Western Athabasca Syndicate Discovers Significant Radon and Gravity Low Anomalies at Preston Uranium Project in the Patterson Lake Region of the Athabasca Basin


April 15, 2015

Western Athabasca Syndicate Discovers Significant Radon and Gravity Low Anomalies at Preston Uranium Project in the Patterson Lake Region of the Athabasca Basin

Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTC Grey: SYHBF) (Frankfurt: SC1N) (the “Company”) is pleased to provide an update and report results of gravity and radon (RadonEx) surveys completed as part of the Western Athabasca Syndicate’s (the “Syndicate”) Winter Field Program at the Preston Uranium Project. The Preston Property is strategically located proximal to Fission Uranium’s shallow, high grade Triple R deposit as well as NexGen Energy’s Arrow discovery in the Patterson Lake region in Northwestern Saskatchewan.

Preston Uranium Property Map and Regional Exploration Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg

The 1,234 station gravity survey was completed over four grids in the Depper Lake area including one at the FIN target, one at the FSA target and two at the Dixon target. A total of seven circular gravity low anomalies were detected by the survey, located along prospective coincident EM conductors and magnetic breaks defined by the 2014 airborne VTEM survey. RadonEx radon surveys were subsequently completed over these seven gravity anomalies as well as at four additional gravity anomalies identified in 2014 at the Canoe target which is also endowed with coincident gravity, magnetic and EM anomaly features. The 273 station RadonEx survey returned significant radon cluster anomalies with up to 0.40 pCi/m2/sec in soil (RFM samples), and up to 10.36 pCi/l in water. For comparison, anomalous radon in soil results at Fission’s nearby PLS deposit range between 0.15 and 0.95 pCi/m2/sec, and anomalous radon in water results range between 2 and 13.3 pCi/l.

Preston Uranium Project – 2015 Winter Program Target Areas:
http://skyharbourltd.com/_resources/pdf/NR_Map_20150218.pdf

Based on the combined results of the 2014-2015 gravity and RadonEx surveys, six high priority targets have been identified and will be subjected to ground based horizontal loop electromagnetic (HLEM) surveys. Grids totalling 12.5 line-km, are currently being surveyed at the FSA, FIN, Dixon, and Canoe targets. The combined results of these surveys will be used to prioritize and refine targets for a proposed drill program this summer at Preston.

2015 Winter Program Radon Survey Results and HLEM Survey Plan:
http://www.skyharbourltd.com/_resources/maps/FIN_Radon_Gravity_Results.jpg
http://www.skyharbourltd.com/_resources/maps/Dixon_Radon_Gravity_Results.jpg
http://www.skyharbourltd.com/_resources/maps/FSA_Radon_Gravity_Results.jpg
http://www.skyharbourltd.com/_resources/maps/Canoe_Radon_Mag_Results.jpg

The Syndicate has carried out one of the largest regional exploration programs in the relatively underexplored south-western side of the Athabasca Basin over the last eighteen months. A total of approx. $4 million in expenditures on the Preston Uranium Project has been incurred including ground gravity, airborne and ground EM and magnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as boulder prospecting and a nine hole exploratory diamond drill program. Fifteen high-priority drill target areas associated with eight prospective exploration corridors have been successfully delineated through this methodical, multi-phased exploration initiative which has culminated in an extensive, proprietary geological database for the project area. Skyharbour is the operator of the Western Athabasca Syndicate.

Preston Uranium Property High Priority Target Areas:
http://skyharbourltd.com/_resources/SYH_Feb2014_Exploration.jpg

The 246,643 hectare Preston Uranium Property is the largest individual property proximal to Fission Uranium’s Triple R deposit and the recent discovery made by NexGen Energy on the Rook-1 Project. The tremendous potential of the area is highlighted by the recently reported results from Fission Uranium’s Patterson Lake South property with the announcement of the large, shallow, high grade Triple R deposit, which includes 79.6 million pounds at 1.58% U3O8 indicated and 25.9 million pounds at 1.30% U3O8 inferred (See Fission Uranium news release January 9, 2015).

Management cautions, mineralization present on proximal properties is not necessarily indicative of mineralization on the Syndicate’s Property.   

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person. 

About Skyharbour Resources Ltd.:

Skyharbour holds interest in an extensive portfolio of uranium and thorium exploration projects covering over 350,000 hectares in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with four drill-ready projects. The Company is the operator of the Western Athabasca Syndicate which controls a large, geologically prospective land package consisting of five properties in the Athabasca Basin of Saskatchewan. Skyharbour also owns a 100% interest in the Falcon Point (formerly Way Lake) Uranium Project on the east side of the Basin which hosts an NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The Company owns a 60% interest in the Mann Lake Uranium project on the east side of the Basin strategically located adjacent to the Mann Lake Joint Venture operated by Cameco with partners Denison Mines and AREVA where high-grade, basement-hosted uranium mineralization was recently discovered. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.

SKYHARBOUR RESOURCES LTD.

“Jordan Trimble”
                                                           
Jordan Trimble
President and CEO

For further information contact myself or:
Don Myers
Director
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

 

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