VANCOUVER, British Columbia, July 08, 2019 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce the commencement of an Unmanned Aerial Vehicle Magnetometer Survey (“UAV-MAG™ Survey”) to be completed by Pioneer Aerial Surveys Ltd. (“Pioneer”) on the Company’s 35,705 hectare Moore Uranium Project, located approx. 15 km east of Denison Mine’s Wheeler River project on the southeast side of the Athabasca Basin, Saskatchewan. The survey will be flown as an enhancement to the UAV-MAG™ survey that was flown over the Maverick structural corridor in 2018 which has aided in refining drill targets and specifically those targets in the basement rocks. The Maverick structural corridor is host to several high grade uranium zones including the Main Maverick Zone where previous drilling has returned 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres in hole ML-199.
Moore Uranium Project Claims Map:
This latest survey will consist of approx. 402 line km at 20 metre spacing and will utilize Pioneer’s latest terrain following and magnetic systems to enhance data provided by the UAV-MAG™ survey previously flown in 2018. The new survey will help better identify high-priority, cross-cutting features, and structures along the Maverick conductor corridor. Identification of these features will help refine and identify current and additional drill targets for the upcoming summer/fall 2019 diamond drill program at Moore. This enhanced UAV-MAG™ survey will provide for a high definition survey at a lower cost using drones. Only 2 km of the total 4 km long Maverick corridor have been systematically drill tested leaving robust discovery potential along strike as well as at depth in the underlying basement rocks which have seen limited drill testing historically. With this survey, Skyharbour continues to unlock the discovery potential at Moore through value-add, systematic and cutting-edge exploration techniques.
Moore Uranium Project Maverick Corridor:
Pioneer has extensive experience flying Unmanned Aerial Vehicle (“UAV”) based magnetometer and remote sensing surveys for the mining and exploration sector and has successfully flown over 12,000 line km in surveys across North America. Pioneer is leading the industry in UAV remote sensing for mineral exploration, mine site surveys and safety inspections. Their UAV systems are some of the most advanced in the world, custom built in Canada and capable of long flights and diverse sensor payloads.
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 six drill-ready projects. 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 with drill results returning up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour has signed option agreements with Orano Canada Inc. and Azincourt Energy whereby Orano and Azincourt can earn in up to 70% of the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and 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 a 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:
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
President and CEO
For further information contact myself or:
Corporate Development and Communications
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
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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.