Skyharbour Resources Ltd.
TSX VENTURE : SYH
OTC PINK : SYHBF

Skyharbour Resources Ltd.

May 27, 2013 03:00 ET

Skyharbour Commences Exploration Program at its Patterson Lake Uranium Properties in Western Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2013) - Skyharbour Resources Ltd. (TSX VENTURE:SYH) (OTC PINK:SYHBF) is pleased to announce it has now commenced its first phase of exploration on its Patterson Lake Uranium properties in Saskatchewan. An airborne geophysical survey is being flown over the next few weeks and will cover approximately 2,120 line kilometres using a VTEM system and a magnetometer survey with an additional 825 line kilometres of radiometric sensor coverage. Skyharbour has six properties consisting of approximately 388,000 acres of prospective ground strategically located near the Alpha Minerals (TSX-V: AMW) and Fission Uranium (TSX-V: FCU) Patterson Lake South (PLS) uranium discovery area making Skyharbour one of the largest land holders in the region.

Skyharbour's Patterson Lake area claims map:
http://skyharbourltd.com/_resources/projects/SYH-Patterson-Lake-Claims-Map-New.jpg

The EM and magnetometer surveys are being carried out to define basement conductors similar to the structures that host the high-grade uranium discoveries at the nearby Patterson Lake South project currently being explored by Alpha and Fission. The radiometric survey is designed to locate uranium boulder trains and in-situ uranium mineralization. The highest-priority properties being flown first include the West Patterson Property, the South Patterson Property and the Draco Property which were acquired by Skyharbour for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. There was a small amount of historical diamond drilling on the Draco and South Patterson Properties which successfully confirmed the presence of graphite-bearing conductors in the region. These graphitic conductors are the primary targets at the high grade uranium PLS discovery area to the north.

Patterson Lake regional geology map:
http://skyharbourltd.com/_resources/projects/SYH-Patterson-Lake-Claims-Regional-Geology-New.jpg

Skyharbour has recently signed two option agreements for its Athabasca property package wherein Lucky Strike (TSX-V: LKY) and Noka Resources (TSX-V: NX) each have options to earn a 25% interest into the seven uranium properties by making cash and stock payments up front to Skyharbour and by funding a combined $2 million in work commitments over the next two years (see Skyharbour news release dated May 16th). Skyharbour will remain the operator.

Jim Pettit, Director of Skyharbour Resources, stated: "Now that we have brought in two value-add partners into the project we can collectively focus on carrying out an aggressive exploration program starting with a regional airborne geophysical survey followed by field work this summer. Noka and Lucky Strike bring valuable technical expertise, proven management teams and financial capital to help create synergies in the field and corporately. Our geological teams plan to employ the refined exploration methodology that led to the Alpha / Fission PLS discovery to further increase our chances of making a new discovery while saving costs and time. We believe this partnership and structure offers the best prospects for vectoring in on a new uranium discovery in the Athabasca region while at the same time mitigating company-specific risk."

The West Patterson Property:

The West Patterson Property is located approximately 18 km to the southwest of Alpha / Fission's PLS claim boundary and is on strike with the W-SW to E-NE mineralized trend being delineated at the PLS uranium discovery zones. Beneath Phanerozoic cover rocks, the West Patterson property is transected by the margin of the Clearwater and Lloyd Domains. Although the significance of this contact is poorly understood it may be important given the similar tectonic/structural settings present at the nearby Cluff Lake, Shea Creek and PLS high grade uranium discoveries.

The Draco and South Patterson Properties:

The South Patterson and Draco properties are underlain by crystalline basement rocks of the Lloyd Domain which is the same geological domain hosting Alpha / Fission's PLS uranium discovery to the north. The two properties are approximately 15 km to the south of the PLS project claim boundary and are road accessible via all-weather Highway 955 which runs north to the former Cluff Lake uranium mine.

Published geological information for the Draco Property area is limited to one drill hole near the shoreline of Lloyd Lake. Airborne surveys completed in 1977 generated several EM conductors of interest and one EM conductor with moderate magnetic correlation was drill tested that year. Diamond drill hole KL-77-3 intersected 41 metres of glacial till followed by basement gneissic rocks to a terminal depth of 124 metres. Of particular note was that the basement rocks included three narrow horizons of graphitic pyritic argillite that account for the EM geophysical response.

Airborne surveys and follow-up ground surveys were completed on the South Patterson Property in 1979-1980 with a follow-up diamond drill program in 1980 (four BQ holes in two areas totaling 332.7 metres). This drilling confirmed the previously identified conductor targets as graphite-rich horizons in basement lithologies with shearing and fracturing prevalent in three directions.

About Uranium and the Athabasca Basin:

The Athabasca Basin of northern Saskatchewan hosts the world's largest and richest high-grade uranium deposits accounting for approximately 20% of global primary uranium supply. Athabasca uranium deposits have grades substantially higher than the world average grade of about 0.14% U3O8. The two dozen or so known uranium deposits within the Athabasca Basin have average grades of more than 3.0% U3O8.

The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, shallow discoveries made by Alpha and Fission which includes the recently reported drill interval of 6.26% U3O8 over 49.5 metres in drill hole PLS 13-053. This mineralized zone is located approximately 400 metres to the northeast of discovery hole PLS 12-024 which returned 2.49% U3O8 over 12.5 metres. Consistent high grade, near surface U3O8 assays from Alpha and Fission demonstrates the potential for high-grade uranium mineralization on the margins of the underexplored western side of the Athabasca Basin. There are still areas in the Athabasca region that are highly prospective and underexplored for high-grade uranium as illustrated by Alpha's and Fission's recent discovery.

Qualified Person:

Robert Marvin, P.Geo., CPG, geologist for Skyharbour is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.

About Skyharbour Resources Ltd.:

Skyharbour Resources Ltd. is a uranium exploration company with approximately 400,000 acres of prospective land between seven properties in the Athabasca Basin of northern Saskatchewan. The Company's goal is to increase shareholder value through new discoveries and developing exploration projects in geopolitically favourable jurisdictions. The Company has 35.8 million shares outstanding.

To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH) visit the Company's website at www.skyharbourltd.com.

ON BEHALF OF THE BOARD OF DIRECTORS

James G. Pettit, Director

This news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Contact Information

  • Skyharbour Resources Ltd.
    James G. Pettit
    Director
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)

    Skyharbour Resources Ltd.
    Jordan Trimble
    Corporate Development and Communications
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    info@skyharbourltd.com
    www.skyharbourltd.com