August 8, 2019

Skyharbour Partner Company Azincourt Energy Plans Phase Two Drill Program at East Preston Uranium Project

Vancouver, BC – Skyharbour  Resources Ltd. (TSX-V:SYH)(OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce that its partner company Azincourt Energy Corp. (“Azincourt”) has provided an update on its operational plans at the East Preston uranium project, located in the western Athabasca Basin, northern Saskatchewan, Canada.


Preston Uranium Project Map:

Drill targeting and permitting are already underway and ahead of schedule. The proposed winter 2019-2020 drill program will comprise 2,000-2,500 meters of land-based diamond drilling with a budget of approximately CAD $1.2 million.  The 2019-2020 work program will consist of up to 15 drill holes spread over several high priority target zones.

The East Preston uranium project targets basement-hosted unconformity related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is located near the southern edge of the western Athabasca Basin, where the relatively shallow exploration targets have no Athabasca sandstone cover, but this deposit style can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).

The property-wide helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and magnetic survey was completed in early 2019 and forms the primary dataset for target prioritization, combined with the knowledge gained from 2018 ground electromagnetic and gravity geophysical surveys and the 2019 drill program.

The A Conductor Corridor now extends across the entire central project area. This complex, linear, multi-conductor system hosts geologically prospective graphitic basement rocks with apparent structural upgrading and this system alone has approximately 15 km strike length to test. This conductor system shows multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors but are clearly upgraded/enhanced prospectivity targets due to the interpreted structural complexity.

The B/C conductor system also traverses the project area with marked changes in orientation from NE to NW. The abrupt changes in orientation appear to occur at the intersection of long NE trending structures interpreted from the airborne data.

Figure 1: Target Zones at the East Preston Uranium Project

Azincourt’s initial drill campaign completed in March 2019 confirmed the prospectivity of the East Preston project. Basement lithologies and graphitic structures intersected in drilling are very similar and appear analogous to the Patterson Lake South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and setting.

Trace element geochemistry from East Preston drill core sampling shows anomalous results for basement-hosted unconformity uranium deposit pathfinder elements: Ni, Co, Cu, Zn and As associated with graphitic intervals. Graphitic rocks hosting uranium mineralization are often associated with Ni-Co-As; Cu and Zn sulphides in anomalous, to substantial quantities. The presence of these pathfinder elements adds additional information and will enhance vectoring towards the most prospective areas of the conductor systems.

“I am pleased that planning for the next drill program at East Preston has commenced and Azincourt is fully funded to complete a substantial campaign this winter. We have started prioritizing targets from the quality target inventory on the project,” said Ted O’Connor, Director and Technical Advisor for Azincourt.

“All the work to date, including multiple geophysical and geochemical programs, and even some minimal drill testing we completed last spring, has provided us with significant data on the prospectivity of East Preston,” said Azincourt’s President and CEO, Alex Klenman.  “The data emphatically says we have as good a uranium exploration project as your going to find anywhere.  This is the right place, and the right time. This next step is to systematically drill some of the many priority targets we have uncovered.  We are looking forward to the next step, and we believe there is significant growth ahead for Azincourt,” continued Mr. Klenman.

Please read the complete press release at the following link: LINK