Skyharbour Commences 2,500m Summer Diamond Drill Program at its Moore Uranium Project, Saskatchewan
VANCOUVER, British Columbia, Aug.29, 2017(GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the "Company") is pleased to announce it has commenced its summer 2017 drill program at its flagship 35,705 hectare Moore Uranium Project, located approx. 15 kilometres east of Denison Mine's Wheeler River project and near regional infrastructure on the southeast side of the Athabasca Basin, Saskatchewan. The Company is planning to carry out a minimum of 2,500 metres in seven to nine diamond drill holes through September to follow up on the success of the winter 2017 drill program with planned drill targets located on the Maverick corridor as well as at other high-priority regional targets.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: "The commencement of our second diamond drill program at our flagship Moore Uranium Project is an important milestone for Skyharbour and its shareholders. The high-grade uranium mineralization discovered during the winter program earlier this year illustrates the strong discovery potential at the project. We will be drill testing the Maverick corridor as well as several other shallow, regional exploration targets that offer the potential to generate additional discoveries. The Company is well funded with over $3.5 million in the treasury to complete this drill program, as well as next winter's planned drill program, and will provide updates as results become available."
Summer 2017 Dill Program at the Moore Uranium Project:
Given the success of Skyharbour's first phase of drilling at the Moore Project in the winter of 2017, the Company has now commenced a minimum 2,500 metre summer drill program. Drill targets will include several high-priority regional targets at the property as well as the Maverick corridor where previous drilling has intersected high grade uranium mineralization at the Main Maverick Zone including 6.0% U3O8 over 5.9 metres at 265 metres depth in hole ML-199, as well as the discovery of new, high-grade mineralized lenses along strike from this Main Maverick Zone. The Maverick corridor is over 4 kilometres long yet only 1.5 kilometres have been systematically drilled with most of this drilling and known high grade uranium hosted at or near the unconformity leaving strong discovery potential along strike as well as at depth in the basement rocks. The Company has received the necessary permits and is fully funded for this drill program.
Moore Uranium Project Regional Drill Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
The regional drill targets that will be tested are on the eastern side of the property in a previously undrilled area. They are associated with geophysical features including EM conductors, resistivity lows and magnetic lows that are characteristic to uranium mineralization in the Athabasca Basin. They are also along strike of conductive zones identified in the Puka Puka and East Venice grids. Prior drill testing at some of these areas returned highly anomalous pathfinder elements as well as low grade uranium mineralization. Of special interest with respect to the regional targets are a couple of drill holes planned to test recently interpreted geophysical targets at the unconformity and in the basement rock beneath the "Moore Lake Complex," a mafic intrusive interpreted to be on the order of 200 metres thick.
Winter 2017 Dill Program Results at Moore Uranium Project:
Skyharbour previously reported results from its 5,450 metre, 15 drill hole, winter 2017 diamond drilling program at its Moore Uranium Project (see May 23rd, 2017 news release). Multiple drill holes intersected high-grade uranium mineralization at the 4 kilometre long Maverick structural corridor. Previously reported high grade results included 20.8% U3O8 over 1.5 metres within an interval returning 6.0% U3O8 over 5.9 metres in hole ML-199; 9.12% U3O8 over 1.4 metres within an interval returning 4.17% U3O8 over 4.5 metres in hole ML-202; 5.29% U3O8 over 2.5 metres within an interval returning 2.99% U3O8 over 5.0 metres in hole ML-200; and 2.25% U3O8 over 3.0 metres in hole ML-208. This high-grade mineralization within the Maverick corridor is relatively shallow ranging from 250 metres to 275 metres vertical depth. Also of note is that hole ML-202 represents the discovery of a new high-grade mineralized lens on the corridor.
Moore Uranium Project Winter 2017 Drill Program Map:
http://skyharbourltd.com/_resources/projects/Moore-Lake-Drilling-Update_20170515.pdf
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 an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with five drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines, a large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which is located approx. 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone with drill results returning 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour recently signed option agreements with AREVA Resources Canada and Azincourt Uranium whereby AREVA and Azincourt can earn in 70% on the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and 4,500,000 Azincourt shares. Preston is a large, geologically prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. The Company also owns a 100% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which contains 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 project also hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade 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.
Skyharbour's Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
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:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-639-3850
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.