Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
During Phase One, the best intercept of uranium mineralization historically on the property was discovered in hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721% U3O8 at a relatively shallow depth of 338.1 metres, including 2.99% U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept is a new discovery at the recently identified Fork Target which has very limited historical exploration due to a lack of reliable geophysical data and drill targets resulting from nearby powerline interference. The mineralization is open in most directions including along strike, and will be a focus of upcoming drilling. Skyharbour is fully funded and permitted for a follow-up summer drill campaign consisting of another 7,000 - 8,000 metres of drilling at its co-flagship Russell and Moore Projects.
Highlights:
- High-grade, sandstone-hosted mineralization up to 2.99% U 3 O 8 was intersected over 0.5 metres in hole RSL24-02 at the new
Fork Zone , within an interval of 0.721% U 3 O 8 over 2.5 metres from 338.1 to 340.6 metres downhole just above the unconformity. This is the best drill result historically at the project representing a new discovery in a newly delineated target area and will be a top-priority target in the upcoming summer drill program.
- The Fork Target area is approx. 1 km southwest of the central
Grayling Target area and approx. 4 km southeast of Denison Mines’ Phoenix Deposit. It is a newly identified high-priority target hosting interpreted ENE and NNE-trending structures, with limited historical drilling as powerline interference affected the historical geophysical data, thereby hindering detection of EM conductors and selection of drill targets.
- Skyharbour successfully intersected the intended target and conductor in hole RSL24-02 where high-grade uranium has now been discovered at a relatively shallow depth. The Company is carrying out additional groundwork and geological modelling to further refine the target area for the upcoming summer drill program including focusing on structures related to the associated McDougal Lake Fault Corridor.
- 3 kilometres to the southeast of the Fork Target area, drilling at the East
Grayling Target in hole RSL24-06 confirmed the presence of graphitic host rocks at depth below the unconformity at 366.4 metres downhole. Locally anomalous uranium was intersected in the sandstone column with up to 448 ppm Th and 912 ppm B intersected in the basement.
- Assays are pending for the second phase of the winter drill program at
Russell as well as from the drilling carried out at the Company’s adjacent co-flagshipMoore Project which consisted of 2,864m.
- Skyharbour is fully funded and permitted for a follow-up summer drill program at
Russell and Moore. The Company is planning for a total of approximately 7,000 - 8,000 metres of upcoming drilling across both projects with approx. 4,500 - 5,000 metres planned atRussell and 2,500 – 3,000 metres planned at Moore.
2024 Winter Diamond Drilling Program at
A total of 5,152 metres of drilling in ten holes was drilled in two phases during the winter of 2024 at the
Phase One
The first phase of drilling focused on drill testing the newly identified Fork Target area related to and south-southwest of the
Hole RSL24-01 was drilled on the northernmost, NE-E trending conductor at the Fork Target area approximately 650 metres southwest of the western extent of the broader
Grayling and Fork Target Areas - Drill Collar Map:
https://www.skyharbourltd.com/_resources/images/2024-Fork-East-Grayling-Drill-Hole-Location-Map_NR.jpg
Hole RSL24-02 tested a separate northeast- to east-trending conductor at the Fork Target area that is 150 metres southeast of hole RSL24-01. This is the first and only exploratory hole drilled into this target that successfully intersected the conductor target. Significant mineralization was intersected in the sandstone of this hole just above the unconformity with RSL24-02 returning 0.721% U3O8 over 2.5 metres between 338.1-340.3 metres depth, including 2.99% U3O8 over 0.5 metres between 399.6-340.6 metres. The mineralization is open in most directions and along strike. Immediately below the unconformity, a strongly graphitic gouge with elevated radioactivity was intersected, followed by a black, chloritized granitic pegmatite at 342.0 metres. Strongly graphitic pelitic gneisses accompanied by pegmatite, calc-silicate, and locally radioactive chloritized graphitic shears and fault zones were intersected throughout the remainder of the hole to 590.0 metres depth. The mineralized zone in RSL24-02 was also highly enriched in Pb (≤4,120 ppm Pbtotal), V (≤411 ppm Vtotal), Ni (≤298 ppm Nitotal), Zn (≤3,120ppm Zntotal), and Cu (≤595 ppm Cutotal). Local graphitic faults throughout the basement rocks intersected strongly anomalous V (≤1380 ppm Vtotal), Zn (≤1320 ppm Zntotal), Ni (≤983 ppm Nitotal), and Cu (≤618 ppm Cutotal).
Fork Target Area - Drill Collar Map:
https://www.skyharbourltd.com/_resources/images/2024-Fork-DDH-Location-Map-Zoomed.jpg
Hole RSL24-03 was drilled up-dip of the first hole RSL24-01, to target the conductor intersected in that hole. The sandstone was relatively featureless down to the unconformity at 346.6 metres, with only some weak fracturing above it. The basement consisted of foliated granite and pegmatite down to 399.8 metres. Approximately 50 metres below the unconformity graphitic pelitic gneiss units were identified starting at 399.8 metres and extending downhole to 446.2 metres. The hole was terminated in granitic pegmatite at 446.9 metres. Anomalous boron (≤492 ppm B) was found in the basal sandstone, while the basement conductor was anomalous in V (≤897 ppm Vtotal), Ni (≤393 ppm Nitotal), and Pb (≤194 ppm Pbtotal).
Hole RSL24-04 was drilled east of RSL24-02 to test for the down-dip extension of the high-grade uranium mineralization in that hole but missed the intended target at depth. Nonetheless, significant intervals of bleached, fractured and faulted sandstone were encountered, beginning at 197.9 metres down-hole and extending nearly to the unconformity, which was at a depth of at 341.0 metres. Weakly mineralized, fractured granite was intersected below the unconformity, terminating in a rubbly graphitic fault/shear zone at 346.3 metres. The remainder of the basement consists of significant intervals of locally sheared graphitic pelitic gneiss, interspersed with large amounts of felsic intrusive rocks to the end of the hole at 512.5 metres. Anomalous uranium (≤436 ppm Utotal), Ni (≤2,000 ppm Nitotal), Co (≤233 ppm Cototal), V (≤604 ppm Vtotal), and Zn (≤2,270 ppm Zntotal) was intersected in the basement rocks from 342.5 - 346.5 metres within an interval of strong chlorite alteration and black pitchblende-bearing fractures above a graphitic fault zone. In addition, a basement shear at 511.5–512.5 metres returned significant Zn (≤8,900 ppm Zntotal), Pb (≤617 ppm Pbtotal), Ni (≤517 ppm Nitotal), Cu (≤212 ppm Cutotal), and U (≤129 ppm Utotal).
Hole RSL24-05 was drilled 175 metres west of RSL24-02 as a wide step-out hole. The sandstone column was variably bleached and locally desilicified down to the unconformity at 344.7 metres. In the basement, locally faulted graphitic pelitic gneiss, frequently cordierite-bearing and intermixed with local granitic intervals up to 30 metres thick, was intersected down to 472.5 metres downhole. The hole was terminated in Archean granite gneiss at a depth of 500.0 metres. Anomalous uranium (≤3.5 ppm Upartial) was detected throughout the sandstone column, with the basal sandstone also being anomalous in Pb (≤17.1 ppm Pbpartial). The basement faults and graphitic shears returned anomalous V (≤132 ppm Vtotal), and Ni (≤335 ppm Nitotal) alongside anomalous uranium (≤162 ppm Utotal), B (≤412 ppm B), Zn (≤275 ppm Zntotal), and Cu (≤251 ppm Cutotal).
Hole RSL24-06 was drilled as a preliminary exploratory test of the East
Phase Two
The MZE (M-Zone Extension) target lies on trend from Denison’s Wheeler River Project M-Zone, where historical drilling intersected basement hosted uranium. More recent drilling by Denison in 2020 at the M-Zone encountered additional uranium mineralization with significant faulting, core loss, geochemical anomalies, and radioactivity encountered in the drill holes. Like the
During the second phase of drilling at Russell Lake, three holes totaling 1,649 metres (holes RSL24-07 to -09) were drilled at the MZE target area. Hole RSL24-07 and -08 were drilled to completion, while hole RSL24-09 was abandoned approximately 30 metres above the unconformity due to adverse drilling conditions. The final hole of this second phase of the 2024 winter drilling program, RSL24-10, was drilled at the Fork target area but deviated and missed the primary target. These holes are undergoing geological evaluation and geochemical assay results are pending at this time. Results will be reported once evaluation of the geology and geochemical results is complete.
There has been historical exploration carried out at Russell Lake, however most of it was conducted before 2010 prior to the discovery of several major deposits in/around the
Several notable exploration targets exist on the property including the
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
About
Skyharbour holds an extensive portfolio of uranium exploration projects in
Skyharbour has joint-ventures with industry-leader
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
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about
“Jordan Trimble”
_________________________________
President and CEO
For further information contact myself or:
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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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, including the Private Placement. 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, regulatory approvals, 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.
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