OTC Markets Group Welcomes CanAlaska Uranium Ltd. to OTCQX

2022-07-30 00:46:40 By : Ms. Monica Liu

OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for 12,000 U.S. and international securities, today announced CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF), a Uranium exploration company in the Athabasca Basin, Canada, has qualified to trade on the OTCQX® Best Market. CanAlaska Uranium Ltd. upgraded to OTCQX from the OTCQB® Venture Market.

CanAlaska Uranium Ltd. begins trading today on OTCQX under the symbol "CVVUF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

President Peter Dasler commented, "CanAlaska has advanced and grown its uranium, copper and nickel portfolios, and has shown increasing success with its Canadian exploration. It is now timely to expand access to USA investors who wish to invest in exploration for metals that support future clean energy requirements. We are very pleased to step up to the OTCQX trading platform."

CanAlaska Uranium Ltd. (TSX-V: CVV ; OTCQX: CVVUF ; Frankfurt: DH7N ) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com .

About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX ® Best Market, OTCQB ® Venture Market and Pink ® Open Market.

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CanAlaska Uranium (TSXV:CVV, OTCQX: CVVUF) is a Canadian exploration company developing a portfolio of high-grade uranium and nickel projects located across the country. The company follows a project generator model, with properties in both the Athabasca and the Thompson Nickel Belt region.

CanAlaska Uranium collectively holds one of the largest land positions in the Athabasca Basin with approximately 1.2 million acres in land claims. In total, the company holds 12 uranium projects. The company’s strategic investments have attracted the interest of major mining companies including Cameco (TSX:CCO,NYSE:CCJ), Denison (TSX:DML,NYSE:DNN). Prior activities have been with KORES, KEPCO, Mitsubishi and De Beers.

CanAlaska Uranium’s flagship West McArthur project is a joint venture in partnership with Cameco, with CanAlaska serving as operator. Results from the 2019 drill program at West McArthur returned 0.70 meters at 6.8 percent U3O8 within 2.1 meters averaging 2.3 percent U3O8. This drilling extended earlier 5 percent U3O8 drill intersections, and confirmed an extensive mineralizing event. The 2019 results contained high-grade uranium as well as base metal mineralization, similar in character to the nearby high-grade Fox Lake uranium deposit.

In May 2020 CanAlaska Uranium announced the company had staked a further 29,671 hectares of land in four large blocks northeast of the Athabasca Basin. While the project areas lie outside the current boundaries of the Basin, the sandstone remnants described in the Pinkham Lake area reflect an extension of Athabasca mineralization.

CanAlaska Uranium has also entered into an option agreement with Fjordland Exploration (TSXV:FEX) giving the company an opportunity to earn 80 percent interest in CanAlaska’s North Thompson Nickel project. According to the agreement, Fjordland has an opportunity to earn an 80 percent interest in the North Thompson Nickel Project by contributing exploration expenditures of $9M, 8.5M common Fjordland Exploration shares and other considerations.

The West McArthur project is located in the Athabasca Basin approximately six kilometers away from the producing McArthur River mine owned by Cameco. Between 2002 and 2012, McArthur river produced 225.5 million pounds U3O8 grading 13.5 percent U3O8 per tonne. The project was consolidated by CanAlaska Uranium in 2016, giving the company 100 percent ownership of the property following a deal with Mitsubishi Development Pty Ltd.

Under an option agreement signed with Cameco, CanAlaska Uranium conducted drilling on the West McArthur property that returned a new zone of high-grade uranium mineralization at Grid 5. In 2018, the company resumed operatorship of the West McArthur property with Cameco signed on as a 30 percent joint venture partner. Under the terms of the joint venture agreement, both CanAlaska and Cameco agreed to focus on expanding Grid 5 with a 2019 drill program.

In October of 2019, CanAlaska Uranium announced the results from its 2019 drill program in partnership with Cameco. Highlights of the drill results included 0.70 meters at 6.8 percent U3O8 within 2.1 meters averaging 2.3 percent U3O8.

The Cree East uranium project is located in the southeast corner of the Athabasca Basin, approximately 35 kilometers west of Cameco’s Key Lake Mine and uranium mill. The project comprises 16 contiguous mineral claims totaling 55,935 hectares. The project is wholly-owned by CanAlaska Uranium, which has established nine target areas across the property, with the prior assistance of KEPCO and KORES.

CanAlaska first began exploring Cree East in 2005, conducting VTEM airborne surveys across the property to determine priority targets. In 2006 the company collected over 2,000 surface rock samples and over 400 lake sediment samples, defining three large areas of dravite and clay alteration on the surface, with localized boulder samples containing anomalous uranium. CanAlaska later conducted additional IP-Resistivity and Audio Magneto Telluric geophysical surveys to further define the targets.

In 2008 CanAlaska Uranium conducted a $1.6 million exploration program at Cree East, returning strong fracturing and alteration in most drill holes with faulting in many of the drill holes as well. Geochemical enrichment of uranium and other elements was found in both the basement and sandstone.

Exploration work including additional geophysical surveys was conducted on Grid 7 at Cree East between 2009 and 2012 in order to improve the drill targets on the property. In total, 91 holes were drilled covering 34,638 meters resulting in nine target zones. All nine zones have shown indications of hydrothermal alteration or uranium mineralization.

In May 2020 CanAlaska announced it had staked four large blocks of land just outside of the Athabasca Basin totaling 114 square miles. The staked area focused on regional structures similar to those hosting the nearby high-grade Collins Bay-Eagle Point uranium deposits.

The targets on the four land claims are basement-hosted large uranium deposits similar to those found at Eagle Point, Arrow and Millennium. CanAlaska Uranium believes the sandstone remnants described in the nearby Pinkham Lake area reflect the possibility that the area could be a continuation of the Athabasca Basin.

CanAlaska Uranium owns three properties in the Thompson Nickel Belt: Strong, Hunter and Manibridge. The Thompson Nickel Belt is home to over 18 nickel deposits. Since 1959, the region has produced an estimated 5 billion pounds of nickel.

The Hunter Property is located 20 kilometers north of Thompson, Manitoba. The property consists of 11 land claims totaling 12,520 hectares and has been approved for a mineral exploration license. CanAlaska Uranium believes the property is underlain by the same series of formations that host the nickel deposits along the Thompson Nickel Belt and considers the property to be an extension of the belt. Using historical exploration data, a number of exploration targets have been defined surrounding the Mel deposit, which was first located in the 1970s.

From 2000 through 2005 CanAlaska Uranium conducted extensive UTEM and AMT surveys, resulting in a high number of drill targets. A number of these targets are expected to require follow-up work.

The Strong project is comprised of 6,140 hectares of land approximately 26 kilometers away from Thompson, Manitoba including one mineral exploration license. The Strong property was explored by a number of companies during the 1950s and 1970s, leading to the discovery of the Mel deposit located to the east of the Hunter property. Falconbridge and Crowflight Minerals Inc. were previously active on the Strong Property between 1998 and 2005.

CanAlaska Uranium has established significant exploration targets that have been defined on both properties based on historical data. A VTEM survey completed in 2007 provided the company with a series of targets, none of which have been drilled. Several of these targets are in the same structural position as the Mel deposit.

The Manibridge Property, acquired by CanAlaska Uranium in 2018, consists of 19 land claims totaling 4,368 hectares. The property is located 125 kilometers southwest of Thompson and is accessible by road via Highway 6. The claims held by CanAlaska Uranium also include the site of the reclaimed Manibridge Mine, which operated between 1971 and 1977 based on an initial resource of 1.4 million tonnes at an average grade of 2.25 percent nickel and 0.27 percent copper.

In May 2020 CanAlaska Uranium announced the company had entered into an option agreement with Fjordland Exploration (TSXV:FEX) giving the company an opportunity to earn 80 percent interest in CanAlaska’s North Thompson Nickel project.

Under the terms of the agreement, Fjordland has an opportunity to earn 80 percent interest in the North Thompson Nickel Project by contributing exploration expenditures of $9M, 8.5M common Fjordland Exploration shares and other considerations. The North Thompson Nickel Project consists of the Strong, Hunter and Hunter Claims for a combined total of 18,685 hectares located approximately 25 kilometers from Thompson, Manitoba.

Ambassador Thomas Graham, Jr. is one of the world’s leading experts in nuclear non-proliferation. Amb. Graham has served under four successive U.S. Presidents as a senior U.S. diplomat involved in the negotiation of every major international arms control and non-proliferation agreement for the past 35 years. This includes the SALT, START, ABM, INF, NPT, CFE and CTBT Treaties. Amb. Graham has served with the U.S. Arms Control and Disarmament Agency and as the Special Representative of the President of the United States for Arms Control, Non-Proliferation, and Disarmament, in which role he successfully led U.S. government efforts to achieve the permanent extension of the Nuclear Non-Proliferation Treaty.

Cory Belyk is a professional geologist with nearly 30 years of experience working for major and junior mining companies in the Athabasca Basin and worldwide. Prior to joining CanAlaska in 2019 as Chief Operating Officer, he was Director of Exploration for Cameco’s international operations including Mongolia and Australia. Mr. Belyk was also a member of Cameco’s exploration management team during the Fox Lake and West McArthur uranium discoveries in Saskatchewan. Mr. Belyk holds a Bachelor’s (1994) degree in Geology from the University of Saskatchewan and a Certificate in Negotiation from Harvard Law School (2014). He is a registered member of the Association of Professional Engineers and Geoscientists of Saskatchewan.

Recognizing the favorable upturn of the uranium cycle in early 2004, Mr. Dasler positioned CanAlaska Uranium (then CanAlaska Ventures Ltd.) to become a significant presence in the field of Canadian uranium exploration by staking mineral claims in the most favorable districts of Canada’s Athabasca Basin, home to the world’s largest-richest uranium mines. He has since assembled an expert geological team that has enabled CanAlaska to carry out over $50 million in exploration and advance multiple uranium projects towards discovery.

Nathan Bridge has over a decade of experience managing exploration, delineation, and geotechnical drilling programs at Cameco Corporation. He was senior Geologist on Cameco’s Fox Lake discovery team that took the deposit from exploration stage, through discovery, and into resource definition. Nathan has spent the majority of his career exploring uranium and in 2017 he led the exploration program that discovered the 42 Zone on the Company’s West McArthur project.

Dr. Schimann possesses extensive experience in mineral exploration, spanning a career in exploration geology of over 30 years and across three continents. He has participated in significant discoveries for uranium and base metals and has also led various exploration and mining initiatives for gold and diamonds. Between 1977 and 1997, Dr. Schimann was employed by French uranium giant AREVA (previously COGEMA) as a Senior Geologist and Project Manager, where he was a key member of the team that undertook the discovery and development of the massive Cigar Lake uranium mine. In total, he spent twenty years with AREVA, ten of which were based in Canada’s Athabasca Basin, home to the world’s largest-richest uranium mines.

Harry Chan has over 20 years of experience working in several different industries ranging from public practice, sports entertainment, wholesale distribution and telecommunications. He is a graduate of the University of British Columbia and received his Certified General Accountant designation in BC in 1996.

Mr. Roy is an independent Director of the Company (2007 — present). He has over 20 years of experience in the mining industry. The majority of his experience has been in Africa for companies such as International Gold Resources, Ashanti Goldfields Inc., Senafo, and First Quantum Minerals. Mr. Roy has managed projects from exploration through to production in three different countries. As Managing Director for First Quantum Minerals, Jean Luc played a crucial role in securing extensive land positions and by successfully placing a mining operation into production in the Democratic Republic of Congo during a period of major unrest in the country. Mr. Roy is presently a resident of Burkina Faso where is COO of Ampella Mining Ltd an Australian listed company focused on gold exploration in West Africa with their flagship property Batie West.

Independent Director of the Company (2007-present); road maintenance supervisor for Athabasca Development Corporation (2009-present); mill training foreman and a mill process operator for Cameco Corporation; past Chief of the Fond Du Lac Denesuline First Nation (/2005–2007). Mr. Fern has lived in Fond du Lac all of his life, he is a traditional land user and still hunts and fish for food in the area. He is active in community development, and works with local committees. Mr. Fern has been involved in environmental monitoring in the Northern Athabasca area and is involved with various business interest in the Fond du Lac area.

Karen Lloyd comes from a strong and significant strategy and marketing background across five different industries including mining, telecommunications, online payments, executive training and banking. This depth of experience comes from her employment with Telus Communications, Hongkong Bank of Canada and Cameco Corporation. Between 2009 and 2020, Ms. Lloyd managed a team of contract and inventory specialists to seamlessly fulfill global uranium sales generating annual revenue of between $1.8 and $2.4 billion for Cameco Corporation as a Director in Cameco’s Marketing team. In April 2021, Ms. Lloyd joined Kreos Aviation as Chief Operating Officer where she oversees all aspects of the Kreos operations including asset management, strategic alliances, flight operations, maintenance, fuel operations, marketing and sales, and business development.

Geoff Gay is currently Chief Executive Officer of Athabasca Basin Development, an Indigenous-owned investment company based in Saskatchewan. Mr. Gay has been its executive leader, and subsequent CEO, since the company’s inception nineteen years ago and was instrumental in establishing and growing the company to where it is today. As CEO, Mr. Gay is responsible to articulate the vision of the partnership with a focus on creating value for the unit holders and leading the company in long term strategic planning and implementation, evaluating new opportunities for investment, assessing and mitigating risk, and overseeing all financial aspects of the partnership. In 2017, Mr. Gay was named Business Leader of the Year by Saskatchewan Chamber of Commerce at its annual ABEX awards.

Shane Shircliff has over twenty years of experience in senior management and corporate director roles for both publicly traded and private companies, and has extensive experience with various publicly traded regulatory regimes. Mr. Shircliff’s breadth of expertise over his career includes negotiation, deal structure, due diligence and transacting mergers, acquisitions and divestitures totaling over one billion dollars in value. Industries of experience include logistics, finance, natural resources, exploration and mining, retail, real estate and construction. Mr. Shircliff has been directly involved with all aspects of developing resource projects encompassing lithium, uranium, gold, silver, industrial minerals, diamonds as well as oil and gas in a variety of countries. Mr. Shircliff is the founder and Chief Executive Officer of Clinworth Management Corp., a private company, which provides management, acquisition, divestiture and corporate development services to a wide range of clients.

USA investors to gain better access to quotes and trading

New uranium discovery in Athabasca Basin advancing

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce its qualifications have been accepted to trade on the OTCQX® Best Market. CanAlaska Uranium Ltd. has upgraded to OTCQX from the OTCQB® Venture Market and is now trading on OTCQX under the symbol "CVVUF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

President Peter Dasler commented, "CanAlaska has advanced and grown its uranium, copper and nickel portfolios, and has shown increasing success with its Canadian exploration. It is now timely to expand access to USA investors who wish to invest in exploration for metals that support future clean energy requirements. We are very pleased to step up to the OTCQX trading platform."

The Company is actively advancing a new uranium discovery on its West McArthur uranium project in the eastern Athabasca Basin. As part of the summer program, the Company reported a 6.3 metre long interval of elevated radioactivity in the basement of WMA067, 100 m below the unconformity. WMA067 is located along a newly defined exploration trend, approximately 6 kilometres along strike to the southwest of the Company's 42 Zone mineralization. The summer drilling program is part of an approved $5 million program operated by CanAlaska, who currently holds a 77.13% ownership in the project.

On the Company's Manibridge project, its partner Metal Energy (TSXV: MERG) is continuing work on the phase two summer drill program. The drilling is focused within the shadow of the past-producing Manibridge Nickel Mine that produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977, in the Thompson Nickel Belt, Manitoba.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

The OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. This innovative model offers companies more efficient access to the U.S. financial markets. To learn more, visit www.otcmarkets.com.

Media Contact: OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc. President CanAlaska Uranium Ltd.

Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com

Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132105

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CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") announces that it has granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 2,170,000 common shares of the Company pursuant to the company's share option plan. The options are exercisable for a period of three years at a price of $0.49 per share.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About CanAlaska Uranium CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information, visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc. President CanAlaska Uranium Ltd.

Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com

Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131500

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Wide Zone of Basement-Hosted Uranium Mineralization 6 Km South of 42 Zone

Faulted Graphitic Conductor with Mineralization 100 m Below Unconformity

Extensive Summer Drill Program Continuing on West McArthur Project

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has intersected a wide interval of basement-hosted uranium mineralization along a newly defined exploration trend on the West McArthur project (Figure 1).

Figure 1 – West McArthur Property Location Map

To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/2864/130957_7356fbe5347f2a0a_002full.jpg

Drill hole WMA067 was the second regional test of the current summer drilling program. The drill hole intersected a broad, 6.3 metre-long interval of elevated radioactivity (> 300 counts per second (cps) on a handheld CT007-M scintillometer). The broad interval includes several metre- to sub-metre-long intervals of moderate to strong radioactivity, one of which is 3.5 metres long (> 5,000 cps on the CT007-M). WMA067 is located 6 kilometres along strike to the southwest of the Company's 42 Zone mineralization (Figure 2). The uranium mineralization is characterized by pitchblende and yellow uranium secondaries with associated clay and hematite alteration in faulted basement rocks approximately 100 metres below the unconformity.

Figure 2 – 2022 West McArthur Drill Program Update

To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/2864/130957_7356fbe5347f2a0a_003full.jpg

CanAlaska CEO, Cory Belyk, comments, "The CanAlaska team has delivered a new uranium intersection in a new area of the West McArthur project with its second drill hole of the summer program. With multiple recently announced build-outs of small modular reactors ("SMRs") in the Canadian market alone, the need for more uranium discoveries that can lead to increased production has never been more apparent. The West McArthur project, strategically located next to critical mine and mill infrastructure in the eastern Athabasca Basin, continues to respond positively to targets generated by the geological team providing additional opportunities for discovery for our shareholders. This is an important and exciting result early in the 2022 drilling program."

Drill hole WMA067 was designed to test a strong conductor anomaly identified during the 2022 winter geophysical program. The drillhole penetrated 52.8 metres of overburden followed by Athabasca sandstone to 803.8 metres. The lower 80 metres of the sandstone column is strongly bleached with several fault zones containing limonite alteration and de-silicification. Two major metre-scale fault zones in the basal sandstone, the lowermost of which straddles the unconformity, are associated with strong clay, limonite, and strongly de-silicified core resulting in approximately 30% core recovery. The basement of WMA067 consists of a wide package of graphitic and non-graphitic pelitic metasediments, explaining the conductive response. In the immediate 30 m below the unconformity, the metasedimentary package is overprinted by strong clay, chlorite, and hematite alteration associated with multiple fault zones that contain clay gouge, broken core, and cataclastic breccias. The remainder of the basement intersection is variably clay and chlorite-altered, increasing in intensity around intervals of increased fracturing as damage zones to graphitic fault zones. The intensity of the basement alteration increases with depth, leading up to the basement-hosted uranium mineralization. The mineralization is structurally-controlled within a broad graphitic shear zone that hosts several re-activated faults. The mineralization, starting at 906.3 m, is characterized by massive to semi-massive, vein-controlled, and disseminated pitchblende and yellow uranium secondaries that are associated with bleaching, clay, and hematite alteration (Figure 3). Core recovery throughout the basement intersection is 100%. The radioactive intervals are summarized in Table 1.

Figure 3 – Drill Core Photographs of WMA067

To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/2864/130957_7356fbe5347f2a0a_006full.jpg

Table 1 - Radioactive Interval Summary

The Company is continuing its drilling program on the West McArthur uranium project. The program is part of the approved $5 million 2022 exploration program. The West McArthur drilling program is focused on continued expansion of the 42 Zone mineralization, exploration within the 1.8 km 42 Zone extension target area, and testing of multiple new targets generated during the winter geophysical program. The West McArthur project is operated by CanAlaska, who currently holds a 77.12% ownership in the project.

As drill holes are completed, drill core samples are shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Radiometric assay samples are chosen based on downhole probing radiometric equivalent uranium grades and scintillometer (CT007-M) peaks and comprise 0.3 to 0.8 m continuous split-core samples over mineralized intervals. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by CanAlaska and the SRC in accordance with CanAlaska's quality assurance / quality control (QA/QC) procedures.

On the Company's Manibridge project, its partner Metal Energy is actively completing the phase two summer drill program. The drilling is focused within the shadow of the past-producing Manibridge Nickel Mine that produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977, in the Thompson Nickel Belt, Manitoba.

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc. President CanAlaska Uranium Ltd.

Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com

Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130957

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Airborne Magnetics and Radiometrics to Confirm Existing Targets and Generate New Targets, Preparing for Planned Summer Ground Prospecting Program

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's Geikie project in the Athabasca Basin (Figure 1). The survey consists of 3,731 line-km's of airborne surveying at 100 m line-spacing across the Geikie project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling.

Figure 1 – Geikie Property Location Map and Target Areas

To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2864/129369_b3353dd584ed8ba3_002full.jpg

During early compilation work, the Company identified multiple target areas on the project outlined by coincident magnetic breaks and prospective geology offsets just 10 kilometres from 92 Energy's Gemini mineralization (GMZ) and Baselode Energy's ACKIO mineralization (See News Release Dated October 14th, 2021). Numerous uranium showings with up to 0.23% uranium already exist within the project area in proximity to interpreted fault structures.

CanAlaska's Geikie project, totalling 33,897 hectares, is located in the eastern Athabasca Basin. The property is currently owned 100% by the Company but is incorporated as part of a Purchase Option Agreement (POA) with Basin Energy Limited ("Basin Energy"), an Australian public limited corporation. Under the POA, Basin Energy may earn up to an 80% interest in the Geikie project by undertaking work and milestone payments in three defined earn-in stages (See News Release Dated April 27th, 2022).

CanAlaska CEO, Cory Belyk, comments, "This airborne program will represent the first work on this newly staked project for CanAlaska and results from this survey will help guide the next steps of project activity. These are critical data layers to add to the exploration portfolio that will provide existing confirmation of targets and add new targets for immediate follow-up. We look forward to aggressively moving this project forward with Basin Energy in the fall of 2022."

The Company is actively drilling on it's West McArthur uranium project in the eastern Athabasca Basin as part of an approved $5 million 2022 program. The West McArthur drilling program is focused on continued expansion of the 42 Zone mineralization, exploration within the 1.8 km 42 Zone extension target area, and testing of multiple new targets generated during the winter geophysical program. The West McArthur project is operated by CanAlaska, who currently holds a 76.51% ownership in the project.

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc. President CanAlaska Uranium Ltd. 

Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com

Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129369

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Airborne Magnetics and Radiometrics to Confirm Targeting Near Large Gravity Anomalies

Summer Ground Prospecting and Drill Program Now Permitted

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's strategically located Key Extension project in the Athabasca Basin (Figure 1). The property-wide magnetics and radiometrics survey will be used in conjunction with the recently completed ground gravity survey and previous compilation work to prioritize a ground-based summer prospecting program. In addition, the Company is pleased to report that it has received approved exploration work permits to conduct diamond drilling and additional ground-based geophysical surveys on the project.

  Figure 1 – Key Extension Property Location Map   To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/2864/129077_a823a27f04b71ac3_002full.jpg

The Key Extension project is located approximately 10 km from the Key Lake Mine and Mill complex, along the main provincial Highway. Based on the geology and geophysics, the main fault system which controls the Key Lake uranium deposits is interpreted to trend through the centre of the property. Historical work on the project has identified electromagnetic conductors associated with uranium boulder and outcrop samples. The Project lands have undergone minimal drill testing despite the prolonged regional exploration around the Key Lake deposit discoveries and mining in the area. The Company recently completed a ground gravity survey on the northeastern claim block that identified large, prominent, and discrete gravity low anomalies (Figure 2). The discovery of these gravity anomalies associated with the electromagnetic conductors and the geological interpretation provide a strong impetus for drill testing on the project. The new airborne survey will add finer details to the targets and should assist in determining the extent of the uranium bearing boulders identified from historical prospecting.

  Figure 2 – Key Extension Ground Gravity Survey Results.   To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/2864/129077_a823a27f04b71ac3_003full.jpg

Three prominent and large gravity low features were identified this winter during the ground gravity survey. The most prominent gravity low anomaly is located at highly prospective boundary between the Wollaston and Mudjatik domains and the interpreted location of the Key Lake Fault. This gravity feature is particularly interesting because of the coincidental intersection of the two structural features with a north to northeast-trending VTEM conductor. Two additional priority gravity anomalies identified are also associated with the interpreted Key Lake Fault. These two anomalies are along strike in both directions from the main gravity feature and are also associated with VTEM conductors. All these features represent high-priority target areas for drill testing.

The high-resolution airborne radiometric and magnetics survey is being conducted by Precision GeoSurveys Inc. of Langley, British Columbia. The survey consists of 1,746 line-km's of airborne surveying at 100 m line-spacing across the Key Extension project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling programs.

CanAlaska's Key Extension project is located approximately 10 km south of the Athabasca Basin, within basement rocks of the Wollaston-Mudjatik transition zone in northern Saskatchewan. The Key Lake deposits and associated showings are located approximately 10 km from the northeastern project boundary. The Key Lake deposits consisted of a series of east-northeast striking pods of high-grade unconformity associated uranium mineralization, which have historically produced over 150 million lbs U3O8 from the Gaertner and Deilmann open pits.

The Company is completing work on the Project under a Property Option Agreement with Durama Enterprises Limited ("Durama"), a private company, which grants CanAlaska a right to earn up to 100% interest in the Project (See News Release Dated October 6th, 2021).

CanAlaska CEO, Cory Belyk, comments, "This new geophysics survey will add valuable information to help guide the next steps in target definition on the Key Extension project in advance of the first prospecting and drilling programs. The size and coincidence of the anomalies identified to date are very encouraging signs the CanAlaska team is on the right path to discovery within kilometres of Cameco and Orano's Key Lake milling complex. I am very pleased with how this project is responding to our shareholders investment in this strategic property."

The Company is actively drilling on it's West McArthur uranium project in the eastern Athabasca Basin as part of an approved $5 million 2022 program. The West McArthur drilling program is focused on continued expansion of the 42 Zone mineralization, exploration within the 1.8 km 42 Zone extension target area, and testing of multiple new targets generated during the winter geophysical program. The West McArthur project is operated by CanAlaska, who currently holds a 76.51% ownership in the project.

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc. President CanAlaska Uranium Ltd.

Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com

Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129077

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VVC Exploration Corporation, dba VVC Resources, (" VVC "), is pleased to announce that its common shares have been qualified for trading on the OTCQB Venture Market ("OTCQB") in the United States and trading will commence under the symbol " VVCVF ", at the open of market on August 1, 2022. The Company's common shares will continue to trade in its home jurisdiction on the TSX Venture Exchange under the symbol " VVC.V " as well.

"Trading on the OTCQB represents a significant step towards our larger business goals as it provides additional volume for VVC investors in both the United States and Canada by allowing U.S. investors to more easily access VVC shares," said Jim Culver, VVC President and CEO. "We look forward to aligning with a broader group of U.S. investors interested in growth-driven portfolios like ours."

Key Benefits of Joining the OTCQB:

The OTCQB is a leading market for early-stage and developing U.S. and international companies operated by the OTC Markets Group Inc. To be eligible for quotation on the OTCQB, companies must be current in their reporting and undergo an annual verification and management certification process. Companies must also meet a minimum bid price test and other financial conditions. Recognized by the U.S. Securities and Exchange Commission as an established public market, the OTCQB market will provide investors who cannot access trading on the TSX Venture Exchange with alternative access to VVC's Shares through regulated U.S. broker-dealers.

View VVC info on OTC Markets at: https://www.otcmarkets.com/stock/VVCVF .

About VVC Resources VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC). To learn more, visit our website at: www.vvcresources.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304

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Azincourt Energy Corp. ("Azincourt" or the "Company") (TSX.V: AAZ, OTCQB: AZURF) is pleased to provide an update on plans for the fully funded upcoming fall and winter field season at the East Preston and Hatchet Lake projects in the Athabasca Basin, Saskatchewan, Canada.

The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend) (Figures 2 and 3). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.

Drilling to date has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.

The Company is planning an extensive drill program for the fall and winter of 2022-2023. The program will consist of approximately 6,000 meters of drilling in 20+ diamond drill holes. The priority will be to continue to evaluate the alteration zones and elevated uranium identified in the winter of 2022 and reported in news releases dated March 29 th , 2022, and July 13, 2022.

The south end of the G-Zone responded well in the 2022 drill program. The structure and alteration within EP0030 and EP0037 warrant additional drilling to confirm target enhancement for follow-up in this area.

Drilling within the K-Zone will focus on expanding on the weak clay alteration and elevated uranium identified in EP0035. This is the only zone where alteration and structure resulted in poor ground conditions preventing completion of a drill hole. This is indicative of strong structure and alteration which are both good signs for possible uranium deposition. The alteration zone is still open along strike in both directions north and south.

Within the H-Zone, drilling will continue to evaluate the alteration zone and identify priority targets for additional focus. The thick structural package identified in this zone is a promising sign for extensive ground preparation to allow fluid pooling and uranium deposition. Holes will also be drilled between the H- and K- Zones to seek continuity between the zones and enhancement of the alteration and uranium present.

The Q-Zone remains untested, and the Company is eager to drill this zone during the 2023 program to evaluate the prospectivity of this target area.

"Up to this point, drilling has been quite wide spaced while we evaluate the various trends to identify the best areas to focus our efforts", said VP, Exploration Trevor Perkins. "While this will continue in the upcoming program, we also plan to narrow our focus and begin vectoring within the alteration zones and follow where the alteration and geochemistry is leading," continued Mr. Perkins.

Mobilization is anticipated to begin in December, with drilling to commence in January 2023.

While the A-G and K-H-Q trends are the primary focus, many additional trends and zones exist to the east and west of the primary trends on the East Preston property (Figure 2). These additional target areas will require ground geophysics to constrain conductor locations and drilling to properly evaluate their potential.

"We're of course eager to get back on the ground at East Preston and follow up the promising results from last winter," said CEO, Alex Klenman. "The more work we do, the more compelling East Preston becomes. We've gone from grass roots to the development of top tier exploration targets on what is a large and highly prospective property. We have the right rocks, the right geochemistry, the right structures, and we've now produced evidence that uranium is present within large alteration zones. Step by step, we continue to progress East Preston in a very positive way. This next drill program is another important step towards our goal of meaningful discovery," continued Mr. Klenman.

The Hatchet Lake Project is a recent addition to the Company's portfolio (see news release dated November 10, 2021), wherein Azincourt can earn a 75% interest in the project from ValOre Metals Corp. Hatchet Lake sits just outside the northeastern margin of the Athabasca Basin, situated along the underexplored northeast extension of the Western Wollaston Domain (WWD) within the Wollaston-Mudjatik Transition Zone (WMTZ). This highly prospective structural corridor hosts the majority of known high-grade uranium deposits and all of Canada's operating uranium mines.

The first program the Company is proposing for the project will consist of ground reconnaissance to verify targets, ground geophysics (Horizontal Loop Electromagnetic HLEM) to verify conductor locations, and a helicopter supported diamond drill program to be conducted in the fall of 2022. The drill program is expected to consist of up to 1,500 meters in 8-10 diamond drill holes.

Three target areas have been selected on the Hatchet Lake property for initial work. (Figure 5) The priority drill targets are the SW Scrimes and Upper Manson areas, which are considered drill ready once some initial ground reconnaissance is completed. Drilling will focus on conductive packages with associated radioactive boulders to identify and vector towards potential sources for said boulders.

Geochemical anomalies highlight a variety of uraniferous host rocks that are coincident with identified conductive geophysical targets. Uraniferous rocks are typically referred to as containing uranium significantly above normal expected values. 24 radioactive rock samples with assay results up to 2.43% U3O8 have been identified in the area.

A priority target requiring more preparatory work has been identified, NE Scrimes, where a ground based HLEM geophysical survey will be conducted to help resolve a complex structural and conductive fold sequence prior to drill testing.

The estimated budget for this program will be a minimum of $1M CDN to meet earn-in obligations of the option agreement with ValOre Metals. Groundwork is anticipated to commence in September with drilling to take place in October and into November.

"Getting on the ground with this first program will be exciting, as this property has not had a good drill test," said VP Exploration Trevor Perkins. "We are excited to see how the model holds up to the first drill hole, and will adjust as needed to maximize impactful discovery potential," continued Mr. Perkins

"Hatchet Lake is a tremendous second project for Azincourt," said CEO, Alex Klenman. "We already know high grade mineralization is present. We know that is an under explored target, which really hasn't utilized modern exploration techniques and knowledge applied in the past in terms of the drill targeting. We feel very strongly that based on what we know today, compared to what was known when the property was first explored, we have a very compelling opportunity for discovery. The next 8-12 months will be a busy and exciting time for Azincourt," continued Mr. Klenman. Permitting and Community Engagement.

The permitting process is underway to obtain authorization for the fall and winter 2022-2023 drill programs on both projects.

Azincourt Energy continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure that concerns of the local communities are addressed with regards to the East Preston project. Azincourt looks forward to a continued close working relationship with CRDN and other rights holders to ensure that any potential impacts and concerns are addressed and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Several members of the Clearwater River Dene Nation have been directly employed on site or to provide support and services to keep the camp and programs running.

The Company has also been in contact with the Ya'thi Néné Land and Resource Office representing the Hatchet Lake First Nation and expects additional discussions to take place with them and other rights holders to ensure that concerns of the local communities are addressed. Azincourt looks forward to developing a close working relationship with the Hatchet Lake community.

Figure 1: East Preston Project Location – Western Athabasca Basin, Saskatchewan, Canada

Figure 2: Priority target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan

Figure 3: 2022 Drill Holes and Target areas at the East Preston Uranium Project

Figure 4: Hatchet Lake Project Location – Eastern Athabasca Basin, Saskatchewan, Canada

Figure 5: Hatchet Lake Target Areas

Azincourt controls a majority 72.8% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectively targets because of the structural complexity.

The targets are basement-hosted unconformity related uranium deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover – therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco's Centennial deposit (Virgin River-Dufferin Lake trend).

Azincourt entered into an option agreement with ValOre Metals Corp. on November 9th, 2021, to earn up to a 75% interest in the Hatchet Lake property. Previous work on the property identified multiple, shallow, unconformity-related basement uranium targets. Previous work includes diamond drilling, geophysics, boulder, soil, lake sediment and bio-geochemical sampling. The project contains substantial historic exploration datasets with identified uranium anomalism and showings to help guide exploration programs. Historical operators include Gulf Minerals, Saskatchewan Mining and Development Corp, Hathor Exploration Ltd., and Rio Tinto.

Two high-priority zones on the property have currently been identified; the Upper Manson and Southwest Scrimes zones. Geochemical anomalies highlight a variety of uraniferous host rocks that are coincident with identified conductive geophysical targets. Rock samples have returned assay results up to 2.43% U3O8 (Valore Metals presentation).

The targets are basement-hosted unconformity related uranium deposits similar to Cameco's Eagle Point mine.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.

Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project and its Hatchet Lake option, both in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.

ON BEHALF OF THE BOARD OF Azincourt Energy Corp.

"Alex Klenman" Alex Klenman, President & CEO

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.

For further information please contact:

Alex Klenman, President & CEO Tel: 604-638-8063 info@azincourtenergy.com

Azincourt Energy Corp. 1430 – 800 West Pender Street Vancouver, BC V6C 2V6 www.azincourtenergy.com

Figures accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ab05e8b9-77af-40b7-bb65-4d7529032589

https://www.globenewswire.com/NewsRoom/AttachmentNg/95d05373-10c1-44e4-8b6b-39319f445655

https://www.globenewswire.com/NewsRoom/AttachmentNg/c20e8034-61bc-4412-a09e-0a7755b2ed29

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https://www.globenewswire.com/NewsRoom/AttachmentNg/72034a1a-9560-476d-b15e-e22856706321

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Skyharbour Resources Ltd.'s (TSX-V: SYH ) (OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") partner company Azincourt Energy ("Azincourt) is pleased to provide an update on its plans for its fully funded upcoming fall and winter field season at the East Preston Project in the Athabasca Basin, Saskatchewan, Canada.

Project Location – Western Athabasca Basin, Saskatchewan, Canada: https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg

The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend). Drilling to date has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.

Azincourt is planning an extensive drill program for the fall and winter of 2022-2023. The planned program will consist of approximately 6,000 metres of drilling in 20+ diamond drill holes. The priority will be to continue to evaluate the alteration zones and elevated uranium values identified in the winter of 2022 and reported in news releases dated March 29 th , 2022, and July 13 th , 2022.

The south end of the G-Zone responded well in the 2022 drill program. The structure and alteration within holes EP0030 and EP0037 warrant additional drilling to confirm target enhancement for follow-up in this area.

Drilling within the K-Zone will focus on expanding on the weak clay alteration and elevated uranium identified in hole EP0035. This is the only zone where alteration and structure resulted in poor ground conditions preventing completion of a drill hole. This is indicative of strong structure and alteration which are both good signs for possible uranium deposition. The alteration zone is still open along strike in both directions north and south.

Within the H-Zone, drilling will continue to evaluate the alteration zone and identify priority targets for additional focus. The thick structural package identified in this zone is a promising sign for extensive ground preparation to allow fluid pooling and uranium deposition. Holes will also be drilled between the H- and K- Zones to seek continuity between the zones and enhancement of the alteration and uranium present.

The Q-Zone remains untested, and Azincourt is eager to drill this zone during the 2023 program to evaluate the prospectivity of this target area.

"Up to this point, drilling has been quite wide spaced while we evaluate the various trends to identify the best areas to focus our efforts", said Azincourt's VP, Exploration Trevor Perkins. "While this will continue in the upcoming program, we also plan to narrow our focus and begin vectoring within the alteration zones and follow where the alteration and geochemistry is leading," continued Mr. Perkins. Mobilization is anticipated to begin in December, with drilling to commence in January 2023.

While the A-G and K-H-Q trends are the primary focus, many additional trends and zones exist to the east and west of the primary trends on the East Preston property. These additional target areas will require ground geophysics to constrain conductor locations and drilling to properly evaluate their potential.

"We're of course eager to get back on the ground at East Preston and follow up on the promising results from last winter," said Azincourt's CEO, Alex Klenman. "The more work we do, the more compelling East Preston becomes. We've gone from grass roots to the development of top-tier exploration targets on what is a large and highly prospective property. We have the right rocks, the right geochemistry, the right structures, and we've now produced evidence that uranium is present within large alteration zones. Step by step, we continue to progress East Preston in a very positive way. This next drill program is another important step towards our goal of meaningful discovery," continued Mr. Klenman.

The permitting process is underway to obtain authorization for the fall and winter 2022-2023 drill program at East Preston. Azincourt Energy continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure that concerns of the local communities are addressed with regards to the East Preston project. Azincourt looks forward to a continued close working relationship with CRDN and other rights holders to ensure that any potential impacts and concerns are addressed and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Several members of the Clearwater River Dene Nation have been directly employed on site or to provide support and services to keep the camp and programs running.

Skyharbour and Dixie Gold entered into an Option Agreement (the "Agreement") with Azincourt whereby Azincourt had an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Azincourt has now earned their interest in the project by completing CAD $2.5 million in staged exploration expenditures and making a total of CAD $1 million in cash payments as well as issuing shares of Azincourt divided evenly between Skyharbour and Dixie Gold. Skyharbour retains a 15% interest in the East Preston Project.

Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity. The targets are basement-hosted unconformity related uranium deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover; therefore, they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco's Centennial deposit (Virgin River-Dufferin Lake trend).

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour is actively advancing these projects through exploration and drill programs.

Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .

"Jordan Trimble" Jordan Trimble President and CEO

For further information contact myself or: Riley Trimble Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

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ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced the commencement of a 4,500 metre ("m") diamond drill program at ValOre's 100% owned 59,483-hectare Angilak Property Uranium Project ("Angilak"), located in Nunavut Territory, Canada.

"2022 RC drilling at the Dipole and J4 West targets intersected high-grade, near-surface, basement-hosted uranium, and immediate follow-up is warranted in the core drilling program," stated ValOre's VP of Exploration, Colin Smith. "Two diamond drill rigs are at Dipole, with the first rig already drilling, and the second to commence within the week. Down-dip and along-strike core holes will test extensions to highly radioactive RC intercepts, including 65,535 CPS at ~30 m vertical depth (Dipole) and 22,146 CPS at ~36 m vertical depth (J4 West)".

Angilak 2022 Diamond Drill Program Highlights:

The 2022 Reverse Circulation ("RC") drill program intersected near-surface radioactivity in 22 of 27 holes, with vertical depths of radioactive zones ranging from 7 to 110 metres, at the Dipole, Yat, and J4 West targets. Initial assay results from the completed RC drill program are expected in the first half of August, 2022.

For more information regarding the 2022 RC drill program, CLICK HERE for news release dated May 9, 2022, CLICK HERE for news release dated June 2, 2022, and CLICK HERE for news release dated June 15, 2022.

The 59,483-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over CAD$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred uranium resource estimate ("Lac 50").

The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada's highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:

CLICK HERE for ValOre's May 6, 2021 video summarizing the highlights of Angilak.

CLICK HERE for ValOre's May 6, 2021 video reviewing the 2021 focus for Angilak.

Qualified Person ("QP")

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre's QP and Vice President of Exploration.

Information related to the independent Angilak mineral resource estimate has been approved by Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent QPs as defined under NI 43‐101.

Information related to the independent Pedra Branca mineral resource estimate has been approved by Fábio Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.

ValOre Metals Corp. (TSX ‐ V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au ( CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre's Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U 3 O 8 , totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.

ValOre's team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

James R. Paterson, Chairman and CEO

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com .

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

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VVC Exploration Corporation (TSX:VVC), dba VVC Resources, (" VVC ") announces that Proton Green, LLC. has entered into a non-binding term sheet ("Term Sheet") which contemplates the reverse merger ("Merger") with Schmitt Industries, Inc. (NASDAQ: SMIT) ("Schmitt").

VVC is a founding shareholder of Proton Green, which launched in 2021 and currently owns approximately 14% of Proton Green.

"I would like to congratulate our former VVC colleague Steve Looper on his tremendous work building Proton Green into a trailblazer in helium, carbon capture and the global energy transition," said Jim Culver, VVC President and CEO. "We are proud to have supported Proton Green in its start-up phase and be a part of its vision for a 'carbon negative future'. This is an eco-friendly project and great for VVC shareholders. "

The press release issued by Schmitt can be viewed at Cision PR Newswire . For more information on Proton Green, visit www.vvcresources.com/proton-green .

About VVC Resources VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy.  Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies.  VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC).  To learn more, visit our website at: www.vvcresources.com .

About Proton Green Proton Green, LLC, is a producer of helium and hydrogen, and is building out its position as a large carbon sequestration operator in North America. With operating control over the St. Johns Field, a 152,000-acre property in Apache Country, Arizona, Proton controls a helium reservoir and carbon storage basin. Helium remains in short supply and is used to cool magnets in MRI systems, as the temperate of silicon during semiconductor manufacturing, for space and satellite system applications, as well as in many other critical technologies. Carbon capture and sequestration is fast becoming a climate imperative, and Proton has the ability to inject up to 22 million metric tons of CO2 per year at its primary basin, and over one billion tons of total storage capacity.  For more information, please see Proton's website at: www.protongreen.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304

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Skyharbour Resources Ltd.'s (TSX-V: SYH ) (OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce the closing of the previously reported Option Agreement with Rio Tinto Exploration Canada Inc. ("RTEC"), a wholly owned subsidiary of Rio Tinto Limited ("Rio Tinto"), to acquire up to 100% of the Russell Lake Uranium Project (the "Property" or "Project"), which comprises 26 claims covering 73,294 hectares of prospective exploration ground strategically situated between the Company's Moore Uranium project (to the east) and Denison Mines' Wheeler River project (to the west) in the eastern portion of the Athabasca Basin.

Russell Lake Project Location Map: http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg

The Project is a premier, advanced-stage exploration property given its large size, proximity to critical regional infrastructure, and the significant amount of historical exploration carried out on the property, which has identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts. The Property is centrally located between Cameco Corp.'s Key Lake mill to the south and McArthur River mine to the north. Access to the Property is via Highway 914, which services the McArthur River Mine and runs through the western extent of Property along with a high-voltage powerline that energizes the existing mining operations in the eastern portion of the Athabasca Basin.

Skyharbour has filed an NI 43-101 Technical Report on the Russell Lake property written by Michelle McKeough, P.Geo., of TerraLogic Exploration Inc. The Technical Report is the culmination of previously reported and compiled historical data and geological reports and was commissioned in preparation for an upcoming drill program Skyharbour plans to carry out on the project. It provides a detailed description of the project including the historical exploration and drill results previously reported, as well as recommendations for future exploration programs. The Technical Report may be found under the Company's profile at www.sedar.com .

The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco's Key Lake and McArthur River Projects and adjoining Denison's Wheeler River Project to the west and Skyharbour's Moore Uranium Project to the east. Highway 914, which services the McArthur River mine, runs through the western extent of the Property and greatly enhances accessibility. Similarly, a high-voltage powerline situated alongside Highway 914. Skyharbour's acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.

There has been a meaningful amount of historical exploration carried out at Russell Lake but with most of it conducted prior to 2010. The Property has been the subject of over 95,000 metres of drilling in over 230 drill holes. The Property's claims are in good standing for 2-22 years with assessment credits built-up from previous programs.

Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity exist on the Property as well.

At the Grayling Zone, drilling of the 2,200 metres long, up to 100 metres thick sub-parallel Grayling conductor intersected an 800 metres long discontinuous zone of basement-hosted uranium mineralization with localized perched and unconformity-hosted associated mineralization along a graphitic thrust fault. Drill hole RL-85-07 intersected 3.45% U 3 O 8 over 0.3 metres at a depth of 363.2 metres and 0.1% U 3 O 8 over 0.5m at a depth of 366.4 metres. This target is prospective for additional high-grade uranium discoveries and is open in several directions.

At the M-Zone Extension target, historical drilling at neighbouring Denison's M-Zone along trend from the Grayling Zone intersected basement hosted uranium of 0.70% U 3 O 8 over 5.8 metres at a depth of 374.0 metres. Like the Grayling Zone, the mineralization is hosted by a graphitic thrust fault. The northeast extension of the M-Zone-Grayling corridor onto the Property has seen limited drilling, but mineralization was intersected in historical drilling, returning 0.7 metres of 0.123% U 3 O 8 at 619.1 metres depth in hole MZE-11-03.

The Little Man Lake Zone target is 500 metres long, 10 to 15 metres thick, 25 to 35 metres wide, and is a zone of prospective geology associated with an unconformity depression. The last drilling in this area was in 1989, prior to modern uranium exploration models, with historical uranium grades ranging from 0.03% up to 0.1% U 3 O 8 at around 300 metres depth.

At the Fox Lake Trail target area, uranium mineralization was intersected in a few historical drill holes. Significant intercepts include 0.0743% U 3 O 8 over 1.0 metres at 525.5 metres depth in hole FLT-08-06, and 0.053% U 3 O 8 over 0.3 metres at 516.9 metres depth in hole FLT-11-14. A prospective quartzite ridge runs through the area along with anomalous geochemistry in faulted basement metasediments. Significant sandstone-hosted sulphides are also found in this area.

The Christie Lake target area contains basement-hosted uranium mineralization with historical drill results returning 0.17% U 3 O 8 over 0.4 metres at 436.4 metres depth in hole CL-10-03. A prospective clay altered basement fault system runs throughout this area.

In addition to the aforementioned target areas, there are more than 35 kilometres of untested conductors on the Property underlain by rocks of low magnetic intensity, suggestive of prospective graphitic meta-pelitic basement rocks. The Project has seen limited exploration in the previous twelve years, so minimal modern exploration techniques and methods have been used to expand existing zones of mineralization as well as to make new discoveries.

There is a fully permitted exploration camp on the Project suitable for over forty people located on the highway and within 5 kilometres of Denison's Phoenix deposit. Skyharbour is planning an initial phase of exploration and drilling at the Project with details forthcoming.

Under the terms of the Option Agreement, which now has TSX Venture Exchange (the "Exchange") approval, Skyharbour may acquire up to a 100% interest in the Russell Lake Uranium Project and will become operator of the Project during the earn-in period and afterwards if a joint venture is formed.

An initial majority 51% interest in the Property may be earned by paying CAD $508,200, which has been paid, and issuing 3,584,014 common shares of Skyharbour, which has been issued, to RTEC. Skyharbour must also fund CAD $5,717,250 in exploration expenditures, inclusive of a 10% management fee to Skyharbour, over a period of three years, of which a total of CAD $1,905,750 must be spent within eighteen months. Skyharbour at this point can elect to enter into a 51% / 49% joint venture with RTEC subject to a standard dilution clause, or the Company can earn additional interest in the project.

Skyharbour may then acquire an additional 19% to earn a total of a 70% interest in the Property by paying CAD $1,588,125 in cash or by issuing 2,226,096 shares. Additionally, Skyharbour must fund CAD $6,352,500 in exploration expenditures, inclusive of a 10% management fee to Skyharbour, over a period of the following two years.

Upon Skyharbour earning a 70% interest, the Company may elect to continue on a 70% / 30% joint venture basis, subject to a standard dilution clause, or it may acquire the remaining 30%, if RTEC elects not to contribute, for a total undivided interest of 100% of the Property by paying CAD $33,033,000 in cash or by issuing 42,598,565 shares or a combination thereof to prevent RTEC from owning over 19.9% of Skyharbour.

Upon Skyharbour's 100% acquisition, the Property will become subject to a 1% NSR Royalty payable to RTEC. The royalty may be reduced to 0.5% by payment of USD $750,000 to RTEC. The claims comprising the Property are subject to various existing underlying royalties to other parties. All securities issued in connection with the Option will be subject to a hold period ending four months and one day after issuance.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.

Rio Tinto is one of the largest mining and metals companies globally, operating in 35 countries with over 49,000 employees. Rio Tinto's purpose is to produce materials essential to human progress.

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.

Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%.

Link to the South Falcon Point R esource E stimate: https://skyharbourltd.com/_resources/Way%20Lake%20Fraser%20Lakes%20Zone%20B.pdf?v=0.146

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .

"Jordan Trimble" Jordan Trimble President and CEO

For further information contact myself or: Riley Trimble Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

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