VANCOUVER, British Columbia, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd.
(TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce the Company’s option partner AREVA Resources
Canada Inc. (“AREVA Resources”) has announced details for an upcoming exploration program at the Preston Lake Uranium Project
located in the western Athabasca Basin near NexGen Energy Ltd.’s high-grade Arrow deposit hosted on its Rook-1 property and Fission
Uranium Corp.’s Triple R deposit located within their PLS Project area.
Preston Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_blue_hi_res.pdf
Skyharbour and Clean Commodities entered into an Option Agreement (the “Agreement”) with AREVA Resources whereby
AREVA Resources has an option to acquire up to a 70% working interest in the Preston Lake Uranium Project (see news release dated
March 9th, 2017). Under the Agreement, AREVA Resources will contribute cash and exploration program considerations
totaling up to CAD $8,000,000 in exchange for up to 70% of the project area over six (6) years with a first option where AREVA
Resources may acquire an initial 51% working interest in Preston for a period of three (3) years by funding exploration
expenditures in the total amount of $2,800,000 and making cash payments totaling $200,000 to Skyharbour and Clean Commodities.
Skyharbour’s President and CEO, Jordan Trimble commented: “We are excited for the upcoming commencement of
exploration and drilling programs by AREVA Resources at the Preston Lake Project. With a proposed CDN $2,000,000 budget over the
next year we are looking forward to the findings this significant amount of exploration could yield as we work with our strategic
partner to further advance the project. AREVA Resources has a very knowledgeable geological team with a long history in the
Athabasca Basin which will help to unlock value at this strategic, district-scale property offering robust exploration upside
potential. Skyharbour continues to execute on its key objectives by adding value to its project base in the Basin through ongoing
mineral exploration at its flagship, high-grade Moore Uranium Project while utilizing the prospect generator model to advance its
other projects with strategic partners.”
Highlights of AREVA Resources’s Upcoming Exploration Programs at Preston Uranium Project:
- AREVA Resources planning to carry out CDN $2,000,000 in exploration and diamond drilling programs over the next year
- Initial geophysical program to commence shortly includes Moving Loop Transient Electromagnetic (ML-TEM) surveys on two grids
including the JL grid sited on the Johnson Lake Corridor and the FS grid located on the Dixon Lake Corridor
- A planned diamond drilling program consisting of 15 to 20 drill holes for a total of approximately 4,500 metres which is
proposed in early 2018
- AREVA Resources may earn up to a 70% interest in the 49,635-hectare Preston project through $8,000,000 of total project
consideration over six (6) years, including up to $7,300,000 of exploration work programs and $700,000 of cash payments
- If carried to completion, a tripartite joint venture would be formed being 70% as to AREVA Resources and 30% as equally
divided between Skyharbour and Clean Commodities
Preston Lake Uranium Project 2017 Geophysical Program:
In the spring of 2017, a Quaternary evaluation of the Preston property was performed by AREVA Resources followed
by a two week summer field program which included the review of historical drill holes, outcrop visits, sampling and general
prospecting and surveying.
For the remainder of 2017 and in preparation of the 2018 exploration program, including a significant planned
drill program, the main tasks related to the Preston project will include the completion and interpretation of ground EM surveys
within the Dixon Lake target area and a more exhaustive review of the project historical information. Specifically, the upcoming
geophysical program includes Moving Loop Transient Electromagnetic (ML-TEM) surveys on two grids including the JL grid sited on the
Johnson Lake Corridor and the FS grid located on the Dixon Lake Corridor. The program is slated to commence in the coming days.
The Johnson Lake Corridor (JLC) hosts two main north-northeast and northeast trending VTEM conductive trends.
Numerous areas of interest have been identified along the VTEM conductive zones and of particular interest at this time is the area
northeast of Canoe Lake which hosts radon-in-water anomalies. The JL grid will comprise seven profiles for survey coverage of 28.5
line-kilometers and will require approximately 32 km of line-cutting. The objective of the survey is to investigate the VTEM
conductive areas at 400m and 800m line-spacing to identify possible targets to be drilled in the winter of 2018.
Preston Lake Uranium Project Exploration Corridors and Proposed Ground Geophysics:
http://www.skyharbourltd.com/_resources/maps/Preston_Lake_Geophysics_2017_-_AREVA.jpg
The Dixon Lake Corridor (DLC) comprises two VTEM conductive trends dominantly oriented northeast-southwest. The
FS target area located on the northeast edge of these VTEM trends is considered an area of interest and ground geophysical surveys,
including the Max-Min method, were performed to define drill targets. The Max-Min survey identified three discrete conductors
within a wide, approximately 800m, VTEM conductive area. Three historical holes drilled within the FS area tested one of the
conductors and two holes, PN15004 and PN15005, encountered locally sheared graphitic and pyritic semi-pelite, whereas hole PN14009
was lost at 150m within a clay gouge. The intersected graphite confirmed the east-west trending conductor.
AREVA Resources’ proposed ML-TEM survey on the FS area will investigate the possible extent of the conductor
located near anomalous radioactivity found on a large granitic gneiss outcrop. Moderate to strong silicification and north-south
trending narrow dark shear bands were noted on the outcrop. The FS grid will consist of three profiles of 1.2 km for total coverage
of 3.6 line-kilometers and will require approximately 4 km of line-cutting.
Preston Lake Uranium Project Upcoming Winter 2018 Diamond Drilling Program:
AREVA Resources is planning a diamond drilling program consisting of 15 to 20 drill holes for a total of
approximately 4,500 metres which is proposed in early 2018 for the Preston Lake project. Drilling will focus on areas of interest
defined by the upcoming ground EM surveys within the Dixon Lake, Johnson Lake and FS areas, although additional areas, located east
of highway 955 and historically identified as prospective, could also be tested by drilling. The estimated cost of the 2018
exploration program is CDN $2,000,000.
Overview of Preston Lake Uranium Project:
The significant potential of the Western Athabasca Basin has been highlighted by recent discoveries in the area
by NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple R) and a joint-venture consisting of Cameco Corporation, AREVA
Resources Canada Inc. and Purepoint Uranium Group Inc. (Spitfire). More than $4.7-million in expenditures on the entire Preston
Uranium Project have been incurred to date. This exploration has consisted of ground gravity, airborne and ground electromagnetics,
radon, soil, silt, biogeochemistry, lake sediment, and geological mapping surveys, as well as two exploratory drill programs.
Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully
delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary
geological database for the project area.
Preston Lake Uranium Property Map and Regional Exploration Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head
Technical Advisor and a Director, as well as a Qualified Person.
About AREVA Resources Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, AREVA Resources Canada is a leading producer of uranium, accounting
for the processing of 17.3 million pounds or nearly half of the uranium concentrate produced in Canada in 2016. AREVA Resources
Canada Inc. has been exploring for uranium, developing uranium mines and producing uranium concentrate in Canada for more than 50
years. AREVA Resources is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River and
Key Lake operations. The company employs over 480 people in Saskatchewan, including about 130 in Saskatoon. AREVA Resources Canada
Inc. is a subsidiary of the multinational New AREVA, which offers products, technologies and services with high added value
throughout the entire nuclear fuel cycle, from raw materials to waste treatment. Its activities encompass mining, uranium
chemistry, enrichment, used fuel recycling, logistics, dismantling and engineering. New AREVA and its 20,000 employees bring their
expertise and their mastery of cutting-edge technology, as well as their permanent search for innovation and unwavering dedication
to safety, to serve their customers worldwide.
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 five drill-ready projects. In July 2016,
Skyharbour acquired an option from Denison Mines, a large strategic shareholder of the Company, to acquire 100% of the Moore
Uranium Project which is located approx. 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 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of
265 metres. Skyharbour recently signed option agreements with AREVA Resources Canada and Azincourt Energy whereby AREVA and
Azincourt can earn in 70% on the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as
$1,700,000 in total cash payments and 4,500,000 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 an 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:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V:SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For further information contact myself or:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.
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