Skyharbour’s Partner Company Valor Resources Commences Diamond Drilling at the Hook Lake Uranium Project, Saskatchewan

Vancouver, BC, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) partner company Valor Resources Limited (“Valor”) is pleased to announce the commencement of a maiden diamond drilling program at the Hook Lake Uranium Project. The Hook Lake Project is located in the world class uranium jurisdiction, the Athabasca Basin in Saskatchewan, Canada.

Hook Lake (Formally North Falcon Point) Project: https://www.skyharbourltd.com/_resources/maps/Sky_HookLake_20211209.jp ...

Highlights:

• 2,500m diamond drilling program has commenced at the Hook Lake Uranium Project
• Drilling to test the extent of uranium mineralisation at the S-Zone which included up to 59.2% U₃O₈ in rock chip samples at surface
• Program will include testing of the V-Grid, a geochemical and structural target
• An airborne gravity survey over Hook Lake is scheduled to commence in April 2022

Hook Lake Drill Program:

The Hook Lake Project Diamond Drilling program will consist of approximately 2,500m targeted primarily at the S-Zone target but also including holes at the V-Grid target.

Valor’s Executive Chairman, George Bauk, commented: “Following the 2021 exploration program which included on ground field work, various airborne surveys and a review of historical data, Valor is excited to commence drilling at the Hook Lake Project. The Hook Lake project has many prospective uranium targets with the team prioritising the S-Zone and the V-Grid as the initial two areas of focus. The focus is to target various geological features in and around the S-Zone to locate mineralisation at depth.”

Hook Lake Project Map Showing S-Zone and V-Grid Drilling Area Locations: https://www.skyharbourltd.com/_resources/maps/Valor-S-Zone-and-V-Grid- ...

The S-Zone target has known surface mineralisation with results from Valor’s 2021 field program highlighting up to 59.2% U₃O₈ in rock chip samples (see news release dated August 31^st, 2021 and titled “Skyharbour Partner Company Valor Announces High-Grade Sample Results from Hook Lake Project Field Program”).

Mr. Bauk continued: “Major economies are looking to nuclear energy as a low carbon solution as part of the overall global target to reduce global emissions. China has announced a US$440 billion program to build 150 new reactors, France and Britain intend to build more reactors and Japan is in the process of reopening its nuclear power plants. These activities will drive demand up and will have a positive impact on the future price of uranium. Valor is focused on uranium exploration in the Athabasca Basin of Canada as it has the highest grades of uranium in the world. Valor has raised over AUD $5M recently and funds are to be used for exploration activities in Canada.”