Vancouver, BC -- Skyharbour Resources Ltd. (TSX.V: SYH) announces that an exploration work program has now commenced on its newly acquired 20% owned, Cypress Development Corp. (TSX.V: CYP) 80% owned, Broulan Reef property in the heart of the Red Lake gold producing district.
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A closely spaced grid, consisting of approximately 40 line kilometres, is now being established on the ice. A detailed geophysical survey (magnetometre) will be carried out immediately upon completion of the grid. The Company is also in the process of establishing five (5) drill pad areas on the ice on its Broulan Reef claims. It is Skyharbour Resources intent to see an initial Phase 1 diamond drill program completed before spring thaw. The Company already has a diamond drill working since January 13th on its McKenzie Island claim block, which is located to the immediate west of the New Broulan Reef Project.
After Skyharbour Resources has completed the 3rd drill hole from the previously announced drilling on its McKenzie Island acreage, the drill rig will be immediately moved onto the ice to complete the proposed Phase 1 Broulan Reef drill program. The Broulan Reef drilling is anticipated to commence before mid February.
Only 2 drill holes (circa 1962) are known to have been drilled on this property. Drill logs that have been extracted from the Ontario government assessment files indicate favorable extensive carbonate alteration and identified zones containing arseno pyrite needles which are noted in the logs. Assaying results were not reported in the assessment files by Broulan Reef at that time and no record of assays exist.
Skyharbour Resources considers this Broulan Reef property to be a major acquisition for the Company. The property is ideally located to the immediate south of the ongoing (and successful) major drill program on the adjacent Southern Star / Exall property. The property is also very well located to the immediate west of Goldcorp's Wilmar property and Wolfden's Folansbee project (approximately 100 drill holes have been completed in an aggressive ongoing drill program by WLF).
The Company believes that the Broulan Reef property is centered on a major geological nose folding that contains the southern extent of the East Bay deformation zone. The western extent of the well known Mine Trend that contains the world famous Goldcorp "Red Lake" Mine and the Placer Dome "Campbell Mine" that are situated only about 3 miles to the east of the Broulan Reef.
Skyharbour Resources is of the opinion that the Broulan Reef property will be able to provide the Company with key information in understanding the major geological folding and the complex structural geology of the Red Lake gold belt that is apparent here. The resulting structural complexities are likely to have produced numerous favorable depositional settings in this "gold prone" section of the Red Lake belt.
David J. Busch, B.A., B.Sc., PGeo. is the qualified person, under the meaning of National Instrument 43-101, and has reviewed the data in this News Release.
Management will host a Live Webcast on Thursday January 26th at 9:00 a.m. pacific time. The call is being Webcast by Vcall and can be accessed through a link on Cypress Development's Home Page at www.cypressdevelopmentcorp.com or Click Here. The Webcast will also be made available for replay on the Cypress Development's web site.
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.