Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) announced that drilling has resumed on its 20% owned, Cypress Development Corp. (TSX-V: CYP) 80% owned, Broulan Reef property located in the heart of the gold mining district of Red Lake, northwestern Ontario.
Cabo Drilling has remobilized its drill crew to the Broulan Reef project and will now continue to deepen the diamond drill hole BR 07-1 to approximately 2,400 metres from its current depth of 750 metres. Skyharbour and Cypress will attempt to complete the BR 07-1 "mother hole" within the next several weeks. The companies will then "wedge" several holes off the main initial drill hole. Skyharbour and Cypress anticipate the Cabo drill rig to be on the property throughout 2008. Skyharbour continues to be well funded and able to meet all its obligations and work commitments for the upcoming year.
BR 07-1 is designed to intersect the Balmer assemblage rock types that are host to the Bruce Channel and Finn gold zones as reported in the latest Gold Eagle Mines Ltd (GEA) news releases. The GEA Bruce Channel project adjoins the Broulan Reef project immediately to the north, and is on strike geologically. The other boundaries being the east, south, west sides of the Broulan Reef property are abutting Goldcorp (G) claims. Goldcorp continues to carry out a major drill program to the immediate east of the Broulan Reef property with its partner Premier Gold on their Rahill Bonanza project.
A map of the Broulan Reef Project can be accessed through this link
"This is an important step forward in the ongoing development of the Broulan Reef project," said Donald Huston, President of Skyharbour Resources. "We believe there is an opportunity to encounter the extension of the Gold Eagle Mines deposit being delineated under the Bruce Channel. There is every reason to believe that the mineralized zone being delineated on the Gold Eagle property continues beyond the Broulan Reef north boundary".
Skyharbour and Cypress anticipate the drilling of a second mother hole with several diverging holes to be wedged off both main holes. The companies intend to drill up to 10,000 metres with this Phase 1 deep drill program. A budget of $2.5 million dollars is in place for the completion of this Phase 1 deep penetration drill program on the Broulan Reef gold claims.
Click Here for Proposed Broulan Reef Drill Hole Map
The target for the 2008 deep drill program is the Balmer assemblage rocks underlying the Bruce Channel sediments, as established during the drill program conducted on the Broulan Reef project in the summer and autumn of 2006. Dips within the Bruce Channel rocks on the west limb of the broad nose fold are approximately 45 degrees to the west. The shallow dipping unconformity has very significant implications for the Broulan Reef property. With known points of elevations of the Balmer assemblage surface, it is projected that this rock type horizon will be at an inferred vertical depth of between 900 metres on the eastern edge of the property and 2000 metres on the western part of the property. At these depths, targets in the Balmer assemblage rocks are within explorable and exploitable range over most of the property.
Click Here for New Red Lake Gold Deposits Map
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.