The Western Athabasca Syndicate Commences Winter Exploration
Program on its Preston Lake Uranium Property in the Patterson Lake
Region of Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 11, 2013) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH)(PINKSHEETS:SYHBF)
("Skyharbour") is pleased to announce that the Western Athabasca
Syndicate has commenced a ground gravity geophysical survey at its
flagship Preston Lake Uranium Property (the "Property"). Upon
receiving the final data from the extensive, three-phased summer
field program, the Syndicate's Technical Team recently met in
Cranbrook to evaluate and interpret all of the results and to make
final recommendations for the $600,000 winter program. The
fieldwork will start with ground gravity to locate areas of
hydrothermal alteration associated with known conductors. These
areas will be further refined using radon and EM surveys to locate
specific targets for drill testing in March, 2014.
The 246,643 hectare Preston Lake Property, held by the Western
Athabasca Syndicate (the "Syndicate"), is the largest land package
proximal to Alpha Minerals and Fission Uranium's Patterson Lake
South ("PLS") high-grade uranium discovery. 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 with the summer
program yielding numerous high-quality targets with similar
geological features and exploratory indicators also present at the
nearby PLS discovery.
Preston Lake Property Map:
http://skyharbourltd.com/_resources/SYH_Regional_Tenure_Map.jpg
Highlights:
- Winter exploration program has commenced with Phase 4
consisting of ground gravity, radon and EM surveys to refine
specific drill targets for March, 2014.
- The Syndicate has invested $1.5 million in expenditures on the
Preston Lake property to date and has delineated more than fifteen
high-priority areas associated with eight highly prospective
exploration corridors and coincident geochemical anomalies similar
to the corridor hosting the high-grade PLS discovery.
- Of the fifteen areas associated with the corridors, the seven
most prospective are being followed up on in the current
program.
- Given the size of the property, exploration to date has only
focused on approximately half of the land package leaving
significant exploration upside potential in untested areas.
Commencement of the Winter Exploration Program:
The ground gravity survey will evaluate seven high-priority
areas to locate extensively altered basement rocks associated with
basement conductors. The leaching and replacement of basement rocks
by hydrothermal basinal fluids creates a density contrast resulting
in a relative gravity low. Zones of extensive, intensive,
alteration are associated with strong uranium mineralization
elsewhere in the Athabasca Basin and these anomalies will be used
to prioritize and accurately locate areas for detailed radon and EM
surveys, leading to specific drill targets. The survey will cover
approximately 50 square kilometers and is being carried out by MWH
Geo-Surveys Ltd.
Preston Lake Property - Gravity Survey Coverage:
http://skyharbourltd.com/_resources/NR_Map_Dec_4_no_ad-tau.pdf
High-Priority Targets from the 2013 Summer Program:
The 2013 summer exploration program was completed in mid-October
in which a total of 42 rock, 653 soil, 404 radon in water, 181
radon in soil, 766 biogeochemical, and 253 lake sediment samples
were collected and analyzed, in addition to 1,046 square kilometres
of airborne VTEM and 876 square kilometres of airborne radiometric
surveys. This was one of the largest regional exploration programs
carried out in the Athabasca Basin during the year, with over $1.5
million in expenditures on the Preston Lake property to date.
Preston Lake Property - High Potential Targets:
http://skyharbourltd.com/_resources/SYH_syndicate_corridors.jpg
Integration of the geochemical and geological data with the
airborne geophysics and historic data has delineated more than
fifteen high-priority areas associated with eight highly
prospective exploration corridors. The Property's prospective
corridors are very similar to the corridor hosting the high-grade
PLS discovery by Alpha Minerals and Fission Uranium (see link
below). Management cautions, mineralization present on proximal
properties (or 'corridors') is not necessarily indicative of
mineralization on the Syndicate's Property.
A high potential exploration corridor may be defined as
prospective, parallel trends of conductors, magnetics lows, and
interpreted structures. These corridors remain largely
underexplored south of the Basin, having been ignored historically.
However, the Syndicate's 2013 airborne geophysical data has
confirmed that at least eight high-potential corridors extend onto
the Preston Lake Property. Moreover, integration of the 2013 summer
ground sampling data further enhances the corridor potential with
multiple coincident geochemical and radon anomalies.
Of the fifteen areas associated with the corridors, the seven
most prospective are being followed up on in the current program
which will extend through February. This data will be used for
final targeting in advance of drilling anticipated to commence in
March, 2014.
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 Alpha and Fission which includes
the recently reported drill interval of 9.08% U3O8 over 54.5 metres
in drill hole PLS13-075. Consistent high-grade, near surface U3O8
assays from Alpha and Fission demonstrate the potential for
high-grade uranium mineralization on the geologically prospective
yet underexplored margins of the western side of the Athabasca
Basin.
Qualified Person:
Athabasca Nuclear President and CEO, 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 maintains a diverse portfolio of precious and base metal
projects in the Red Lake district of Ontario. The Company has 43.6
million shares outstanding with insiders owning over 25% of the
outstanding shares. Skyharbour's goal is to increase shareholder
value through new discoveries and developing 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Jordan P. 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.Jordan P. TrimblePresident and
CEO604-687-3376 or Toll Free: 800-567-8181Skyharbour Resources
Ltd.Don MyersDirector604-687-3376 or Toll Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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