The Western Athabasca Syndicate Updates the Ongoing Winter Exploration Program at the Preston Lake Uranium Property
07 January 2014 - 11:30PM
Marketwired
The Western Athabasca Syndicate Updates the Ongoing Winter
Exploration Program at the Preston Lake Uranium Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 7, 2014) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH)(PINKSHEETS:SYHBF)
("Skyharbour") is pleased to provide an update on the ongoing
exploration activity at the Western Athabasca Syndicate's flagship
Preston Lake Property (the "Property"). The program consists of
ground gravity and electromagnetic (EM) surveys, as well as a
RadonEx survey (ground and water) for final targeting in advance of
Q1-Q2 drilling.
Preston Lake
Property - Gravity Survey Coverage:
http://skyharbourltd.com/_resources/NR_Map_Dec_4_no_ad-tau.pdf
MWH Geo-Surveys Ltd. has been contracted to complete the gravity
survey over seven priority areas identified by the Syndicate's
Technical Committee, based on the extensive 2013 summer/fall field
work. The survey commenced in late November with approximately 50%
of the planned stations having been completed to date, including
infill over several high-priority anomalies that have just been
identified. Initial interpretation of the gravity data has
successfully delineated gravity low anomalies associated with
previously identified high-potential exploration corridors defined
by structure, magnetic lows, conductors, favorable geology and
geochemistry (elevated radon-in-water and lake sediment sample
values).
The gravity survey is anticipated to be completed by the third
week of January with the RadonEx survey starting around January
17th. Drilling is expected to commence in March, 2014.
Gravity is a powerful and economic tool of exploration for
uranium in the Athabasca Basin. Hydrothermal fluids associated with
high grade uranium deposits will cause extensive alteration of the
host rock, resulting in displacement and removal of
minerals/elements, creating porosity and subsequent density
contrast. This density contrast will be expressed as a gravity low
anomaly and is a prime drill target when qualified by other
coincident indicators of uranium mineralization such as
geochemistry and radon. The Syndicate will further refine these
gravity low targets by RadonEx and EM surveys in advance of
drilling.
About the Preston Lake Property:
The 246,643 hectare Preston Lake Property is the largest land
package proximal to the Patterson Lake South (PLS) high-grade
uranium discovery, owned by Fission Uranium Corp. 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. Management cautions,
mineralization present on proximal properties is not necessarily
indicative of mineralization on the Syndicate's Property.
Preston Lake
Property Map:
http://skyharbourltd.com/_resources/SYH_Regional_Tenure_Map.jpg
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: 800-567-8181604-687-3119Skyharbour
Resources Ltd.Don MyersDirector604-687-3376 or Toll Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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