Placer Dome to Fund Phase II Extension of Drilling on Baird Property
Feb 16, 2005
SKYHARBOUR / BAYFIELD & PLACER DOME TO PROCEED WITH PHASE II EXTENSION OF THE DIAMOND DRILL PROGRAM ON THE BAIRD PROPERTY IN RED LAKE, ONTARIO.
Skyharbour Resources Ltd. is pleased to report that a diamond drill and crew have mobilized on to the Baird property, which is held jointly by Skyharbour Resources Ltd. (TSX.V: SYH-50%) and Bayfield Ventures Corp. (TSX.V: BYV-50%).
The Baird Project is currently under option to Placer Dome (CLA) Limited, whereby Placer must spend a total of $800,000 by May 2005, to earn a 51% interest in the Baird property. This drill program will constitute a phase II extension of diamond drilling by Placer Dome on the Baird Project. Skyharbour continues to be the operator of the drill program.
The Baird property is adjacent to the north of the Claude Resource's Madsen Red Lake property, which is currently under option to Placer Dome. The Baird property is located 15 km to the southwest of the Goldcorp Red Lake Mine and the Placer Dome's Campbell Mine. There are 2 on going drill programs to the east of the Baird Property. Cypress Development continues to drill its East St. Paul's Bay region of its McKenzie Island project and Sabina Resources is also drilling at this time on its Newman / Madsen property with Wolfden Resources as operator.
To date, approximately 5210 metres (17,090 feet) of diamond drilling has been completed on the Baird Project under the Placer Dome Option Agreement. Rodren Drilling of Winnipeg carried out the drilling. (All core was of size NQ)
The primary focus of the extension of the Phase II drill program will be infill drilling and expansion of the known South Deformation (shear) zone previously defined in the Phase II drilling in the winter of 2003-2004. The rocks on the property are all of the highly prospective Balmer Assemblage and exhibit structural and alteration systems that are typical of the Campbell and Red Lake mines. Drilling to date has confirmed the presence of gold mineralization within a broad zone of quartz carbonate alteration which includes veins and veining in mafic / ultramafic flows. Skyharbour and Bayfield are very encouraged with the assay results received to date from the previous round of drilling; (B03-13: 11.63 g/tonne over.8 metres, B03-11: 13.68 g/tonne over .4 metres, B03-09: 7.71 g/tonne over .3 metres, B03-12: 4.11 g/tonne over 1.5 metres). In addition to the above intercepts, several of the holes contained a number of wider anomalous gold intercepts.
Shyharbour Resources and Bayfield Ventures believe that these numerous gold intercepts may form, or be part of a larger gold mineralized system. The latest drilling intersected a number of gold values that appears to be controlled primarily by the contact between ultramafic hypabyssal rocks (peridotite) and the mafic flow units. This contact, when intersected by structures would be highly prospective for significant gold accumulations. Skyharbour (operator) is of the opinion that several such settings exist on the Baird property.
Skyharbour Resources Ltd. has filed on SEDAR a report titled 'Baird Property 2003 Drilling Program,' dated March 3, 2004 in compliance with standards set out in National Instrument 43-101F1. The full report can be viewed at www.sedar.com.
All work programs and all results have been prepared under the direct supervision of David Busch, B.A., B.Sc. (hons), PGeo, who is designated a qualified person under the guidelines of National Instrument 43-101, has the ability and authority to attest to the authenticity and validity of the data.
Skyharbour Resources is a gold exploration company that focuses on the acquisitions of and exploration of projects in Northwestern, Ontario. It has options or interests in 8 mineral properties totaling approx. 26,500 acres 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.
Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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.
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