Skyharbour Resources Ltd.'s (the “Company”) partner company Azincourt Energy (“Azincourt”) provided an update on the 2023 exploration program at the East Preston winter program in the Athabasca Basin, Saskatchewan, Canada. Drilling at the East Preston Project commenced on February 2nd, and to date, 1,686 metres have been completed in eight drill holes. After some initial startup delays due to extreme weather variations, two drill rigs are now operational on the project.

Six drill holes are complete and two are in progress. Drills are currently turning on both the K and H Zones. Azincourt is conducting an extensive drill program for the winter of 2023, as reported in news releases dated December 13th, 2022 and January 27th, 2023.

TerraLogic Exploration Inc. is executing the program under the guidance and supervision of Azincourt's Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration. The program is now planned for approximately 3,000 metres of drilling in over twelve diamond drill holes. The priority will be to continue to evaluate the alteration zones and elevated uranium identified in the winter of 2022 with a focus on the G, K and H Zones.

Drilling on the northeast trending G-Zone was halted with three holes completed to follow up 2022 results. Extensive hydrothermal alteration and evidence of east-west cross-cutting structures have been intersected along the southern portion of the zone. The alteration zone is highlighted with intervals of hydrothermal hematite alteration and extensive evidence for a steep east-west fault cross-cutting the main northeast trending structure and graphitic lithologies.

Current results have not significantly improved the ranking of this area; however, the identified alteration is still considered significant. An evaluation of the structural data and geochemistry will be undertaken to aid in determining what additional follow-up and evaluation of the alteration zone in this area is warranted. On the north end of the K-Zone, two holes have been completed.

Drilling has intersected extensive structure and hydrothermal alteration, increasing the length of this alteration zone by 300 metres to 1,500 metres long. Extensive clay alteration within the structural zone is an indication of upgraded prospectivity and vectoring towards potential mineralization. The decision to increase drilling in this area has been made and will be completed once pads have been prepared.

Samples of intersected clay will be analyzed to confirm the clay species and significance with respect to the alteration model and potential proximity to mineralization. The H-Zone covers a change in orientation of the structural and conductive trend from north-south to southwest trending. One hole has been completed where the bend occurs additional drilling will continue to evaluate this bend.

The first hole on the H-Zone has intersected an intense graphitic fault zone with hydrothermal alteration. Azincourt considers the drilling results to date to be significant, as major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily the result of drill testing of strong alteration zones related to conductor features. Identifying and upgrading the strong alteration zones is a significant step forward in identifying the key areas along the conductor trends where more attention is required.

The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors. Drilling has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates.

Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.