Skyharbou r Resources Ltd . (TSX-V: SYH ) (OTC QB : SYHBF ) (Frankfurt: SC1P ) (the " Company ") announces that it has closed a non-brokered private placement financing for total gross proceeds of CAD $3,500,319.84 (the "Private Placement"). The Private Placement was subscribed for by two strategic institutional investors.
Skyharbour has allotted and issued 7,292,333 units (the "Units") at a price of CAD $0.48 per Unit. Each Unit is comprised of one flow-through common share and one-half of one warrant (each whole, a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow through common share for a period of three (3) years at a price of CAD $0.65 per share.
In addition, the Company has paid finder's fees of $50,016 and issued 104,200 finder's warrants (the "Finder's Warrants") to an arm's-length party. Each Finder's Warrant is exercisable into one common share for a period of up to three (3) years at a price of CAD $0.48.
The Company intends to use the proceeds from this Private Placement for exploration and upcoming drilling programs. The Private Placement is subject to final TSX Venture Exchange approval and all securities issued are subject to a four-month-and-one-day hold period.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour is actively advancing these projects through exploration and drill programs.
Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
Skyharbour Resources Ltd.
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Industry experts expect uranium prices to rise and the nuclear industry resurgence to start accelerating as uranium continues to play an integral role in the generation of clean, base-load, affordable and reliable energy globally. Despite a predicted demand for uranium topping 185 million pounds in 2021, a major supply-side response has played out in recent years and supply deficits have continued to grow. As uranium is needed for nuclear power, exploration and development companies focused on uranium-based assets could benefit significantly in the coming years as renewed investor interest comes back to the sector.
Skyharbour Resources (TSXV: SYH,OTCQB:SYHBF,FWB:SC1P) is a mineral exploration company that holds an extensive portfolio of uranium and thorium projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with 450,000 hectares of drill-ready land consisting a total of fifteen projects, ten of which are drill ready. The Company has acquired from Denison Mines, a large strategic shareholder of the Company, a 100 percent interest in the Moore Uranium Project which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine.
Moore is an advanced stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone with drill results returning up to 6.0 percent U3O8 over 5.9 metres including 20.8 percent U 3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. Skyharbour has the Option to acquire an initial 51 percent and up to 100 percent of Rio Tinto’s 73,294 ha Russell Lake Uranium Property strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. Skyharbour is actively advancing and drilling these projects with planned and ongoing exploration programs.
In addition to offering investors exposure to high-grade uranium discovery potential at its flagship Moore Project, Skyharbour leverages its property portfolio using the prospect generator model and has partner companies fund exploration and development at its other projects. It is a cost-effective model that facilitates large exploration programs without substantial equity dilution.
The Athabasca Basin hosts the highest-grade uranium deposits in the world and has historically accounted for 15-20 percent of annual global uranium production. Using modern exploration techniques and methodologies, Skyharbour is looking to emulate recent discovery success stories that have created significant returns for shareholders including those made by NexGen Energy (TSX: NXE), Fission Uranium (TSX:FCU), Alpha Minerals, Denison Mines (TSX:DML), and Hathor Exploration.
In September 2021, Skyharbour announced the initial set of diamond drill results from its 2021 summer diamond drilling program at its 100 percent owned, 35,705 hectare Moore Uranium Project. The summer/fall 2021 program included 6,598m in 19 holes and returned highlights of 2.54 percent U 3O8 over 6.0m including 6.80 percent U 3O8 over 2.0m in basement rocks at Maverick East Zone as well as 0.54 percent U3O8 over 19.5 metres including 4.0 metres of 2.07 percent U3O8.
The Company expects major developments and extensive exploration to be carried out in 2022, with a winter drill program of a minimum of 2500m recently completed with assays pending. “Outside of our Moore project, Skyharbour’s partner companies have been advancing some of our other projects,” Skyharbour CEO Jordan Trimble commented.
Currently, Skyharbour has joint venture agreements with Orano Canada Inc. (industry-leader and France’s largest uranium mining and nuclear fuel cycle company) and Azincourt Energy Corp. [ AAZ-TSXV; AZURF-OTC] on the Preston and East Preston Projects, respectively, which collectively cover one of the largest land positions in the Paterson Lake region. Orano recently became a 51 percent joint venture partner with Skyharbour and Dixie Gold after completing an earn-in option at the 49,645-hectare Preston Project by funding exploration and making cash payments. Meanwhile, Azincourt has recently earned a 70 percent stake in the 20,647 hectare East Preston Project by issuing shares, spending $2.5 million on exploration, and paying $1 million in cash to Skyharbour and Dixie Gold. Azincourt Energy recently completed its winter 2022 exploration program at the East Preston Uranium project which consisted of 5,004m of drilling in 19 drill holes, with assays pending.
Skyharbour has also recently signed a definitive agreement with ASX-listed Valor Resources on its Hook Lake Uranium Project (previously called North Falcon Point). Under the agreement, Valor can earn-in 80 percent of the project by spending $3.5 million on exploration and making $475,000 in cash payments over three years, as well as issuing 233,333,333 million shares to Skyharbour. Valor Resources completed a 1,757m diamond drilling program in six holes at the Hook Lake Uranium Project and scheduled an airborne gravity survey to commence in May 2022. In addition, Skyharbour has an active partnership with CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75 percent of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70 percent of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30 percent of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.
A world-class management and geological team lead Skyharbour Resource. The team brings years of expertise in uranium exploration, energy industries, corporate finance and capital markets. The company is well positioned to capitalize on the uranium market’s resurgence with strong potential for resource growth and new discoveries at its project base. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour owns 100 percent of the 35,705 hectare Moore Uranium Project 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 mine. Unconformity-hosted uranium mineralization was discovered on the property at the Maverick Zone in the early 2000’s at relatively shallow depths. Skyharbour has carried out several drill programs with multiple holes intersecting high grade uranium mineralization over the 4.7 km long Maverick corridor.
Drill results include 20.8 percent U3O8 over 1.5m at 264m depth in hole ML-199, 9.12 percent U3O8 over 1.4m at 278m in hole ML-202 and 5.29 percent over 2.5m U3O8 at 279m depth in hole ML-200. Hole ML-202 represents a new high-grade discovery and illustrates the strong discovery potential of additional high grade lenses along strike. The Company is planning additional drill programs to expand the known high grade Maverick Zone and to test basement-hosted targets as well as regional targets.
The depth to the unconformity on the property is relatively shallow, with the thickness of the sandstone cover varying from less than 125 metres on the property’s eastern side to over 325 metres on the property’s northwestern side. Basement rocks are predominantly paragneisses belonging to the Wollaston Domain. A large mafic sill known as the “Moore Lake complex” partially overlies a portion of the eastern side of the property. The property has been the subject of extensive historical exploration with over $45 million in expenditures, and over 150,000 metres of diamond drilling completed in over 390 drill holes. The project is accessible via ice roads from the McArthur River mine haul road and float or ski equipped aircraft.
Skyharbour recently completed the 2022 winter drill program consisting of a minimum 2,500m, with assays pending.
The drilling focused on both unconformity and basement-hosted targets along the Maverick structural corridor and new targets identified in the Grid Nineteen area. Skyharbour specifically plans to expand the high-grade mineralization discovered recently at the Maverick East zone, along strike, down plunge and at depth with a focus on basement-hosted mineralization. Other targets along the 4.7 km long Maverick structural corridor will be investigated, including the Esker target, again with a focus on basement-hosted mineralization. All 2022 exploration work is fully funded and appropriately permitted.
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco’s Key Lake and McArthur River Projects and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. Highway 914, which services the McArthur River mine, runs through the western extent of the Property and greatly enhances accessibility. Similarly, a high-voltage powerline situated alongside Highway 914. Skyharbour’s acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.
There has been a meaningful amount of historical exploration carried out at Russell Lake but with most of it conducted prior to 2010. The Property has been the subject of over 95,000 metres of drilling in over 230 drill holes. The Property’s claims are in good standing for 2-22 years with assessment credits built-up from previous programs.
Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity exist on the Property as well.
Skyharbour, as operator, can earn an initial 51 percent interest in the Property by paying CAD $508,200 in cash, issuing 3,584,014 common shares to RTEC, and funding CAD $5,717,250 in exploration on the Project, inclusive of a 10 percent management fee to Skyharbour, over a period of 3 years.
Skyharbour has a second option to earn an additional 19 percent interest for a total of 70 percent, and a further possible option to obtain the remaining 30 percent interest in the Project for an undivided 100 percent ownership interest.
The Preston project is a large 49,635-hectare (122,651 acre) land position strategically located to the south of and proximal to NexGen Energy’s Rook 1 project host to the high-grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) project host to the high-grade Triple R deposit. Uranium mineralization in the Patterson Lake area bears a number of similarities to the high-grade uranium deposits in the Eastern part of the Athabasca Basin like those at the Cigar Lake and McArthur River mines. The mineralization occurs in structurally disrupted and strongly clay altered, commonly graphitic pelites and metapelites with narrow felsic segregations/pegmatites.
The Preston Uranium Property is bisected by the all-weather Highway 955, which runs north through the PLS discovery being advanced by Fission through to the former Cluff Lake uranium mine. Over $7 million in historical exploration expenditures on the Preston Project have been incurred to date. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as several exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.
Orano Canada has now earned 51 percent of the project through $4.8 million in exploration expenditures as well as cash payments. Skyharbour retains a 24.5 percent minority interest in the project.
The East Preston project is a large 20,647 hectare (51,020 acre) land position strategically located proximal to NexGen Energy’s Rook 1 project host to the high grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) project host to the high grade Triple R deposit. Uranium mineralization in the Patterson Lake area bears a number of similarities to the high-grade uranium deposits in the Eastern part of the Athabasca Basin like those at the Cigar Lake and McArthur River mines. The mineralization occurs in structurally disrupted and strongly clay altered, commonly graphitic pelites and metapelites with narrow felsic segregations/pegmatites.
Over $5 million in historical exploration expenditures on the Preston Uranium Project have been incurred to date. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as several exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.
Azincourt Energy has now earned 70 percent of the project by issuing shares, spending $2.5 million on exploration, and paying $1 million in cash to Skyharbour and Dixie Gold. Skyharbour retains a 15 percent minority interest in the project.
Azincourt recently completed drilling for the 2022 winter season at the East Preston Project, resulting in 5,004.5 metres completed in 19 drill holes with results showing uranium enrichment within the previously identified alteration zones along the G-, K, and H- target zones. Azincourt is planning an extensive drill program for the fall and winter of 2022-2023. The planned program will consist of approximately 6,000 metres of drilling in 20+ diamond drill holes, and the priority will be to continue to evaluate the alteration zones and elevated uranium values identified in the winter of 2022.
The North Falcon Point (Hook Lake) project consists of 16 contiguous mineral claims totaling 25,847 hectares. The property has seen extensive historical work, which advantageously allows for fast-tracked exploration. Uranium mineralization discovered to date at the Hook Lake Project is shallow and is characterized by structurally controlled mineralization at the Hook Lake, West Way and Nob Hill target zones. The primary Hook Lake target area at the property’s north end has returned high-grade uranium grab samples of up to 68 percent uranium in massive pitchblende veining at surface level.
Skyharbour recently announced a Definitive Agreement signed with ASX-listed Valor Resources whereby Valor can earn-in 80 percent of the project by contributing cash and exploration expenditures consideration totaling C$3,975,000 over a three-year period ($475,000 will be in cash payments to Skyharbour as well as $3,500,000 in exploration expenditures) as well as issuing a total of 233,333,333 shares to Skyharbour.
The project area is in close proximity to all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area. Compilation and reinterpretation of previous exploration work results are already underway. An initial phase of exploration work by Valor Resources includes further bio-geochemical surveys, detailed UAV magnetics, ground gravity and resistivity surveys as well as detailed geological and structural mapping. A 1,757m diamond drilling program has been completed at the project to test the extent of uranium mineralisation at the S-Zone which included up to 59.2 percent U3O8 in rock chip samples at surface. Assays are currently pending for the program with an airborne gravity survey underway with plans for additional drilling.
The South Falcon project consists of 21 claims totaling 44,470 hectares and is strategically located 55 kilometers east of the Key Lake mine. In March of 2015, Skyharbour released an updated NI 43-101 mineral resource estimate for the Fraser Lakes Zone B deposit at south end of the property: 6,960,681 pounds U3O8 inferred at average grade of 0.03 percent U3O8 and 5,339,219 pounds ThO2 inferred at average grade of 0.023 percent ThO2 within 10,354,926 tonnes (cutoff grade of 0.01 percent U3O8). The deposit has geological and geochemical features similar to basement-hosted deposits in the Athabasca Basin such as Eagle Point, Millennium, P-Patch and Roughrider. The exploration potential of the 6 by 7 kilometre Fraser Lakes target area is considered exceptional, including resource expansion potential along strike and at depth at the Zone B uranium deposit.
Drilling to date at South Falcon Point totals over 22,000 meters across 110 holes with over C$15 million spent on exploration across its six near-surface targets. Skyharbour carried out a drill program in 2015 that returned 0.172 percent U3O8 over 2.5 metres and the findings point to increasing uranium grades at depth beneath the deposit. Recommended future work includes defining additional resources at the Fraser Lakes Zone B deposit area and further interpretation of geochemical and assay data following geological analysis.
Skyharbour recently announced the commencement of an airborne geophysical survey to cover the entirety of the South Falcon Point Property at a vertical height of 80 m and a line spacing of 200 m for a total of 2,843 line km.
The Yurchison Project consists of 11 claims totalling 55,934 ha in the Wollaston Domain of northern Saskatchewan, Canada. This contiguous set of claims covers an extensive package of Wollaston Supergroup metasediments in an area known for its base metal potential. The northeastern half of the project falls within the Courtenay Lake-Cairns Lake fold belt, which contains numerous Pb-Zn-Ag showings while the remainder is along trend to the north-northeast of the Janice Lake Cu deposit and numerous other base metal showings in the “Wollaston Copperbelt”. Access to the area is enhanced by Highway 905 which transects the property near Courtney Lake. A planned all-weather road between Highway 905 and the communities of Wollaston Lake and Hatchet Lake is proposed adjacent to the northeastern section of the claims. It is unknown when the project will be completed, but once in place it will significantly improve logistics for the project. Grid power is used to service a motel, restaurant and gas bar is located at km 147 of Highway 905, a few km north of Courtenay Lake.
In November 2021, Skyharbour signed an option agreement with Medaro Mining Corp. which provides Medaro an earn-in option to acquire an initial 70 percent interest and up to a 100 percent interest in the Yurchison Uranium Property.
Pursuant to the agreement, Medaro may acquire an initial 70 percent interest in the Property by issuing common shares of Medaro having an aggregate value of C$3,000,000; making aggregate cash payments of C$800,000; and incurring an aggregate of C$5,000,000 in exploration expenditures on the Property over a three year period.
The 3,473 hectare (8,582 acre) Mann Lake Uranium Project is located in the eastern Athabasca Basin in northern Saskatchewan. It is strategically located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit. In October, 2021 the Company entered into an option agreement with Basin Uranium Corp which provides them an earn-in option to acquire up to a 75 percent interest in the Mann Lake Uranium Project.
Under the option agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totaling C$4,850,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project. Basin Uranium Corp will also issue to Skyharbour the equivalent value of C$1,750,000 in shares of the company over the three-year earn-in period to complete the earn-in.
Basin Uranium Corp. recently completed its phase one 2022 drill program at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit. The phase one program consisted of five holes totalling 3,503 metres with the unconformity being intersected between 608 metres to 651 metres in all holes. This was the first significant drill program undertaken on the property since 2007.
The second phase of drilling is planned for the fall of this year and will consist of approximately 3,500 metres. Results from both the phase one drill program and upcoming geophysical surveys at Mann Lake will be used for targeting and follow-up in the second phase.
Jordan Trimble is an entrepreneur and has worked in the resource industry in various roles with numerous companies specializing in management, corporate finance and strategy, shareholder communications, deal structuring and capital raising. Previous to Skyharbour, he was the corporate development manager for Bayfield Ventures, a gold company with projects in Ontario, which New Gold successfully acquired in 2014. Throughout his career, Trimble has founded and helped manage several public and private companies and has been instrumental in raising substantial capital for mining companies with his extensive network of institutional and retail investors. He is a frequent speaker at resource and mining conferences globally and has appeared on various media outlets, including BNN and the Financial Post. Mr. Trimble holds a Bachelor of Science Degree from the University of British Columbia and he is a CFA Charterholder currently serving as a director of the CFA Society Vancouver.
Jim Pettit is currently serving as a director on the boards of several public resource companies. He offers over 30 years of experience within the industry specializing in finance, corporate governance, management and compliance. Pettit specializes in the early stage development of private and public companies. His background over the past 30 years has been focused primarily within the resource sector and he was previously chairman and CEO of Bayfield Ventures, which was sold to New Gold in 2014.
Dr. Ramcharan has an extensive background in corporate development, mining and exploration, project evaluation, and investment banking spanning over twenty years. Previously, as Manager of Corporate Development for IAMGOLD, Dr. Ramcharan was involved in raising over $600 million in equity financings and worked on project acquisitions totalling over $800 million. Prior to that, he was at SRK Consulting for several years and worked with uranium companies inlcuding SXR Uranium One, Ur-Energy, and UraMin which eventually sold for $2.5 billion in 2007 to Areva.
David Cates is a Director of Skyharbour. He is the President and CEO of Denison Mines (TSX: DML) and Uranium Participation Corp (TSX: U). Prior to being appointed the President and CEO position Mr. Cates served as Denison’s Vice President Finance, Tax and Chief Financial Officer. As Chief Financial Officer, Mr. Cates played a key role in the Company’s mergers and acquisitions activities – leading the acquisition of Rockgate Capital Corp. and International Enexco Ltd. Mr. Cates joined Denison in 2008 and held the position of Director, Taxation prior to his appointment as Chief Financial Officer. Prior to joining the Company, Mr. Cates held positions at Kinross Gold Corp. and PwC LLP with a focus on the resource industry.
Paul Matysek is a Strategic Advisor for Skyharbour and is a mining entrepreneur, professional geochemist and geologist with over 35 years of experience in the mining industry. He was the Founder, President and CEO of Energy Metals Corporation (“EMC”), a premier uranium company that traded on the New York and Toronto Stock Exchanges. Mr. Matysek led EMC as one of the fastest growing Canadian companies in recent years, increasing its market capitalization from $10 million in 2004 to approximately $1.8 billion when it was acquired by a larger uranium producer, Uranium One Inc., in 2007. In December of 2017, Mr. Matysek was involved of the sale of Lithium X Energy Corp. for $265M to NextView New Energy. Mr. Matysek was the President and CEO of Goldrock Mines Corp. which on June 7th, 2016 announced it had entered into a definitive agreement to be acquired by Fortuna Silver Mines (NYSE:FSM) (TSX:FVI) for $129 million on a fully-diluted in-the-money basis. Previously, Mr. Matysek was the President and CEO of Lithium One Inc., which developed a high-quality lithium project in northern Argentina. In July 2012, Lithium One and Galaxy Resources merged with a $112 million plan to create a fully integrated lithium company. Prior to Lithium One, Mr. Matysek was the President and CEO of Potash One Inc. where he was the architect of the $434 million friendly takeover of Potash One by K+S Ag, which closed in early 2011.
Mr. Gallucci is a senior capital markets executive and corporate director with over 20 years of experience in investment banking and equity research. His career focused on mining, base metals, precious metals and bulk commodities on a global scale. He is currently the Managing Director and Head of Investment Banking at Laurentian Bank Securities Inc. where he oversees the investment banking practice in entirety.
His career has spanned across various firms including BMO Capital Markets, GMP Securities, Dundee Securities, and he was a founding principal of Eight Capital where he led their Mining Investment Banking Team.
In his previous and current roles, he has acquired experience in corporate finance, mergers, acquisitions, business and operational development, financings and corporate strategy. He has been directly involved in raising several billion dollars for mining companies as well as lead advisor on significant M&A transactions.
Prior to investment banking, Mr. Gallucci spent over a decade in equity research with a focus on global mining at both GMP and Dundee Securities. At Dundee Securities, he was a Managing Director and Head of the Metals and Mining Research Team, where he oversaw the entire mining franchise.
He holds a Bachelor of Commerce degree from Concordia University and an MBA in Investment Management from the Goodman Institute of Investment Management. He also holds the ICD.D designation.
Skyharbour Resources Ltd. (TSXV: SYH) would like to cordially invite you to visit us at Booth #604 at the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Tuesday May 17 Wednesday May 18, 2022.
Former Prime Minister of Canada Stephen Harper and Former President of Mexico Felipe Calderon are two of the marquee speakers at the 2022 Resource Investment Conference. The Vancouver Resource Investment Conference (VRIC) will host over 100 international keynote speakers covering the hottest topics in finance, economics and geopolitics on May 17th and 18th, 2022.
Alongside the former Canadian Prime Minister and Mexican President are best selling finance author Robert "Rich Dad" Kiyosaki, dozens of globally respected economists, legendary money managers, and investors. The conversations on stage will cover the most important investment opportunities and key issues in macro-finance.
The VRIC will include a marketplace of 225 investment opportunities in the mining industry, spanning early-stage exploration to advanced producing mines.
For more information and/or to register for the conference please visit: https://cambridgehouse.com/vancouver-resource-investment-conference.
We look forward to seeing you there.
For further information:
Skyharbour Resources Ltd.
Jordan Trimble
604-687-3376
[email protected]
https://skyharbourltd.com/
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Skyharbour Resources Ltd. (TSXV: SYH) is pleased to announce that the company will be presenting at Red Cloud's 2022 Very Pre-PDAC Mining Showcase. We invite our shareholders and all interested parties to join us there.
The annual conference will be a virtual event this year and will take place from March 2-4, 2022.
Jordan Trimble will be presenting on March 2nd at 3:00 PM Eastern Standard time.
For more information and/or to register for the conference please visit: https://www.redcloudfs.com/prepdac2022/.
We look forward to seeing you there.
For further information:
Skyharbour Resources Ltd.
Jordan Trimble
604-687-3376
[email protected]
https://skyharbourltd.com/
News Provided by Newsfile via QuoteMedia
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drilling results from its maiden exploration drilling program on the 100% owned Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2).
The drilling program, which tested regional targets across the Project, identified elevated radioactivity in multiple drill holes within favorable geological settings for high-grade, unconformity-related basement-hosted deposits typical of the Athabasca Basin.
Results included near-surface intersections of elevated radioactivity (measured in counts per second or "cps"), between 20 and 150 metres below surface, within prospective graphitic units associated with favourable structure and hydrothermal alteration.
Highlights included:
" This exploration drilling program represents our first pass testing Murmac for high-grade uranium deposits. The initial results demonstrate we are exploring fertile corridors for these deposits, and importantly, the intersections of elevated radioactivity within a number of drill holes indicate potential proximity to high-grade uranium mineralization. The Project has significant scale with over 30 kilometres of prospective graphitic rocks, and we see potential to make new discoveries through the follow-up of these results and testing of numerous other targets on the Project." commented Eric Bort, Exploration Manager for Fortune Bay.
Dale Verran , CEO for Fortune Bay, added " Nuclear energy is set to play a critical role in the drive toward a clean energy future, and now is the time to be exploring for uranium resources to meet the demand from the growing number of nuclear reactors globally. The Company's uranium projects present compelling exploration opportunities, with the right geological ingredients for Athabasca Basin basement-hosted uranium deposits, and proximity to local infrastructure within a historical uranium mining district in Saskatchewan ."
A total of 15 drill holes (3,168 metres) were completed at Murmac between June 16 and August 7, 2022 to test targets documented in the News Release dated June 16, 2022 along the Pitchvein, Armbruster and Howland Corridors. Drill holes targeted compelling geophysical features selected from VTEM TM (electromagnetic and magnetic) and ground gravity datasets, often associated with favourable structural settings and historical exploration results of interest. Operational efficiencies during the drilling program allowed the Company to increase the previously announced drill meterage from an estimated 2,500 metres to 3,168 metres. Drill hole collar information is summarized in Table 1, drill hole locations are shown in Figure 3, and select drill core photographs are provided in Figure 4 and Figure 5.
Table 1: Murmac Drill Hole Summary
Hole ID
Target
Easting
Northing
Dip
Azimuth
Length (m)
M22-001
H4
630248
6587778
-45
280
251.0
M22-002
A6
631386
6590433
-50
300
197.0
M22-003
A7
631750
6590935
-45
290
221.0
M22-004
H1
629228
6586598
-45
305
161.0
M22-005
A4
630429
6589095
-45
305
290.0
M22-006
H9
631195
6589481
-45
330
176.0
M22-007
H8
632250
6591251
-45
335
176.0
M22-008
H7
631969
6590663
-45
300
176.0
M22-009
A11
628821
6587569
-45
165
275.0
M22-010
P3
631185
6593686
-45
285
275.0
M22-011
H10
632623
6592006
-45
312
200.0
M22-012
H11
633362
6592995
-45
315
176.0
M22-013
P1
630645
6593037
-45
310
270.0
M22-014
P1
630645
6593037
-85
320
126.4
M22-015
A10
631225
6590123
-70
335
198.0
Notes: Coordinates are reported in UTM NAD83 Zone 12N. Azimuth is true north.
Target prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor.
In summary, the drill holes encountered highly favorable geological settings for high-grade basement-hosted deposits associated with the Athabasca Basin. This included:
A summary of elevated radioactivity (>300 cps) encountered is provided in Table 2, with descriptions of the relevant lithological, structural and alteration features. Final drill results will be announced following receipt of uranium assay, geochemical and reflectance spectrometry data.
Table 2: Summary of Elevated Radioactivity Intersected
Target
Hole ID
From (m)
To (m)
cps
Description
A6
M22-002
81.2
82.7
460
Disseminated radioactivity along foliation and locally
along fractures in graphitic pelite, below the contact
with overlying quartzite. Associated with hematization,
chlorite alteration, graphitic shearing and faulting.
including
82.0
82.3
1,100
91.0
91.1
350
H1
M22-004
82.8
83.0
375
Disseminated radioactivity in chlorite altered graphitic
pelite, proximal to a graphitic fault.
A11
M22-009
134.0
134.6
308
Radioactivity occurs at the base of a semipelite,
associated with hematitic brecciation. Significant
faulting within hole associated with cross-cutting
Heatherington Fault.
H11
M22-012
101.9
102.5
551
Disseminated radioactivity within graphitic pelite in a
hematized graphitic shear / breccia zone.
including
102.2
102.3
1,100
P1
M22-013
24.7
31.6
334
Disseminated to fracture-hosted radioactivity, within a
graphitic pelite characterized by patchy hematization,
chloritic shears, pyrite, local quartz flooding and disseminated sericite.
Bleaching and clay alteration
continues below zones of radioactivity.
Drill hole located approximately 225 m SW (along strike)
of mineralized intersections from historical core holes,
including 1.01% U 3 O 8 over 2.0 m (56.0 to 58.0 m in drill hole CKI-9)
and 2.19% U 3 O 8 over 0.5 m (68.0 to 68.5 m in drill hole CKI-10).
Including
30.7
31.4
718
including
31.2
31.3
1,000
35.8
37.6
402
including
36.0
36.1
820
44.1
44.6
572
including
44.3
44.4
860
55.6
58.0
303
58.8
59.9
315
63.5
64.5
322
226.3
227.4
340
Radioactivity associated with vuggy texture in psammite with bleaching,
hematization, chloritization and elevated pyrite content.
P1
M22-014
34.7
34.8
310
Disseminated and fracture-controlled radioactivity, within a locally
brecciated graphitic pelite with increased sulphide content. Association
with chloritic shearing.
Designed as a follow-up hole testing approx. 50 m
down-dip from elevated radioactivity intersected in M22-013.
36.6
39.9
443
including
38.5
38.8
817
including
38.6
38.7
1,100
47.8
48.1
413
A10
M22-015
158.1
158.3
750
Elevated radioactivity occurs along shears and fractures.
A bleached and hematized fault zone is intersected immediately
below zone of radioactivity.
including
158.2
158.3
1,150
163.8
163.9
330
Notes: Radioactivity is total gamma from drill core measured with a Super-SPEC RS-125 handheld spectrometer reported in counts per second ("cps"). The cps values are averages for the reported drill interval. The Company considers values > 300 cps to be elevated for the Project based on measurement of background lithologies. Measurements of total gamma cps are an indication of the presence of uranium, thorium and/or potassium, but may not directly correlate with chemical uranium assays. Total gamma cps results are preliminary in nature and may not be used directly to quantify uranium concentrations in the drill core samples. True thicknesses of the drill core intersections are yet to be determined. Target prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor.
The Company also announces that at its Annual General and Special Meeting of Shareholders (the "Meeting") held on June 20, 2022 , the Company's disinterested common shareholders approved the adoption of its amended DSU Plan (the "Plan"). Under the amended Plan, the maximum number of common shares which the Company may issue from treasury in connection with the redemption of DSUs granted under the Plan has been increased from 500,000 to 1,000,000. The Plan is fully described in the Company's management information circular dated May 16, 2022 (the "Circular"). The full text of the Plan is also appended to the Information Circular as Appendix "B", a copy of which has been filed on SEDAR at sedar.com under the Company's profile.
All drilling is being carried out with NQ2 or NQ diameter. Radioactivity measured in counts per second ("cps") has been measured using a Super-SPEC RS-125 Scintillometer. The measurements reported in this News Release are the measurements over 0.1 metre core increments, which is the approximate width of the instrument sensor. Core is removed from the core box and moved, if necessary, to a location where the instrument reads below background, and the measurement is collected by placing the sensor against the core at the required location. Background radioactivity is estimated at 200 cps, and values > 300 cps are considered to be elevated. The oriented drill cores are being subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Drill core samples will be submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Reflectance spectrometry will be undertaken on additional core samples to determine the presence of indicator clay alteration.
Unless otherwise stated, the historical results (including drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. The historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the Saskatchewan Mineral Assessment Database references 74N07-0310 and 74N07-0311.
The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
Fortune Bay Corp. (TSXV:FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as [email protected] or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 
SOURCE Fortune Bay Corp.
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce the commencement of an airborne electromagnetic (EM) and magnetic survey on its Wollaston uranium project, located 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of OranoDenison's McClean Lake Uranium Mill in the northeastern Athabasca Basin.
Ken Wheatley, Vice President, Exploration stated, "Drilling in the winter of 2022 demonstrated the uranium potential of the property with the discovery of the Gizmo zone. The airborne survey will aid with structural interpretations and precisely locate the EM conductors for identification of continuing gravity surveys. This will set the project up for investigating numerous high-priority targets with future drill programs, starting in 2023."
The Axiom Exploration Group Ltd. Is flying a Time Domain Electromagnetic survey (Xcite TDEM) and coincident magnetic survey over the whole project area (Figure 1). The lines will be completed at 100m spacing for an approximate total of 1650 line kilometres (Figure 2). Results from this survey will be available in September and will allow for the development of further drill targets on the project.
Figure 1: The Axiom Xcite TDEM airborne system in action.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4908/134428_bca52816b4d49baa_003full.jpg
Figure 2: Airborne EM and Magnetic Survey over the Wollaston Project.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4908/134428_bca52816b4d49baa_004full.jpg
The project is located on Highway 905, 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of Orano/Denison's McClean Lake Uranium Mill. The survey area is outlined in red. The two areas of current gravity coverage are shown, with the Gizmo showing located.
The Gizmo showing was discovered from last winters' drill program with five holes defining a very strong zone of alteration with uranium mineralization up to 0.21% U3O8 and boron (an indicator element) up to 2,200 ppm (see June 29 news release for details). A number of gravity lows are evident further to the south that have not been investigated by historic drill programs, and the EM/Magnetic survey will aid in prioritizing these targets.
Ken Wheatley, P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
About Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: https://www.forumenergymetals.com/
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
[email protected]
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134428
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Geochemical Assay Results Confirm Basement-Hosted Uranium Mineralization with 2.4% U3O8 over 9.0 metres
High-Grade Interval Includes 3.5% U3O8 over 6.0 metres
Summer Drill Program Continuing on West McArthur Project
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce it has received assay results from drill hole WMA067, the first drill hole into a new basement-hosted uranium discovery on the West McArthur project (Figure 1). Geochemical assay results indicate a high-grade intersection of 2.4% U3O8 over 9.0 metres from 906.5 m to 915.5 m, including a higher-grade interval of 3.5% U3O8 over 6.0 metres from 906.5 metres. The Company is continuing its drilling program at the West McArthur project as part of the $5 million 2022 program, focusing its effort on the expansion of this exciting new uranium discovery. The West McArthur project is operated by CanAlaska, which currently holds a 78.00% ownership in the project.
Figure 1 – West McArthur Property Location Map
To view an enhanced version of Figure 1, please visit:
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Drill hole WMA067 was designed to test a strong conductor anomaly identified during the 2022 winter geophysical program, 6 kilometres along strike to the southwest of the Company's 42 Zone mineralization (Figure 2). 
Figure 2 – WMA067 Drill Hole Location Relative to 2022 Geophysical Survey Grid
To view an enhanced version of Figure 2, please visit:
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WMA067 penetrated 52.8 metres of overburden followed by Athabasca sandstone to 803.8 metres. The lower 80 metres of the sandstone column is strongly bleached with several fault zones containing limonite alteration and de-silicification. Two major metre-scale fault zones in the basal sandstone, the lowermost of which straddles the unconformity, are associated with strong clay, limonite, and strongly de-silicified core resulting in approximately 30% core recovery.
The basement of WMA067 consists of a wide package of graphitic and non-graphitic pelitic metasedimentary rocks, explaining the 2022 survey conductive response. In the 30-metre interval directly below the unconformity, the metasedimentary package is overprinted by strong clay, chlorite, and hematite alteration associated with multiple fault zones that contain clay gouge, broken core, and cataclastic breccias. The remainder of the basement intersection is variably clay- and chlorite-altered, increasing in intensity around intervals of increased fracturing, as damage zones to graphitic fault zones. The intensity of the basement alteration increases with depth, leading up to the basement-hosted uranium mineralization.
The uranium mineralization in the drillhole is structurally-controlled and located approximately 100 metres below the unconformity within a broad graphitic shear zone that hosts several re-activated faults. The uranium mineralization, starting at 906.5 metres, is characterized by massive to semi-massive, vein-controlled, and disseminated pitchblende with yellow to orange uranium secondaries that are associated with bleaching, clay, and hematite alteration (Figure 3). Core recovery throughout the basement intersection is 100%. The geochemical assay intervals are summarized in Table 1.
Figure 3 – Drill Core Photograph from WMA067
To view an enhanced version of this graphic, please visit:
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Table 1 – WMA067 Uranium Geochemical Assay Intersections
CanAlaska CEO, Cory Belyk, comments, "This new discovery drillhole intersection has now been confirmed by assay results to be wide and high-grade. It is even wider than originally anticipated. The style and grade of mineralization is reminiscent of some of the best basement-hosted uranium drillhole intersections encountered in the Athabasca Basin and at large uranium deposits such as Eagle Point, Millennium and Arrow. Confirmation of width and grade of mineralization in this drillhole is an exciting achievement for CanAlaska, its shareholders, and the joint venture at a time when the world needs more high-grade uranium deposits to be found to support future clean energy demand."
Geochemical Sampling Procedures
Drill core samples were shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Radiometric assay samples are chosen based on downhole probing radiometric equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay samples comprise 0.5 metre continuous split-core samples over the mineralized interval. A 0.1% U3O8 cut-off with a maximum internal dilution of 1 metre is used for compositing and reporting the data. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by CanAlaska and the SRC in accordance with CanAlaska's quality assurance / quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by CanAlaska prior to disclosure.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.
Other News
CanAlaska's latest on-site videos for the West McArthur project can be viewed at www.canalaska.com.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: [email protected]
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134414
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Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (" Baselode " or the " Company ") is pleased to announce the geochemical assay results from twenty-one drill holes of the now-complete 2022 diamond drill program (the " Program ") on the ACKIO high-grade uranium discovery (" ACKIO "), Hook project, Athabasca Basin area (the " Basin "), northern Saskatchewan (see Table 1 and Figure 1 ).
"We're very happy to be releasing the first set of uranium assay results from this years 22,485 metre drill program on ACKIO. These results are better than we had anticipated. We're seeing a lot of mineralization in these early Program drill holes that exceed the results from our discovery drill program last year. Five of our drill holes intersected mineralization exceeding 10 metres in core length, and a few drill holes have multiple intercepts. These are significant as they demonstrate a thick, robust, and multi-layered deposit. The mineralization reported herein is shallow, within 100 to 200 metres true vertical depth from the surface. We're confirming grades and other characteristics at ACKIO that are similar to historically mined open pit deposits in the Basin area. We are excited for the assays from the remaining thirty-six drill holes with elevated radioactivity to be received as we believe they will continue to highlight excellent U 3 O 8 assay results from shallower depths intersected at ACKIO," said James Sykes , CEO, President and Director of Baselode.
The Company has prepared a video ( see link below ) that discusses:
VIEW BASELODE'S WEBINAR DETAILING THE FIRST SET OF ASSAY RESULTS FROM THE 2022 DRILL PROGRAM
Drill hole highlights from this news release include;
Baselode started the Program on February 9, 2022 ( see Company News Release ) and completed the Program on August 2, 2022 , with 78 drill holes (AK22-005 to AK22-080, and HK22-007), including one abandoned drill hole, for a total of 22,485.85 m ( see Figure 1 ). Forty-four of seventy-six drill holes at ACKIO have intersected elevated radioactivity. A complete list of drill hole collar information, hand-held scintillometer radioactivity composite measurements, and U 3 O 8 composite assay results for the twenty-one drill holes reported in this news release (AK22-005 to AK22-011, and AK22-020 to AK22-033) are provided in Table 1 .
Geochemical U 3 O 8 assay results from these twenty-one reported drill holes were provided by Saskatchewan Research Council's Geoanalytical Laboratory (" SRC ") in Saskatoon , Saskatchewan. The assay methodology includes SRCs "U 3 O 8 Wt% Assay" analysis package where an aliquot of sample pulp is digested in a concentration of HCL:HNO 3 . The digested volume is then made up with deionized water for analysis by ICP-OES. Uranium assay results from the remaining fifty-seven drill holes will be released as they are received from SRC and after being compiled and thoroughly checked by the technical team.
ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 5 separate zones, with mineralization starting as shallow as 25 m beneath the surface and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 200 m . ACKIO remains open to the west, south, and along the Athabasca sandstone unconformity to the east and south.
ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.'s (TSX: CCO) and Orano's McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program was helicopter-supported to lessen any ground-induced environmental impacts within the project area.
NOTES:
1. All reported drill hole lengths do not represent true thicknesses which have yet to be determined.
Baselode controls 100% of approximately 227,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada . The land package is free of any option agreements or underlying royalties.
Baselode's Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
The technical information contained in this news release has been reviewed and approved by Cameron MacKay , P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com .
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
SOURCE Baselode Energy Corp.
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ValOre Metals Corp. ("ValOre", or the "Company") (TSX-V: VO, OTC: KVLQF, Frankfurt: KEQ) today announced the intent to complete a non-brokered private placement financing (the "Offering) of up to 6,250,000 units (the " Units ") at a price of CDN$0.40 per Unit (the " Offering Price ") for gross proceeds of up to CDN$2,500,000. Each Unit will consist of one common share (a " Share ") in the capital of ValOre and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant being a " Warrant "). Each Warrant will be exercisable to acquire one Share at a price of CDN$0.60 per Share for a period of 24 months from the date of issuance.
ValOre intends to use the net proceeds raised from the Offering for additional exploration work on ValOre's
Angilak Property uranium project in Nunavut Territory, Canada and the Company's Pedra Branca palladium platinum project in Brazil, as well as for general working capital.
The Company may pay finder's fees on a portion of the Offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.
Certain insiders of ValOre will acquire Units in the Offering. Any participation by insiders in the Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") . However, the Company expects such insider participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would not exceed 25% of the Company's market capitalization.
The closing of the Offering is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws. There are no material facts or material changes regarding the Company that have not been generally disclosed.
About ValOre
ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.
On behalf of the Board of Directors,
"Jim Paterson"
James R. Paterson
Chairman and CEO
ValOre Metals Corp.
For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected] .
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Survey Defines Multiple Target Areas for Thompson-Style Nickel-Sulphide Deposits; Focused on Tier 1 High-Grade Nickel Discovery
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce it has received and processed the results of an airborne Versatile Time Domain Electromagnetic ("VTEM Plus") and Horizontal Magnetic Gradiometer geophysical survey on its 100%-owned Hunter project in the Thompson Nickel Belt (Figure 1). Preliminary evaluation of the geophysical survey has identified several target areas within the Hunter Project (Figure 2). The survey was completed by Geotech Ltd. of Aurora, Ontario and consisted of 882 line-kms of surveying.
Figure 1 – Hunter Project Location Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/134175_7cbabfcfd4869b50_002full.jpg
The Hunter project is underlain by Archean rocks and Ospwagan Group metasediments with ultramafic intrusions. The project area was explored by a variety of companies from the 1950's to 2000's, which led to the discovery of the Mel nickel deposit, located immediately to the east of the project. In addition, historical drill intersections on the property and in the surrounding claims have high-grade nickel sulphide mineralization associated with ultramafic rocks within Ospwagan Group metasediments. The Ospwagan Group metasediments, specifically the Pipe Formation, are host to the world-class Thompson Nickel Deposit.
Figure 2 – Hunter Project Geophysical Survey Results and Priority Target Areas
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/134175_7cbabfcfd4869b50_004full.jpg
The Company's newly completed VTEM Plus survey shows a good correlation between the interpreted geology and geophysical survey data, both in the electromagnetic and magnetic responses. The survey highlights NE-SW magnetic lineament trends associated with variably conductive electromagnetic responses, interpreted to represent Ospwagan Group metasediments and associated ultramafics. In addition, the survey identified geophysical signatures that may suggest more Ospwagan Group metasediments (nickel deposit host stratigraphy) in the project area than previously documented. The VTEM Plus survey also confirmed that the modeled conductor interpreted to be the extension of the host geological horizons associated with the Mel nickel deposit to the east of the project area trend onto the Hunter project. The Company has identified three initial high-priority target areas based on the newly acquired survey data and the presence of known mineralized occurrences within and along trend of these targets. The Company is completing a 3D magnetic vector inversion (MVI) of the VTEM Plus survey data and Maxwell Modelling of electromagnetic anomalies to further refine drill targets.
CanAlaska CEO, Cory Belyk, comments, "This airborne survey has provided a significant amount of new detail to the Hunter project target inventory. The possible identification of additional host stratigraphy than was previously known highlights the value-add of this new survey to prioritize areas for future drilling campaigns. The Hunter project is just one piece of the Company's extensive land holdings in this prolific and world-class nickel belt that provides our shareholders with discovery opportunity of a critical metal for a clean energy future. CanAlaska is actively seeking joint venture partners to help move these nickel projects toward discovery."
About the Hunter Project
CanAlaska's Hunter project encompasses 8,232 hectares within the world-class Thompson Nickel Belt. The Project is located 20 km north of Thompson, Manitoba, which has significant infrastructure and capacity that has supported previous exploration programs and mine development, including year-round highway access.
Other News
The Company is actively advancing a new uranium discovery on its West McArthur uranium project in the eastern Athabasca Basin. As part of the summer program, the Company reported a 6.3 metre long interval of elevated radioactivity in the basement of WMA067, 100 m below the unconformity. WMA067 is located along a newly defined exploration trend, approximately 6 kilometres along strike to the southwest of the Company's 42 Zone mineralization. The summer drilling program is part of a $5 million program operated by CanAlaska, which holds a 77.13% ownership in the project.
CanAlaska's latest on-site videos for the West McArthur project can be viewed at www.canalaska.com.
Metal Energy has acquired a 70% interest in the Manibridge nickel project, effective August 16, 2022, as a result of recent work programs. In addition, the Company has received notice from Metal Energy of their intention to acquire 100% ownership in the Manibridge project based on positive results from the phase 1 and phase 2 drilling programs. The Company has received a total of 5,000,000 Common Shares of Metal Energy (TSX:V MERG) and $100,000 cash as part of the notification of intent to achieve 100% ownership.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: [email protected]
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134175
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