Skyharbour Partner Company Terra Clean Energy Completes Winter Drill Program with Encouraging Results and Prepares a Significant Summer Drill Program at the South Falcon East Uranium Project

Rhea-AI Summary

Skyharbour Resources (SYHBF) announces completion of winter drilling program at South Falcon East Uranium Project by partner Terra Clean Energy. The program, consisting of seven diamond drill holes totaling 1,927m, yielded promising results with uranium mineralization in six holes.

Key findings include hole SF0065 showing 0.02% eU3O8 over 17.5m with peaks of 0.16% eU3O8, and SF0067 returning 0.03% eU3O8 over 4.0m. The drilling expanded the mineralized footprint and confirmed deposit continuity, with mineralization remaining open to the north and northeast.

The project, located 18km outside the Athabasca Basin and 50km east of Key Lake Uranium Mill, shows potential for open-pit mining due to shallow mineralization at 150m depth. Terra plans a follow-up summer drilling program targeting a possible basement-hosted unconformity uranium deposit.

Positive

• Six out of seven drill holes intercepted uranium mineralization
• Significant mineralization width up to 75 meters
• High-grade peaks of 0.16% uranium discovered
• Shallow deposit depth (150m) favorable for open-pit mining
• Strategic location near Key Lake Uranium Mill and power infrastructure

Negative

• Overall uranium grades remain relatively low (0.01-0.03% eU3O8)
• One drill hole (SF0064) showed no elevated radioactivity

Vancouver, BC, April 01, 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) announced the completion of the winter drill program at the South Falcon East Uranium Project (the “Property”) which hosts the Fraser Lakes B Uranium Deposit. The Property 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 (“Shares”) over the earn-in period.

Map of South Falcon East Project Claims:
https://skyharbourltd.com/_resources/maps/Sky_SouthFalconEast_20250109.jpg?v=1

Highlights:

• Six holes intercepted uranium mineralization
• Continuity across the deposit confirmed
• Drilling expands mineralized footprint

Terra conducted a helicopter supported drill program at the Property with seven diamond drill holes completed for a total of 1,927m. The first three drill holes were reported in the press release dated March 10^th, 2025.

“With uranium present in six of seven holes drilled this winter, and the east and west of the property now tied together with mineralization, this was a very successful program, and we believe we have added significant value to the Property,” said Greg Cameron CEO of Terra Clean Energy. “We are seeing wider intervals of mineralization up to 75 metres and more consistent spikes of higher-grade uranium with 0.16% reported in Hole SF0065. The Fraser Lakes Uranium Deposit is shallow in nature making it ideal for an open pit scenario being only 150 metres below surface and not far from a powerline and Cameco’s Key Lake Uranium Mill, making it a unique opportunity, especially in a rising uranium price environment. As we continue to add pounds of uranium and higher grades, this deposit becomes more and more valuable.”

Hole SF0065 was drilled to follow up the results of SF0063, reported in the March 10^th release. It was targeted to intersect the same mineralized pegmatites 60m to the northeast. The hole was completed to a depth of 282m and intersected a 75m wide zone of variably mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. A summary of the major zones within this mineralization are shown in Table 1 with the main highlight being an equivalent grade of 0.02% eU₃O₈ over 17.5m from 204.9m to 222.4m, including 0.16% eU₃O₈ over 0.3m. A zone of clay alteration and bleaching was intersected from 59m to 68m. The presence of this alteration is a good indication that hydrothermal fluids suitable for deposition of higher-grade uranium deposits moved through the rocks.

2025 Drill Target Areas at the South Falcon East Uranium Project:
https://www.skyharbourltd.com/_resources/images/2025-Drill-Target-areas-at-the-south-Falcon-East-Uranium-Project.png

Hole SF0066 was drilled to a depth of 302m, to follow the clay alteration and mineralized pegmatites to the northwest and assist in characterizing orientation of the clay alteration and associated structure. Drilling intersected a 50m 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 3.4m from 214.4m to 217.8m, including 0.1% eU₃O₈ over 0.1m. The zone of strong clay alteration and bleaching was intersected from 57.5m to 67.5m. Based on oriented core data and intersections on three holes, this alteration package appears to be dipping to the north.

Completed Drill Holes at South Falcon East Uranium Project:
https://skyharbourltd.com/_resources/images/2025-Completed-drill-holes-at-South-Falcon-East-Uranium-Project.png

Hole SF0067 was drilled to a depth of 302m, to extend the mineralized pegmatite package to the north and confirm the interpreted north dipping orientation of the clay alteration. Drilling intersected a 70m interval containing multiple mineralized granitic pegmatites and zones within the altered and graphitic pelitic gneiss package. This interval is noted for the larger number of higher-grade spikes at or above 0.1% eU₃O₈ intersected compared to the previous drilling in this program. Down-hole gamma logging returned equivalent grades of 0.03% eU₃O₈ over 4.0m from 219.8m to 223.8m, including 0.13% eU₃O₈ over 0.2m and 0.01% eU₃O₈ over 5.5m from 233.7m to 239.2m, including 0.06% eU₃O₈ over 0.2m in the two widest intervals. The zone of strong clay alteration and bleaching was intersected from 66.5m to 73.5m. Drilling has now extended the deposit to the north and northeast and is still open in this direction. It is interpreted that the clay altered structural zone identified in SF0063, SF0065, SF0066 and SF067 is dipping to the north and will intersect the mineralized and hematite altered graphitic pelitic gneiss and pegmatites approximately 120m to 150m north of the current drilling. A follow-up drill program is currently being planned to test this upgraded target area for a higher-grade unconformity related basement-hosted uranium deposit and additional mineralized pegmatites where these structures and alteration all intersect.

“I’m very excited to announce we will be conducting a summer drilling program to follow up on the significant results received. We believe we have started to define a new structure on the northeast side of the Property and are hopeful a basement-hosted unconformity uranium deposit, similar to Eagle Point and Rough Rider, is present. Our strategy moving forward is to both increase the size and grade of the Fraser Lakes B deposit and to add additional discoveries to this historical resource,” said Mr. Cameron.

”The results from this drilling program are very encouraging. Drilling has shown that the deposit is still open down dip to the northwest, north and northeast,” commented Trevor Perkins, Vice President of Exploration for Terra. “The presence of clay alteration within a structure on the northeast side has upgraded this area. Where this clay alteration intersects the mineralized conductive package is an exciting target as this can bring together many of the key features associated with the known basement-hosted unconformity deposits in the Basin,” continued Mr. Perkins.

One hole, SF0064, was completed to 239m in the T-Bone Lake area to examine the conductive package and alteration intersected in the area in historical drilling. An extensive package of graphitic metasediments was intersected in this area, characterizing the conductive package. Weak alteration was noted, however no elevated radioactivity was identified. The optimal target in the T-Bone Lake area was not intersected.

Table 1: Mineralized Intersections in Final Three Holes at South Falcon East Project:
https://skyharbourltd.com/_resources/images/Table-1-Mineralized-intersections-in-final-three-holes-at-South-Falcon-East-Uranium-Project.png

Samples of the mineralized intervals within the drill core have been collected and shipped for analysis at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan. Terra will provide more detailed results once geochemical analysis of the collected core samples is completed, reviewed and confirmed.

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 km outside the Athabasca Basin, approximately 50 km 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 m 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. 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 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 40TGU 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 SRC 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 Serdar Donmez, P.Geo., VP of Exploration 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 developing the South Falcon East uranium project, which hosts an inferred 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.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-11-21_v1.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:
Nicholas Coltura
Investor Relations Manager
‎Skyharbour Resources Ltd.
‎Telephone: 604-558-5847
‎Toll Free: 800-567-8181
‎Facsimile: 604-687-3119
‎Email: info@skyharbourltd.com

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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.

 

FAQ

What are the key results from SYHBF's winter drilling program at South Falcon East?

Six out of seven holes intercepted uranium mineralization, with hole SF0065 showing 0.02% eU3O8 over 17.5m including 0.16% eU3O8 over 0.3m.

How deep is the uranium mineralization at SYHBF's South Falcon East project?

The Fraser Lakes Uranium Deposit is shallow, approximately 150 meters below surface, making it suitable for open-pit mining.

What is the location of SYHBF's South Falcon East uranium project?

The project is located 18km outside the Athabasca Basin and approximately 50km east of the Key Lake Uranium Mill.

What are Terra's next steps for SYHBF's South Falcon East project?

Terra is planning a summer drilling program to test for a higher-grade unconformity related basement-hosted uranium deposit and expand the Fraser Lakes B deposit.