Skyharbour Receives $1.2 Million from Warrant Exercise and Partner Company Valor Announces Radiometric Reveal New Anomalies at Hook Lake Project with On-Ground Work Underway

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Aug. 11, 2021

VANCOUVER, British Columbia, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQB: SYHBF ) (Frankfurt: SC1P ) (the “Company”) is pleased to announce that partner company Valor Resources Limited (“Valor”) has provided an update on results from the recently completed high-resolution airborne radiometric survey and the commencement of on-ground work at the Hook Lake Project (previously the North Falcon Point Project). The radiometric survey was completed in late July and covered the northeastern third of the Hook Lake Project including the Hook Lake/Zone S historical high-grade uranium occurrence. Numerous anomalies have been identified from the survey (see Figure 1 below). Total count radiometric anomalies were ranked with the highest priority anomalies being strongly correlated with the uranium channel count.

Hook Lake (Formally North Falcon Point) Project:
https://skyharbourltd.com/_resources/projects/Falcon-Point-Project.jpg

The survey was flown by Special Projects Inc. (“SPI”) from Calgary, Alberta who are considered an industry-leading provider of high-resolution airborne radiometric surveying. SPI flew the radiometric survey that delineated Fission Uranium’s PLS boulder field which eventually led to the discovery of the high-grade uranium Triple R deposit.

The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive Agreement with Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the Project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance of 233,333,333 shares of Valor.

Highlights:

• Airborne Radiometric survey highlights several new targets:
  • North-western area identified as new area of interest with a cluster of Priority 1 and 2 anomalies
  • Several other Priority 1 and 2 anomalies identified away from known historical occurrences
  • Hook Lake/Zone S historical high-grade uranium occurrence confirmed as Priority 1 target
• On-ground work underway to:
  • Follow up and confirm historical uranium occurrences
  • Follow up areas of interest from the recent Airborne magnetic and VLF-EM survey
  • Follow up anomalies identified in recently completed Radiometric Survey

Figure 1: Hook Lake Airborne Radiometrics Ternary Plot – Priority Anomalies
https://www.skyharbourltd.com/_resources/maps/20210805-Figure1.jpg

Of note is the cluster of Priority 1 and 2 anomalies identified in the northwest of the Project area where no uranium occurrences have previously been identified. The historical high-grade uranium occurrence at the Hook Lake (or Zone S) prospect was confirmed as a Priority 1 radiometric anomaly, with a Priority 2 anomaly located approximately 3km to the northeast along strike. There are additional Priority 1 and 2 anomalies away from known occurrences that require on-ground follow- up.

On-ground follow-up work has commenced which is being conducted by Dahrouge Geological Consulting Ltd. This work is focused on validating and developing the geological understanding of the historic uranium occurrences, such as the Hook Lake (or Zone S) prospect. The field crew will also follow-up on the new targets generated from the magnetic/VLF-EM survey completed in April and the priority anomalies identified from the recently completed airborne radiometric survey. A field crew supported by a helicopter is carrying out the field program over a period of 2-3 weeks.

About Hook Lake (previously North Falcon Point) Project:

Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralization including:

• Hook Lake / Zone S - High grade surface outcrop with reported grades in grab samples up to 68% U ₃ O ₈ ; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast
• Nob Hill - Fracture-controlled vein-type uranium mineralization on surface outcrop with up to 0.130% - 0.141% U ₃ O ₈ in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m
• West Way - Vein type U mineralization within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U ₃ O ₈ and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb
• Grid T - Fracture-hosted secondary uranium mineralization in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U
• Alexander Lake Boulder Field - 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively
• Thompson Lake Boulder Field - Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder
• NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni

The Project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the Project area.