Mr. Don Huston reports the continuation of Skyharbour Resources' multiple Red Lake drill programs for 2004. The Company is pleased with the progress of its many exploration and drill programs carried out by Skyharbour, and its joint venture partners, in the Red Lake Gold Camp. The Company also views the upcoming 2004 work programs as the most aggressive to date as the Red Lake Gold Camp promises to see an unprecedented amount of drilling in 2004 by all the stake holders in the region.
2004 RED LAKE PROJECTS
Diamond drilling consisting of 5000 meter is planned on several of the Company's Red Lake properties during the winter/spring 2004 period. These projects have advanced through the Target Definition phases carried out in 2002 and 2003. The planned program will include drilling to expand the gold bearing alteration system identified from drilling in November and December 2003 on the Heyson property and new targets on the McKenzie and Sidace Lake properties.
SIDACE LAKE (Skyharbour 50%/Consolidated Abaddon Resources Inc. 50%)
An overburden-drilling program completed in December 2003 has identified a possible bedrock gold source on the company's Sidace Lake property. The property is approximately 40 kilometers north of Red Lake and adjoins the property hosting the gold deposit currently being drilled by Planet and Goldcorp. The target appears related to a north-northwest trending structure evident from airborne magnetic data. Approximately 1500 meters of diamond drilling is planned as an initial test of this target setting, as well as, an extension of the existing grid and a continuation of the overburden-drilling program.
HEYSON PROJECT (Skyharbour 51%/ITL Capital Corporation 49%)
Approximately 2000 meters of drilling is planned to complete the first phase of a, previously announced, 5000 meter drill program. This drill program will be starting immediately on the Heyson Property. Drilling in late 2003 clarified several aspects of a large hematite-epidote breccia system. A high-grade gold intercept was encountered in vein material within the hematite-epidote breccia during drilling in mid 2003 (59.0 grams over 0.4 meters). The initial 1000 meter, four-hole drill program completed in December 2003 has clarified the continuity, strike, and dip of existing anomalous gold zones and known alteration systems. The third hole of this phase of drilling (Hole H03-16) encountered anomalous to strongly anomalous gold values (up to 0.55 grams) over a continuous core length of 45 meters. These values occur in strongly altered (hematite-epidote) and brecciated rock with no quartz veining or sulfides. As a result the target area has been expanded to approximately 1 square kilometer based on known geologic trends and ground magnetic data. No drilling has been undertaken in this target area to date and outcropping is very sparse.
McKENZIE PROJECT (Skyharbour 20%/Cypress Development Corp. 80%)
Drill testing of a prospective target area at the southeast end of McKenzie Island is planned for the winter of 2003-04. Approximately 1500 meters is planned to drill an area where a significant angular unconformity is projected. This unconformity appears to exert a strong regional influence on gold deposition including gold produced from the McKenzie Red Lake and Gold Eagle mines just north of the property. The geologic corridor flanking this known unconformity is considered to be prospective for gold deposition. Based on this knowledge, an extensive and ongoing exploration program on the Gold Eagle Mine property is being undertaken by Skyharbours' neighbours, Southern Star Resources Inc. and Exall Resources Limited. Skyharbour will be initiating a field program over the next month to help further define drill targets.
BAIRD PROJECT (Skyharbour 50%/Bayfield Ventures Corp. 50%)
Data from a 5200-meter drilling program completed in late November 2003 is being updated and compiled. New gold bearing zones were identified in this program. The wealth of data generated by the drilling program will be processed using 3D modeling programs to aid in identifying prospective new targets. Placer Dome will determine future drilling plans after reviewing and analyzing all the data available.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. It has options or interests in 9 mineral properties located in the Red Lake greenstone belt.
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