Western Athabasca Syndicate Provides Drill Program Update at
Preston Property: Discovers Elevated Radioactivity and Expands
Drilling at Swoosh Target
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 15, 2014) -
Skyharbour Resources Ltd.
(TSX-VENTURE:SYH)(PINKSHEETS:SYHBF)(FRANKFURT:SC1N) ("Skyharbour")
is pleased to provide an update at its ongoing first-phase diamond
drill program on its flagship Preston Uranium Property (the
"Property") in the southwest Athabasca Basin. The Western Athabasca
Syndicate (the "Syndicate") has drilled five holes thus far for a
total of 986 metres with three to four additional holes
planned.
All five of the holes intersected a broad, hydrothermally
altered and reactivated, structural zone. Three holes returned
elevated radioactivity. As a result of these highly encouraging
early findings, the Syndicate has decided to increase the budget
and expand the testing of the Swoosh target. The additional
drilling on this target will continue until late April. Drilling is
planned to recommence in early to mid-May after breakup to test the
CHA and Fin targets.
The initial five drill holes tested the Swoosh target, a
six-kilometre long corridor consisting of geophysically anomalous
areas as defined by gravity, magnetic and EM surveys, coincident
with surficial geochemical anomalies. Four holes were completed
down to depths of between 200 and 275 metres while the fifth hole
was abandoned due to poor drilling conditions. Overburden depth
varies from 4 to 38 metres and immediately overlies basement
rock.
Preston Property - Swoosh Target Map:
http://skyharbourltd.com/_resources/maps/SYH_Swoosh_Drill_Locations.jpg
Three of the holes at Swoosh intersected zones of elevated
radioactivity as defined by a downhole gamma probe with the best
results to date occurring in hole PN14003 which contained several
radioactive intervals; the most notable being 802 counts per second
(cps) over 1.95 metres from 186.68 to 188.63 metres downhole in a
background of 80 to 100 cps. The initial three holes also
intersected multiple graphitic units within sheared and altered
basement lithologies. The alteration commonly consists of pervasive
chlorite, hematite and clay development; features which are
associated with uranium mineralization in the Athabasca Basin. A
review of final assays and geochemistry will be carried out upon
receipt of results expected in May.
All holes were angle holes, drilled at -45 to -50 degrees.
They were radiometrically surveyed using a RS-230 gamma-ray
spectrometer, and a Mount Sopris 2PGA-1000 downhole natural gamma
probe. Natural gamma radiation in drill core reported in this news
release was measured in counts per second (cps). All intersections
are downhole and core interval measurements and true thicknesses
are yet to be determined. The reader is cautioned that a total
counts gamma probe reading is the result of natural gamma radiation
that may come from various sources including cosmic radiation,
thorium, potassium and uranium and its radioactive decay products.
CPS values cannot be certain to correlate with uranium grades of
the rock but are a general guide of the radioactivity of minerals
present in rock placed in proximity to the instrument.
The Syndicate's Technical Team considers these findings in the
early stages of the first drill program to be a significant
breakthrough towards locating shallow uranium mineralization, and
have decided to expand the initial drill plan at the Swoosh target
as a result. Two to three additional holes will be drilled at
Swoosh before breakup at the end of April with drilling to
recommence in early May.
Preston Uranium Property Map and Regional Exploration
Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg
The three initial target areas, out of a growing target base
currently standing at fifteen, were selected by the Syndicate's
Technical Committee for drilling based on encouraging fieldwork
results and coincident anomalies from ground gravity, airborne and
ground EM and magnetics (graphitic conductors and structures),
radon, soil, biogeochem, lake sediment, prospecting and geological
mapping surveys. This drill campaign represents the first
modern-day drill exploration program on the Preston Uranium
Property with follow up programs planned for later this year given
the encouraging results to date.
Jordan Trimble, President and CEO of Skyharbour Resources,
states: "We are very excited with the early findings in this
ongoing first phase of drilling and are planning to extend the
program into May as a result. The visual signatures and elevated
radioactivity seen in the core from these first few holes confirm
the prospectivity of the Swoosh target and illustrate the strong
discovery potential at the Preston Property."
The Preston Uranium Property:
The 246,643 hectare Preston Uranium Property is the largest
individual property proximal to Fission Uranium Corp.'s Patterson
Lake South ("PLS") high-grade uranium discovery and the recent
discovery made by NexGen Energy on the Rook 1 Project (see NexGen's
news release dated Feb. 19, 2014). The Syndicate is the largest
land tenure holder in the southwest Athabasca Basin region
including properties strategically situated to the southwest and to
the northeast of the PLS and NexGen discoveries.
Over $2.5 million dollars in exploration has been carried out to
date by the Syndicate on the Preston property and many priority
targets remain for further follow up with both fieldwork and drill
testing. The Syndicate continues to employ a systematic, proven
exploration methodology that has led to numerous uranium
discoveries in the region and throughout the Athabasca Basin. This
has been very effective in identifying numerous high-quality
targets at Preston with similar geological features and exploratory
indicators as those at the nearby PLS and NexGen discoveries as
well as other deposits in the Athabasca Basin.
About the Western Athabasca Syndicate:
The Western Athabasca Syndicate is a strategic partnership
formed between Skyharbour, Athabasca Nuclear, Lucky Strike and Noka
to explore and develop a 287,130 hectare suite of uranium
properties that is the largest land position along the highly
prospective margin of the Western Athabasca Basin controlled by a
single group. Under the terms of the agreement, each of the four
companies has an option to earn 25% of the five uranium properties
comprising the Western Athabasca Syndicate Partnership by making a
series of cash payments, share payments, and incurring their
pro-rata amount of the total $6,000,000 in exploration expenditures
over the two-year earn-in term of the agreement. The properties
were acquired for their proximity to the PLS discovery and
interpreted favourable geology for the occurrence of PLS style
uranium mineralization. The bulk of the Syndicate land package is
bisected by all-weather Highway 955 which runs north through the
PLS discovery on to the former Cluff Lake uranium mine.
The Athabasca Basin of Saskatchewan hosts the world's largest
and richest high-grade uranium deposits which have grades
substantially higher than the world average grade of about 0.1%
U3O8. The Patterson Lake area has received escalating exploration
attention and claim acquisition activity as a result of the new,
near surface discoveries made by Fission which includes the
recently reported drill interval of 38.49% U3O8 over 10.5 metres in
drill hole PLS14-129. Consistent high-grade, near surface U3O8
assays from Fission demonstrate the potential for high-grade
uranium mineralization on the geologically prospective yet
underexplored margins of the western side of the Athabasca
Basin.
Management cautions, mineralization present on proximal
properties is not necessarily indicative of mineralization on the
Syndicate's Property.
Qualified Person:
Athabasca Nuclear Director, Charles C. (Chuck) Downie, P.Geo.,
is the Qualified Person as defined by National Instrument 43-101
and has approved the technical information in this release.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a uranium exploration company and a
member of the Western Athabasca Syndicate which controls a large,
geologically prospective land package consisting of five properties
(287,130 hectares or 709,513 acres) in the Athabasca Basin of
Saskatchewan. $6,000,000 in combined exploration expenditures over
the next two years is planned on these properties, $5,000,000 of
which is being funded by the three partner companies. Skyharbour
also owns a 60% interest in the Mann Lake Uranium project on the
east side of the Basin strategically located 25 km southwest of
Cameco's McArthur River Mine. The Company has 51.5 million shares
outstanding with insiders owning approx. 25% of the outstanding
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.
To find out more about Skyharbour Resources Ltd.
(TSX-VENTURE:SYH) visit the Company's website at
www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
JORDAN TRIMBLE
President and CEO
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS
NEWS RELEASE.
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. 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, 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.
Skyharbour Resources Ltd.Don MyersDirector604-687-3376 Toll
Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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