VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 18, 2016) – Skyharbour Resources Ltd. (TSX VENTURE:SYH)(OTC:SYHBF) (FRANKFURT:SC1N) (the “Company”) is pleased to announce the completion of an NI 43-101 technical report on the Preston Uranium project (the “Preston NI 43-101 Report“) prepared by Cypress Geosciences Ltd. and completed in conjunction with its project partner, Athabasca Nuclear Corporation. The Preston NI 43-101 Report, copy of which will be filed under the SEDAR profile of each respective issuer, is the first NI 43-101 prepared for the exploration-stage project.
The author of the Preston NI 43-101 Report is Dave Billard, B.Sc., P.Geo., an independent Qualified Person (QP) responsible for the content of the report. The report includes information compiled through both public sources and data sets previously held confidential by the project proponents. It was prepared for Skyharbour Resources Ltd. and Athabasca Nuclear Corp. in compliance with National Instrument 43-101 and is summarized in part herein.
The large-scale Preston project is strategically located near Fission Uranium Corp.’s shallow, high-grade Triple R deposit and is adjacent to NexGen Energy Ltd.’s Rook-1 project hosting the Arrow uranium discovery in the Patterson Lake region of northwestern Saskatchewan. The project comprises 34 contiguous mineral claims in good standing and totaling 121,148 ha intersected by all-season Highway 955. Skyharbour Resources Ltd. and Athabasca Nuclear Corporation each hold a 50% interest in the Preston project.
Preston Uranium Property Map and Regional Exploration Corridors:
Initial exploration efforts by Skyharbour Resources Ltd. and Athabasca Nuclear Corporation represent the first significant air and ground-based exploration of the underlying tenure of the Preston project. The area saw brief exploration during the late 1970’s to early 1980’s although discoveries now being identified in the Western Athabasca region were not identified at that time.
The Preston Uranium Project is located 30 km southwest of the southwest margin of the Athabasca Basin as it is defined today and is underlain by basement rocks of the Lloyd Domain, Rae Province and Clearwater domain. The property can be subdivided into three general lithostructural domains from west to east: moderately foliated, intermediate to mafic gneisses and intercalated felsic intrusive; similar intrusives with locally graphitic metasedimentary units; and orthogneiss and granite with local calc-silicates.
A number of significant uranium deposits/discoveries occur in the western Athabasca Basin including Areva Resources Canada Inc.’s Cluff Lake past-producing uranium mine, UEX Corp./ Areva Resources Canada Inc.’s Shea Creek deposit, Fission Uranium Corp.’s Triple R deposit, NexGen Energy Ltd.’s Arrow Zone discovery, and the Spitfire discovery recently identified by the joint venture of Cameco Corp., Areva Resources Canada Inc. and Purepoint Uranium Group Inc.
With regards to the Preston project and as summarized in the Preston 43-101 report, more than $4.7 million in exploration has been conducted over the past two and a half years resulting in fifteen high-priority drill target areas located within eight prospective exploration corridors.
Exploration in 2013 consisted of airborne EM-Magnetic, radiometric surveys and prospecting around targets identified in historic reports. The VTEM survey completed in August 2013 mapped over 300 kilometres of graphitic-type conductor segments, some approaching 10 kilometres in length within the eastern claims of the Preston project. Additional ground follow-up of the newly identified airborne conductor corridors and radiometric anomalies was carried out by systematic lake-bottom sediment sampling and water radon sampling surveys, which in turn was followed by soil, biogeochemical and radon-in-soil sampling surveys. In 2014, ground gravity and horizontal loop electromagnetic (HLEM) surveys were followed up by RadonEx radon-in-water and radon-in-soil sampling surveys, which was followed up by a diamond drilling program consisting of nine holes in 4 target areas totaling 1,571 metres. Work in 2015 included a gravity and horizontal loop electromagnetic survey (HLEM) in conjunction with a RadonEx radon-in-water and radon-soil sampling survey, and followed up by 1,318 metres of diamond drilling in five holes.
Preston Uranium Project – Exploration Target Areas:
The initial airborne VTEM, magnetic and radiometric geophysical surveys, followed up by geological mapping and various geochemical sampling programs (soil, lake sediment, radon) identified eight lithostructural corridors of note on the Preston Uranium property. The corridors consisted of extensive conductor and coincident magnetic segments, exhibiting cross-cutting structural features and flexures. Follow-up ground gravity programs were able to better define several highly prospective and previously untested exploration targets. Likewise, HLEM surveys successfully defined airborne VTEM conductors confirmed by subsequent drilling programs. The drilling programs indicated that there is strong potential for the discovery of uranium mineralization within areas drill tested to-date, as well as other targets within the Preston project not yet drilled. Graphitic and non-graphitic metapelitic gneisses and felsic intrusive rocks were commonly intersected and were frequently affected by significant structural disruption, hydrothermal alteration and returned anomalous pathfinder geochemical results in nearly all the drilled holes. The aforementioned characteristics are features commonly associated with structurally controlled uranium deposits.
Preston Uranium Project – Exploration Target Areas:
In light of the encouraging results to-date, the Preston 43-101 Report has recommended further work totalling $3,210,000. Phase 1 would consist of a 2,000 metre helicopter supported summer diamond drilling program focused on following up on encouraging results to-date. A geological mapping, prospecting and geochemical sampling program would be carried out in conjunction with the drilling. The cost of the Phase 1 exploration program is $1,210,000 including $100,000 for prospecting and geochemistry, $1,000,000 for diamond drilling and a 10% overhead. Phase 2 would be carried out the following year with the final program being in part a function of the results from Phase 1.
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 in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with four drill-ready projects. The Company 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%. Skyharbour also has a 50% interest in the large, geologically prospective Preston Uranium Project proximal to Fission Uranium’s PLS Project and Triple R deposit as well as NexGen Energy’s Arrow discovery. The Company’s 100% owned Mann Lake Uranium project on the east side of the Basin is 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 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.
President and CEO
604-687-3376 or Toll Free: 800-567-8181
Skyharbour Resources Ltd.
604-687-3376 or Toll Free: 800-567-8181