Skyharbour Resources Ltd. announced plans for an upcoming drill program at its recently optioned 73,294 hectare Russell Lake Uranium Project strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. Skyharbour is planning 5,000 metres of diamond drilling in ten to twelve holes over the next several months at Russell with mobilization and commencement within the next few weeks. Following the initial phase of drilling at Russell Lake, the Company will move the drill rig over to its adjacent 100% owned, 35,705 hectare high-grade Moore Uranium Project to complete a planned 3,000 metres of drilling in eight to ten holes.

The combined 8,000 metre winter drill campaign across the company's core projects is fully funded and permitted with the geologists and drilling crews working out of the exploration camp at the Russell Lake Project, located along the road servicing Cameco's McArthur River Uranium Mine. Upcoming Winter Diamond Drilling Program at Russell Lake: Skyharbour will soon initiate its 2024 Exploration Program at the Russell Lake Project, drilling an initial 5,000 metres to follow up on notable historic exploration and findings and test new targets developed by the geological team. Of particular interest for this drilling program will be the Grayling East and Fork targets within the broader Grayling target area as well as the M-Zone Extension target.

This initial drill program will total 5,000 metres in ten to twelve drill holes with all targets being road accessible and near the exploration camp. RAt the Grayling East target, additional drill testing of the eastern extent of the 2,200 m long, 100 m thick sub-parallel Grayling conductor and associated thrust fault is planned in areas of broadly spaced drill coverage and prospective geophysics and geology. In this area, several conductors are present within a broad magnetic low, and limited historical drilling encountered intervals of significant structural disruption, highly prospective alteration within the sandstone and underlying basement, with local pathfinder element enrichment associated with faulting and graphitic intervals.

Further review of the geophysical and geological data from this area suggests that the historical holes may not have hit the main Grayling thrust, instead intersecting splays of the thrust and/or parallel conductors to the south of the main thrust fault. An initial three to four holes, totalling 2,000 m, are planned to test newly developed targets along the Grayling thrust in this area. The Fork target is a newly identified target to the west of the Grayling Zone and on-strike of Denison?s M-Zone target at their adjacent Wheeler River Project, which has seen renewed interest by Denison in recent years.

The target consists of a series of northeast striking and bifurcating conductive trends proximal to and related to a northeast trending magnetic low, with a prominent north-trending lineament associated with the McDougall Lake fault also running through the area. Notable resistivity and gravity targets in conjunction with anomalous geochemistry and prospective structure and alteration within the two historical drill holes in this area make for a compelling target. Three angled holes, totalling 1,500 m are planned for this area as part of the 2024 winter drill program.

Skyharbour has selected additional drill targets in the M-Zone Extension area, along trend from the Grayling Zone and Denison?s M-Zone, where historical drilling intersected basement hosted uranium. More recent drilling by Denison in 2020 at the M-Zone encountered additional uranium mineralization with significant faulting, core loss, geochemical anomalies, and radioactivity encountered in other drill holes. Like the Grayling Zone, the mineralization is hosted by a graphitic thrust fault within a significant magnetic low.

It is also noted that cross structures associated with Denison?s Phoenix and Gryphon uranium deposits trend onto the Russell Lake property within the M-Zone Extension target area, further enhancing the prospectivity of this target. Three to four holes, totalling 1,500 metres are planned at the M-Zone Extension target on the Russell Lake Project. Skyharbour will conduct a second phase of drilling consisting of 3,000 metres at its high-grade Moore Project upon completion of the drilling at Russell Lake.

Skyharbour plans to carry out infill and expansion drilling at the high-grade Maverick Corridor as well as to test several regional targets including the Grid Nineteen target area. This second phase of drilling will total 3,000 metres in eight to ten drill holes. Drilling at the Maverick Corridor will focus on identifying new trends and extensions within untested portions of its 4.7 kilometre strike length.

Additional drilling is planned within the Maverick Main and East Zones to concentrate on refinement and expansion of the currently identified mineralized zones. The Maverick Main Zone is characterised by basement- and unconformity-hosted mineralization, with a best interval drilled previously by Skyharbour of 6.0% U3O8 over 5.9 metres at 265 metres depth including 20.8% U3O8 over 1.5 metres in hole ML-199 and historical results of 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres at a depth of 265.0 metres in hole ML-61. At the Maverick East Zone Skyharbour previously drilled a high-grade uranium intercept of 1.79% U3O8 over 11.5m at 270.0 metres depth, including 4.17% U3O8 over 4.5 metres and 9.12% U3O8 over 1.4 metres in hole ML-202.

A total of four to six holes totalling 1,500 to 1,800 metres of drilling are planned for the Maverick Main and East Zones as well as at other targets on the Maverick Structural Corridor. Drilling on regional targets at the Moore Project will consist primarily of drill testing the Grid Nineteen area, where the Slice Pond Conductor and accompanying structural zone has been confirmed by drilling over a strike length of 800 metres to date. The Slice Pond target is typified by structurally disrupted, altered, and geochemically anomalous sandstone and basement rocks, including variably graphitic pelitic gneisses, along with a significant unconformity offset and thrust wedge.

All holes drilled to date have intersected highly encouraging graphitic and sulphide bearing basement lithologies accompanied by prospective alteration and anomalous levels of B, Th, Ni, V, and U. A notable intercept of 0.05% U3O8 over 1.0 metre occurs well into the basement in previously drilled hole ML21-07 on the Slice Pond Conductor. The unconformity intercept of the mineralized structure is still untested. Composite geochemical sampling in the second hole on this conductor, previously drilled hole ML21-09, returned samples highly enriched in U and B over a broad 70 metre interval in the sandstone.

A total of four to five holes are anticipated to be drilled at the Grid Nineteen target area as part of the winter drill program at Moore.