Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") announces results on its initial drilling on a announced discovery of Volcanogenic Massive Sulphides (VMS) mineralization in an area that has never been drill tested in the past, located 500 metres to the southwest of the former South Bay Mine shaft, 80 km east-northeast of Red Lake, Northwestern Ontario.
Click Here for South Bay Claims Map, NW Ontario
The discovery of VMS style zinc mineralization in a totally unexplored portion of the South Bay stratigraphy is highly significant. It is too early in the exploration process to have identified the principle vent(s) and more strongly mineralized areas. Subsequent pressure and folding of the mineralization has resulted in thinning and thickening of the sulphides and buried to depth with concentrations expected to be both of lower and higher grade. Concentrations most likely will be found in both pods and lenses with lower and higher grade sections. The possibility of parallel zones is also a potential. Exploration is currently focused on expanding the area of mineralization to identify richer portions of the system.
Click Here for South Bay Area Geology Map
The stratigraphy hosting the discovery is a thick sequence of rhyolitic flows and flow breccias intruded by numerous porphyry bodies and sills. The mineralization may be within stratigraphy correlative with that hosting the South Bay mine. The area of the Skyharbour discovery is marked by a large and discrete sodium depletion zone in rocks that typically characterize VMS deposits.
The dominant mineral in the discovery is sphalerite (zinc) with minor chalcopyrite (copper). The zone is distinctly exhalite in origin and is very fine grained with very fine bedding and some chert beds. These features suggest the mineralization is on the apron, some distance (+/- 200 metres) from a potential vent area where zinc and copper grades are generally much higher. The deposit overlies an extensive rhyolitic flow breccia sequence with chlorite alteration in the matrix to the fragments.
Skyharbour discovered Volcanogenic Massive Sulphides (VMS) mineralization over 13.1 metres in drill hole SB08-04 between 355.7 metres to 368.8 metres with significant results reported below.
From To Intercept Zn Cu Ag 357.5m 359.5m 2.0m 1.50% .20% 14.0g/t Incl:357.5m 358.5m 1.0m 2.85% .20% 24.0g/t 366.0m 368.8m 2.8m 1.60% - 7.0g/t Incl: 366.0m 368.0m 2.0m 2.10% - 7.0g/t
Assays are pending from core samples of a second significant zone of VMS mineralization identified in drill hole SB08-4 and in hole SB08-05, which are currently awaiting processing by TSL Laboratory in Saskatoon.
Skyharbour plans to complete 4,000 metres in additional drilling in this phase 1 program with drill hole SB08-6 in progress at a depth of approx. 250 metres and is being drilled at an azimuth of 250 degrees and a dip of 50 degrees.
The general area of the discovery has all the characteristics of a base metal camp. Typically a camp hosts a number of zinc-copper deposits with one or two larger deposits of 15 to 50 million tonnes and a range of much smaller deposits down to ½ a million tonnes. The only significant deposit found to date is the South Bay mine deposit and it is at the smaller end of the scale. This might suggest that larger deposits remain to be discovered.
Skyharbour Resources holds a 100% interest in the South Bay copper-zinc-silver project, located in Dent and Mitchell Townships about 80 km east-northeast of Red Lake, Northwestern Ontario. The 3,200 acres property covers the former South Bay copper-zinc-silver mine which produced 1.6 million tons of ore grading 2.3% Cu, 14.5% Zn, and 3.5 oz/t Ag (Selco 1978).
Skyharbour Resources currently has $2.8 million in working capital and no debt.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, 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 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.