Skyharbour Partner Company Azincourt Mobilizes for Geophysical Program at the East Preston Uranium Project
VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce that its partner company Azincourt Energy Corp. (“Azincourt”) is undertaking a ground-based geophysical
exploration program at the East Preston Uranium Project, located in the western Athabasca Basin, Saskatchewan, Canada.
Preston Uranium Project Map:
The program will be comprised of a horizontal loop electromagnetic survey (“HLEM”) to refine and help prioritize areas where untested conductive corridors have been identified in existing property-wide airborne VTEM survey results. A total of 33 line-km of HLEM surveying will be completed, commencing in late November and early December. The survey was originally scheduled for the summer but has been delayed due to Covid-19 restrictions and disruptions.
A diamond drilling program is anticipated for follow-up to continue to test prospective conductor trends on the property. Target selection will be finalized after Azincourt interprets the results of the HLEM survey and reviews the existing target inventory.
“The collection of this data and refinement of conductor locations within the identified corridors will ensure that our highest priority targets are being targeted and tested effectively,” said Azincourt Exploration Manager, Trevor Perkins.
Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan:
Proposed areas for upcoming HLEM survey at the East Preston Uranium Project:
Patterson Geophysics of La Ronge, Saskatchewan, has been contracted for the program. They are familiar with East Preston, having done previous geophysical work on the project over the last few years.
About East Preston:
Skyharbour and Dixie Gold Inc. (“Dixie Gold”) entered into an Option Agreement (the “Agreement”) with Azincourt whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Under the Agreement, Azincourt has issued common shares and will contribute cash and exploration expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments to Skyharbour and Dixie Gold, as well as $2,500,000 in exploration expenditures over the three-year period. Skyharbour and Dixie Gold agreed to extend the deadline for the remaining obligations owing to complete the acquisition of a 70% interest in the Project, which include incurring a small portion of the exploration expenditures remaining on the Project and completion of a final cash payment of CAD $400,000 (see News Release dated April 16, 2020). The deadline for these obligations has been extended through until March 31st, 2021 and in consideration for the extension, Azincourt issued 5,000,000 common shares to Skyharbour and Dixie Gold.