Skyharbour Resources Ltd.
TSX VENTURE : SYH
PINKSHEETS : SYHBF

Skyharbour Resources Ltd.

September 26, 2013 07:30 ET

Western Athabasca Syndicate Discovers Strong Radon Anomalies at Preston Lake Uranium Property in the Patterson Lake Region, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 26, 2013) - Skyharbour Resources Ltd. (TSX VENTURE:SYH)(PINKSHEETS:SYHBF) ("Skyharbour") is pleased to announce results from its initial radon in water survey on the Western Athabasca Syndicates' 246,643 hectare (609,469 acre) Preston Lake Property located south of Fission Uranium and Alpha Minerals' Patterson Lake South ("PLS") high-grade uranium discovery. The Western Athabasca Syndicate ("the Syndicate") consists of Skyharbour Resources, Athabasca Nuclear Corp. (TSX VENTURE:ASC), Noka Resources Inc. (TSX VENTURE:NX) and Lucky Strike Resources Ltd. (TSX VENTURE:LKY).

Preston Lake Property Map: http://skyharbourltd.com/_resources/SYH%20Western%20Basin%20Syndicate.jpg

Highlights:

  • The initial radon survey at Preston Lake has successfully identified a number of significant radon anomalies occurring both as clusters and as discrete point anomalies
  • Nine of the 291 radon samples collected returned radon values in excess of 23 pCi/l (picocuries per litre) with a peak value of 98 pCi/l
  • Radon in water survey results were instrumental in identifying first pass drill targets at the nearby PLS discovery (see Fission Uranium's News Release dated May 6, 2013)
  • Twenty-five discrete geographic areas on the Preston Lake Property were identified that have radioactivity measurements of more than 1,000 counts per second (background being typically <500 cps) using an RS-125/RS-120 Spectrometer / Scintillometer, with a maximum reading of 5,200 counts per second
  • Final results from the Phase 2 exploration program, including the rest of the rushed-assays, are pending and will be reported when received
  • The current Phase 3 exploration underway at Preston Lake will include focus on specific high-priority areas identified from the work to date

Radon Discoveries in the Phase 2 Exploration Program:

Recently completed fieldwork included the collection of 291 water samples from lakes, local swamps, and ponds using a float equipped helicopter and boats. Sample targets included both regional reconnaissance areas and the fourteen high-priority targets identified by the Syndicate's Technical Committee. The samples were analyzed for radon in the field by Terralogic Exploration geologists using a Pylon AB5 Series Portable Radiation Monitor which provides real time analysis of radon levels in both water and soil.

The survey has successfully identified a number of radon in water anomalies occurring both as clusters and as discrete point anomalies. The larger clusters are typically kilometre-scale or greater and are in places that appear to follow basement conductor trends identified by the 2013 VTEM plus survey. Nine of the 291 water samples collected returned radon values in excess of 23 pCi/l with a peak value of 98 pCi/l. Further, two of the radon anomaly clusters are associated with areas identified as being underlain by metasediments. Anomalous radon in water readings are values above the survey background reading of 3 pCi/l.

Preston Lake Property Radon in Water Map: http://skyharbourltd.com/_resources/maps/SYH_Radon_In_Water_Results.jpg

Radon in water survey results were instrumental in identifying first pass drill targets at the nearby PLS discovery and helped vector in on most of the high-grade discovery zones (see Fission's May 6, 2013 News Release - New Radon Survey Identifies Strongest Anomaly to Date).

Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Western Athabasca Syndicate Property.

Scintillometer Traces in the Phase 2 Exploration Program:

In addition, a total of 217 kilometres of scintillometer surveying has been completed over areas of interest identified by the 2013 radiometric survey. A total of twenty-five discrete geographic areas on the Preston Lake Property have been identified with counts per second of greater than 1,000 using an RS-125/RS-120 Spectrometer / Scintillometer, with a maximum count of 5,200 counts per second. Two of the anomalies are associated with meta-sedimentary units.

Management cautions that scintillometer readings are not directly or uniformly related to the uranium content of the rock sample measured, and should be used only as a preliminary indication of the presence of uranium bearing materials.

Preston Lake Property Scintillometer Survey Map: http://skyharbourltd.com/_resources/maps/SYH_Radon_Regional_View.jpg

Remaining Phase 2 Rushed-Assays and Current Phase 3 Exploration Program:

Final datasets from the helicopter-borne VTEM plus survey (time domain EM and aeromagnetic gradiometer) and the fixed-wing radiometric survey have been received and are currently being analyzed by Phil Robertshaw, P.Geo., for a final detailed interpretation. Other fieldwork to date includes geological mapping and prospecting, soil and silt sampling, and biogeochemical sampling. Final results from the Phase 2 exploration program are still pending and will be reported when received. Targets continue to be prioritized based on a detailed criteria set consisting of similar geological features and exploratory indicators present at Fission and Alpha's nearby PLS discovery.

The Phase 3 exploration program, currently underway at the Preston Lake Property, will include ground work focused on high-priority areas identified from the findings to date, including the radon in water anomalies. By the end of this summer/fall field program in October, a total of approximately $1.5 million will have been spent in exploration on the property via airborne geophysical surveys and follow-up ground work. The goal of this summer's exploration program is to identify uranium showings and potential drill targets through detailed airborne geophysical surveys, silt and soil sampling, radon sampling, and prospecting for radioactive boulder fields. The exploration methodology is similar to that which led to the discovery of significant mineralization at PLS.

Jordan Trimble, President and CEO of Skyharbour, stated: "The initial data and findings from the first couple of phases of field work are very encouraging and have greatly exceeded our expectations. In particular, the highly anomalous radon discoveries coincident with prominent geophysical targets illustrate the prospectivity of our ground as we expeditiously forge ahead with the exploration at Preston Lake. We continue to advance and value-add the property, and our focus is now narrowing to high-priority areas as we refine targets to a drill-ready state."

About Radon Surveys:

Radon geochemistry of lake-bottom water, sediment, and ground is a well-known exploration tool in the Athabasca Basin of Northern Saskatchewan. Radon distribution around a body of uranium mineralization occurs primarily due to groundwater circulation and associated structural conduits, and develops subsequent to the formation of a uranium deposit making it a strong indicator for the presence of uranium mineralization. Radon anomalies coincident with basement conductors and associated structure are primary drill targets.

About the Western Athabasca Syndicate:

The Western Athabasca Syndicate is a strategic partnership formed between Skyharbour, Athabasca Nuclear, Lucky Strike and Noka to explore and develop a 287,130 hectare (709,513 acre) suite of uranium properties that is the largest land position along the highly prospective margin of the Western Athabasca Basin controlled by a single group. Under the terms of the agreement, each of the four companies has an option to earn 25% of the five uranium properties comprising the Western Athabasca Syndicate Partnership by making a series of cash payments, share payments and incurring their pro-rata amount of the total $6,000,000 in exploration expenditures over the two-year earn-in term of the agreement. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. The bulk of the Syndicate land package is bisected by all-weather Highway 955 which runs north through the PLS discovery on to the former Cluff Lake uranium mine.

The Athabasca Basin of Saskatchewan hosts the world's largest and richest high-grade uranium deposits which have grades substantially higher than the world average grade of about 0.1% U3O8. The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, near surface discoveries made by Alpha and Fission which includes the recently reported drill interval of 9.08% U3O8 over 54.5 metres in drill hole PLS13-075. Consistent high-grade, near surface U3O8 assays from Alpha and Fission demonstrate the potential for high-grade uranium mineralization on the geologically prospective yet underexplored margins of the western side of the Athabasca Basin.

Qualified Person:

Athabasca Nuclear President and CEO, Charles C. (Chuck) Downie, P.Geo., 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 and a member of the Western Athabasca Syndicate which controls a large, geologically prospective land package consisting of five properties (287,130 hectares or 709,513 acres) in the Athabasca Basin of Saskatchewan. $6,000,000 in combined exploration expenditures over the next two years is planned on these properties, $5,000,000 of which is being funded by the partner companies. Skyharbour also maintains a diverse portfolio of precious and base metal projects in the Red Lake district of Ontario. The Company is well funded with $1.3 million in the treasury and has 43.6 million shares outstanding with insiders owning over 25% of the outstanding shares. Skyharbour's goal is to increase shareholder value through new discoveries and developing 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.

ON BEHALF OF THE BOARD OF DIRECTORS

Jordan P. 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.

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