Skyharbour Partner Company Tisdale Clean Energy Completes First Two Drill Holes at the South Falcon East Uranium Project, Athabasca Basin, Saskatchewan

Vancouver, BC, April 01, 2024 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that partner company Tisdale Clean Energy Corp. (“Tisdale”) has provided an update on its diamond drilling program at the South Falcon East Uranium Project, which hosts the Fraser Lakes B uranium deposit. Under the Option Agreement and assuming the 75% interest is earned, Tisdale will have issued Skyharbour 1,111,111 Tisdale shares upfront, and will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Tisdale (“Shares”) over the five-year earn-in period.

Map of South Falcon East Project Claims:
https://skyharbourltd.com/_resources/images/Sky-South-Falcon-East-2023 ...

The 12,464 ha South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine. This initial 2024 program is scheduled to complete up to 1,500m of drilling in two phases, with the priority being the confirmation of existing mineralization. Follow-up drill programs will then be proposed to both facilitate expansion of the known Fraser Lake B deposit and to test additional exploration targets at South Falcon East.  

2024 Drill Target Areas at the South Falcon East Uranium Project:
https://skyharbourltd.com/_resources/images/2023-Drill-Target-areas-so ...

Phase one included 442m drilled in the first two drill holes with phase two slated to commence this spring. Hole SF-0059 was completed to a depth of 221m and intersected multiple zones of mineralization over 13.5m, confirming the presence of mineralization in the vicinity of historical hole FP-15-05. Mineralization occurs within altered pelitic gneiss containing granitic pegmatites, overlying graphitic pelitic gneiss. Hole SF-0059 intersected 0.02% eU₃O₈ over 5.6m from 129.65m to 135.25m, including 0.07% eU₃O₈ over 1.1 m from 131.75m to 132.85m, as well as 0.03% eU₃O₈ over 4.1m from 137.65m to 141.75m including 0.11% eU₃O₈ over 0.2m from 138.15m to 138.35m.