The Western Athabasca Syndicate Identifies 23 Gravity Low Anomalies at the Preston Uranium Property in the Patterson Lake Reg...
20 Februar 2014 - 2:00PM
Marketwired
The Western Athabasca Syndicate Identifies 23 Gravity Low Anomalies
at the Preston Uranium Property in the Patterson Lake Region of the
Athabasca Basin
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 20, 2014) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH)(PINKSHEETS:SYHBF)
("Skyharbour") is pleased to announce the completion of gravity
surveys which have identified 23 gravity low anomalies on the
Western Athabasca Syndicate's (the "Syndicate") flagship Preston
Lake Uranium Property (the "Property"). The program also included a
RadonEx survey (ground and water) to further define targets in
advance of a drill program slated to commence in March.
The 246,643 hectare Preston 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. 19th, 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.
Preston Lake Property Map and Regional Exploration Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg
Jordan Trimble, President and CEO of Skyharbour Resources,
states: "The new discovery made by NexGen at their Rook 1 Project
further exemplifies the district-scale potential the Patterson Lake
region offers. Skyharbour and its Syndicate partners are well
positioned to take advantage of this going forward as we have
carried out one of the largest regional exploration programs in the
area over the last eight months in preparation for an initial drill
program slated to commence in March."
Interpretation of the gravity data by Phil Robertshaw, P.Geo.,
has successfully delineated gravity low anomalies associated with
previously identified high-potential exploration corridors defined
by structure, magnetic lows, conductors, favorable geology and
geochemistry. Gravity is a defining tool for exploration for
uranium in the Athabasca Basin and was a key mechanism for
vectoring in on the recent discovery made by NexGen at the Rook 1
Project. 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.
Preston Lake Property - Gravity Survey Coverage:
http://skyharbourltd.com/_resources/SYH_Feb2014_Exploration.jpg
In addition, several of the Syndicate's gravity low targets have
been further refined using a proprietary RadonEx survey which has
been instrumental in assisting with numerous discoveries in the
Athabasca Basin region. The Syndicate is carrying out a ground EM
survey to further refine conductor trends and pinpoint drill pad
locations. Details concerning the upcoming drill program shall be
provided in the near-future.
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 in
identifying numerous high-quality targets with similar geological
features and exploratory indicators also present at the nearby PLS
discovery and in other deposits in the Athabasca Basin.
Management cautions, mineralization present on proximal
properties is not necessarily indicative of mineralization on the
Syndicate's Property.
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.
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 44.6 million shares
outstanding with insiders owning over 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.
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.Don MyersDirector604-687-3376 or Toll
Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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