Skyharbour Intersects 20.8% U3O8 over 1.5 Metres in First Drill Hole at Maverick Zone and Discovers New High Grade Uranium Lens on Moore Lake Uranium Project; Increases Planned Drill Program from 3... - Seite 2

Moore Lake Phase 1 Drill Program Update:

The Company has now completed five drill holes in this first phase of drilling at the Moore Lake Uranium Project with high levels of radioactivity and uranium mineralization encountered in three of them. Drill holes ML-199 and ML-200 tested gaps and the margins of the Main Maverick lens and ML-202 was drilled as a 75 metre step-out hole E-NE from the eastern margin of the Main Maverick Zone. Skyharbour's technical team believes drill hole ML-202 represents the discovery of a new high grade mineralized lens on the property.

Hole ML-199 intersected a broad zone of intensely faulted and desilicified sandstone and the Athabasca unconformity was interpreted at 269.6 metres depth. A combined geochemical and grade equivalent for the hole returned 6.0% U₃O₈ over 5.9 metres from 261.6 to 267.5 metres including geochemical assays of 20.8% U₃O₈ over 1.5 metres from 264.0 to 265.5 metres downhole.

Hole ML-200 intersected uranium mineralization straddling the unconformity at 274.4 metres. The downhole probe returned a grade equivalent of 1.71% eU₃O₈ over 7.2 metres from 269.1 to 276.3 metres including 3.3% eU₃O₈ over 4.6 metres from 269.2 to 273.8 metres. The latter interval corresponds with spectrometer values ranging from 1,100 to 29,400 cps. Final geochemical assays are still pending for the hole.

Hole ML-202 intersected uranium mineralization straddling the unconformity and extending into the clay-replaced and altered, weakly graphitic pelitic and granitic basement rocks. Downhole probing identified a 10.7 metre mineralized interval from 266.6 to 277.3 metres that returned 1.4% eU₃O₈. This includes 2.1% eU₃O₈ over 6.5 metres, which includes a higher grade zone of 5.6% eU₃O₈ over 1.8 metres from 274.2 to 275.7 metres downhole. Core recovery within this mineralized zone was relatively good and geochemical assays are pending at this time. This hole potentially represents the discovery of a new high grade mineralized lens on the property.

ML-201 deviated off target to the north, whereas ML-203 deviated off target to the south. Nonetheless, both holes intersected structurally disrupted and strongly altered sandstone and basement rocks and will likely require follow-up.

The early success of the current drill program has prompted the company to expand it from 3,500m to 4,500m consisting of 14 to 16 holes ranging in depth from 200m to 500m. The drill program is currently underbudget and is progressing quickly and smoothly. The Company is currently drill testing the 527 Zone located 500 metres E-NE and  along strike of the Main Maverick Zone lens before finishing the program back at the main Maverick Zone and on targets located along the Maverick structural corridor to the west and south.