Skyharbour Resources Ltd. (Skyharbour) is in the final process of planning and prioritizing its fall / winter drill programs in Red Lake, Ontario. When this process is complete, the Company expects to release information on these drill programs. Skyharbour, by way of a non-brokered private placement, has recently added additional working capital to its existing flow through funds.
At this time, Skyharbour is pleased to provide an update on ongoing and work completed through the summer.
Sidace Lake / Black Bear Properties
The company reports that a field exploration program was undertaken on the Sidace Lake / Black Bear properties during the months of June and July of 2004. The fieldwork consisted of detailed prospecting and mapping to follow up on the drill program carried out this past winter. The drill program consisted of 4750 feet completed in 7 holes. One hole on the Sidace Lake property (SL 04-4) was drilled near the east end of Sidace Lake to test for volcanic rocks and structure in the area. The hole encountered amphibolite grade mafic volcanics with minor intercalated sediments. A strong narrow brecciated zone was also seen in the drill core. The follow up detailed mapping to the drilling indicate a significant block of volcanic rocks occurring as a belt some 200 to 300 meters wide extending northeast from the east end of Sidace Lake. The length of this belt of volcanic rocks appears to be at least in the order of 1.5 kilometers. The mafic volcanic rocks encountered under and to the northeast of Sidace Lake are considered to be a prospective host for gold mineralization.
It is now proposed that the Company establish a tightly spaced grid and conduct further detailed geophysics over the land position to the northeast of Sidace Lake. A closely spaced magnetometer program will consist of measuring both total field and the vertical gradient to further define lithologies identified from a previous airborne survey in this selected area of the property. The structures delineated from this detailed ground survey will be considered in the follow-up fall/winter 2004-drill program.
Skyharbour continues to evaluate all of the information and data received to date from the Baird project's 2003 winter drill program. Placer Dome is currently earning a 51% interest in the property and Skyharbour continues to be the operator. A total of 5210 meters (17,089 ft) of diamond drilling was carried out in two phases between April and November of 2003. Gold intercepts from all drill holes are available on the Company's web site. Some of the significant gold values encountered are as follows: Hole B03-11 assayed 13.68 grams/ton gold over .4 meters, B03-13 assayed 11.63 grams/ton gold over .8 meters, B03-09 assayed 4.26 grams/ton gold over .6 meters, and B03-12 assayed 4.11 grams/ton gold over 1.5 meters. Most gold values of note are associated within a discreet east-west trending zone that is in part structure (North Shear) and in part lithological contact consisting of a mafic/ultramafic hypabyssal unit and mafic flows. This litho-structural feature has a minimum strike length of 800 meters on the property. The majority of geology on the property is of the Balmer Assemblage and exhibits structural and alteration systems typical of Placer Dome's Campbell Red Lake Mine and of Goldcorp's Red Lake Mine. The distribution of gold values appears to be controlled primarily between a hypabyssal ultramafic rock and basalt flows. This contact, when intersected by the structures mentioned, is highly prospective for significant gold accumulations. Several such settings have now presented themselves from the latest drilling phases.
The company is quite pleased with the information garnered to date, and therefore additional diamond drilling to test areas developed in this latest review of data is now being planned.
McKenzie Island Property
Skyharbour Resources continues to maintain a 20% interest in the McKenzie Island property (Cypress Development -80%). In early 2004, the Company added an additional 240 acres land package to the project, via an option agreement with a local prospector. A detailed work program consisting of mapping and prospecting was undertaken on the property in May and June of 2004. The objective was to establish the accuracy and reliability of existing geological data on the property. The overall geology on the property has similarities to the diorite / granodiorite intrusive body in the eastern part of McKenzie Island that hosts the McKenzie Red Lake and Gold Eagle past producing gold deposits. Zones of abundant zenoliths of volcanic and sedimentary rocks are evident along the northern margin of the granodioritic intrusive bodies. Along the southern edge of this interpreted diorite is a gabbroic unit again similar to the known geological structures previously identified on the eastern end of the Island. Limited evidence of gold mineralization was noted during the current mapping program, however this must be put in the context that only 10% of the property actually outcrops. Calcite alteration along the northern part of the diorite indicates proximity to an alteration system prospective for gold.
It is recommended that a till sampling program be conducted over this part of the property, and that it will consist of large tills processed for gold grains. Consideration is also being given to a magnetic and induced polarization (IP) survey.
Skyharbour continues to look for a joint venture partner on this particular property located just to the South of the Goldcorp and Placer Dome Mines.
A large alteration system has been identified on the property and initial drill testing of a very large "gold in till" anomaly has identified gold values (59.4 grams/ton gold over .4 meters in H03-3) within a distinct hematite-epidote alteration system. The scale of this alteration has only been partially defined but is believed sufficient in size and character to host significant deposit scale gold mineralization. The alteration zone is now known to extend along a strike length of at least 1 kilometer and affect a section of rock at least 100 meters thick. A magnetic survey was effective in identifying structural and lithological trends.
The Company has proposed a follow up drill program for the winter of 2004-05 to ascertain the full extent of the hematite-epidote alteration system.
The Company also announces that David Lorne Goldman has resigned as the Vice-President of Corporate Communications.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. It has options or interests in 7 mineral properties totaling approx. 25,000 acres located in the Red Lake greenstone belt.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don C. Huston"
DONALD C. HUSTON
For further information contact myself or:
Skyharbour Resources Ltd..
Toll Free: 800-567-8181
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responsibility for the adequacy or accuracy of the content of this news release.