Vancouver, British Columbia, March 9, 2022 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd.of ((((TSX-V: SYH) (OTCQB: SYHBF). (Frankfurt: SC1P). (“Company”) Partner company Basin Uranium Corp. (“Basin Uranium”) is pleased to be able to provide up-to-date information on the ongoing permission of extensive exploration and drilling programs at the Manlake Uranium Project in the prolific Athabasca Basin, Saskatchewan. The Manlake Project is located 25 km southwest of the McArthur River mine, the world’s largest high-grade uranium deposit, and 15 km northeast of the strike of the Millennium uranium deposit in Kameko.
Man Lake Uranium Project
“We are looking to swift and appropriate conclusions as discussions with local stakeholder groups continue and remain constructive,” commented Mike Blady, CEO of Basin Uranium. “At the same time as consulting with stakeholders, we have worked with many geophysics and drilling contractors to ensure rapid mobilization after the permitting process is completed.”
Exploration program update:
As previously disclosed, Basin Uranium has signed a contract with TerraLogic Exploration Inc. and submitted a permit package in December 2021. The government considered the proposed program and consulted with local stakeholders and indigenous communities, including Ya’thi Néné.
Basin Uranium allows geophysical surveys, including a total of 18 line kilometers of electromagnetic (EM) and gravitational surveys, covering an area of 3.75 square kilometers. The focus of the study is to better define previously identified structural corridors and underground conductors, in addition to extending coverage to areas that have not been previously surveyed. Specifically, the study extends coverage to the southern extent of the property, in addition to developing additional structural goals for drilling. On the premises, the northeastern trend of tectonic faults is the most promising, as it parallels the locally known trends in uranium mineralization within the Athabaskan basin.
Manlake Project Geophysics Editing Map
Basin uranium is also large with up to 20 holes at 15,000 meters to test existing areas of known mineralization, in addition to the possibility of testing targets identified from future geophysical studies. Allows a diamond drill program.
With all the necessary permits and approvals, we are ready for rapid mobilization.
About Man Lake:
Skyharbour has signed an option contract (“contract”) with Basin Uranium Corp. This gives Basin Uranium an acquisition option to acquire a 75% stake in the Mann Lake Uranium project. Under the option agreement, Basin Uranium Corp will provide a total of $ 4,850,000 in cash and exploration costs over a three-year period (“Project Consideration”). Of the project consideration, $ 850,000 is cash payments to Sky Harbor and $ 4,000,000 is project exploration spending. Basin Uranium Corp will also complete the acquisition by issuing Skyharbour a value of C $ 1,750,000 in Basin Uranium shares over a three-year acquisition period.
The Manlake Uranium Project is strategically located 25 km southwest of McArthur Rivermine, the world’s largest high-grade uranium deposit, and 15 km northeast of the Millennium uranium deposit in Kameko. The Mann Lake project is also adjacent to the Mann Lake joint venture run by Cameco (52.5%) with partners Denison Mines (30%) and Orano (17.5%). Denison Mines acquired a 30% stake in International Enexco and its project during the 2014 Winter Drilling Program after discovering a high-grade basement-hosted uranium mineralization in this adjacent project.
Man Lake Area Owned Map
Skyharbour conducted a ground-based EM survey in 2014. It focuses on the area where the 2 km long aerial magnetic cyclone coincides with the underground conductors interpreted from previous EM surveys. The program succeeded in confirming the existence of a wide, NE-SW trend corridor of conductive bedrock, which is likely to be a graphite metamorphic rock.
The Mann Lake Uranium project saw pre- $ 3 million exploration spending consisting of a geophysical survey conducted by Triex in 2006 and 2008 and two diamond drill programs totaling 5,400 meters. These features are heading towards the adjacent ground operated by Cameco. The 2006 Diamond Drill Program crossed a 4.5 meter wide zone containing anomalous boron (highlight value of up to 1,758 ppm B) in the sandstone just above the incompatibility of drill hole MN06-005. Boron enrichment is common in the McArthur River uranium mine and, along with the alteration of illite and chlorite, is an important pathfinder element of the uranium deposits in the Asabaska basin. In the same drillhole, altered basement Gneissic rocks rich in clay, chlorite, hematite, and silicate minerals cross at about 7.6 meters below the incompatibility and contain up to 73.6 ppm at 1.5 meter intervals. It contained a lot of uranium. The background uranium value is usually 1-5 ppm.
The technical information for this news release was produced in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and is Skyharbour’s consulting geologist and qualified David Billard, P. Geo. Reviewed and approved by.
About Skyharbour Resources Ltd .:
Skyharbour has an extensive portfolio of uranium exploration projects in the Athabasca Basin, Canada, where 14 projects can benefit from improving the fundamentals of the uranium market. Nine of them are drill-ready and cover more than 385,000 hectares of land. Skyharbour has acquired a 100% stake in the Moore Uranium project from our large strategic shareholder, Denison Mines, located 15 km east of the Wheeler River project in Denison and 39 km south of the McArthur River uranium mine in Cameco. .. Moore is a high-grade uranium exploration facility that has high-grade uranium mineralization in the Maverick Zone and has returned drilling results of up to 6.0% U.3O8 5.9 meters or more including 20.8% U3O8 Over 1.5 meters at a vertical depth of 265 meters. We are actively promoting the project through the drill program.
Skyharbour has a joint venture with Orano Canada Inc., an industry leader in the Preston project, which has a 51% stake in the project through exploration costs and cash payments. Skyharbour currently owns a 24.5% stake in the project. Skyharbour also has a joint venture with Azincourt Energy on the East Preston project, which has a 70% stake in the project through exploration costs, cash payments and issuance of shares. Skyharbour currently owns a 15% stake in the project. Preston and East Preston are large geologically promising assets near the TripleR deposit in Fission Uranium and the Arrow deposit in NexGen Energy. In addition, we own a 100% stake in the South Falcon Point Uranium Project, located in the eastern perimeter of the basin. The project includes a total of £ 7 million of U NI43-101 estimated resources.3O8 With 0.03% and £ 5.3m ThO2 At 0.023%.
Skyharbour has several active option partners, including: Valor Resources, which is listed on ASX for the Hooklake Uran project, will earn $ 3,500,000 in exploration costs, $ 475,000 in cash payments for three years, and 80% of the project through initial equity issuance for 80% of the project. Basin Uranium Corp. of the Mann Lake Uranium Project, which is listed on the CSE, is 75% of the project and can make money through exploration spending of $ 4,000,000, cash payments of $ 850,000 and issuance of shares over three years. Medaro Mining Corp., which is listed on the CSE for the Ji Sung project, earns $ 5,000,000 in exploration spending, $ 800,000 in cash payments, three years of equity issuance, and subsequent three years of equity issuance in the first 70% of the project. Can be raised. The remaining 30% of the project comes from cash payments worth $ 7,500,000 and $ 7,500,000 worth of shares.
Skyharbour’s goal is to maximize shareholder value through the discovery of new minerals, the conclusion of long-term partnerships, and the promotion of exploration projects in geopolitically favorable jurisdictions.
Sky Harbor Uranium Project Map in the Athabaskan Basin:
For more information on Skyharbour Resources Ltd. (TSX-V: SYH), please visit our website (www.skyharbourltd.com).
SKYHARBOUR RESOURCE SLTD.
President and Chief Executive Officer
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Skyharbour Partner Basin Uranium Corp. Offers Permit Renewal for Mann Lake Uranium Project in Canadian Business Journal
Source link Skyharbour Partner Basin Uranium Corp. Offers Permit Renewal for Mann Lake Uranium Project in Canadian Business Journal