Skyharbour Resources Ltd.
TSX VENTURE : SYH
OTCBB : SYHBF
FRANKFURT : SC1N

Skyharbour Resources Ltd.

October 27, 2015 08:00 ET

Skyharbour Samples up to 68% U3O8 at Falcon Point Uranium Project, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 27, 2015) - Skyharbour Resources Ltd. (TSX VENTURE:SYH)(OTCBB:SYHBF)(FRANKFURT:SC1N) (the "Company") is pleased to report that it has confirmed the presence of high grade uranium mineralization with up to 68.0% U3O8 in a grab sample from a trench located on its 100% owned, 79,003 hectare Falcon Point Uranium and Thorium Project. The project is located 55 kilometres east of the Key Lake mill. The trench is referred to as the Hook Lake U-Mo showing and was the focus of the Company's recently completed field program which consisted of detailed prospecting and vegetation sampling. The Company randomly selected three grab samples from the Hook Lake showing to verify historic results. These grab samples returned 68.0% U3O8, 35.7% U3O8 and 29.8% U3O8. Previous operators were unable to definitively explain and locate the source of the high grade outcropping uranium mineralization. The Hook Lake area is located near the northern end of the property approximately 35 kilometres northeast of Skyharbour's JNR Fraser Lakes Zone B deposit.

Skyharbour's Uranium Project Portfolio in the Athabasca Basin:

http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg

In 2006, while carrying out work on the Falcon Point Project (previously referred to as the Way Lake Project), previous operator JNR Resources Inc. rediscovered a mineralized trench which they referred to as the Hook Lake U-Mo showing. The mineralization occupies a 1.0 metre wide by 10.0 metre long diagonal jog within a south-southwest trending ductile-brittle shear zone that cuts felsic to mafic intrusive host rocks. This showing consists of a 0.5 to 1.0 metre wide pitchblende vein exposed over a short strike length. Two grab samples taken by JNR returned 48.0% U3O8 and 40.1% U3O8, while a soil sample taken over the vein returned 27.8% U3O8. The uranium mineralization is associated with up to 8.8% Pb, enriched rare earth element (REE) values, and anomalous Bo, Co and V values. A narrow radioactive shear located 5 metres south of the pitchblende vein also returned 460 ppm U as well as elevated Pb and REE values.

Falcon Point Uranium Project Claims Map:

http://skyharbourltd.com/_resources/Falcon%20Point%20Mineral%20Deposition.jpg

In addition to the immediate Hook Lake area, the prospecting program was also carried out in an area up to three kilometres northeast of the Hook Lake showing primarily around Piskwa Lake. Bouldery overburden dominates the land surface and outcrops are rare. Nonetheless several anomalous uranium and/or thorium values were obtained from both boulder and outcrop samples. This includes samples of radioactive pegmatites (up to 3800 cps) returning up to 223 ppm U and 137 ppm Th near the north shore of Piskwa Lake, a cluster of outcrop samples of radioactive granites (up to 7200 cps) returning up to 30 ppm U and 523 ppm Th from east of the central portion of Piskwa Lake, and a radioactive (2300 cps) granitic boulder sample returning 140 ppm U and 523 ppm Th from the south shore pf Piskwa Lake. Also of interest is a granitic outcrop sample returning 608 ppm Th located on an adjoining claim to the east and up to 276 ppm Th from radioactive (up to 1200cps) pegmatitic granites located on an adjoining claim to the southeast.

In addition to the prospecting program, the Company also carried out a vegetation sampling program. Several lines were established and sampled. The results are still pending and will be reported once they have been received and interpreted. Grab samples are selective by nature and are unlikely to represent average grades of deposits.

Falcon Point Uranium/Thorium Project Geophysics Map:

http://skyharbourltd.com/_resources/SYH%20Falcon%20Point%20Zones%20Map.jpg

Jordan Trimble, President and CEO of Skyharbour Resources, states: "The results from this field program clearly illustrate the robust high grade discovery potential at the Falcon Point Project with some of the highest grade uranium mineralization ever found in a surface showing in the Athabasca Basin. Not so dissimilar to the discoveries of other notable high grade uranium deposits in the Basin, we have successfully identified a high grade showing that has come from a source which we will now vector in on. With grab samples of up to 68% U3O8 and multiple other indications of a nearby mineralized source, the Hook Lake showing stands out as a high-priority drill target going forward."

Falcon Point Uranium and Thorium Project Overview:

The Falcon Point Uranium Project is comprised of 20 contiguous claims totaling 79,003 hectares located 55 kilometres east of the Key Lake mine in northern Saskatchewan. Uranium and thorium mineralization discovered to date at Falcon Point is shallow and is hosted in two geological settings with the northern half of the property characterized by structurally controlled uranium mineralization (Hook Lake, West Way and Nob Hill zones), whereas the southern half hosts classic Athabasca-style basement mineralization associated with well-developed EM conductors (EWA, Walker and Fraser Lakes zones). Drilling to date on the Falcon Point Project totals over 21,000 metres in 110 holes. Over $13 million has been invested in exploration consisting of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area.

At the southern end of the property, a uranium and thorium deposit was delineated by previous exploration over an area comprising 1.5 kilometres by 0.5 kilometres and along an antiformal fold nose cut by an east-west dextral ductile-brittle cross-structure. The JNR Fraser Lakes Zone B deposit consists of a current 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% within 10,354,926 tonnes using a cutoff grade of 0.01% U3O8. The independent NI 43-101 technical report by GeoVector Management Inc. supporting this mineral resource estimate was filed on SEDAR on March 20, 2015 by Skyharbour Resources. Independent qualified person, Dr. Allan Armitage, P.Geo., is responsible for the contents of the technical report and comments related to the resource estimate and its parameters.

Skyharbour completed a drill program earlier this year that focused on drilling in and around the JNR Fraser Lakes Zone B deposit area on the Falcon Point project. Drill hole FP-15-05 intersected a 14.0 metre wide mineralized zone starting at 134.5 metres down-hole depth consisting of the highest grade mineralization found to date in the deposit area. These intersections include 0.172% U3O8 and 0.112% ThO2 over 2.5 metres as well as 0.165% U3O8 and 0.112% ThO2 over 2.0 metres within a broader interval containing 0.103% U308 and 0.062% ThO2 over 6.0 metres. The deposit is open along strike and at depth with geological and geochemical features showing distinct similarities to high-grade, basement-hosted uranium deposits in the Athabasca Basin such as Eagle Point, Millennium, P-Patch and Roughrider.

Qualified Statement:

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 interest in 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 four drill-ready projects. The Company has a 50% interest in the large, geologically prospective Preston Uranium Project proximal to Fission Uranium's PLS Project and Triple R deposit as well as NexGen Energy's Arrow discovery. Skyharbour also owns a 100% interest in the Falcon Point (formerly Way Lake) Uranium Project on the east side of the Basin which hosts 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 Company owns a 60% interest in the Mann Lake Uranium project on the east side of the Basin strategically located adjacent to the Mann Lake Joint Venture operated by Cameco with partners Denison Mines and AREVA where high-grade, basement-hosted 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.

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

SKYHARBOUR RESOURCES LTD.

Jordan Trimble, President and CEO

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

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.

Contact Information

  • Skyharbour Resources Ltd.
    Jordan Trimble
    President and CEO
    604-687-3376 or Toll Free: 800-567-8181
    (604) 687-3119 (FAX)

    Skyharbour Resources Ltd.
    Don Myers
    Director
    604-687-3376 or Toll Free: 800-567-8181
    (604) 687-3119 (FAX)
    info@skyharbourltd.com
    www.skyharbourltd.com