Skyharbour Commences Minimum 4,000m Winter Diamond Drill Program at its High Grade Moore Uranium Project, Saskatchewan
VANCOUVER, British Columbia, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce it has commenced its winter 2018 diamond drilling 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 4,000 metres of drilling in ten to fourteen diamond drill holes through April, to follow up on the success of the drill programs completed last year. The planned drill targets are 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: “We are excited to get the next phase of drilling started at our flagship Moore uranium project which will serve as an important near term catalyst for the company. The high grade uranium mineralization discovered during the two drill programs completed last 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. Of interest are the new, high-priority drill targets generated from the recently completed drone mag survey flown over the Maverick corridor which will be drill tested by this program.”
Winter 2018 Dill Program at the Moore Uranium Project:
Given the success of Skyharbour’s first phases of drilling at the Moore Project in 2017, the Company has now commenced a minimum 4,000 metre winter diamond 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 a vertical depth of 265 metres in hole ML-199, as well as the discovery of new, high-grade mineralized lenses along strike from this Main Maverick Zone. Furthermore, Skyharbour recently completed an Unmanned Aerial Vehicle Magnetometer Survey (“UAV-MAGTM Survey”) carried out by Pioneer Aerial Surveys Ltd. along the entire Maverick conductive corridor. This innovative survey, flown at close 20 metre spacings and an elevation of 35 metres has helped to better define cross-cutting features and structures along the Maverick corridor which are high-priority targets for this diamond drill program. Only 2.0 km of the total 4 km long Maverick corridor have been systematically drill tested leaving robust discovery potential along strike, as well as at depth in the underlying basement rocks which have seen limited drill testing to date. With the recently completed UAV-MAGTM Survey and subsequent new drill targets, Skyharbour continues to unlock the discovery potential at Moore through value-add, systematic and cutting-edge exploration techniques.
Moore Uranium Project Maverick Corridor:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Maverick-Corridor-Map-v1.jpg
The regional drill targets that will be tested occur on the eastern side of the property where little drilling has taken place in the past. These targets are associated with geophysical features, particularly EM conductors and magnetic and resisitivity lows, that are common to uranium mineralization in the Athabasca Basin. They also occur along conductive zones identified in the Puka Puka and East Venice grids. Prior drill testing of some of the Puka Puka and East Venice conductors returned highly anomalous pathfinder elements, as well as significant alteration and structural disruption of both the sandstone and basement columns. Low grade uranium mineralization was intersected in the basement of a hole testing the East Venice grid and well developed graphitic lithologies were also intersected in the basement rocks of holes testing both areas.
Moore Uranium Project Regional Drill Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Winter and Summer 2017 Dill Program Results at Moore Uranium Project:
Skyharbour previously reported results from its 5,450 metre, fifteen drill hole, winter 2017 program at its Moore Uranium Project (see May 23rd, 2017 news release). Multiple drill holes intersected high-grade uranium mineralization along the Maverick structural corridor including: 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 a vertical depth of 250 to 275 metres. 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
Skyharbour previously reported results from its 4,035 metre, eleven drill hole, summer 2017 program at its Moore Uranium Project (see December 6th, 2017 news release). Additional high grade uranium mineralization at the Maverick structural corridor was discovered including 7.4% U3O8 over 1.8 metres within an interval returning 2.23% U3O8 over 9.3 metres in hole ML17-10. Also of note is that hole ML17-09 intersected high grade uranium mineralization in the basement rock of the Main Maverick Zone making the basement rocks along the corridor a high-priority target in the current drilling program.
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 signed option agreements with Orano Canada Inc. (previously AREVA Resources Canada) and Azincourt Energy whereby Orano 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.