Skyharbour Announces Exploration Program at Mann Lake Uranium Project in the Athabasca Basin, Saskatchewan
Jul 8, 2014
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTC Grey: SYHBF) (Frankfurt: SC1N) (the “Company”) is pleased to announce it will be carrying out a Phase 1 Field Program consisting of a ground-based electromagnetic (EM) survey this summer on its 60% owned Mann Lake Uranium Project. The property is strategically located on the east side of the Athabasca Basin 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit.
Skyharbour’s Mann Lake property is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and AREVA (17.5%). Recently, Denison acquired International Enexco and its 30% interest in the Mann Lake Joint Venture after the 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization. The drill program intersected 2.31% eU3O8 over 5.1 metres including 10.92% eU3O8 over 0.4 metres (see International Enexco News Release dated March 10th 2014).
Mann Lake Uranium Project Map:
EMpulse Geophysics of Dalmeny, Saskatchewan will conduct a ground EM survey beginning in August. The natural source transient magnetotelluric survey will consist of a block of 4 profiles totaling 10 km of coverage using the Internal Field Gradient (“IFG”) technique. The survey will focus on a zone in the southern portion of the Mann Lake property where a favourable, 2 km long aeromagnetic low coincides with possible basement conductor trends indicated by prior ground EM surveys. The objective is to generate one or more basement conductor targets in a setting proximal to the recent high-grade discovery made by Cameco and International Enexco back in March.
Phase 1 EM Survey at the Mann Lake Uranium Project:
About the Mann Lake Uranium Project:
The Mann Lake Uranium Project consists of one mineral claim covering 3,473 hectares located in the eastern Athabasca Basin in northern Saskatchewan. The property is under a joint venture agreement with Aben Resources (TSX-V: ABN) owning 40% and Skyharbour owning the other 60% interest in the property. It occurs within a structural/conductor corridor that contains the richest uranium deposits in the world including Cameco’s McArthur River Mine.
Skyharbour’s Mann Lake Uranium Project has seen over $3 million of previous exploration expenditures including geophysics and two diamond drill programs totaling 5,400 metres carried out by Triex Minerals in 2006 and 2008. The geophysical surveys identified basement conductors and structural corridors containing reactivated basement faults. These features trend onto the adjacent ground held by Cameco. The 2006 drill program intersected a 4.5 metre wide zone of anomalous boron (up to 1,758 ppm) in the sandstone immediately above the unconformity in hole MN06-005. Boron enrichment is common at the McArthur River uranium mine, and along with illite and chlorite alteration, is a key pathfinder element for uranium deposits in the Basin. In the same drill hole, an altered basement gneissic rock with abundant clay, chlorite, hematite and calc-silicate minerals was intersected about 7.6 metres below the unconformity, and contained anomalous uranium up to 73.6 ppm over a 1.5 metre interval. Background uranium values are commonly between 1 and 5 ppm.
Skyharbour’s Mann Lake Uranium Project contains highly prospective geology and geochemistry, and a robust discovery potential as identified by the historic work. Additional field work and exploration has been recommended on a number of untested targets on the property.
Skyharbour to Attend the Sprott Natural Resource Symposium:
Skyharbour has been invited to be one of the featured sponsors and exhibitors at the Sprott Vancouver Natural Resource Symposium, a three day event taking place from July 22-25, 2014 in Vancouver, Canada at the Fairmont Hotel Vancouver. Sprott Inc. is one of the largest investment firms in the small-cap natural resource sector, drawing on an extensive network of investors and experts to bring you some of the best speakers in the industry. Notable resource industry speakers and experts that will be present at the conference include Robert Friedland, Rick Rule and Doug Casey. There will be plenty of time over the three day event to meet with Skyharbour’s team, hear more about the most recent developments, and get to know management on a more personal basis. To find out more details about the conference go to http://www.naturalresourcesymposium.com/.
Skyharbour Sets Stock Options:
The Company announces that is has granted to directors, officers, employees and consultants an aggregate of 1,000,000 stock options under the Company's Stock Option Plan. The options will be exercisable for a period of five years at a price of $0.10 per share. The stock options are subject to TSX Venture Exchange approval.
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 Resources Ltd. is a uranium exploration company and a member of the Western Athabasca Syndicate which controls a large, geologically prospective land package consisting of five properties (287,130 hectares or 709,513 acres) in the Athabasca Basin of Saskatchewan. $6,000,000 in combined exploration expenditures over the next two years is planned on these properties, $5,000,000 of which is being funded by the three partner companies. Skyharbour also owns a 100% interest in the Way Lake Uranium project on the east side of the Basin which hosts an NI 43-101 compliant inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The Company has 57 million shares outstanding with insiders owning over 20% of the outstanding shares. 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
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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.