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Skyharbour partner Basin Uranium Corp. begins phase 2 diamond drilling program at Mann Lake, The Canadian Business Journal

VANCOUVER, British Columbia, September 20, 2022 (GLOBE NEWSWIRE) — Sky Harbor Resources Co., Ltd.of (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (“Company”) Partner Basin Uranium Corp. (“Basin Uranium”) has commenced a Phase 2 diamond drilling program at the Mann Lake Project, located 25 km southwest and 15 km southwest of the McArthur River Mine. I am pleased to announce the Northeast along the strike of the Millennium Uranium Deposit in Cameco.

Loch Mann Uranium Project:


  • Phase 2 drilling is designed to follow up on exciting targets generated from Phase 1 drilling and the recently completed geophysical survey at Loch Mann.
  • About 4,000 meters of core drilling is planned for Phase 2, which covers the southern part of the project.
  • The first hole in Phase 2 is a follow-up to uranium mineralization at hole MN22-002 (see company news release dated 7 September 2022).
  • The drilling will also test conductive zones and structures identified in this summer’s mobile MT survey along a non-conforming contact corresponding to a common gravity cyclone located near the southeastern part of the project (September 2022). (See company news release dated March 13).

diamond drilling progress update:

“We are excited to be back at Loch Mann for Phase 2 drilling,” said Basin Uranium CEO Mike Blady. “Our fully funded fall program builds on spring and summer exploration work and continues to move toward additional mineralization hosted at the project.”

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 the forward-looking statements include market prices, exploration and development success, regulatory approvals, continued availability of capital and funding and generally economic, market or business conditions. See our public documents. www.sedar.com for more information.

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Skyharbour partner Basin Uranium Corp. begins phase 2 diamond drilling program at Mann Lake, The Canadian Business Journal

Source link Skyharbour partner Basin Uranium Corp. begins phase 2 diamond drilling program at Mann Lake, The Canadian Business Journal

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