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Skyharbour Resources Receives $1.4 Million from Exercise of Warrants

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Skyharbour Resources Ltd. TSX-VSYH)  (OTCQB: SYHBF) (Frankfurt: SC1P) announces that the Company has received an aggregate $1,433,300 from the exercise of share purchase warrants recently. A total of 5,340,000 warrants have been exercised since early January with the majority with a strike price of 27 cents expiring later this year. Skyharbour is fully funded for its upcoming drill programs at its flagship Moore Lake Uranium Project with a total of over CAD $5 million in cash and in shares of partner companies. Partner companies Azincourt, Orano and Valor Resources are funding the bulk of the exploration programs at the Preston, East Preston and Hook Lake (previously North Falcon Point) Projects, respectively.

 

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 240,000 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 has plans for upcoming drill programs at the project.

 

Skyharbour has and option agreement with Orano Canada Inc. and a joint venture partnership with Azincourt Energy. Orano can earn-in up to 70% of the Preston Project and Azincourt recently earned in 70% of the East Preston Project through exploration expenditures, cash payments and Azincourt share issuance. 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 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%. Furthermore, Skyharbour has recently 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.pdf

 

Posted March 4, 2021

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