Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") announces that it has made good progress in acquiring a deep penetrating diamond drill rig for its 20% owned, Cypress Development Corp. (TSX-V: CYP) 80%, Broulan Reef gold project in Red Lake, Northwestern Ontario. Cabo Drilling (Heath and Sherwood) has been contracted to supply a rig capable of drilling to depths of 2400 -- 2600 metres in length.
Click Here for Broulan Reef Red Lake Location Map
The term of the contract is for a period of 1 year as a starting point. The Company anticipates the rig being mobilized to the Broulan Reef property in early to mid August. Skyharbour Resources and Cypress Development are prepared to spend approx. $2.5 million in diamond drilling over the next 12 months. This will include the establishment of a drill site on the east shore of the property. A deep hole will be drilled to the northwest corner of the Broulan Reef property at an angle of approx. 80 degrees. The geological theme here is to enter into the Balmer Assemblage as shallow as possible from the east side of the property and then continue drilling in the Balmer Assemblage of rocks to the northwest corner of the claim group.
Click Here for Broulan Reef Deep Drill Hole Location Map
Once a mother hole has been established to depth across the property, Skyharbour / Cypress plan to initiate a series of wedge drill holes to properly explore the north half of the property from the same location. It is the companies' intention to drill a 2nd mother hole from the same general location on the east side of the property. This hole will be directed generally south southwest across the Broulan Reef property to properly explore the known major geological nose fold that exists on the Broulan Reef property. Skyharbour / Cypress plan to initiate a series of wedge holes from this location as well.
The Balmer Assemblage is the known host rock for the ore that is being discovered by Skyharbour's neighbors, (Gold Eagle Mines, Goldcorp, & Premier Gold). The Balmer Assemblage is the known host environment for the gold that is produced in Red Lake by Goldcorp, perhaps the richest gold mine known in the world today. The same geological horizon, Balmer Assemblage, which is being seen in the Gold Eagle Mines drilling, is known to exist on the Skyharbour Broulan Reef property.
The Company believes that every opportunity exists on the Broulan Reef claims to encounter the extension of the Gold Eagle Mines deposit now being discovered / delineated in the Bruce Channel. Gold Eagle Mines adjoins the Broulan Reef on our immediate north boundary. Gold Eagle continues to drill with 4 drill rigs just to the north of Skyharbour and with very impressive results released to date.
Goldcorp adjoins the Broulan Reef on our east boundary with their Wilmar property (approx. 10 million tons @ 5 grams Au). Goldcorp also has a new joint venture to the immediate east of the Broulan Reef with Premier Gold. (a new deposit estimated to contain approx. 750,000 ounce gold).
Goldcorp has recently invested in a private placement with Cypress Development in the amount of $2.6 million. Goldcorp, in essence, has acquired 4.8% of the outstanding shares of Cypress with an option to acquire another 4.8% via the exercise of $1.00 warrants attached to the private placement.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE and RAINY RIVER districts of northwestern Ontario, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.