Challenge Location – Western Athabasca Basin, Saskatchewan, Canada:
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Winter 2024 Drill Program:
A complete of 53 samples, together with 4 blanks and 4 exterior requirements, had been collected all through this system and despatched to the Geoanalytical Laboratory on the Saskatchewan Analysis Council in Saskatoon, Saskatchewan for evaluation. All blanks and requirements returned inside anticipated statistical norms.
Samples of clay alteration had been analyzed by Quick Wavelength Infrared Reflectance (SWIR, generally known as “PIMA”) to substantiate the clay species. A complete of 53 samples had been submitted for evaluation, together with 33 samples from the 2024 program and 20 samples from the 2021-2023 applications. PIMA outcomes determine relative proportions of phyllosilicate and clay minerals together with illite, chlorite, dickite, kaolinite, and dravite. Illite and kaolinite are each indicators of hydrothermal alteration sometimes discovered inside alteration halos of unconformity related uranium deposits. Dravite is a boron-rich clay which is often discovered inside a bigger clay package deal in shut proximity to uranium mineralization within the system. Each illite and dravite have been recognized as being vital vectors for latest discoveries to the northwest of the East Preston venture.
East Preston 2024 Drill Gap Location Map Targeted on the Okay and H Zones:
https://www.skyharbourltd.com/_resources/maps/East-Preston-2024-Drill-Gap-Location-map.png
Evaluation of the outcomes reveals a number of intervals with anomalous uranium enrichment inside the clay alteration zones alongside the Okay, and H- goal zones. Uranium enrichment is recognized as uranium (U) values and a uranium/thorium ratio (U/Th) above what would usually be anticipated within the given rock kind or space.
The best uranium end result for 2024 was returned in gap EP0058 the place 16 ppm U over 1.91m, together with as much as 21.9 ppm U over 0.51m. This enriched zone sits above a zone of dravite and kaolinite clay alteration. This drill gap sits inside a regional illite clay anomaly extending by way of the Okay Zone and south into the decrease H Zone.
With the reevaluation and evaluation of clay species in core from earlier applications, the regional illite clay alteration zone recognized in 2023 has been expanded to embody the size of the Okay and H Zones as far south as gap EP0060. Inside this zone, many holes include kaolinite +/- dravite, highlighting areas the place future efforts will focus.
The reevaluation of clay species in core from earlier applications has allowed the identification of illite alteration, with intervals of kaolinite and dravite in gap EP0037, drilled in 2022 on the G Zone. This gap beforehand recognized an east-west cross-cutting construction which can be a major fluid conduit to follow-up. Illite and kaolinite had been additionally recognized in EP21001, drilled in 2021 on the A Zone.
Azincourt considers the identification and enlargement of clay alteration halos to be vital, as main uranium discoveries within the Athabasca Basin corresponding to McArthur River, Key Lake, and Millennium had been primarily the results of drill testing of robust alteration zones associated to conductor options. Figuring out and upgrading the robust alteration zones is a big step ahead in figuring out the important thing areas alongside the conductor developments the place extra consideration is required.
“The alteration we’re seeing continues to be very encouraging” stated Azincourt’s VP, Exploration, Trevor Perkins. “The identification of dravite, kaolinite and illite clays with the elevated uranium alongside the Okay and H Zones emphasizes that we’re in the proper setting and figuring out areas for nearer inspection alongside this development. This development will proceed to be excessive precedence transferring ahead. Primarily based on the clay signatures within the G and A Zones, these areas will warrant a reevaluation as nicely” continued Mr. Perkins.
East Preston Targets:
The first goal space on the East Preston Challenge is the conductive corridors from the A-Zone by way of to the G-Zone (A-G Pattern) and the Okay-Zone by way of to the H and Q-Zones (Okay-H-Q Pattern). The collection of these developments is predicated on a compilation of outcomes from the 2018 by way of 2020 ground-based EM and gravity surveys, property vast VTEM and magnetic surveys, and the 2019 by way of 2022 drill applications, the 2020 HLEM survey signifies a number of potential conductors and structural complexity alongside these corridors.
Zones With the Areas of Dravite and Kaolinite Clay Alteration Highlighted in Pink:
https://www.skyharbourltd.com/_resources/maps/Zones-East-Preston-With-Areas.png
Drilling has confirmed that recognized geophysical conductors comprise structurally disrupted zones which can be host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist inside these structurally disrupted conductor zones.
Allowing and Neighborhood Relations:
Permits are in hand to conduct exploration actions on the East Preston property by way of the summer time of 2026. Azincourt acknowledges that the granting of those permits doesn’t negate the rights of the native communities for significant session because the venture progresses. Azincourt appears to be like ahead to a continued shut working relationship and common session with CRDN and different rights holders to make sure that any potential impacts and considerations are addressed and that the communities can profit from actions within the space by way of help of native enterprise, employment alternatives, and sponsorship of choose neighborhood applications and initiatives. Native companies are engaged to supply companies and provides and members of the Clearwater River Dene Nation and surrounding communities have been straight employed on website or to supply help and companies to maintain the camp and applications operating. The involvement of the native communities is important for continued development of the East Preston Challenge.
About East Preston:
Skyharbour and Dixie Gold entered into an Choice Settlement (the “Settlement”) with Azincourt whereby Azincourt had an earn-in choice to amass a majority working curiosity within the East Preston Property. Azincourt earned the bulk curiosity within the venture by finishing CAD $2.5 million in staged exploration expenditures and making a complete of CAD $1 million in money funds in addition to issuing shares of Azincourt divided evenly between Skyharbour and Dixie Gold. Azincourt now owns 85.8% as operator of the Challenge with Skyharbour retaining a minority curiosity of 9.5% within the Challenge.
Three potential conductive, low magnetic signature corridors have been found on the property. The three distinct corridors have a complete strike size of over 25 km, every with a number of EM conductor developments recognized. Floor prospecting and sampling work accomplished thus far has recognized outcrop, soil, biogeochemical and radon anomalies, that are key pathfinder components for unconformity uranium deposit discovery.
The East Preston Challenge has a number of lengthy linear conductors with flexural adjustments in orientation and offset breaks within the neighborhood of interpreted fault lineaments – basic targets for basement-hosted unconformity uranium deposits. These should not simply easy basement conductors; they’re clearly upgraded/enhanced prospectivity targets due to the structural complexity. The targets are basement-hosted unconformity associated uranium deposits much like NexGen’s Arrow deposit and Cameco’s Eagle Level mine. East Preston is close to the southern fringe of the western Athabasca Basin, the place targets are in a close to floor setting with out Athabasca sandstone cowl; due to this fact, they’re comparatively shallow targets however can have nice depth extent when found. The venture floor is positioned alongside a parallel conductive development between the PLS-Arrow development and Cameco’s Centennial deposit (Virgin River-Dufferin Lake development).
Certified Particular person:
The technical info on this information launch has been ready in accordance with the Canadian regulatory necessities set out in Nationwide Instrument 43-101 and reviewed and authorized by David Billard, P.Geo., a Consulting Geologist for Skyharbour in addition to a Certified Particular person.
About Skyharbour Assets Ltd.:
Skyharbour holds an intensive portfolio of uranium exploration initiatives in Canada’s Athabasca Basin and is nicely positioned to profit from bettering uranium market fundamentals with twenty-nine initiatives, ten of that are drill-ready, overlaying over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a big strategic shareholder of the Firm, a 100% curiosity within the Moore Uranium Challenge which is positioned 15 kilometres east of Denison’s Wheeler River venture and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization on the Maverick Zone that returned drill outcomes of as much as 6.0% U 3 O 8 over 5.9 metres together with 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjoining to the Moore Uranium Challenge is Skyharbour’s just lately optioned Russell Lake Uranium Challenge from Rio Tinto, which hosts a number of high-grade uranium drill intercepts over a big property space with sturdy exploration upside potential. The Firm is actively advancing these initiatives by way of exploration and drill applications.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Power and Thunderbird Assets (beforehand Valor) on the Preston, East Preston and Hook Lake Initiatives, respectively. The Firm additionally has a number of lively earn-in choice companions together with: CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Challenge; CSE-listed Medaro Mining Corp. on the Yurchison Challenge; North Shore Uranium on the Falcon Challenge; and TSX-V listed Tisdale Clear Power on the South Falcon East Challenge which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In combination, Skyharbour has now signed earn-in choice agreements with companions that complete to over $33 million in partner-funded exploration expenditures, over $27 million value of shares being issued and over $20 million in money funds coming into Skyharbour, assuming that these companion firms full their whole earn-ins on the respective initiatives.
Skyharbour’s aim is to maximise shareholder worth by way of new mineral discoveries, dedicated long-term partnerships, and the development of exploration initiatives in geopolitically beneficial jurisdictions.
Skyharbour’s Uranium Challenge Map within the Athabasca Basin:
https://www.skyharbourltd.com/_resources/photos/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To search out out extra about Skyharbour Assets Ltd. (TSX-V: SYH) go to the Firm’s web site at www.skyharbourltd.com .
Skyharbour Assets Ltd.
“Jordan Trimble”
_____________________
Jordan Trimble
President and CEO
For additional info contact myself or:
Nicholas Coltura
Investor Relations Supervisor
Skyharbour Assets Ltd.
Phone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Electronic mail: info@skyharbourltd.com
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