Vancouver, BC – 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:
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:
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: