Orano Canada Inc. (“Orano”) Completes First Earn-In Option and Forms Joint Venture with Skyharbour at the Preston Uranium Project

VANCOUVER, British Columbia, March 26, 2021 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company or Skyharbour”) announces that Orano Canada Inc. (“Orano”) has completed the first earn-in option of a 51% (fifty-one percent) interest in the Preston Uranium Project (“Project”), located in the western Athabasca Basin, Saskatchewan, Canada. Orano previously held an option to acquire the interest through an option agreement entered into with Skyharbour and Dixie Gold Inc. (“Dixie Gold”).

Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf

Orano has fulfilled their first earn-in option interest in the project by completing CAD $2.8 million in staged exploration expenditures and making a total of CAD $200,000 in cash payments over the previous three years, divided evenly between Skyharbour and Dixie Gold. Orano has spent a total of CAD $4.8 million on the Project to date.

Following acquisition of the interest, Orano has formed a joint venture with Skyharbour and Dixie Gold for the future advancement and development of the Project. Orano now holds a 51% (fifty-one percent) interest in the joint venture, with the remaining interest split evenly between Skyharbour and Dixie Gold with each company retaining a 24.5% (twenty-four and a half percent) interest in the joint venture.

About Preston:

In March 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources Inc.) that provided Orano an earn-in option to acquire a majority working interest in the 49,653 hectare Preston Uranium Project (see also news release dated December 15, 2016). Under the option agreement, Orano could contribute cash and exploration program consideration totaling up to CAD $8,000,000 in exchange for up to 70% of the applicable project area over six years.

The significant potential of the Project has been highlighted by recent discoveries in the area by NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple R) and a joint venture consisting of Cameco Corporation, Orano and Purepoint Uranium Group Inc. (Spitfire). Exploration at the Project has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as exploratory drill programs. Over a dozen high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through these methodical, multiphased exploration initiatives, which have culminated in an extensive, proprietary geological database for the project area.