VANCOUVER, British Columbia, Jan. 10, 2017 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the "Company") is pleased to announce that it has received drill permits for a planned 3,500 metre drill program at its flagship Moore Lake Uranium Project on the east side of the Athabasca Basin. The program is planned to commence at the end of January and will continue through February into March. Furthermore, the Company has now received approval from the Depository Trust Company of New York, N.Y., and is now DTC eligible in the USA. Skyharbour also recounts its 2016 corporate highlights as well as summarizing its plans for 2017.
Upcoming Drill Program at Moore Lake:
In June 2016, Skyharbour secured an option to purchase Denison Mine's Moore Lake project, on the southeastern side of the Athabasca Basin, in northern Saskatchewan. The project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 20 kilometres east of Denison's Wheeler River project, and 39 kilometres south of Cameco's McArthur River mine. Unconformity style uranium mineralization was discovered on the Moore Lake project at the Maverick Zone in April 2001. Historical drilling highlights include 4.03% eU3O8 over 10 metres (including 1.4 metres at 20% eU3O8) starting at a depth of 264.68 metres in hole ML-61. In addition to the Maverick Zone, the project hosts other mineralized targets with strong discovery potential which the Company plans to test in the upcoming drill program. The project is accessible via winter and ice roads which simplifies logistics and lowers costs.
Moore Lake Uranium Project Claims Map:
Skyharbour has now received drill permits for a planned 3,500 metre drill program at the Moore Lake Project which is slated to commence towards the end of January and is expected to be completed in March. The 3,500 metre drill program will consist of 10 to 13 drill holes ranging in depth from 200 metres to 400 metres. The majority of the drilling will test and look to expand the Maverick Zone with targets both in the underlying basement rock as well as along strike of the known high grade, main Maverick mineralized lens. Additionally, several drill holes will test the 527 and the 525 Zones which are located along the Maverick corridor approx. 500 metres and 1,500 metres respectively, east of the main Maverick mineralized lens.
Moore Lake Uranium Project Geophysics Map:
This phase of diamond drilling will also test drill targets along the extensions of the Maverick structural corridor and on extensive northeast trending graphitic structural zones located north of the main Maverick mineralized lens. These targets have been identified following a review of previous exploration and include drill targets identified by prior programs that have yet to be followed up on.
DTC Eligibility Approval:
Skyharbour has been granted approval by The Depository Trust Company, which is a subsidiary of the Depository Trust & Clearing Corp., and manages the electronic clearing and settlement of publicly traded companies. Being DTC eligible is expected to greatly simplify the process of trading of the company's common shares on the OTCQB marketplace under the symbol "SYHBF" (OTCQB:SYHBF) in the United States. Securities that are eligible to be electronically cleared and settled through the DTC are considered DTC eligible. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors. In addition to the OTCQB, shares of Skyharbour will continue to trade on the main TSX Venture Exchange (TSX-V:SYH) as well as the Frankfurt Stock Exchange (Frankfurt:SC1P).
Skyharbour's 2016 Corporate Highlights:
- Entered into an option agreement to acquire 100% of the Moore Lake Uranium Project from Denison Mines (TSX:DML) (NYSE MKT:DNN); Moore Lake is located in the eastern Athabasca Basin near infrastructure and hosts high grade uranium mineralization at the Maverick Zone (historical drilling returned 4.03% eU3O8 over 10 metres at 265 metres depth) and offers additional strong discovery potential throughout the property
- Denison became Skyharbour's largest strategic shareholder owning over 11% of the Company's issued and outstanding shares
- Denison's President and CEO, David Cates, joined Skyharbour's board of directors; Mr. Cates is a Chartered Professional Accountant (CPA, CA) and prior to his appointment as President and CEO of Denison Mines and Uranium Participation Corp., Mr. Cates served as Denison's CFO and played a key role in the company's M&A activities
- Skyharbour closed a $2.47 million financing and is fully funded for its initial drill program at Moore Lake commencing later this month
- Paul Matysek joined Skyharbour's team as a Strategic Advisor; Mr. Matysek was the Founder, President and CEO of Energy Metals Corp. which traded on the New York and Toronto Stock Exchanges and increased from a $10 million valuation in 2004 to approximately $1.8 billion when it was acquired by Uranium One Inc. in 2007
- Skyharbour signed a binding term sheet to option up to 70% of a portion of its Preston Uranium Project for up to $8 million in project consideration with a strategic uranium partner; further news on this deal is forthcoming
- Skyharbour began trading on the OTCQB marketplace under the symbol SYHBF and became DTC eligible to accommodate a growing US investor base
- Skyharbour divested its non-core, minority 24.5% interest in the Baird Gold Project to TomaGold Corp. (TSX-V:LOT) to focus on its uranium projects in the Athabasca Basin
- Andreas Norlin joined Skyharbour's team as a Strategic Advisor; Mr. Norlin is the founder and Managing Director of the International Thorium Energy Organization, an international and multi-stakeholder advocacy platform with the goal of facilitating the pathway to power the world with thorium fueled nuclear energy
Overview of 2017 Corporate Strategy and Outlook on Uranium Market:
Skyharbour now has interest in five uranium projects totalling over 250,000 hectares strategically located throughout the Athabasca Basin - a project base that offers significant discovery potential. As an exploration company, Skyharbour plans to create shareholder value through new uranium discoveries as well as expanding known mineralized zones at its various projects in the Athabasca Basin. The Company is looking to emulate recent exploration successes in the Basin like that of NexGen Energy at its Rook I Project, Fission Uranium at its PLS Project, and Hathor Exploration at its Roughrider Project. Specifically, Skyharbour plans to carry out exploration and drilling programs at its flagship Moore Lake Uranium Project starting with a 3,500 metre drill program scheduled to begin at the end of January. Additional exploration and drilling programs at Moore Lake are planned for the coming years as well.
Skyharbour will continue to implement the "prospect generator" model by finding strategic partners to option and joint venture its non-core projects to. This strategy ensures these projects are advanced with exploration being funded by partner companies and it allows Skyharbour to raise additional capital with limited equity dilution as typically the deals include cash and/or stock payments in additional to the exploration expenditures. Recently, Skyharbour signed a binding term sheet to option up to 70% of a portion of its Preston Uranium Project for up to $8 million in project consideration with a strategic uranium partner. Further news on this deal is forthcoming and Skyharbour is looking to execute additional deals like this on some of its other non-core projects. The Company is also planning various marketing programs in 2017 including roadshows and conferences, as well as a property visit for analysts and strategic shareholders during its upcoming drill program at Moore Lake.
The uranium market has been volatile the last few years and suffered through a particularly difficult year in 2016 with the spot price dropping to 12-year lows of US $18 per pound in early December. However, the market has since rebounded with the uranium spot price trading back up to over US $21 per pound, and there are strong fundamentals that underpin a positive outlook for the industry going forward. With the 440 commercial nuclear power reactors currently operating, 60 reactors under construction today and hundreds of additional units planned over the next decade (World Nuclear Association), uranium demand is expected to increase as new reactors come online and a new contracting cycle begins over the coming years. As future primary supply continues to be negatively affected by the prevailing low commodity price and market conditions and utilities refrain from contracting replacement volumes, it is expected there will be a shift to a demand-driven market that requires more primary supply which would be bullish for the price of uranium. Furthermore, there has been renewed optimism in the sector with President-elect Donald Trump entering the White House as he appears much more supportive of nuclear energy, and some of his key policies including increased infrastructure spending, energy independence and government deregulation, are all potentially positive for the nuclear and uranium sector in North America.
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 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 to acquire 100% of the Moore Lake Uranium Project which is located 20 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River mine. Moore Lake is an advanced stage uranium exploration property with over $30 million in historical exploration, 370 diamond drill holes, and a high-grade uranium zone known as the Maverick Zone with drill results including 4.03% eU3O8 over 10 metres at a vertical depth of 265 metres. The Company owns a 100% interest in the Falcon Point (formerly Way Lake) Uranium Project on the eastern perimeter of the Basin which hosts 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. Skyharbour also has a 50% interest in the large, geologically prospective Preston Uranium Project proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. 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 with partners Denison Mines and AREVA, 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:
To find out more about Skyharbour Resources Ltd. (TSX-V:SYH) visit the Company's website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
President and CEO
For further information contact myself or:
Corporate Development and Communications
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Skyharbour Resources Ltd via Globenewswire