VANCOUVER, British Columbia, July 24, 2020 (GLOBE NEWSWIRE) — 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 announced a Summer Geophysical Target Generation Program at East Preston Uranium Project located 50 km southeast of Patterson Lake in the Western Athabasca Basin, northern Saskatchewan, Canada.
Preston Uranium Project Map:
http://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdfSkyharbour and Dixie Gold Inc. (“Dixie Gold”) entered into an Option Agreement (the “Agreement”) with Azincourt whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Under the Agreement, Azincourt has issued common shares and will contribute cash and exploration expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments to Skyharbour and Dixie Gold, as well as $2,500,000 in exploration expenditures over the three-year period. Skyharbour and Dixie Gold agreed to extend the deadline for the remaining obligations owing to complete the acquisition of a 70% interest in the Project, which include incurring a small portion of the exploration expenditures remaining on the Project and completion of a final cash payment of CAD $400,000 (see News Release dated April 16, 2020). The deadline for these obligations has been extended through until March 31st, 2021 and in consideration for the extension, Azincourt issued 5,000,000 common shares to Skyharbour and Dixie Gold.The 2020 summer ground geophysical targeting program is currently being planned to support future drill programs based on the existing property-wide heli-borne VTEM survey interpretation and results where numerous untested graphitic conductive corridor trends have been identified for follow up. The program will consist of helicopter-supported ground geophysical surveys including up to 33-line km of line cutting and Horizontal Loop Electromagnetic (HLEM) and up to 44 line km of ground gravity (Figure 1 – East Preston Summer Geophysical Program Location Map, below).The planned HLEM survey will identify conductor locations (HLEM) and the ground gravity survey will ideally identify areas of alteration, structural disruption, or thicker overburden due to increased glacial scouring proximal to the conductive trends that are often associated with uranium mineralizing systems. The combined results will be utilized to refine, prioritize, and better locate conductive corridors in these previously untested areas. Bingham Geoscience of Saskatoon continues to oversee Azincourt’s geophysical programs and interpretation work.It is anticipated that this summer work program will satisfy the CAD $2.5M work commitment obligation in the joint venture, earn-in agreement with Skyharbour Resources and Dixie Gold. Once the final cash consideration of $400,000 is paid to Skyharbour and Dixie, Azincourt will have earned a 70% interest in the East Preston project.“The continuing work at East Preston is all about target generation,” said Azincourt’s President and CEO, Alex Klenman. “It’s no secret the project is already target rich. We have barely scratched the surface in terms of drill testing these areas. We are methodically moving the project forward by adding more critical data. This is the logical next step before we commence the next drill program.” The East Preston project lies immediately south of the interpreted southern edge of the Athabasca Basin, and no Athabasca sandstone is present beneath the relatively thin glacial overburden. The HLEM and gravity ground geophysical survey methods proposed are standard techniques used to explore for unconformity uranium deposits in shallow target environments. Permitting for the summer work program is being initiated, with the on-groundwork to be completed in later summer.Figure 1 – East Preston Summer Geophysical Program Location Map:A Media Snippet accompanying this announcement is available by clicking on the image or link below:
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