18.12.2018

Skyharbour Intersects New High Grade Uranium at Maverick Zone including 3.11% U3O8 over 1.8m within 0.56% U3O8 over 15.2m as well as 1.33% U3O8 over 7.8m; Winter 2019 Drill Program Upcoming

Vancouver, BC – Skyharbour Resources Ltd. (TSX-V: SYH)(OTCQB: SYHBF)(Frankfurt:SC1P) (the “Company”) is pleased to announce the results from its 2018 fall      diamond drilling program at its 100% owned, flagship 35,705 hectare Moore Uranium Project, located approximately15 kilometres east of Denison Mine’s Wheeler River project and proximal to regional infrastructure on the southeast side of the Athabasca Basin, Saskatchewan. Drillhole ML18-14 intersected high grade uranium mineralization within the Main Maverick Zone consisting of 3.11% U3O8 over 1.8 metres within an intercept containing 0.56% U3O8 over 15.2 metres. This represents one of the broadest zones of uranium mineralization intersected on the property to date and occurs from 264.5 metres to 279.7 metres downhole, and largely within the underlying basement rocks. Of particular note is that the uranium mineralization continues well into the basement rock in the above reported intercept illustrating the strong discovery potential below the unconformity.

Moore Uranium Project Claims Map:

http://www.skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg

Highlights:

  • Hole ML18-14 was drilled at the western end of the Main Maverick Zone and returned 0.56% U3O8 over 15.2 metres from 264.5 metres to 279.7 metres downhole including 3.11% U3O8 over 1.8 metres
  • Most of this 15.2 metre mineralized intercept is hosted in the basement rock illustrating the strong discovery potential below the unconformity at the Maverick Zone
  • Hole ML18-15 was also drilled at the western end of the Maverick Zone and returned 1.33% U3O8 over 7.8 metres from 264.3 metres to 272.1 metres downhole including 2.91% U3O8 over 1.5 metres
  • This 7.8 metre intercept from hole ML18-15 also contained 0.44% Co and 1.62% Ni
  • Highlight holes ML18-14 and ML18-15 returned high grade uranium mineralization and successfully expanded the known high grade Main Maverick Zone
  • Four exploratory holes testing deeper targets in the underlying basement rocks intersected up to 80 metres of altered and structurally disrupted graphitic lithologies that returned anomalous pathfinder results including uranium mineralization
  • Only 2 kilometres of the total 4 kilometre long Maverick corridor have been systematically drill tested leaving robust discovery potential along strike as well as at depth
  • Planning is currently underway for a minimum 3,000 metre winter diamond drilling program to commence in the new year; additional news and details are forthcoming

Jordan Trimble, President and CEO of Skyharbour Resources, states: “The recently completed fall diamond drill program at the Moore Project has expanded the known high grade zone at the Maverick corridor with the discovery of uranium mineralization in the underlying basement rocks. We will be commencing a winter drill program to follow up on these results and test more extensively highly prospective targets in the basement rock at the Maverick corridor as well as previously untested graphitic corridors. Skyharbour is well positioned to benefit from the continuing uranium market recovery with strong discovery potential and ample upcoming news flow from its drilling at Moore, as well as from its partner companies’ Orano Canada Inc. and Azincourt Energy’s recently announced and upcoming exploration programs. In the last year we have witnessed increasing uranium prices and improving sentiment amid recent news including additional supply cuts, continued growing demand for uranium in the developing world, several new uranium funds buying physical material, and upward pressure on the spot price in part due to Cameco’s recent and ongoing spot market purchases.”

Fall 2018 Drill Program Summary and Upcoming Winter 2019 Drill Program Plans:

The recently completed fall diamond drilling program was expanded and totaled 3,800 metres in eight drill holes. These holes which were drilled to a depth of up to 750 metres tested both sandstone/unconformity and basement-hosted targets along the high grade Maverick structural corridor.

Moore Uranium Project Regional Grid Targets Map:
http://www.skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg

Skyharbour is funded for and planning a minimum 3,000 metre 2019 winter diamond drilling program slated to commence in the New Year. This drill program will test both unconformity and basement targets along the high grade Maverick corridor, as well as essentially untested prospective conductive corridors identified by Skyharbour’s technical team. Of particular interest are potential underlying basement feeder zones to the unconformity-hosted high grade uranium present at the Maverick corridor. These targets have seen limited historical drill testing.

Moore Uranium Project Maverick Corridor Drilling Map:
http://www.skyharbourltd.com/_resources/projects/Moore-Lake-Maverick-Trend-w-geophys-inset_20170515_v2.pdf

Drilling at the Maverick Corridor:

Four drill holes in the recently completed program tested the high grade Maverick Main Zone. The best results were from ML18-14 which intersected 0.56% U3O8 over 15.2 metres including 3.11% U3O8 over 1.8 metres. This mineralization largely occurs in the strongly altered graphitic basement rocks. Of further note is that highly anomalous uranium and pathfinder elements continue several metres to depth below this intercept illustrating the strong discovery potential in the underlying basement rocks.

Drill Hole ML18-15 returned 1.33% U3O8 over 7.8 metres from 264.3 metres to 272.1 metres downhole including 2.91% U3O8 over 1.5 metres. There were also significant cobalt and nickel results in hole ML18-15 including 0.44% Co and 1.62% Ni over the 7.8 metre intercept.

 

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