Vancouver, BC, July 09, 2024 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-
V:SYH) (http://web.tmxmoney.com/quote.php?qm_symbol=syh) (OTCQB:SYHBF)
(http://www.otcmarkets.com/stock/SYHBF/quote) (Frankfurt:SC1P (http://en.boerse-
frankfurt.de/stock/Skyharbour_Resources_2-share)) (the "Company") is pleased to
announce initial results from Phase One of its 2024 winter drill program at the
73,294 hectare Russell Lake Uranium Project ("Russell" or the "Project"). The
Project is strategically located in the central core of the Eastern Athabasca
Basin of northern Saskatchewan adjacent to regional infrastructure, including an
all-weather road and powerline. Drilling at Russell was completed during two
separate phases of drilling with a total of 3,094 metres drilled in six holes
during Phase One with geochemical assays reported here. The second phase of the
winter drill program at Russell consisted of 2,058 metres in four holes with the
geochemical assays still pending and to be released at a later date. The Company
also recently completed 2,864 metres of drilling in nine holes at its Moore
Project with assays pending from that program.

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

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During Phase One, the best intercept of uranium mineralization historically on the property was discovered in hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721% U(3)O(8) at a relatively shallow depth of 338.1 metres, including 2.99% U(3)O(8) over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept is a new discovery at the recently identified Fork Target which has very limited historical exploration due to a lack of reliable geophysical data and drill targets resulting from nearby powerline interference. The mineralization is open in most
directions including along strike, and will be a focus of upcoming drilling. Skyharbour is fully funded and permitted for a follow-up summer drill campaign consisting of another 7,000 - 8,000 metres of drilling at its co-flagship Russell and Moore Projects.
Jordan Trimble, President and CEO of Skyharbour Resources, stated: "The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell - something that hasn't been seen before at the project with the potential to quickly grow with more drilling. The intercept in hole RSL24-02 represents the best zone of mineralization discovered yet at Russell and it is strategically located proximal to nearby infrastructure bringing drilling costs down. The relatively shallow mineralized zone is open for expansion and we are keen to follow-up on this discovery with another sizeable, fully-funded drill program this summer and fall. Furthermore, additional assays are pending from Russell as
well as from drilling carried out at our Moore project, while partner companies are advancing numerous other properties in our project portfolio."
Highlights:
* High-grade, sandstone-hosted mineralization up to 2.99% U 3 O 8 was
intersected over 0.5 metres in hole RSL24-02 at the new Fork Zone, within an

    interval of 0.721% U 3 O 8 over 2.5 metres from 338.1 to 340.6 metres
    downhole just above the unconformity. This is the best drill result
    historically at the project representing a new discovery in a newly
    delineated target area and will be a top-priority target in the upcoming
    summer drill program.
  * The Fork Target area is approx. 1 km southwest of the central Grayling

Target area and approx. 4 km southeast of Denison Mines' Phoenix Deposit. It

    is a newly identified high-priority target hosting interpreted ENE and NNE-
    trending structures, with limited historical drilling as powerline
    interference affected the historical geophysical data, thereby hindering
    detection of EM conductors and selection of drill targets.
  * Skyharbour successfully intersected the intended target and conductor in
    hole RSL24-02 where high-grade uranium has now been discovered at a
    relatively shallow depth. The Company is carrying out additional groundwork
    and geological modelling to further refine the target area for the upcoming
    summer drill program including focusing on structures related to the
    associated McDougal Lake Fault Corridor.
  * 3 kilometres to the southeast of the Fork Target area, drilling at the East
    Grayling Target in hole RSL24-06 confirmed the presence of graphitic host
    rocks at depth below the unconformity at 366.4 metres downhole. Locally

anomalous uranium was intersected in the sandstone column with up to 448 ppm

    Th and 912 ppm B intersected in the basement.
  * Assays are pending for the second phase of the winter drill program at
    Russell as well as from the drilling carried out at the Company's adjacent
    co-flagship Moore Project which consisted of 2,864m.
  * Skyharbour is fully funded and permitted for a follow-up summer drill
    program at Russell and Moore. The Company is planning for a total of

approximately 7,000 - 8,000 metres of upcoming drilling across both projects

    with approx. 4,500 - 5,000 metres planned at Russell and 2,500 - 3,000
    metres planned at Moore.

2024 Winter Diamond Drilling Program at Russell:
A total of 5,152 metres of drilling in ten holes was drilled in two phases during the winter of 2024 at the Russell Lake Project. The first phase of drilling consisted of a total of 3,094 metres in six holes, while the second phase of drilling consisted of 2,058 metres of drilling in four holes. All processing of the core and geochemical results of the core have been obtained for the first phase of drilling. Results from the second phase of drilling are pending and will be reported once received and interpreted.
Phase One Winter Drilling at Russell:
The first phase of drilling focused on drill testing the newly identified Fork Target area related to and south-southwest of the Grayling Zone. One hole during
Phase One was drilled to test an East Grayling target, approximately 3 km to the
southeast of the Fork Target area.
Hole RSL24-01 was drilled on the northernmost, NE-E trending conductor at the Fork Target area approximately 650 metres southwest of the western extent of the
broader Grayling Target area. Hematized sandstone was intersected to the unconformity at 341.7 metres, which is underlain by variably graphitic cordierite-bearing pelitic gneisses with intermediate to felsic intrusive rocks.
A faulted graphitic conductor was intersected at 412.7 to 417.4 metres downhole,
roughly 70 metres below the unconformity. Below 497.7 metres, Archean gneiss was
intersected to the end of the hole at 503.0 metres. Anomalous uranium (Â