Projects

Moore Lake - Core Project

Moore Uranium Property Highlights:

• Skyharbour has acquired a 100% interest in the 35,705 hectare (88,191 acres) Moore Uranium Project from Denison Mines, a mature uranium exploration property in the eastern Athabasca Basin near existing infrastructure with known high grade uranium mineralization and significant discovery potential

• Denison Mines (TSX: DML) (NYSE MKT: DNN) is a large, strategic shareholder of Skyharbour and David Cates, President and CEO on Denison, is on Skyharbour's Board of Directors

• Moore hosts high grade uranium mineralization at the Main Maverick Zone, which was discovered by JNR Resources in the early 2000's; historical drill results include 4.03% eU₃O₈ over 10m, including 20% eU₃O₈ over 1.4m at a depth of 265m in hole ML-61

• Skyharbour has carried out diamond drill programs over the last few years with several drill holes intersecting high grade uranium mineralization along the 4.7 kilometre long Maverick structural corridor

• Drill intercepts of high grade, shallow uranium include 20.8% U₃O₈ over 1.5m at 264m, 9.12% U₃O₈ over 1.4m at 278m and 5.29% over 2.5m U₃O₈ at 279m

• Skyharbour's drill hole ML-199 tested the Main Maverick Zone lens and intersected high grade uranium mineralization containing 6.0% U₃O₈ over 5.9m at 265 metres depth including 20.8% U₃O₈ over 1.5m

• Hole ML-202 from the Maverick East Zone intersected high grade uranium of 1.79% U₃O₈ over 11.5m at 270m including 4.17% U₃O₈ over 4.5m and 9.12% U₃O₈ over 1.4m

• This is a newly discovered high grade mineralized lens at Maverick East on the Maverick corridor 100 metres from the Main Maverick Zone, and illustrates the strong discovery potential of additional high grade lenses along strike

• More recently, Skyharbour has identified and refined new targets in the underlying basement rocks using modern exploration and methodologies

• Drill hole ML19-06 intersected a broad zone of uranium mineralization from 273.0 metres to 285.0 metres downhole within the growing Maverick East Zone. The interval returned 0.62% U₃O₈ over 12.0 metres with a basal high grade basement-hosted intercept returning 2.5 metres of 2.31% U₃O₈

• A drill program in the Fall of 2020 tested both unconformity and basement targets along the high grade Maverick structural corridor

• Drill hole ML20-09 which returned 0.72% U₃O₈ over 17.5 metres from 271.5 metres to 289.0 metres, including 1.00% U₃O₈ over 10.0 metres hosted in the basement, represents the longest continuous drill intercept of uranium mineralization discovered to date at the project

• The summer/fall 2021 drill program saw 6,598 metres in nineteen diamond drill holes completed with drillhole ML21-03 returning 2.54% U₃O₈ over 6.0 metres including 6.80% U₃O₈ over 2.0 metres

• Of particular interest were underlying basement feeder zones to the unconformity-hosted high grade uranium present along the Maverick corridor; these targets have seen limited historical drill testing

• In addition to the Maverick Zone, diamond drilling in several other target areas has intersected multiple conductors associated with significant structural disruption, strong alteration and anomalous uranium and pathfinder element concentrations

• The property has been the subject of extensive exploration with over $45 million in expenditures and over 150,000 metres of diamond drilling in more than 390 drill holes

• 2,467m spring 2022 drilling program recently completed in seven drill holes. Four exploratory holes were drilled at the Grid Nineteen target conductors, two exploratory holes were drilled in the Viper target area, and one hole was drilled at the Maverick East Zone

Moore Uranium Project History and Overview:

In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Uranium Project, on the southeastern side of the Athabasca Basin, in northern Saskatchewan and has fulfilled its earn in. The project consists of 12 contiguous claims totalling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River uranium mine. Unconformity style uranium mineralization was discovered on the Moore Project at the Maverick Zone in April 2001. Historical drill highlights include 4.03% eU₃O₈ over 10 metres including 20% eU₃O₈ over 1.4 metres, and in 2017, Skyharbour announced drill results including 6.0% U₃O₈ over 5.9 metres including 20.8% U₃O₈ over 1.5 metres at a vertical depth of 265 metres. In addition to the Maverick Zone, the project hosts other mineralized targets with strong discovery potential which the Company plans to test with future drill programs. The project is fully accessible via winter and ice roads which simplifies logistics and lowers costs, with large proportions of the property are accessible in the summer as well.

Moore Uranium Project Claims Map:

Since 1969, the property has undergone episodic exploration by several companies including Noranda, AGIP, BRINEX, Cogema, Kennecott/JNR Resources and IUC/Denison. In April of 2000 the Maverick Zone was discovered and in the fall of 2003, International Uranium Corporation, who then merged with Denison, optioned 75% of the property from JNR and took over operatorship. Subsequently, Denison acquired the remaining 25% interest from JNR for an undivided 100% in February of 2013, when it acquired all of the outstanding shares of JNR. Exploration programs carried out on the project lands include an assortment of airborne and ground electromagnetic and magnetic surveys, ground gravity, seismic, IP/resistivity and geochemical surveys, mapping, prospecting, lake sediment sampling programs and the drilling of more than 390 diamond drill holes. From mid-2000 onwards, the primary focus of exploration has been the 4.7 kilometre long Maverick structural corridor where pods of high grade unconformity-type uranium mineralization have been intersected. The best intercepts to date were obtained from drill holes testing the southwestern portion of this corridor. The potential of intersecting additional mineralization along this corridor is very good and as such it will continue to be a high priority target area. Also of note is that both basement and unconformity-type uranium mineralization have been intersected in a number of underexplored target areas on the property.

In addition to the Maverick Zone, diamond drilling in several other geophysical target areas, has intersected multiple conductors associated with significant structural disruption, strong alteration and anomalous uranium and pathfinder element concentrations. This bodes well for the possibility of discovering additional high grade uranium zones in these areas.

Moore Uranium Project Geophysics Map:

Skyharbour’s former Head Technical Advisor and Director, Rick Kusmirski commented: “I’ve always considered the Moore Uranium Project to be one of the most geologically prospective exploration projects in the Basin, with the potential to host a sizeable high grade uranium deposit. JNR made the initial high grade discovery at the Maverick Zone and after a number of years we sold the project and company to Denison. I am very excited to get back to work on this project with the Skyharbour team. In addition to the Maverick structural corridor, which still has a number of targets that are untested and require follow-up, there are at least nine other target areas throughout the property that contain well defined and extensive conductive systems. The nominal amount of drilling that was carried out in these areas intersected well defined structures associated with multiple graphitic lithologies. Analysis of the drill core returned highly anomalous geochemistry, including uranium mineralization in seven of the target areas.”

Skyharbour's 2017 Drill Programs:

In 2017, Skyharbour completed two drill programs totalling 9,485m in 26 drill holes. Multiple drill holes intersected high grade uranium mineralization at the 4 kilometre long Maverick structural corridor. High grade results included 20.8% U3O8 over 1.5 metres within an interval returning 6.0% U3O8 over 5.9 metres in hole ML-199; 9.12% U3O8 over 1.4 metres within an interval returning 4.17% U3O8 over 4.5 metres in hole ML-202; 5.29% U3O8 over 2.5 metres within an interval returning 2.99% U3O8 over 5.0 metres in hole ML-200; and 2.25% U3O8 over 3.0 metres in hole ML-208. This high grade mineralization within the Maverick corridor is relatively shallow ranging from 250 metres to 275 metres vertical depth. Also of note is that hole ML-202 represents the discovery of a new high grade mineralized lens on the corridor.

Moore Uranium Project Maverick Zone Drilling:

These programs were focused on the Maverick structural corridor and tested gaps as well as the margins of the Main Maverick Zone lens. Other targets tested included the Maverick East Zone, the Goose Zone, the Maverick West Zone and the Maverick South Zone.

Moore Uranium Project Maverick and Goose Zones Drilling:

The highest grade intercept was from hole ML-199 which returned 6.0% U3O8 over 5.9 metres from 261.6 to 267.5 metres downhole including 20.8% U3O8 over 1.5 metres. Hole ML-200 returned 1.62% U3O8 over 9.5 metres from 269.0 to 278.5 metres downhole including 2.99% U3O8 over 5.0 metres and including 5.29% U3O8 over 2.5 metres. Hole ML-208 located on the western portion of the Main Maverick Zone returned 2.25% U3O8 over 3.0 metres from 266.8 to 269.8 metres downhole. Hole ML-202, drilled at the newly discovered Maverick East Zone, returned 1.79% U3O8 over 11.5 metres from 266.0 to 277.5 metres downhole including 4.17% U3O8 over 4.5 metres and including 9.12% U3O8 over 1.4 metres. This new high grade lens exemplifies the potential for high grade uranium mineralization to be discovered between widely spaced previous drill holes on the 4 kilometre long Maverick corridor.

Drill hole ML-207 was drilled to a depth of 468 metres in the Maverick South Zone to test for deeper basement hosted mineralization. As one of the few exploratory holes drilled to test the basement potential at the Moore Project, this hole intersected anomalous uranium mineralization with coincident boron enrichment several metres beneath the unconformity. This is highly encouraging and demonstrates the strong discovery potential at depth in the underlying basement rocks throughout the Moore Project.

Also of note, hole ML-205 was drilled in a separate high grade mineralized lens known as the Goose Zone located approx. 500 metres E-NE of the Main Maverick Zone and returned 1.80% U3O8 over 1.6 metres within 0.47% U3O8 over 10.4 metres from 275.1 to 285.5 metres downhole. The Goose Zone is still open along strike and at depth in the basement rock. Further along strike one kilometre to the E-NE (approx. 1.5 kilometres from the Main Maverick Zone), the Viper Zone represents a high priority target going forward with limited historical drilling having discovered shallow uranium mineralization.

Only 3 kilometres of the total 4.7 kilometre long Maverick corridor has been systematically drill tested leaving strong discovery potential along strike as well as at depth in the underlying basement rocks which have seen limited drill testing historically. Furthermore, there are ten other regional drill targets on the Moore Project in which historical drilling has discovered uranium mineralization including the Pukapuka, Nutana, Otter Grid, Avalon, Venice and Rarotonga Zones. All of these zones remain open along strike and at depth with only limited and widely spaced exploratory drill testing having been conducted historically.

Skyharbour's 2018 Winter Drill Program:

Skyharbour completed a winter/spring diamond drilling program totalled 3,399 metres in 9 holes which were drilled to a depth of between 330 and 525 metres. Five of the nine holes were drilled on regional grids testing geophysical targets and as a follow up to previous drilling, while the remaining four holes were drilled on the high grade Maverick structural corridor.

Moore Uranium Project Regional Grid Targets Map:

Drilling at the Maverick Corridor and the Venice Zone:

Four holes in this program tested the high grade Maverick Main Zone and Maverick East Zone. The best results were from ML18-08 which tested the Maverick Main Zone and ML 18-09 which tested the Maverick East Zone. Hole ML18-08 intersected 2.07% U3O8 over 3.5 metres at the unconformity.

Moore Uranium Project Maverick Corridor Drilling Map:

Moore Uranium Project Main and East Maverick Zones Drilling Map:

The most encouraging results from the drilling on the regional grids were obtained from ML18-03 which tested targets on the Venice grid. This hole intersected a strongly altered and structurally disrupted basal sandstone column and basement rocks. This hole returned anomalous pathfinder elements as well as a 0.5 metre interval containing 0.154% U3O8 in graphitic pelites just below the unconformity in the basement rock. The Venice target is a high-priority regional target going forward given this recent discovery.   

Skyharbour's 2019 Winter/Spring Drill Program:

The 2019 winter diamond drilling program totaled 2,783 metres in 7 drill holes. These holes tested the southwest portion of the Nutana conductive corridor (hole ML19-01), two discrete conductive targets in the Otter Zone area (holes ML19-02, 03, 04), the Main Maverick Zone (holes ML19-05 and 07) and the Maverick East Zone (hole ML19-06).

Moore Uranium Project Regional Grid Targets Map:

Drill hole ML19-06 was drilled at the eastern end of the Maverick East Zone and returned 0.62% U₃O₈ over 12.0 metres from 273.0 metres to 285.0 metres downhole including 2.31% U₃O₈ over 2.5 metres. The highest grade portion of this mineralized intercept is hosted in clay altered granitic assemblages within the basement rock, along with evidence for atypical structural disruption at the unconformity. This combination of lithologic and structural controls illustrate the potential for significant down-dip mineralized structures in the zone.

Moore Uranium Project Otter Target Drilling Map:

Exploratory drill hole ML19-04 drilled in the newly discovered Otter Zone area intersected prospective intrusive and graphitic lithologies in the basement rocks accompanied by uranium values up to 0.15% U₃O₈ over 0.5 metres and anomalous B, Th, Ni, Cu and Mo. Holes ML19-02 and ML19-03 at the Otter Zone intersected similar lithologic packages with ML19-02 intersecting highly clay altered and tourmalinized pegmatites containing up to 1.26% boron, indicative of a high level of prospectivity for additional uranium mineralization to be discovered. Analysis of the regional geophysical and geological data from the Otter Zone area indicate that it is part of a complex series of graphitic metasedimentary packages folded around and within Hudsonian granitic assemblages.

Skyharbour followed up with an innovative drone-assisted airborne magnetic survey to help better identify high-priority, cross-cutting features, and structures along the Maverick conductor corridor with a focus on basement rock hosted targets. 

Skyharbour's 2020 Winter / Spring Drill Program:

News Release - June 23, 2020

The Company carried out 2,328 metres of drilling to follow up on the success of the drill program completed in the 2019 season. This program tested both unconformity and basement-hosted targets along the high grade Maverick structural corridor. 

Drill hole ML20-04 doubled the known strike extent of the Maverick East Zone by intersecting a discrete basement-hosted zone of uranium mineralization from 273.9 metres to 278.4 metres downhole. The interval returned 4.5 metres of 0.38% U₃O₈ with a basal high grade basement intercept returning 0.5 metres of 1.43% U₃O₈. Additional drilling in the Maverick East confirmed the continuity and structural control of the zone both internally and peripherally. A greater understanding of the Maverick Structural Corridor was also obtained by additional drilling in the Viper and Maverick NE target areas.

Skyharbour's 2020 Summer / Fall Drill Program:

News Release - December 3, 2020  

The Company completed 2,560 metres of drilling in seven diamond drill holes in the summer of 2020 to follow up on the success of the drill program conducted earlier in the year. This drill program tested both unconformity and basement-hosted targets along the high-grade Maverick Structural Corridor. Of particular interest are potential underlying basement feeder zones to the unconformity-hosted high-grade uranium present along the Maverick corridor.

Drill hole ML20-09 intersected predominantly basement-hosted mineralization and returned 0.72% U₃O₈ over 17.5 metres from 271.5 metres to 289.0 metres including 1.00% U₃O₈ over 10.0 metres from 279.0 metres to 289.0 metres at the East Maverick Zone. Drill hole ML20-12 was drilled within the central portion of the Maverick East Zone. This hole intersected predominantly basement-hosted mineralization and returned 0.28% U₃O₈ over 17.9 metres from 268.1 metres to 286.0 metres including 1.09% U₃O₈ over 2.5 metres from 281.5 metres to 284.0 metres. Both holes ML20-09 and ML20-12 represent two of the longest continuous drill intercepts of uranium mineralization discovered to date at the project.

Moore Uranium Project Main and East Maverick Zones Drilling Map:

Skyharbour's 2021 Drill Program:

News Release - November 10, 2021  

Drilling on the Moore Uranium Project over the summer and fall of 2021 totalled 6,598 metres in 19 diamond drill holes. Thirteen holes (ML21-01 to -05 and ML21-12 to -19) were drilled on the Maverick East Zone, three holes on the Esker Target (ML21-06, -10, -11) and three on the Grid 19 target conductors (ML21-07 to -09). Results from holes ML21-01 to ML21-05 were reported in a previous news release dated September 14^th, 2021.  Results for holes ML21-06 to -13 have been received and samples for holes ML21-14 to -19 have recently been reported in a previous news release dated February 3^rd, 2022. Maverick East Zone hole ML21-19 successfully intersected a wide interval of 19.5 metres of 0.54% U₃O₈ from 269.5 metres to 289.0 metres down-hole including 4.0 metres of 2.07% U₃O₈ from 276.0 metres to 280.0 metres. This broad zone of uranium mineralization is hosted by clay altered sandstone and graphitic pelitic gneiss straddling the unconformity. The hole was designed to test the up-dip edge of the Maverick East Zone northeast of previously reported hole ML20-05 which returned 9.5 metres of 0.23% U₃O₈.

2021 Moore Uranium Project Maverick East Zone Drilling Map:

Skyharbour's Spring 2022 Drill Program:

News Release - October 13, 2022

Drilling on the Moore Uranium Project over the spring of 2022 totalled 2,467 metres in seven diamond drill holes. Four exploratory holes (ML22-01 to -04) were drilled at the Grid Nineteen target conductors, two exploratory holes (ML22-05 and -06) were drilled in the Viper target area, and one hole (ML22-07) was drilled at the Maverick East Zone. 

Moore Uranium Project - Viper Drilling:

Future drill programs will continue to test targets identified by modelling down plunge of the Maverick East Zone, targets along the Grid Nineteen conductors where anomalous geochemistry and geology have been identified, and test other regional targets at the project where the geochemistry/pathfinders and geology are strongly indicative of potentially uraniferous mineralizing systems.

Moore Uranium Project - Grid Nineteen Drilling

Terms of the Denison-Skyharbour Option Agreement:

Under the terms of the Option Agreement with Denison, Skyharbour has acquired a 100% interest in the Moore Project having issued 4,500,000 shares and having made a cash payment of CDN $500,000 as well as funding CDN $3,500,000 in exploration expenditures. Skyharbour now has an additional five year period to incur an additional $3,000,000 in exploration expenditures on the project (“Additional Expenditures”) and at this point Denison can elect to exercise its buyback option to repurchase a 51% interest in the property by making a cash payment of $500,000 and spending $16,500,000 in exploration expenditures on the property over the following four year period. The parties would then form a joint venture. If Denison fails to complete this second buyback option or elects not exercise it, Skyharbour would retain 100% ownership in the property.

If Skyharbour does not complete the Additional Expenditures within the allotted five year period, Denison may elect to exercise a buyback option at any time to repurchase a 51% interest in the property by making a cash payment of $500,000 and spending at least 2.5 times the expenditures incurred by Skyharbour since the beginning of the Option Agreement. The parties would then form a joint venture.