GlobeNewswire by notified

Skyharbour Partner Company Valor Provides Update on Field Programs and Upcoming Drill Program at the Hook Lake Project

Share

VANCOUVER, British Columbia, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH)(OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that partner company Valor Resources Limited (“Valor”) has provided an update on results from the recently completed on-ground field program at the Hook Lake Project. Following the on-ground field program that concluded in August and the subsequent reporting of high-grade uranium assay results, planning of a follow-up drill program is underway.

Hook Lake (Formally North Falcon Point) Project:
https://skyharbourltd.com/_resources/projects/Falcon-Point-Project.jpg

Highlights:

  • Planning of diamond drilling program at Hook Lake Project well advanced
  • All necessary permits in place for diamond drilling program to commence
  • Drilling to test at depth and along strike from historical trench at Hook Lake / Zone S Prospect where recent surface sampling returned assays of up to 59.2% U3O8, 5.05% TREO, 507g/t Ag and 14.5% Pb
  • Diamond drilling to also test targets at West Way Prospect
  • Drilling set to commence in December 2021 with a program of at least 2,500m proposed
  • Project Geologist seconded from Dahrouge Geological Consulting

Upcoming Drill Program and Geological Summary:

The diamond drilling program will be primarily focused on the area around the historical trench at the Zone S prospect where recent sampling by Valor returned assays of (see news release dated August 31st, 2021):

  • 59.2% U3O8, 499g/t Ag, 5.05% TREO, 14.4% Pb (Float sample)
  • 57.4% U3O8, 507g/t Ag, 3.68% TREO, 14.5% Pb (Rock Chip sample)
  • 46.1% U3O8, 435g/t Ag, 2.88% TREO, 8.8% Pb (Rock Chip sample)
  • 6.92% U3O8, 0.81% TREO, 2% Pb (Rock Chip sample)
  • 6.42% U3O8, 1.17% TREO, 1.8% Pb (Rock Chip sample)

*TREO = Total Rare Earth Oxides = La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Yb2O3, Y2O3

All necessary permits for the drilling program have been granted by the Saskatchewan Ministry of Environment and all relevant stakeholders including First Nations communities are being contacted regarding the upcoming program. The drilling will be helicopter supported thereby reducing the environmental impact on the area.

Valor’s Executive Chairman Mr. George Bauk stated: “Following on from the results published in August 2021 and desktop reviews being undertaken, we are pleased to be finalising the upcoming drill program scheduled for December. We will be targeting three key areas to begin with and look forward to the results as they come to hand. Over the past month with the increase in the spot uranium price we have seen an unprecedented land grab in the Athabasca Basin. Most of the Basin has been pegged which highlights the excitement and prospectively of this area. We have seven projects in and around the Basin that demand exploration attention.”

Final drill hole locations are currently being determined with historical drilling data being digitised and compiled and integrated into a 3D geological model over the Zone S target area. The Hook Lake high-grade uranium (and rare earth) mineralisation is interpreted to be located at a dilational trap/jog which has formed at the intersection of a northeast-southwest trending shear zone and a possible north-south trending structure (potentially a re-activated Tabbernor fault structure). Besides the downdip and down-plunge potential of the immediate Hook Lake target, there is potential for further structural targets of this nature along strike to the northeast and southwest from the Hook Lake prospect.

Drilling is planned to commence in December with an expected program of 10-15 drill holes for a total of around 2,500m – 4,500m. Drilling will also test targets at the West Way prospect where recent surface sampling by Valor returned assays of up to 0.64% U3O8 and 3.4% Mo (previously reported in the August 31st, 2021 news release). 

The on-ground technical team in Canada has been boosted by the secondment of a full-time geologist from Dahrouge Geological Consulting from October for a period of at least 3 months. In addition, an Australian based geoscience consulting group, Terra Resources, has been contracted to provide geophysical services to Valor with particular emphasis on the Athabasca projects. Terra will also be carrying out historical data compilation for all the Company’s projects in the Athabasca, starting with the Hook Lake Project, capturing this data in a digital format, then integrating with other geoscientific data sets to develop 3D geological models and targets.

Other ongoing work for the Hook Lake Project is the mineralogical characterisation study of the high-grade uranium and REE samples from the Zone S prospect. Work is to be carried out by the Saskatchewan Research Council (SRC) Geoanalytical Laboratories which will include QEMSCAN Mineralogical analysis.

The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive Agreement with Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance of 233,333,333 shares of Valor.

About Hook Lake (previously North Falcon Point) Project:

Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralization including:

  • Hook Lake / Zone S – High-grade surface outcrop with reported grades in grab samples up to 68% U3O8; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast
  • Nob Hill – Fracture-controlled vein-type uranium mineralization on surface outcrop with up to 0.130% - 0.141% U3O8 in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m
  • West Way – Vein type U mineralization within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U3O8 and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb
  • Grid T – Fracture-hosted secondary uranium mineralization in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U
  • Alexander Lake Boulder Field – 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively
  • Thompson Lake Boulder Field – Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder
  • NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni

The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.

About Valor Resources Ltd:

Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder value through acquisitions and exploration activities.

About Skyharbour Resources Ltd.:

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 six drill-ready projects covering over 250,000 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% U3Oover 1.5 metres at a vertical depth of 265 metres. The Company is actively advancing the project through 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.

The Company also owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3Oat 0.03% and 5.3 million pounds of ThO2 at 0.023%. Skyharbour has signed a Definitive Agreement with ASX-listed Valor Resources on the Hooke Lake (previously North Falcon Point) Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance.

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:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.

SKYHARBOUR RESOURCES LTD.

“Jordan Trimble”

Jordan Trimble
President and CEO

For further information contact myself or:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Inventiva announces the design of LEGEND, a Phase IIa combination trial with lanifibranor and SGLT2 inhibitor empagliflozin in patients with NASH and type 2 diabetes27.10.2021 22:00:00 CEST | Press release

The LEGEND trial is a proof-of-concept Phase IIa clinical trial to evaluate the safety and efficacy of lanifibranor in combination with the sodium-glucose cotransporter 2 (SGLT2) inhibitor empagliflozin (Jardiance®1) in patients with non-alcoholic steatohepatitis (NASH) and type 2 diabetes (T2D)The trial will be conducted in several sites in the United States and Europe with a treatment duration of 24 weeks, and a total enrollment target of 63 patients with T2D and non-cirrhotic NASHThe initiation of the trial is planned for H1 2022 and the publication of topline results is expected for H2 2023 Daix (France), Long Island City (New York, United States), October 27, 2021 – Inventiva (Euronext Paris and Nasdaq: IVA), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of NASH, mucopolysaccharidoses (MPS) and other diseases with significant unmet medical needs, today announced the design of a proof-of-concept Phase IIa co

Johnson & Johnson partially converts its convertible loan27.10.2021 19:03:46 CEST | Press release

Ad hoc announcement pursuant to Art. 53 LR Allschwil, Switzerland – October 27, 2021 Idorsia Ltd (SIX: IDIA) today announced that Cilag Holding AG, an indirect subsidiary of Johnson & Johnson, notified Idorsia that it will convert a second tranche of the remaining principal amount of CHF 445 million convertible loan, such that CHF 110 million will be converted into 9.6 million shares of Idorsia. As a result of the conversion, Idorsia will issue 9’581’882 new shares and Idorsia share capital will increase from CHF 8’364’748.55 to CHF 8’843’842.65, divided into 176’876’853 Idorsia shares. As a result of conversion of the second tranche of the convertible loan, Cilag Holding AG will hold 5.7% of Idorsia’s issued share capital. Following conversion, the remaining principal amount of the convertible loan will be CHF 335 million, convertible into 29.1 million shares of Idorsia. Notes to the editor About the convertible loan On June 15, 2017, Cilag Holding AG (“Cilag”) provided a loan of CHF

AMG Advanced Metallurgical Group N.V. Reports Third Quarter 2021 Results27.10.2021 18:00:00 CEST | Press release

Coronavirus Update Active cases at AMG remain at a very low level. We continue to apply all safety measures at our disposal with the highest degree of attention in order to ensure our employees are working in the lowest risk environment possible. Strategic Highlights The construction of AMG Vanadium’s second spent catalyst recycling facility in Zanesville, Ohio, a $325 million investment and AMG’s largest capital project to date, is proceeding as planned. Commissioning starts in the first quarter of 2022 and the plant is forecast to achieve full run rate capacity in the fourth quarter of 2022.Spodumene 1+ will increase Brazil’s spodumene production by 40,000 tons. The project is currently in detailed engineering and commissioning is planned to start in the second quarter of 2023.AMG’s Supervisory Board approved the construction of the first module of a battery grade lithium hydroxide upgrader in Bitterfeld, Germany in its meeting on October 27, 2021. The total expenditure of $120 milli

The world’s first fully accessible art depot opens its doors in 10 days27.10.2021 16:36:25 CEST | Press release

Depot Boijmans Van Beuningen in Rotterdam Rotterdam, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The world’s first fully accessible art depot opens its doors in 10 days Depot Boijmans Van Beuningen is set to open its doors in 10 days – on 6 November 2021 – making the entire internationally renowned art collection of Museum Boijmans Van Beuningen accessible to the public. Museums around the world usually display just 6 to 10 percent of their collections; the rest lies in storage. Depot Boijmans Van Beuningen breaks with this hidden tradition and makes all the invisible artworks visible – a world first. In the iconic, mirrored art depot designed by MVRDV the museum’s 151,000 artefacts are placed at the heart of the city. The depot’s ovoid shape makes it a building that is open in every direction. The bowl-like form means that the footprint is small and the rooftop area as expansive as possible. The fully mirrored edifice consists of 6,609 square metres of glass, divided into 1,664 mirror panels, w

Workday presenterar en djupare digital upplevelse för anställda med Workday Everywhere27.10.2021 16:24:43 CEST | Pressemelding

Obegränsad upplevelse etablerar Workday inom populära arbetsområden och företagsappar för att hjälpa anställda att hålla sig engagerade, produktiva och uppkopplade. STOCKHOLM, Sweden, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ: WDAY), en ledande leverantör inom molnlösningar för företag inom ekonomi och HR, tillkännagav idag lanseringen av Workday Everywhere, paketerade anslutningar som tar uppgifter och insikter från Workday direkt till digitala arbetsmiljöer för att hjälpa organisationer att förbättra anställdas upplevelser. Med Workday Everywhere kan anställda snabbt få tillgång till Workday i sitt arbetsflöde utan att växla mellan olika applikationer. Arbetsgivare kan använda Workday Everywhere för att leverera en enkel och uppkopplad upplevelse som förbättrar medarbetarnas produktivitet och engagemang. Workday Everywhere är det senaste erbjudandet från Workday för medarbetare upplevelser och stödjer en pågående satsning för att öka engagemanget med en öppen och frikti

Aspo’s financial reporting in 202227.10.2021 12:00:00 CEST | Press release

Aspo Plc Stock Exchange Release October 27, 2021 at 1 p.m. Aspo’s financial reporting in 2022 In 2022, Aspo Plc will publish its financial statement release, half year financial report and two interim reports as follows: - financial statement release for 2021 on Wednesday, February 16, 2022 - interim report for January-March on Wednesday, May 4, 2022 - half year financial report for January-June on Wednesday, August 10, 2022 - interim report for January-September on Wednesday, November 2, 2022 The Financial Statements and Sustainability Report 2021 will be published on the company’s website during week 10. Aspo’s Annual Shareholders’ Meeting is scheduled for Wednesday, April 6, 2022, in Helsinki, Finland. The Board of Directors will give a separate notice of the Annual Shareholders’ Meeting later. Possible requests from shareholders to include matters on the agenda of Aspo’s 2021 Annual Shareholders’ Meeting shall be sent to Aspo’s Board of Directors not later than February 9, 2022. Th

Correction: RESULT RIKSBANK PURCHASES OF CORPORATE BONDS27.10.2021 11:35:12 CEST | Press release

AuctionResult of auctionAuction date2021-10-27NameHeimstaden Bostad ABIsinXS2259781230Coupon, spread1.368Maturity2025-02-25Tendered volume, SEK mln30 +/- 30Offered volume, SEK mln-Volume bought, SEK mln-Number of bids-Number of accepted bids-Average yield, DM-Lowest accepted yield, DM-Highest yield, DM-Accepted at lowest yield, %- AuctionResult of auctionAuction date2021-10-27NameCastellum ABIsinSE0012675916Coupon, spread1.545Maturity2025-11-27Tendered volume, SEK mln30 +/- 30Offered volume, SEK mln6Volume bought, SEK mln6Number of bids1Number of accepted bids1Average yield, DM1.400%Lowest accepted yield, DM1.400%Highest yield, DM1.400%Accepted at lowest yield, %100.00 AuctionResult of auctionAuction date2021-10-27NameCastellum ABIsinSE0011062827Coupon, spread1.650Maturity2023-05-17Tendered volume, SEK mln30 +/- 30Offered volume, SEK mln-Volume bought, SEK mln-Number of bids-Number of accepted bids-Average yield, DM-Lowest accepted yield, DM-Highest yield, DM-Accepted at lowest yield,