TSX-V Trading Symbol: SYH
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
VANCOUVER, B.C., March 23, 2015 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCBB: SYHBF) (Frankfurt: SC1N) ("Skyharbour") is pleased to announce it has commenced its diamond drill program on its 100% owned, 79,003 hectare Falcon Point Uranium and Thorium Project (the "Property") located 55 kilometers east of the Key Lake Mill. The drill program will consist of drill testing high-priority targets in and around the current uranium and thorium resource at the JNR Fraser Lakes Zone B deposit. This will be the Company's first work program at Falcon Point (previously called Way Lake) since acquiring the Property from Denison Mines in the summer of 2014.
Skyharbour's Uranium Project Portfolio in the Athabasca Basin:
Approximately 1,500 metres of drilling by way of 5 - 6 holes with individual depths of 250 - 350 metres is expected to be completed in the JNR Fraser Lakes area during the current campaign. The JNR Fraser Lakes Zone B deposit consists of a current NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023% within 10,354,926 tonnes using a cutoff grade of 0.01% U3O8. The independent NI 43-101 technical report by GeoVector Management Inc. supporting this mineral resource estimate was filed on SEDAR on March 20, 2015 by Skyharbour Resources. Independent qualified person, Dr. Allan Armitage, P.Geo., is responsible for the contents of the technical report and comments related to the resource estimate and its parameters.
Falcon Point Uranium Project Claims Map:
The deposit subcrops and was not tested below 150 metres vertical. It is open along strike and at depth, and consists of several zones of moderately dipping, multiple-stacked uranium and thorium mineralized horizons. Geological and geochemical features at the deposit show distinct similarities to high-grade, basement-hosted uranium deposits in the Athabasca Basin such as Eagle Point, Millennium, P-Patch and Roughrider. Skyharbour's objective is to discover higher grade uranium mineralization proximal to the current lower grade mineralized envelope present at the JNR Fraser Lakes deposit. The current drill program will test for depth extensions to the known mineralization which is associated with a conductive zone located on the western limb of a prominent fold that closes to the north. Additionally, it will be the first test of the conductive eastern limb of the structure in an area where it is intersected by a regional scale east north-east trending fault.
Falcon Point Uranium/Thorium Project Geophysics Map:
Jordan Trimble, President and CEO of Skyharbour Resources, states: "The commencement of our first diamond drill program at Falcon Point is a key milestone for Skyharbour and its shareholders. The Falcon Point Project hosts a near surface, NI 43-101 inferred uranium and thorium deposit with resource expansion potential as well as high grade discovery potential. The Company is funded to complete this initial drill program as well as the ongoing exploration program at the Preston Project on the west side of the Basin which should collectively provide ample news flow over the coming months."
About the JNR Fraser Lakes Target Area:
Uranium and thorium showings in the JNR Fraser Lakes area (Zone A, Zone B, North and T-Bone) were discovered by ground prospecting of airborne geophysical targets. Most of the mineralized zones are contained within a 65 kilometre long, folded EM conductor system comprised of Wollaston Group graphitic pelitic gneisses and uraniferous granitic pegmatites. Discovered in 2008, the JNR Fraser Lakes Zone B deposit is located within the broader 6 kilometre by 7 kilometre Fraser Lakes target area. Uranium and thorium mineralization is accompanied by highly anomalous concentrations of base metals, rare earth elements and other pathfinder elements. The exploration potential of the Fraser Lakes target area is considered exceptional, as is the resource expansion potential of the current deposit at Zone B.
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 Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head Technical Advisor and a Director, as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds interest in an extensive portfolio of uranium and thorium exploration projects covering over 350,000 hectares in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with four drill-ready projects. The Company is the operator of the Western Athabasca Syndicate which controls a large, geologically prospective land package consisting of five properties in the Athabasca Basin of Saskatchewan. Skyharbour also owns a 100% interest in the Falcon Point (formerly Way Lake) Uranium Project on the east side of the Basin which hosts an NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The Company owns a 60% interest in the Mann Lake Uranium project on the east side of the Basin strategically located adjacent to the Mann Lake Joint Venture operated by Cameco with partners Denison Mines and AREVA where high-grade, basement-hosted uranium mineralization was recently discovered. 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-V: SYH) visit the Company's website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
President and CEO
For further information contact myself or:
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
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.
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Source:Skyharbour Resources Ltd.