Announcement • May 22
Skyharbour Announces Commencement of Drilling at the RL Uranium Project, Saskatchewan
Skyharbour Resources Ltd. announced the commencement of drilling at the RL project (the "RL Project" or the "Project"), located in the eastern Athabasca Basin of northern Saskatchewan. The 53,192-hectare RL Project, comprising 16 claims, is a part of the broader Russell Lake Joint Ventures and is situated adjacent to the Company's 100%-owned Moore Lake Project. The Russell Lake Joint Ventures are strategically located in the central portion of the eastern Athabasca Basin of northern Saskatchewan, to the east of Denison’s flagship Wheeler River project, and with access to significant regional infrastructure, including an exploration camp, provincial highways, and the provincial power grid. The Skyharbour-operated program includes a large-scale ground electromagnetic ("EM") survey followed by 4,000 to 5,000 metres this year of diamond drilling in 10 to 14 holes across several high-priority target areas. Skyharbour holds an 80% interest in the Project and acts as operator, with joint venture partner Denison Mines Corp. ("Denison") holding the remaining 20% and committed to funding its pro-rata share of the next CAD 10 million in exploration expenditures on the Property. The RL property hosts numerous prospective target areas, including Christie Lake, Blue Steel, Taylor Bay, Maverick Extension, South Russell, and Kowalchuk Lake. Ground EM surveys have recently been completed and others are underway to further refine and prioritize targets along prospective structural corridors and underexplored conductors. This work will be followed by targeted diamond drilling designed to test high-priority targets generated through the integration of historical datasets, recent drilling results, and new geophysical interpretations. 2026 Exploration at the RL Property: The planned 2026 exploration program at the RL property will comprise of 4,000 to 5,000 metres of diamond drilling at the South Russell and Kowalchuk target areas, together with ground electromagnetic (EM) surveys over the Maverick Extension and Kowalchuk targets. The 2026 drill programs are designed to follow up on existing and newly acquired EM targets. During the winter of 2026, a ground EM survey was completed along the regional Maverick Trend where it is interpreted to extend onto the RL property from Skyharbour’s adjacent Moore Project. The Maverick Extension grid comprised 60 line-kilometres of step loop transient electromagnetic (SLTEM) survey coverage across four survey lines, targeting an airborne EM anomaly originally identified in the 2013 VTEM survey. A large-scale moving loop and fixed loop EM survey is currently underway over the Kowalchuk anomaly. Historical drilling in the Kowalchuk area intersected anomalous radioactivity; however, that drilling was conducted based on airborne EM data without the benefit of ground-based geophysical refinement. The 2026 ground EM survey is designed to resolve and further define the Kowalchuk airborne conductor prior to drill targeting. A total of 36 line-kilometres of ground EM surveying is planned for the area, with completion anticipated next month. The South Russell target area is situated in the west-central portion of the RL project, immediately adjacent to Orano's Getty-Russell project. The area was last drilled in 2008 by Hathor Exploration Ltd. Ongoing remodelling and reinterpretation of historical drilling and geophysical datasets has delineated several high-priority untested targets within the South Russell area. Notably, historical drilling completed off-property along strike intersected notable anomalous uranium mineralization at the unconformity, supporting the prospectivity of the trend. An initial phase of 2,500 to 3,000 metres of drilling in six to eight holes is planned for this area. The Skyharbour technical team and the drill crew have mobilized to site and commenced drilling operations at the South Russell target area. In the Kowalchuk area, four to six drill holes, totalling 1,500 to 2,000 metres are planned to test discrete conductors identified through the ongoing ground EM survey. This phase of drilling will follow the initial drilling at the South Russell target area. Summary of Russell Lake Joint Ventures: The Russell Lake Joint Ventures encompass a large, advanced-stage uranium exploration land package totalling 73,314 hectares in the eastern Athabasca Basin of northern Saskatchewan. The properties are strategically positioned between Cameco’s Key Lake and McArthur River operations and immediately east of Denison’s Wheeler River Project. Following the completion of a major strategic transaction with Denison in 2025, the former Russell Lake project was restructured into four separate joint venture uranium properties: RL, Wheeler North, Getty East, and Wheeler River Inliers. Each property is subject to its own joint venture agreement with operatorship divided between the partners. Skyharbour is the operator at the RL Claims and Getty East, and Denison is the operator at Wheeler North and the Wheeler River Inliers. In aggregate, the strategic transaction included total project consideration of up to CAD 61.5 million with Skyharbour retaining an 80% interest at RL while Denison can earn up-to 70% at each of the other properties. The Russell Lake Joint Ventures benefit from excellent regional infrastructure, with the northern extension of Highway 914 traversing the western portion of the land package and a high-voltage provincial powerline running parallel to the road. Across the joint ventures, there are numerous high-priority exploration targets including the Grayling, Fork, Little Mann Lake, Christie Lake, Fox Lake Trail, Sphinx, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Zones. In addition, more than 35 kilometres of largely untested prospective electromagnetic conductors occur across the joint venture properties, highlighting the substantial discovery potential.
