Skyharbour Option Partner Azincourt Announces Upcoming Exploration Program at East Preston Uranium Property
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, Oct. 18, 2017 (GLOBE NEWSWIRE) -- Skyharbour
Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the "Company") is
pleased to announce the Company's option partner Azincourt Energy (TSX-V:AAZ)
("Azincourt") has announced details for an upcoming exploration program at the
East Preston Uranium Project located in the western Athabasca Basin near NexGen
Energy Ltd.'s high-grade Arrow deposit hosted on its Rook-1 property and Fission
Uranium Corp.'s Triple R deposit located within their PLS Project area.
Preston Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_
blue_hi_res.pdf
Skyharbour and Clean Commodities entered into an Option Agreement (the
"Agreement") with Azincourt which provides Azincourt an earn-in option to
acquire a 70% working interest in the East Preston Property (see news release
dated March 28th, 2017). Under the Agreement, Azincourt has issued to Skyharbour
and Clean Commodities each 2,250,000 common shares and will contribute cash and
exploration expenditure consideration totaling up to CAD $3,500,000 in exchange
for up to 70% of the applicable property area over three years. Of the
$3,500,000 in project consideration, $1,000,000 will be in cash payments to
Skyharbour and Clean Commodities.
East Preston Program Highlights:
* Extensive reinterpretation of historical helicopter-borne VTEM and ground
geophysical data by expert geophysical consultant highlights untested
conductor systems and corridor trends
* Ground geophysical program planned to refine drill targets over with grid
establishment, Horizontal Loop Electromagnetic (HLEM) and Gravity surveys to
be used
* Work to commence after freeze-up in November
* Azincourt may earn a 70% interest in East Preston totaling 25,329 hectares,
which represents the eastern region of the larger 74,965 hectare Preston
Project through the upfront issuance of 4,500,000 shares as well as
$3,500,000 of total project consideration over three years, including up to
$2,500,000 of exploration work programs and $1,000,000 of cash payments to
Skyhabour and Clean Commodities to be split equally.
* In addition to the Azincourt Agreement on the Preston East Property,
Skyhabour also announced an option agreement with AREVA Resources Canada
whereby AREVA may earn up to a 70% interest in a separate 49,635 hectare
portion of the Preston Project.
East Preston Project 2017 Geophysical Program:
Skyharbour's option partner Azincourt engaged a highly experienced geophysical
consultant, Mr. Lawrence Bzdel, PGeo, to interpret the extensive historical
airborne and ground geophysical data set and build on the already extensive
previous work. The reinterpretation work has identified and prioritized numerous
conductor trends, with the highest priorities being the A, B and D trends,
respectively (see figure in link below).
East Preston Survey Grid Location Map:
http://skyharbourltd.com/_resources/maps/Low-res-Figure-
2---East-Preston-Survey-Grid-Location-Map-with-mid-time-channel-VTEM-440-us.pdf
Trend A is a very long, wide N to NE trending conductive corridor with an
observed flexure bound and crosscut by interpreted E-W cross-faults. Trend B is
a long linear conductor system coincident with an interpreted NE trending fault.
Trend D is a NNW trending conductor system parallel to an interpreted fault.
The East Preston geophysical program is expected to commence in November
following freeze-up in northwestern Saskatchewan. Grid establishment will
precede the planned surveys. The grid lines will be perpendicular to the
interpreted VTEM conductive trends. The HLEM and Gravity surveys will consist of
47 line km of each method.
The HLEM data will be collected with a 200 m Transmitter-Receiver separation,
and 50 m station intervals. The survey is designed to accurately identify
multiple conductor systems in this shallow depth to basement environment.
Unconformity-related uranium deposits are often associated in proximity to
basement conductive trends, and represent a first order criteria for discovery.
The Gravity survey will record measurements at 50 m station intervals. Subtle
gravity low anomalies can highlight areas of alteration and structural
disruption. Gravity highs may represent basement topography, which are also
associated with unconformity-related uranium deposits.
This initial ground geophysical program is expected to yield drill targets
within previously untested corridors. Skyharbour and its option partner
Azincourt expect to generate enough targets for several drill programs.
Overview of East Preston:
The significant potential of the Western Athabasca Basin has been highlighted by
recent discoveries in the area by NexGen Energy Ltd. (Arrow), Fission Uranium
Corp. (Triple R) and a joint-venture consisting of Cameco Corporation, AREVA
Resources Canada Inc. and Purepoint Uranium Group Inc. (Spitfire). More than
$4.7-million in expenditures on the entire Preston Uranium Project have been
incurred to date, including over $2 million at East Preston. This exploration
has consisted of ground gravity, airborne and ground electromagnetics, radon,
soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well
as two 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.
Preston Uranium Property Map and Regional Exploration Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg
Furthermore, on March 9th, 2017, Skyharbour announced an option agreement with
AREVA Resources Canada which provides AREVA an earn-in option to acquire up to a
70% working interest in a 49,635 hectare portion of the total 74,965 hectare
Preston Uranium Project (see News Release dated March 9th, 2017). Under the
agreement, AREVA can contribute cash and exploration program consideration
totaling up to CAD $8,000,000 in exchange for up to 70% of the applicable
project area over six years.
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 Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head
Technical Advisor and a Director, as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration
projects in Canada's Athabasca Basin and is well positioned to benefit from
improving uranium market fundamentals with five drill-ready projects. In July
2016, Skyharbour acquired an option from Denison Mines, a large strategic
shareholder of the Company, to acquire 100% of the Moore Uranium Project which
is located approx. 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 6.0% U3O8 over 5.9 metres including
20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour
recently signed option agreements with AREVA Resources Canada and Azincourt
Energy whereby AREVA and Azincourt can earn in 70% on the Preston Project
through a combined $9,800,000 in total exploration expenditures, as well as
$1,700,000 in total cash payments and 4,500,000 Azincourt shares. Preston is a
large, geologically prospective property proximal to Fission Uranium's Triple R
deposit as well as NexGen Energy's Arrow deposit. The Company also owns a 100%
interest in the Falcon Point Uranium Project on the eastern perimeter of the
Basin which contains an NI 43-101 inferred resource totaling 7.0 million pounds
of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The project also
hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a
massive pitchblende vein, the source of which has yet to be discovered. The
Company's 100% owned Mann Lake Uranium project on the east side of the Basin is
strategically located adjacent to the Mann Lake Joint Venture operated by
Cameco, where high-grade uranium mineralization was recently discovered.
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://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V:SYH) visit the Company's
website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info(at)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.
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. 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, 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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Skyharbour Resources Ltd via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 18.10.2017 - 15:00 Uhr
Sprache: Deutsch
News-ID 564208
Anzahl Zeichen: 12558
contact information:
Town:
Vancouver
Kategorie:
Business News
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