Skyharbour Resources Ltd. announced that it has commenced an airborne gravity geophysical survey at its 44,470 hectare South Falcon Point Uranium Property (the “Property”) located just outside the Athabasca Basin 48 kilometres east of the Key Lake Mill. The 100% owned South Falcon Point Property is host to a near-surface NI 43-101 inferred resource totalling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The Survey consists of a Falcon® Plus airborne gravity gradiometer and magnetics survey by Xcalibur Multiphysics of Mississauga, ON.

Falcon® is the world's only purpose-built AGG, and was designed to isolate aircraft motion noise. It is recognized as being the lowest noise Airborne Gravity Gradiometer system available and has been under continual development for over 20 years with the upgraded Falcon® Plus system having 30 times better resolution (100 m vs. 1000 m) and up to 10 times higher accuracy (0.1 mGal vs.

1.0 mGal) than conventional airborne gravity. Gravity surveying has been successfully used to define drill targets and discover uranium in the Athabasca Basin and the surrounding area for over 40 years. The survey is 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 survey is estimated to be completed by late June. Previous drilling on the Property has identified uranium and thorium mineralization in several areas, including at the Fraser Lakes Zone B U-Th-REE deposit. These mineralized zones are associated with several EM conductors including a prominent 65 km long conductor associated with Fraser Lakes Zone B. The current gravity survey will further investigate this major EM conductive system and other pre-defined structures and conductors on the property for their uranium potential.

The most prospective targets for uranium exploration are those coincident with EM conductors and gravity lows associated with hydrothermal alteration systems and/or uranium mineralization. The Company has also engaged the services of Earthfield Technology LLC of Richmond, Texas to completeadditional interpretation work upon completion of the gravity survey. Earthfield will integrate the gravity survey results with all the VTEM, HLEM, magnetics, radiometrics, and drilling results collected on the property since 2005 by Skyharbour and the previous operator of the project, JNR Resources Ltd. This work will utilize proprietary software to further define zones of increased uranium potential by mapping basement structural features in detail, determining basement lithologies and identifying prospective hydrothermal fracture and alteration zones to generate and refine drill targets.

Historical exploration at South Falcon Point 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. The near-surface Fraser Lakes Zone B deposit consists of a current NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023% within 10,354,926 tonnes using a cutoff grade of 0.01% U3O8. The independent NI 43-101 technical report by GeoVector Management Inc. supporting this mineral resource estimate was filed on SEDAR on March 20, 2015 by Skyharbour.

Independent qualified person, Dr. Allan Armitage, P.Geo., is responsible for the contents of the technical report and comments related to the resource estimate and its parameters. The deposit outcrops on surface and was previously defined to 150 metres vertical depth prior to the most recent drill program in 2015, which intersected uranium mineralization at up to 250 m depth along a 500 m strike length. It remains open along strike and at depth and consists of several moderately dipping, stacked uranium and thorium mineralized horizons associated with pegmatites intruding the sheared contact between Archean granite and the overlying Wollaston Supergroup pelitic and graphitic pelitic gneisses.

The mineralization is also accompanied by anomalous levels of pathfinder elements such as copper, nickel, vanadium and lead, and shows variable amounts of alteration and structural disruption.