Vancouver, BC -- Skyharbour Resources Ltd. (TSX.V: SYH) announces that the Phase I winter diamond drill program on its 20%, Cypress Development Corp. (TSX.V: CYP) 80% owned McKenzie Island gold project located in Red Lake, Northwestern Ontario commenced on January 13th.
The companies have delineated drill targets from a recently completed closely spaced Induced Polarization survey (IP) and detailed Magnetometer survey. The surveys have confirmed an extensive geological alteration within an embayment of volcanic rocks to the south and to the west of the gold mineralization (166,000 oz at .53 oz per ton resource estimate) found on the Western Discovery Zone of Southern Star / Exall Resources (SSR / EXL) property.
The IP survey identified several chargeability features within resistive rocks within the alteration system. The McAndrew East Zone will be the initial drill target area. Past exploration programs consisting of till sampling by overburden drilling and Mobile Metal Ion (MMI) soil surveys have resulted in the establishment of several areas of elevated gold-in-tills settings on this portion of Skyharbour's McKenzie Island property. Ongoing geological and geophysical evaluation of the McAndrew East Zone has identified a continuous trend of shearing and carbonate alteration of approximately 1 kilometre long in an east-west direction. The shearing and lithologies in the McAndrew East Zone dip very steeply to the north (near vertical).
It is the Company's position that there remains significant potential for gold deposits to be discovered on its McKenzie Island property.
A total of 19.2 million ounces of gold have been produced from 13 mines in the Red Lake area. Gold production has been continuous since 1930 when the Howey Gold Mine entered production. Current gold production is around 700,000 ounces per year from the Campbell mine of Placer Dome and the Red Lake mine of Goldcorp.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold exploration company that focuses on the acquisition and exploration of projects in northwestern, Ontario. The Company has options or interests in 5 mineral properties located in the Red Lake greenstone belt.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Skyharbour Resources Ltd.
VP Corporate Communications
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.