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Skyharbour partner Basin Uranium Corp. announces completion of geophysical survey at Mann Lake, The Canadian Business Journal

VANCOUVER, British Columbia, September 13, 2022 (GLOBE NEWSWIRE) — Sky Harbor Resources Co., Ltd.of (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (“Company”) partner company Basin Uranium Corp. (“Basin Uranium”) is pleased to announce the completion of the ground gravity survey and the Heliborne Mobile MT electromagnetic and magnetic survey at the Lake Mann Project located 25 km southwest. think. It is located 15 km northeast along the strike of the McArthur River Mine and the Millennium Uranium Deposit in Cameco.

Loch Mann Uranium Project

Recently collected and interpreted geophysical data have generated a new drill target at a promising area within the Loch Mann site. Phase 2 drilling program will test uranium mineralization potential along unconformity and subsurface interpreted lineaments or structural corridors corresponding to resistive and magnetic cyclone and gravitational cyclone limits .

“The summer geophysics program has identified a number of new potential targets in addition to improving resolution and coverage for the Lake Man claim,” said Mike Blady, CEO of Basin Uranium. says. “Using additional data, our focus is to incorporate known uranium mineralization from Phase 1 drilling as well as chance geophysical Focus on academic anomalies.”

Mobile MT Electromagnetic/Magnetic Exploration:

Mobile MT surveys successfully identified underground conductive zones and structures along the incompatible contact. These conductive zones can produce graphite and/or its decomposition products, which are believed to be responsible for uranium mineralization. In addition, deep structures within the basement may allow fluid movement and create precipitation pathways for uranium mineralization within basement rocks along unconformable contacts.

The purpose of the mobile MT survey was to identify deep subsurface structures along the unconformity, including potential alteration and mineralization zones. A total of three production flights were flown, completing 376 line kilometers of survey over 70 km.2 range. The main conductor along the mismatched contact is shown as low resistivity (blue) in the attached map (Figure 1). Mobile MT apparent conductivity and magnetism data also show the likely structure of NE and NW trends across the site basements (Fig. 2).

Figure 1: Mobile MT Geophysics – EM Inverse Resistivity

Figure 2: Mobile MT Geophysics – Magnetics

gravity survey:

Multiple hypogravity anomalies are defined along the southern and southeastern tenure. Low gravity holds promise for uranium exploration as it may be correlated with rock desilicification that may indicate the presence of likely fault structures for graphite and/or uranium mineralization (Fig. 3).

Figure 3: Mobile MT Geophysics – Gravity

MWH Geo-Surveys completed a gravity survey of 2539 Stations south of the Loch Mann Property in July 2022. The results were combined with previous (2006, 2008) gravity survey data to complete the coverage of central and southern Lake Mann. property.

About Loch Mann:

Skyharbour has entered into an option agreement (“Contract”) with Basin Uranium. Basin Uranium now has an earn-in option to acquire a 75% interest in the Mann Lake Uranium project. Under the Option Agreement, Basin Uranium Corp will contribute a total of $4,850,000 in cash and exploration costs (the “Project Consideration”) over his three years. Of the project consideration, $850,000 will be a cash payment to Sky Harbor and $4,000,000 will cover the exploration costs of the project. Basin Uranium Corp will also issue C$1,750,000 worth of Basin Uranium shares to Sky Harbor over a three-year earn-in period to complete the earn-in.

The Loch Mann Uranium Project is strategically located 25 km southwest of the world’s largest high-grade uranium deposit, the MacArthur River Mine, and 15 km northeast of the Millennium Uranium Deposit at Cameco. The Mann Lake project is also adjacent to the Mann Lake joint venture operated by Cameco (52.5%) and his partners Denison Mines (30%) and Orano (17.5%). Denison Mines acquired International Enexco and his 30% interest in the project after a winter drilling program in 2014 discovered high-grade subsurface uranium mineralization at this adjacent project.

Eligible person:

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set forth in National Instrument 43-101 and has been reviewed and approved by David Billard (P.Geo.), Consulting Geologist and Qualified Person at Skyharbour. I was.

About Sky Harbor Resources:

Sky Harbor has an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin, with 15 projects covering more than 450,000 hectares of land to improve uranium market fundamentals. can benefit from. Skyharbour has acquired a 100% interest in the Moore Uranium Project, located 15 kilometers east of Denison’s Wheeler River project and 39 kilometers south of Cameco’s McArthur River uranium mine, from Denison Mines, the company’s majority shareholder. Moore is an advanced stage uranium exploration facility with high grade uranium mineralization in the Maverick Zone and has returned drilling results of up to 6.0% U.38 Over 5.9 meters with 20.8% U38 Over 1.5 meters at a vertical depth of 265 meters. Adjacent to the Moore Uranium Project is Rio Tinto’s Russell Lake Uranium Project, recently selected by Sky Harbor. We are actively pursuing these projects through our exploration and 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 costs and cash payments. Skyharbour now owns his 24.5% interest 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 the issuance of shares. Skyharbour currently owns a 15% interest in the project. Preston and East Preston are geologically promising large-scale formations close to the nuclear fission uranium Triple R deposit and NexGen Energy’s Arrow deposit. In addition, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern rim of the Basin, which contains an NI 43-101 Inferred Resource totaling 7 million pounds of U.38 0.03% and 5.3 million pounds of ThO2 at 0.023%.

Sky Harbor has several active option partners including: ASX Listed Valor Resource at Hook Lake Uranium Project. CSE-listed Basin Uranium Corp. at the Loch Mann Uranium Project. Basin Uranium will acquire 75% of the project through a $4,000,000 exploration fee, a $850,000 cash payment, and a three-year equity issue. Medaro Mining Corp., which is CSE-listed for the Yurchisong Project, announced that Medaro will pay $5 million in exploration costs, $800,000 in cash payments, and a three-year equity offering followed by the remaining 30% of the project, which will pay for the remaining 30% of the project at $7,500,000. It will be paid for in cash and $7,500,000 worth of stock.

Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, strong long-term partnerships and the promotion of exploration projects in geopolitically favorable jurisdictions.

Sky Harbor Uranium Project Map in the Athabasca Basin:

For more information about Skyharbour Resources Ltd. (TSX-V: SYH), please visit their website www.skyharbourltd.com.


“Jordan Trimble”

Jordan Trimble
Representative Director and President

For more information contact me or contact me below.
Nicholas Cortura
Corporate development and communication
Sky Harbor Resources Co., Ltd.
Phone: 604-558-5847
Toll Free: 800-567-8181
Fax: 604-687-3119
Email: [email protected]

Neither TSX Venture Exchange nor its regulated service providers are responsible for the adequacy or accuracy of the contents of this news release.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any U.S. state, and will be offered or sold in the United States. It is not. or on or for the account or benefit of a United States person, unless registered or applicable exemption from registration requirements under United States securities laws and applicable United States 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 or any other jurisdiction.

This release contains certain statements that may be considered “forward-looking statements.” All statements, other than statements of historical fact, in this release that address events or developments expected by the company’s management, including private placements, are forward-looking statements. Although management believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may vary. or developments may differ materially from forward-looking statements. We undertake no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions or other factors change. Factors that could cause actual results to differ materially from forward-looking statements include market prices, exploration and development success, regulatory approvals, continued availability of capital and financing, and general include general economic, market or business conditions. See our public documents. www.sedar.com for more information.

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Skyharbour partner Basin Uranium Corp. announces completion of geophysical survey at Mann Lake, The Canadian Business Journal

Source link Skyharbour partner Basin Uranium Corp. announces completion of geophysical survey at Mann Lake, The Canadian Business Journal

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