Vancouver, BC -- Skyharbour Resources Ltd. (TSX.V: SYH) is pleased to provide an update on the ongoing Phase I diamond drill Program on its 20% owned, Cypress Development Corp. (TSX.V: CYP) 80% owned, McKenzie Island property in Red Lake, Northwestern Ontario. To date, the Companies have completed 2 drill holes on KRL 1240977 comprising of approximately 700 metres total. A third hole has now been drilled to a target depth of approx. 700 metres. The collar of this 3rd hole was located on the western boundary of the Southern Star Resources / Exall Resources Gold Eagle Mine property. SSR / EXL have previously reported a new deposit of approximately 200,000 ounces of gold on their "Western Discovery Zone". Skyharbour Resources is of the opinion that there is strong potential for this recently discovered ore zone to continue to the west, at depth, onto the Skyharbour ground. Good progress continues to be made with the Phase I drill program on the McKenzie Island project.
Skyharbour Resources is also pleased to announce that a tightly spaced grid (approx. 70 line km) has now been established on its newest property acquisition, its 20% owned Broulan Reef project in the heart of the Red Lake gold camp. The data from this detailed survey has now been completed and has now been compiled and processed by David Busch (PGeo), the Company's consulting geologist and qualified person. 2 major geological structures profiled in the mag. data correspond directly to the long known "Mine Trend" direction. A third structural direction is also evident and corresponds to the major "East Bay Trend". Numerous lithological trends are also seen in the magnetometre data. These lithological trends are offset by the major structures. Several of these important offsets are targeted for a diamond drill program at this time.
Once the third hole on Skyharbour's McKenzie Island project was completed, the drill rig was immediately moved onto the ice on Skyharbour's new Broulan Reef project. The Company has now established 5 ice pads and has been building ice in preparation for the mobilizing of the drill rig onto the ice. The drilling on the Broulan Reef began today, February 13th. Skyharbour Resources is attempting to take advantage of the colder weather and better ice conditions on Red Lake now to be able to drill as many of these strong geophysical targets as possible before spring breakup. The lithologys cut by the major structures on the Broulan Reef property are the same as those lithologys now being drilled by SSR / EXL (Gold Eagle Mine project) to the immediate north of the Broulan Reef boundary and by Wolfden / Goldcorp (Folansbee) to the immediate east of the Broulan Reef.
Click Here For Proposed Drill Hole Location Map
Donald Huston, President of Skyharbour Resources Ltd. stated: "I consider the acquisition of the Broulan Reef property to be of major importance for the Company. The property is extremely well located geologically between the successful ongoing drill program of Southern Star and Exall and the successful ongoing drill program of Wolfden to the east. The geological setting of the property is centered on a major geological folding that contains both the southern extent of the East Bay deformation zone and the western extent of the "Mine Trend" that is host to the world class gold deposits of Placer Dome and Goldcorp approximately 5 km to the east of the Broulan Reef property. I and Jim Pettit, also a Director of Skyharbour Resources, are conducting a site visit to the Company's Red Lake properties at this time with consulting geologist David Busch, to determine the size and extent of the Phase I drill program on the Broulan Reef project."
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.
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.