SYHBF - Ellis Martin Report: Skyharbour Resources Ltd. (SYHBF) Adds 100% of South Dufferin Uranium Project from Denison Mines
Skyharbour is pleased to announce that it has acquired 100% of the South Dufferin Uranium Project from Denison Mines Corp. The South Dufferin Project comprises 12,282 hectares over nine claims in the Athabasca Basin, which is host to the highest-grade uranium deposits in the world and is consistently ranked as a top mining jurisdiction by the Fraser Institute.
The new properties recently staked along with South Dufferin bring Skyharbour's total land package that it has ownership interest in to 504,356 hectares, across twenty-four properties, representing one of the largest project portfolios in the region. As the Company remains focused at its ongoing 10,000m drill program at the Russell Lake project, South Dufferin will become a part of Skyharbour's prospect generator business as the Company will seek strategic partners to advance this asset.
Jordan Trimble, President and CEO of Skyharbour Resources, states: "We are very pleased to have reached an agreement with Denison to acquire a 100% interest in South Dufferin, adding to our recently staked properties and to our dominant uranium project portfolio in the Athabasca Basin. South Dufferin complements our more advanced-stage exploration assets including Russell Lake, Moore and South Falcon Point, and provides additional ground to option or joint-venture out to new partner companies as a part of our prospect generator business. Furthermore, Denison Mines has been a valuable strategic partner for a number of years and we welcome them as an even larger shareholder now."
David Cates, President and CEO of Denison Mines and a Director of Skyharbour, states: "Skyharbour has a large exploration project portfolio, with a unique mix of partner-optioned and funded projects as well as the dual-flagship and Skyharbour-operated Russell Lake and Moore Lake properties. With this transaction, Denison increases its ownership in Skyharbour in exchange for a prospective exploration property that became non-core in the Denison portfolio given our development and exploration focus in areas proximal to our flagship Wheeler River and McClean Lake properties. We are pleased to increase our shareholdings in Skyharbour and look forward to the continued collaboration between our companies."
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About Skyharbour Resources Ltd.:
Skyharbour Resources (CVE:SYH) (OTCMKTS:SYHBF) holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines, a large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which is located approximately 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 project with high grade uranium mineralization at the Maverick Zone. Drill results have returned up to 6.0% U3O8 over 5.9 metres, including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour has signed option agreements with Orano Canada Inc. and Azincourt Energy whereby Orano and Azincourt can earn in up to 70% of specific segments of the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and Azincourt shares. Preston is a large, geologically prospective property 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 Falcon Point Uranium Project which hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade uranium mineralization has been identified. 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.
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Source:
Skyharbour Resources Ltd. The Ellis Martin Report
Contact:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
T: +1-604-558-5847
F: +1-604-687-3119
E: info@skyharbourltd.com