Skyharbour’s Partner Company Azincourt Energy Completes Geophysical Program and Adds Drill Targets at East Preston Uranium Project

VANCOUVER, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) partner company Azincourt Energy Corp. (“Azincourt”) is pleased to announce the recent ground-based geophysical exploration program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, has been completed with several additional drill targets having been identified.

The program comprised a horizontal loop electromagnetic survey (“HLEM”) originally consisting of a total of 33 line-km of line-cutting and surveying. An additional 5 lines of cutting and surveying were added, bringing the total survey coverage to 40.5 line-km in six grid target areas. Previous updates on this survey were provided by Azincourt in news releases dated November 23, 2020 and December 9, 2020.

Unconformity-related uranium deposits associated with the Athabasca Basin are closely associated with basement conductive packages. The HLEM survey was utilized to refine and prioritize target areas where untested conductive corridors have been identified in existing property wide airborne VTEM survey results. The survey was successful in delineating several conductors over the six selected target areas, G1, G2, G3, K, Q and H. Many of the conductors show strong well-defined responses which are deemed suitable for drill testing.

“The survey results are encouraging, and we are excited to be in a position where these targets are now ready for drill testing,” said Azincourt Exploration Manager, Trevor Perkins.

“The goal of the survey was to expand the existing drill target inventory and we were certainly successful in that regard,” said president and CEO, Alex Klenman. “Adding drill targets increases the prospectivity of East Preston to an even greater degree. Simply put, more targets mean more opportunities for meaningful discovery. We’re eager to complete the JV and continue drilling,” continued Mr. Klenman.

The total cost of the HLEM program allowed Azincourt to meet the spend requirement of the joint venture agreement with Skyharbour Resources and Dixie Gold. Once Azincourt makes the final payment of the agreement (due by March 31, 2021) the joint venture is consummated and Azincourt will have earned a 70% interest in East Preston.

Patterson Geophysics of La Ronge, Saskatchewan, conducted the geophysical program. Bingham Geoscience of Saskatoon oversaw the program and completed the interpretation.

Figure 1: Target Corridors at East Preston Project, Western Athabasca Basin, SK