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Skyharbour Reports Details of Upcoming Exploration Program at Preston Uranium Project

Skyharbour Resources Ltd. takes pleasure in announcing that its option partner Orano Canada Inc. has reported the details of their forthcoming 2020 exploration program at the Preston Uranium Project.

The project is based in the western Athabasca Basin close to Fission Uranium Corp.’s Triple R deposit and NexGen Energy Ltd.’s high-grade Arrow deposit.

Dixie Gold Inc. and Skyharbour Resources signed an Option Agreement with Orano Canada, which was earlier named as AREVA Resources Canada Inc. Under this Option Agreement, Orano Canada has an option to procure a working interest of up to 70% in the Preston Uranium Project. The company will also contribute exploration program considerations and cash totaling up to CAD $8,000,000 in exchange for around 70% of the project over a period of six years.

We are excited for the upcoming commencement of exploration programs in 2020 by our strategic partner Orano Canada at the Preston Project. The initial geophysics and ground program slated to start early in the new year will further advance the project and refine future drill targets.

Jordan Trimble, President and CEO, Skyharbour Resources Ltd.

Trimble continued, “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 with a planned 2,500 metre drill program planned in the new year while utilizing the prospect generator model to advance its other projects with strategic partners. In addition to Orano’s field program at Preston.”

Skyharbour’s other partner Azincourt Energy is planning to carry out a 2,500 metre drill program at the East Preston project which collectively will provide ample news flow and catalysts in the near term,” Trimble further added.

Preston Uranium Project Upcoming Winter 2020 Program

Orano Canada’s proposed forthcoming exploration program on the Preston Project will include DC resistivity ground geophysics on the Canoe and JL grids and also the B conductive region. So far, exploration on the Preston project has included a conventional method of defining conductors through diamond drilling and ground EM surveys.

The goal of the forthcoming CAD $735,000 exploration program is to apply the DC resistivity technique to additionally define the EM conductors by offering data about prospective silicification, clay, or related alteration in the area of conductors. This will add another layer of data to prioritize regions that need to be drill tested.

To carry out the 2020 proposed resistivity surveys, traditional geophysical lines will be used at the Canoe and JL grids, and line cutting of 15.9 km will also be performed at the B conductive area.

Diamond drilling previously performed on the property had intersected extensive, numerous, well-developed, and commonly graphitic ductile shear zones. These zones were clearly reactivated over time. Such structures correspond with extended NNE-trending magnetic lineaments. Also, a later brittle event, which is common in the magnetic and drill core data, may offer a locus for mineralizing fluids.

Moreover, the shear zones are usually altered and locally enriched with metals such as pyrite-pyrrhotite-chalcopyrite. Basement rocks were intersected that included intricately deformed supracrustal rocks—predominantly graphitic orthogneiss with insignificant paragneiss, intruded by granitoids.

Lithologies such as these are common to the established uranium mineralization in the Western Athabasca area (deposits at Shea Creek and Patterson Lake corridor). Most importantly, the Preston Lake property has not witnessed extensive drill testing, unlike the deposit regions.

Proposed Work on the JL Grid

During the 2018 ML-TEM survey on the JL grid, eight different conductors were identified with strike lengths ranging from 800 m to 2800 m. Orano Canada intends to perform a DC resistivity of 16 km over four of the EM profiles to find out which of the various JL grid EM picks should be first tested with drilling.

Proposed Work on the Canoe Grid

In addition, the EM-Resistivity method will be utilized on the Canoe grid, where the DC resistivity information should help prioritize regions and/or conductors to be inspected by drilling.

Previous EM surveys had defined a total conductor length of about 20.5 km in the Canoe grid region. Orano Canada has planned to perform 12.6 km of DC resistivity.

Proposed Work on the B Conductive Area

The DC resistivity approach will be assessed over the B conductive region situated east of Preston Lake. At the Preston Lake, previous VTEM coverage characterized the B conductive region to differ in width from 0.8 to 2 km, and extend in a Northeast-Southwest direction for over 12 km. The survey coverage will include 12.6 km and is estimated to create new drill targets.

Overview of the Preston Uranium Project

The major potential of the Western Athabasca Basin has been emphasized by new findings in the region by Fission Uranium Corp. (Triple R), NexGen Energy Ltd. (Arrow), and a joint-venture involving Purepoint Uranium Group Inc. (Spitfire), Orano Canada Inc., and Cameco Corporation.

So far, exploration at the Preston Project has included ground and airborne electromagnetics, ground gravity, lake sediment, biogeochemistry, soil, silt, radon, and geological mapping and sampling surveys, in addition to many exploratory drill programs.

Several high-priority drill target regions associated with various potential exploration corridors have been effectively delineated via this multiphased, methodical exploration method. This method resulted in a proprietary, extensive geological database for the project area.


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