 Energy and ACKIO/Baselode Energy discoveries, located
30km north of Hook Lake.”
“The diligent exploration work completed by
Valor has resulted in the delineation of a large number of highly
prospective targets, which are now ready to be prioritised and
advanced to drill-ready status. We are pleased to continue
collaborating with our joint venture partner Skyharbour as we look
forward to working closely with them to advance the project to the
next level with plans in the works for another drill program.”
Skyharbour President and CEO, Jordan Trimble,
stated: “Skyharbour continues to add value to its project base in
the Athabasca Basin through focused exploration and drilling at its
co-flagship Russell and Moore Uranium Projects as well as utilizing
the prospect generator model to advance its secondary projects with
strategic partners. We are excited to have the opportunity to work
with Valor as a joint-venture partner at Hook Lake going forward
and will benefit from any upside at the Project with our retained
interest in the property and equity position in Valor. We are
confident that the work carried out by Valor in recent years has
advanced the project sufficiently to a stage where a new discovery
could be on the horizon with future drilling.”
Summary of Valor’s Previous Exploration
Programs and Future Plans:
Valor Resources commenced exploration on the
Hook Lake Uranium Project in April 2021 with airborne geophysical
surveys including VLF-EM/Magnetics and radiometrics. On-ground
follow-up work commenced in July/August 2021 with a program of
reconnaissance geological mapping and rock chip sampling of
historical uranium occurrences and uranium radiometric anomalies.
Results from this program were highlighted by the high-grade chip
samples from the S-Zone prospect (up to 59.2% U3O8) and anomalous
results from the West Way and Nob Hill Prospects.
Drilling at the Hook Lake Project was completed
by Valor between December 2021 and April 2022, with a drilling
program comprising eight diamond drill holes for 1,757m. Six of the
holes were at the S-Zone Prospect and two more at the V-Grid
prospect. Following the drilling program in May-June 2022, Valor
completed an airborne gravity gradiometry survey across the entire
project area to help refine and identify targets. Following an
interpretation of the data, a total of 11 new targets were
identified. Initial reconnaissance of some of the new targets has
been completed; however, more detailed work in the form of radon
surveys and lake sediment sampling is proposed over the highest
priority targets. These programs are being planned to commence in
the summer of 2024, and planning is underway for future
drilling.
About the Hook Lake
Project:
The Hook Lake Uranium Project is located 60 km
east of the Key Lake Uranium Mine in northern Saskatchewan.
Skyharbour signed a Definitive Agreement with Valor several years
ago on the Hook Lake Uranium Project whereby Valor could earn-in
80% of the project through CAD $3,500,000 in total exploration
expenditures as well as cash and share payments. Covering 25,846
hectares, the 16 contiguous mineral claims host several prospective
areas of uranium mineralization including:
- Hook Lake / Zone S - High-grade
surface outcrop with reported grades in grab samples up to 68%
U3O8; a bio-geochemical survey carried out over the trenches in
2015 responded positively with along-strike anomalies 2 km to the
northeast
- Nob Hill - Fracture-controlled
vein-type uranium mineralization on surface outcrop with up to
0.130% - 0.141% U3O8 in grab samples; diamond drilling intersected
anomalous uranium in several drill holes with values up to 422 ppm
U over 0.5 m
- West Way - Vein type U
mineralization within a NE-trending shear zone; grab samples taken
from the surface showing contained 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, & Pb
The project area is in close proximity to two
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.
Qualified Person:
The technical information in this news release
has been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101 and reviewed and
approved by David Billard, P.Geo., a Consulting Geologist for
Skyharbour as well as a Qualified Person.
About Skyharbour Resources
Ltd.:
Skyharbour holds an extensive portfolio of
uranium exploration projects in Canada's Athabasca Basin and is
well positioned to benefit from improving uranium market
fundamentals with twenty-five projects, ten of which are
drill-ready, covering over 520,000 hectares (over 1.2 million
acres) of land. Skyharbour has acquired from Denison Mines, a large
strategic shareholder of the Company, a 100% interest in the Moore
Uranium Project which is located 15 kilometres east of Denison's
Wheeler River project and 39 kilometres south of Cameco's McArthur
River uranium mine. Moore is an advanced-stage uranium exploration
property with high-grade uranium mineralization at the Maverick
Zone that returned drill results of up to 6.0% U3O8 over 5.9
metres including 20.8% U3O8 over 1.5 metres at a vertical
depth of 265 metres. Adjacent to the Moore Uranium Project is
Skyharbour’s recently optioned Russell Lake Uranium Project from
Rio Tinto, which hosts historical high-grade uranium 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 joint-ventures with
industry-leader Orano Canada Inc., Azincourt Energy and Valor
Resources at the Preston, East Preston and Hook Lake Projects,
respectively, whereby Orano. Azincourt and Valor earned majority
interests in the projects through exploration expenditures, cash
payments and share issuances. Skyharbour also has several active
earn-in option partners including: CSE-listed Basin Uranium Corp.
at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at
the Yurchison Project; North Shore Uranium at the Falcon Project;
and TSX-V listed Tisdale Clean Energy at the South Falcon East
Project which is host to the Fraser Lakes Zone B Uranium and
Thorium Deposit.
Collectively, Skyharbour has now signed earn-in
option agreements with partners that total to over $33 million in
partner-funded exploration expenditures, over $27 million worth of
shares being issued and over $20 million in cash payments coming
into Skyharbour, assuming that these partner companies complete
their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder
value through new mineral discoveries, committed long-term
partnerships, and the advancement of exploration projects in
geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the
Athabasca Basin:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20231219_V2.jpg
To find out more about Skyharbour Resources Ltd.
(TSX-V: SYH) visit the Company’s website
at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan
Trimble” Jordan
TrimblePresident and CEO
For further information contact myself or:Nicholas
ColturaInvestor Relations Manager Skyharbour Resources Ltd.
Telephone: 604-558-5847Toll Free: 800-567-8181Facsimile:
604-687-3119Email: 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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