Skyharbour Partner Company Azincourt Receives Permits for Upcoming Drill Program at the 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 confirmed all relevant permits have been received for the upcoming 2020 winter diamond drilling program at the 25,000+ hectare East Preston Uranium Project located 50km southeast of Patterson Lake, in the Western Athabasca Basin, northern Saskatchewan, Canada.
Bryson Drilling has been contracted for the winter 2020 drill program, under the guidance and supervision of Azincourt director Ted O’Connor, M.Sc., P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration.
Preston Uranium Project Map:
Road construction to the main camp began in December and work was on time and progressing rapidly before the holiday break. Road opening resumed on Monday, January 6, with the main crossing over the Mirror River scheduled for next week. The drill rig is expected to begin mobilization sometime later this week with the commencement of the drill program anticipated to begin later in the month.
As detailed in the December 4, 2019, Company news release, drill target prioritization has been completed based on compilation of results from the 2019 winter drill program and 2018 and 2019 ground-based EM and gravity surveys, and property-wide helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and magnetic surveys.
The proposed approximately CAD $1.2 million drill program will focus on prospective targets in the Five Island Lakes area with 2,000m to 2,500m in up to 15 holes of diamond drilling at up to 10 pad locations. The majority of proposed holes will test multiple subparallel EM conductors (A-zone and B-zone conductor corridors) in an area of marked structural disruption. Portions of the A-zone were drilled during the 2019 winter campaign verifying that the conductor hosts significant graphite in strongly deformed (sheared) host rocks that offer both fluid pathways and a reducing host rock conducive to uranium deposition.
Initial drilling is also proposed for the Swoosh zone, a 7+ km long east-west structural lineament with strongly anomalous, spatially consistent geochemical anomalies (lake sediments, radon, soil) and coincident magnetic and gravity geophysical anomalies. Two holes are proposed for this area near the upstream terminus of the geochemical anomalies. This zone is located along strike approximately 5 km southwest of the A-zone.
2020 Drill Targets – East Preston Uranium Project
Skyharbour and Dixie Gold Inc. 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.
Project Location – Western Athabasca Basin, Saskatchewan, Canada
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