Drilling Update on Continuing Phase 1 Exploration Program, Broulan Reef Property, Red Lake, Northwestern Ontario
Mar 16, 2006
Vancouver, BC -- Skyharbour Resources Ltd. (TSX.V: SYH) has released an update on the continuing Phase 1 diamond drill program on its newly acquired 20% interest, Cypress Development 80% (TSX.V: CYP ), in the Broulan Reef property in Red Lake, Northwestern Ontario. This property is located to the immediate south of the Southern Star (SSR) / Exall Resources (EXL) Gold Eagle Mine property, which has a major ongoing drilling program underway. Skyharbour Resources is of the opinion that there is very strong potential for the extension of the newly reported ore zones discovered by SSR / EXL (see March 6, 2004 release) to extend on to the Skyharbour Broulan Reef property at depth. Drilling commenced on Broulan Reef on February 15, 2006 with completion of 3 diamond drill holes to date, assays pending. It is Skyharbour's intention to attempt to drill at least 6 holes on the ice covered portion of the property before the ice conditions begin to deteriorate with the onset of spring thaw. Prior to Skyharbour's acquisition of a 20% interest in the Broulan Reef property, there had been only two holes drilled back in the 1960's.
The 1st hole of the current program was drilled to a depth of 475 metres @ -55 degrees to the south east on the Company's eastern most claim. The purpose of this 1st hole was to encounter an east-west structure identified in the recently completed Magnetometre Data. This trend relates to the "Mine Trend" structure, which is the host to Goldcorp's Red Lake Mine, and Placer Dome's Campbell Mine.
The 2nd hole has been drilled to a depth of approximately 575 metres @ -55 degrees to the south west on the northern portion of the property. This hole was designed to test for lithologies, structures, and intercepts of arsenopyrite reported in a drill hole from the 1960's.
A 3rd hole has now been completed on the project. It is located between holes #1 and #2. This hole confirmed structures and trends identified from the ground magnetometre survey.
The Broulan Reef property is extremely well located geologically on the southern boundary of the Southern Star / Exall Resources successful ongoing drill program. The Broulan Reef is also located immediately west of the very successful drill program by Wolfden. Both of these companies continue to encounter major and significant gold ore zones. Wolfden has drilled in excess of 30,000 metres (100,000 feet) of core on its Folensbee property to date. (see WLF News Release of 12.09 grams/tonne over 5 metres). Southern Star has drilled in excess of 25,000 metres (80,000 feet) on its Gold Eagle Mine property to date. (see SSR / EXL News Release of 17.03grams/tonne over 17.12 metres) (.5 oz/ton over 56.17 feet)
Click Here for Property Location Map
Skyharbour Resources intends to be very aggressive in its exploration approach on the Broulan Reef property. The recently completed geophysical data has presented the Company with an exciting profile of 2 potential major structures crosscutting the property east to west and that these trends correspond directly to the long known "Mine Trend" direction. A third major structural direction trending north/south is also evident and corresponds to the major "East Bay Trend". Numerous lithological formations have also evident in the new magnetometre data. Many of these lithological features are offset by the major structures.
Skyharbour Resources believes that the Broulan Reef property is centered on a major geological folding. This folding contains the southern extension of the Bruce Channel deformation zone, which is host to the major gold intersections being encountered by SSR / EXL. It is also on strike with the western extension of the "Mine Trend" that is host to the world--class gold deposits of the Placer Dome Campbell Red Lake Mine and the Red Lake Mine owned by Goldcorp.
Mr. Don Huston, President of Skyharbour Resources stated: "I consider the acquisition of the Broulan Reef property to be of major importance for the Company. The property is extremely well located between two very successful ongoing drill programs in the very core of the Red Lake gold camp, which is known to host two of the world's richest gold mines. The location of the property alone warrants a very aggressive exploration program at this time. The Company will continue to drill until the ice conditions dictate a halt to the winter program. As many holes as possible will be drilled."
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 6 mineral properties located in the Red Lake greenstone belt.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Skyharbour Resources Ltd.
VP Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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.
