Skyharbour Resources Ltd. announced that its joint-venture partner company, Orano Canada Inc., has commenced a comprehensive 2024 field campaign at the 49,635 hectare Preston Uranium Project located in the western Athabasca Basin, Saskatchewan, Canada. The program will include a ground electromagnetic survey (ML-TEM), a ground gravity survey, and a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program. The 2024 field programs mark the first exploration programs carried out by Orano since 2020.

The geophysics will consist of ground Moving-Loop Transient ElectroMagnetic and ground gravity surveys for an estimated 35.6 line-km and 2,295 stations, respectively. The ML-TEM survey will cover Preston West where there is a known conductor, and Preston Far West as a reconnaissance survey. The gravity survey will cover an area with intentions to identify alteration zones manifesting as gravity lows.

The SHG soil sampling is set to commence later in the summer with additional news forthcoming. The budget for the 2024 campaign is approx. CAD 850,000 with Orano as the operator and Skyharbour as a minority, participating partner in the project.

In March 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources Inc.) that provided Orano an earn-in option to acquire a majority working interest in the 49,635 hectare Preston Uranium Project. The significant potential of the Project has been highlighted by past discoveries in the area by NexGen Energy Ltd. (Arrow deposit), Fission Uranium Corp. (Triple R deposit), and F3 Uranium Corp.

(PLN discovery). Exploration at the Project has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as exploratory drill programs. Over a dozen high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through these methodical, multiphased exploration initiatives, which have culminated in an extensive, proprietary geological database for the project area. In early 2021, Orano fulfilled their earn-in option interest in the project through funding exploration expenditures and making cash payments.

After a total of CAD 4.8 million in exploration expenditures having been spent on the Project, Orano formed a joint venture with Skyharbour and Dixie Gold for the future advancement and development of the Project. Orano now holds a 51% interest in the joint venture, with the remaining interest split evenly between Skyharbour and Dixie Gold with each company retaining a 24.5% (twenty-four and a half percent) interest in the joint venture.