Condor has significant expertise in the Athabasca Basin and in uranium exploration, including prior involvement in the Russell Lake Project under previous operators. This technical continuity will help ensure the success of the geophysical compilation and future drill programs moving forward. Skyharbour will be commencing a fully-funded and permitted 10,000 metre drill campaign at the project in the coming weeks.
Russell Lake Project Location Map:
There have been numerous geophysical surveys covering the Russell Lake project throughout its history and Skyharbour looks to take advantage of this existing data by contracting Condor to do the proposed compilation and interpretation work. Historical data is being re-examined using modern processing and modeling techniques in order to generate and optimize regional drill targets for future drill programs on the property. The geophysical review at Russell Lake will complement Skyharbour’s upcoming drilling programs which will be commencing shortly. Condor’s extensive knowledge of the uranium deposits of the Athabasca Basin, world-wide experience, broad client base and advanced technical expertise make them the logical candidate to adequately assess the extensive collection of geophysical data on the property.
Condor has been focusing on the Grayling, Grayling East, Grayling West, Fox Lake Trail, and M-Zone Extension areas (i.e. area of interest “AOI”), where previous drilling has intersected prospective mineralization, alteration, structure, and geochemistry. Condor is stitching together magnetic data from several historical magnetic surveys and perform 3D magnetic susceptibility inversion of the data as required. These inversions in turn will be used to generate various mapping products. Conductors will be picked using existing airborne EM data, and Condor will define conductor axes where possible with additional modeling of the available ground EM data to further aid conductor definition. A pair of airborne gravity surveys over the AOI will be merged, and both the airborne and ground gravity data will be used to generate a number of 2D and 3D target models. Additionally, 2D and 3D DC resistivity interpretations generated by the previous operator Rio Tinto will be used in target assessment. The combined results from this compilation and interpretation work will be used to produce geophysical targets for future drill programs and identify any data gaps where additional surveying may be required.
Russell Lake Project Geophysical Compilation Areas of Interest:
Russell Lake Uranium Project:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco’s Key Lake and McArthur River Projects and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. Highway 914, which services the McArthur River mine, runs through the western extent of the Property and greatly enhances accessibility. Similarly, a high-voltage powerline situated alongside Highway 914. Skyharbour’s acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.
There has been a meaningful amount of historical exploration carried out at Russell Lake but with most of it conducted prior to 2010. The Property has been the subject of over 95,000 metres of drilling in over 230 drill holes. The Property’s claims are in good standing for 2-22 years with significant assessment credits built-up from previous programs.
Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity exist on the Property as well.
At the Grayling Zone, drilling over a 2,200 m long section of the >10 km Grayling-M-Zone graphitic conductor trend intersected an 800 metres long discontinuous zone of basement-hosted uranium mineralization. Localized perched and unconformity-hosted associated mineralization occurs along a >100 m thick interval of thrust-faulted graphitic pelitic gneisses (SMDI 2151, 3563, 3564). Drill hole RL-85-07 intersected 3.45% U3O8 over 0.3 metres at a depth of 363.2 metres and 0.1% U3O8 over 0.5m at a depth of 366.4 metres (SMDI 2151). This target is prospective for additional high-grade uranium discoveries and is open in several directions.
* SMDI refers to the Saskatchewan Mineral Deposits Index, accessible online at: https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx
Historical drilling at neighbouring Denison’s M-Zone along the >10km long Grayling conductor trend intersected basement hosted uranium of 0.70% U3O8 over 5.8 metres at a depth of 374.0 metres (SMDI 2139). Like the Grayling Zone, the mineralization is hosted by a graphitic thrust fault (SMDI 2139, 3569). The northeast extension of the M-Zone-Grayling corridor onto the Property, the M-Zone Extension target, has seen limited drilling, but mineralization was intersected in historical drilling, returning 0.7 metres of 0.123% U3O8 at 619.1 metres depth in hole MZE-11-03 (SMDI 5540).
The Little Man Lake Zone target is 500 metres long, 10 to 15 metres thick, 25 to 35 metres wide, and is a zone of prospective geology associated with an unconformity depression. The last drilling in this area was in 1989, prior to modern uranium exploration models, with historical uranium grades ranging from 0.03% up to 0.1% U3O8 at around 300 metres depth (SMDI 2429).
At the Fox Lake Trail target area, uranium mineralization was intersected in a few historical drill holes. Significant intercepts include 0.0743% U3O8 over 1.0 metres at 525.5 metres depth in hole FLT-08-06 (SMDI 3566), and 0.053% U3O8 over 0.3 metres at 516.9 metres depth in hole FLT-11-14 (SMDI 3565). A prospective quartzite ridge runs through the area along with anomalous geochemistry in faulted basement metasediments. Significant sandstone-hosted sulphides are also found in this area (SMDI 3565, 3566).
The Christie Lake target area contains basement-hosted uranium mineralization with historical drill results returning 0.17% U3O8 over 0.4 metres at 436.4 metres depth in hole CL-10-03. A prospective clay altered basement fault system runs throughout this area (SMDI 5305).
In addition to the aforementioned target areas, there are more than 35 kilometres of untested conductors on the Property underlain by rocks of low magnetic intensity, suggestive of prospective graphitic meta-pelitic basement rocks. The Project has seen limited exploration in the previous twelve years, so minimal modern exploration techniques and methods have been used to expand existing zones of mineralization as well as to make new discoveries.
There is a fully permitted exploration camp on the Project suitable for over forty people located on the highway and within 5 kilometres of Denison’s Phoenix deposit. Skyharbour is planning an initial phase of exploration and drilling at the Project.
Skyharbour Engages Marketing Firms:
Skyharbour announces it has entered into an agreement with Winning Media LLC (“Winning Media”) to provide strategic digital media and consulting services to the Company. Winning Media delivers services to a diverse group of clients across North America, providing strategic digital media services, marketing, advertising and data analytic services. The Company and Winning Media act at arm’s length. Under the terms of the agreement, Winning Media will provide strategic digital media services including marketing services, news dissemination, data analytics services, content development, media buying and distribution, campaign reporting and optimization, as well as potentially attracting option / joint venture partners for business opportunities. The Company has agreed to pay Winning Media an initial cost of USD $30,000 over an expected 6-month period.
The Company has also entered into an agreement with Resource Stock Digest (RSD) at a cost of USD $80,000 over an expected 6-month period. RSD provides digital media services, marketing, advertising and content creation to companies. Skyharbour is an RSD website sponsor and RSD conducts interviews with the Company and produces its own content that is distributed to RSD’s subscriber base.
The technical information in this news has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
With the benefit of a world-wide client base, Condor has had the opportunity to work on a wide variety of commodity and deposit styles. Condor employs geophysicists, a principal geologist, consultants and technical support staff, and collectively the group has been awarded three PhDs and two MSc. degrees in geophysics and geology. All of Condor’s professionals have had extensive industry experience as long-term employees of either mining companies or major service groups.
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project, CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project, and CSE-listed Medaro Mining Corp. on the Yurchison Project. More recently, Skyharbour announced two new earn-in option agreements with Yellow Rocks Energy, a private Australian entity, to option the Wallee and Usam Island projects, and Tisdale Clean Energy at the South Falcon East Project.
Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. Skyharbour has recently optioned the South Falcon East Project, a uranium project in the southeast Athabasca Basin and represents a portion of the larger South Falcon Project, to Tisdale Clean Energy whereby Tisdale will fund exploration, pay Skyharbour in cash, and issue shares of the company over a five-year earn-in period.
Collectively, Skyharbour has now signed option agreements with partners that total over $34 million in partner-funded exploration expenditures, over $22 million in stock being issued and just under $15 million in cash payments coming into Skyharbour, assuming that these partner companies earn-in the full amount at their respective projects.
Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin: