Skyharbour releases partner TDEM survey results

Executive Summary

• Mustang Energy Corp., a partner of Skyharbour Resources Ltd., announced the results of a high-resolution HTDEM survey and soil sampling program at the 914W uranium project.
• The TDEM survey defined a well-developed conductive zone consistent with graphitic basement rocks or fault-bound alteration zones, which are favorable for unconformity-type uranium mineralization.
• Soil sampling identified anomalous uranium values in the northeastern portion of the property, including a granitic gneiss sample returning 42.3 ppm U, while the southern portion showed only slightly elevated values.

Key Details

• TDEM Survey Overview:
  • Conducted by Axiom Exploration Group Ltd. using Xcite helicopter-borne technology.
  • Covered approximately 136 line kilometres.
  • Collected electromagnetic, magnetic, and radiometric data to map conductive, magnetic, and radiometric variations.
• Geophysical Findings:
  • Shallow Response: Early time channels (0.014 to 0.045 ms) showed strong, high-amplitude EM responses along the east-central portion, indicating shallow conductive zones near the surface.
  • Depth Persistence: The conductor persists through mid-to-late time channels (0.12 to 0.56 ms), suggesting graphitic horizons or fault-controlled alteration zones.
  • Inversion Modelling:
    • 50m to 150m Depth: Shows a strong, laterally continuous conductive zone trending east-northeast across the east-central portion of the property.
    • 250m to 350m Depth: The conductivity anomaly persists at depth.
  • Interpretation: The geometry and strength of the anomaly are consistent with graphitic basement rocks or fault-bound alteration zones, both favorable for unconformity-type uranium mineralization.
• 2025 Soil Sampling Results:
  • Program Scope: One-week prospecting and soil sampling program in May 2025 on claim 914W.
  • Sample Counts: 25 rock samples and 142 soil samples collected.
  • Southern Grid: Five soil samples exceeded 4 ppm U (slightly elevated); no new significant discoveries identified.
  • Northern/Northeastern Grid: Anomalous uranium values identified.
  • Top Result: A granitic gneiss sample returned 42.3 ppm U.
• Methodology:
  • Samples submitted to SRC Laboratories in Saskatoon, Sask.
  • Analysis included ICP-MS with four-acid digestion, ICP total four-acid digestion, and U3O8 assays by ICP.
  • Horizon A soil samples collected by removing surface vegetation; rock samples taken from exposed basement boulders or granitic outcrops.
• Property Context (914W):
  • Location: 1,260 hectares, approx. 48 km southwest of Cameco's Key Lake operation.
  • Access: Highway 914 runs through the western edge.
  • Geology: Predominantly underlain by prospective Wollaston supergroup pelitic and psammitic to arkosic gneisses of the Western Wollaston domain.
  • Historical Data: Limited modern exploration. Historical work (1968-2007) included airborne EM/magnetic surveys and sampling. Nearby discoveries include the Scurry Rainbow zone E (up to 1,288 ppm U in drill hole ML-1) and Don Lake trenches (up to 0.64% U3O8).
• Transaction Terms (Potential Earn-in):
  • Mustang Energy may acquire a 75% interest in the 914W project.
  • Consideration:
    • Issuance of common shares with an aggregate value of $480,000.
    • Aggregate cash payments of $275,000 to Skyharbour.
    • Incurring aggregate exploration expenditures of $800,000 on the property over a three-year period.

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