Skyharbour Partner Company Terra Clean Energy Completes First Three Drill Holes on Fraser Lakes Uranium Deposit at the South Falcon East Uranium Project
Vancouver, BC, March 10, 2025 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH)(OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that partner company Terra Clean Energy Corp. (“Terra”, previously Tisdale Clean Energy) has completed its first three drill holes at the South Falcon East Uranium Project (the “Property”) which hosts the Fraser Lakes B Uranium Deposit. The program will continue throughout March and is expected to consist of over 2,000 metres of drilling. The South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km East of the Key Lake uranium mill and former mine. Skyharbour optioned the Project to Terra and under the Option Agreement assuming the 75% interest is earned, Terra will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Terra over the earn-in period.
Terra is currently conducting a 2,000m - 2,200m helicopter supported drill program at the Property. Three diamond drill holes have been completed on the Fraser Lakes B Uranium Deposit, for a total of 802m, and a fourth hole is in progress.
“We are extremely encouraged by the results of the first three drill holes as we continue to see mineralization in each of the holes as well as what we believe to be an expansion of the deposit to the North. As stated below, Hole SF063 returned a continuous mineralized zone of pegmatites from 173 metres to 224 metres with some decent grades.” Based on the initial results from Hole SF063 we have decided to reorganize the remaining metres of this program to focus on further defining this new area of interest and chasing clay alteration not yet seen on the property to date, with hopes of finding a new high-grade unconformity uranium deposit,” said Greg Cameron CEO of the Terra Clean Energy.
Hole SF063 was planned to examine an interpreted cross fault offsetting the mineralization and geology on the east end of the Fraser Lakes B Uranium Deposit. This hole was drilled to a depth of 393 metres and intersected multiple structures and a 51-metre wide interval of mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. Highlights include 0.03% eU3O8 over 12.0m from 173.55m to 185.55m, including 0.06% eU3O8 over 0.7m from 180.35m to 181.05m, as well as 0.03% eU3O8 over 3.0m from 213.65m to 216.65m, including 0.07% eU3O8 over 0.5m from 215.95m to 216.45m.
The first structure intersected from 18m to 47.5m contained zones of intense clay alteration typically found in relation to unconformity uranium deposits. The presence of this alteration is a good indication that hydrothermal fluids suitable for deposition of higher-grade uranium mineralization moved through the rocks. The second structure from 306m to 315m is a brecciated pelitic gneiss situated between two intervals of Archean gneiss. This structure is interpreted to be responsible for the geological offset being targeted. This will assist in updating the target model in this area. The intersections of a clay altered structure and a thick sequence of mineralized pegmatites and pelitic gneiss have expanded the mineralization and improved the prospectivity on the east end of the Fraser Lakes B Uranium Deposit.
“The results from the drilling so far are very encouraging,” commented Trevor Perkins, Vice President of Exploration for Terra Clean Energy. “The first two holes have shown that the deposit is still open down dip to the north and northwest. Hole SF0063 has shown that there is significant potential for upgrading the deposit on the east end. We are excited to see where this can lead”, continued Mr. Perkins.
Drilling is continuing with one hole in progress at the T-Bone Lake target area to examine the conductive package and alteration intersected in the area in historical drilling. Pad preparation is underway to return to the target around hole SF0063 and follow up on the clay alteration and pegmatites. Efforts will be made to follow the alteration and pegmatites to where they intersect, as this should be an area of fluid pooling and upgrading of mineralization within the deposit.
The first hole in the program, hole SF061 was planned to test for a down dip extension of mineralization intersected in hole FP-15-05 and was drilled to a depth of 209m. Drilling intersected a 35m interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The most notable zone returned an equivalent grade of 0.02% eU3O8 over 2.2 m from 150.25m to 152.45m, including 0.05% eU3O8 over 0.6m from 151.65m to 152.25m. Historical diamond drill hole FP-15-05 was drilled by Skyharbour in 2015 in this area and returned multiple zones of mineralization over a 14m interval, including 6m of 0.10% U3O8 including 2.0m of 0.165% U3O8 from 135m depth and 2.5m of 0.172% U3O8 from 145m depth.
Hole SF062 was planned to test for an along strike extension of mineralization intersected in holes FP-15-05 and SF0061 and was drilled to a depth of 200m. Drilling intersected a 21m interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The most notable zone returned an equivalent grade of 0.03% eU3O8 over 2.2 m from 141.75m to 144.15 m, including 0.05% eU3O8 over 0.4m from 143.15m to 143.55 m.
While both of these holes extended the mineralization down dip and along strike to the north and northwest, they did not intersect the higher grades encountered in hole FP-15-05. This is due to the potential variability within the pegmatite swarm. As long as the mineralized pegmatites are present, higher grades will be encountered within the overall mineralized zone.
South Falcon East Project Summary:
The South Falcon East Project is a uranium exploration project in the southeast Athabasca Basin and covers approximately 12,464 hectares. It lies 18 kilometres outside the Athabasca Basin, approximately 50 kilometres east of the Key Lake Mine. Historical exploration at the South Falcon East Project identified an area of U-Th-REE mineralization at the Fraser Lakes Zone B over an area comprising 1.5 km by 0.5 km along an antiformal fold nose cut by an east-west dextral ductile-brittle cross-structure adjacent to a 65 km long EM conductor.
QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:
All drill intervals above are downhole length and sampling procedures and QA/QC protocols for geochemical results as well as a description of downhole gamma probe grade calculations and protocols are below. All drill core samples are shipped to the Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in Saskatoon, Saskatchewan under the care of Terra personnel 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. Assay samples are chosen based on visual inspection, downhole probing radiometric equivalent uranium grades and scintillometer (Radiation Solutions RS-125) peaks. Assay sample intervals comprise 0.5 to 1.0 metre continuous half-core split samples over the mineralized interval. These samples may also be selected for density determination using the lost wax method. With all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. 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 Terra and the SRC in accordance with Terra’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
During active exploration programs drillholes are radiometrically logged using calibrated downhole Mount Sopris 4OTGU or 2GHF probes of varying sensitivities which collect continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades (“eU3O8”) are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe at the Saskatchewan Research Council facility in Saskatoon and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Dave Billard, P.Geo., Consulting Geologist for Skyharbour as well as a Qualified Person.
About Terra Clean Energy Corp.:
Terra Clean Energy (formerly Tisdale Clean Energy Corp) is a Canadian-based uranium exploration and development company. The Company is currently advancing the South Falcon East uranium project, which hosts a uranium resource within the Fraser Lakes B uranium/thorium deposit, located in the Athabasca Basin region, Saskatchewan, Canada.
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 interest in thirty-six projects covering over 614,000 hectares (over 1.5 million acres) 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 in several zones at the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project, in which Skyharbour is operator with joint-venture partner RTEC. The project hosts widespread uranium mineralization in drill intercepts over a large property area with exploration upside potential. The Company is actively advancing these projects through exploration and drilling programs.
Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Preston, East Preston, and Hook Lake Projects, respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $36 million in partner-funded exploration expenditures, over $20 million worth of shares being issued, and $14 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
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.
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
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