Skyharbour Intersects 0.172% U3O8 Over 2.5 Metres From 2015 Winter/Spring Diamond Drilling Program at Falcon Point Uranium Project
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, July 21, 2015 (GLOBE NEWSWIRE) -- Skyharbour
Resources Ltd. (TSX-V:SYH) (OTC Grey:SYHBF) (Frankfurt:SC1N) (the "Company") is
pleased to report diamond drill assay results from its 100% owned, 79,003
hectare Falcon Point Uranium and Thorium Property (the "Property") located 55
kilometres east of the Key Lake Mill. The drill program consisted of five
diamond drill holes totaling 1,278 metres with four of the five holes
intersecting uranium and thorium mineralization. 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. This fifth and last hole
of the program was lost in the mineralized horizon due to technical issues with
the drill rig.
Skyharbour's Uranium Project Portfolio in the Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
The drill program tested high-priority targets in and around the current uranium
and thorium resource at the JNR Fraser Lakes Zone B deposit. It was successful
in discovering additional mineralization at higher grades than the deposit
average and was the Company's first work program at Falcon Point (previously
called Way Lake) since acquiring the Property from Denison Mines in the summer
of 2014.
Highlights:
* Drill program returned best mineralized intersections to date at the Falcon
Point Uranium/Thorium Project
* Drill hole FP-15-05 intersected 0.172% U3O8 and 0.112% ThO2 over 2.5 metres
as well as 0.103% U308 and 0.062% ThO2 over 6.0 metres; drill hole FP-15-03
intersected 0.100% U3O8 over 2.0 metres
* Skyharbour's Technical Team considers these results a breakthrough towards
identifying additional and higher grade uranium mineralization at shallow
depths at Falcon Point; further drilling is being planned
* The mineralized intervals are associated with structural disruption of the
host lithologies and accompanied by varying degrees of clay, chlorite and
hematite alteration; these features are common to mineralization halos,
associated with high-grade basement uranium deposits in the Athabasca Basin
* Highly encouraged by the results of exploration to date on the Property,
Skyharbour is commencing a field program in the coming weeks
* The program will consist of detailed prospecting and vegetation/soil
sampling at the Hook Lake target where historical exploration yielded high
grade uranium grab samples of up to 48% U3O8 from a massive pitchblende vein
exposed at surface; previous operators were unable to definitively explain
and locate the source of the high grade mineralization
Jordan Trimble, President and CEO of Skyharbour Resources, states: "We are
excited to have intersected the highest grade uranium mineralization found to
date in the deposit area on the Falcon Point Project. Similar to other notable
high grade Athabasca Basin deposits, we are seeing the character of the uranium
mineralization changing at depth as the grade is increasing which illustrates
the strong discovery potential going forward at the project. Furthermore, we
will be commencing a summer field program shortly consisting of prospecting and
vegetation/soil sampling in and around a high grade 48% U3O8 surface showing on
the Hook Lake target near the northern end of the property."
Falcon Point Project and the JNR Fraser Lakes Zone B Uranium/Thorium Deposit:
The 2015 winter/spring drill program focused on drilling in and around the
current deposit area on the Falcon Point project near the south end of the
property. This deposit was identified 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.
Falcon Point Uranium Project Claims Map:
http://skyharbourltd.com/_resources/Falcon%20Point%20Mineral%20Deposition.jpg
The deposit outcrops and was not tested below 150 metres vertical prior to this
drill program. It is open along strike and at depth, and consists of several
zones of moderately dipping, multiple-stacked uranium and thorium mineralized
horizons. Geological and geochemical features at the deposit show distinct
similarities to high-grade, basement-hosted uranium deposits in the Athabasca
Basin such as Eagle Point, Millennium, P-Patch and Roughrider. Skyharbour's
objective, which it successfully accomplished, was to discover higher grade
uranium mineralization proximal to the current lower grade mineralized envelope
present at the JNR Fraser Lakes deposit. The drill program tested for depth
extensions to the known mineralization which is associated with a conductive
zone located on the western limb of a prominent fold that closes to the north.
Additionally, it tested the conductive eastern limb of the structure in an area
where it is intersected by a regional scale east-west trending fault.
Description of the Falcon Point Winter/Spring 2015 Drill Program:
The results from this round of drilling are very encouraging and confirm the
presence of widespread mineralization, alteration, structural disruption and
radioactivity that are typically associated with high grade uranium deposits in
the Athabasca Basin. The discovery and exploration upside potential at Falcon
Point is robust and additional drilling is recommended in the current deposit
area to follow up on the results of this program.
Falcon Point Uranium/Thorium Project Geophysics Map:
http://skyharbourltd.com/_resources/SYH%20Falcon%20Point%20Zones%20Map.jpg
Drill holes FP-15-01 and FP-15-02 targeted the previously untested eastern limb
of the fold under Fraser Lakes, while FP-15-01 also tested the intersection of
the fold nose with a prominent northwest trending lineament. FP-15-03, FP-15-04
and FP-15-05 tested to a vertical depth of 250 metres and over a 500 metre
strike length of the Fraser Lakes Zone B deposit that had been previously tested
at shallower levels. The uranium and thorium mineralization is associated with
pegmatite entrained in Wollaston Group pelitic and graphitic pelitic gneiss and
orthogneiss above the Archean granite. It is also accompanied by anomalous
levels of pathfinder elements such as copper, nickel, vanadium and lead.
Falcon Point Winter/Spring 2015 Drill Program Map:
http://skyharbourltd.com/_resources/maps/SY_Falcon_Point_Winter_Drill_Map.jpg
Holes FP-15-01 and FP-15-02 returned encouraging results, particularly as they
were first pass, exploratory drill holes in a previously untested area. Both
holes were structurally disrupted and altered, intersected well defined
graphitic lithologies and were geochemically anomalous. Hole FP-15-01 also
intersected lower grade uranium mineralization enriched in thorium solidifying
this eastern limb as a priority target for future consideration.
Drill holes FP-15-03, FP-15-04 and FP-15-05 all intersected multiple intervals
of uranium mineralization, including pathfinder elements in structurally
disrupted and altered units. Drill hole FP-15-05 returned the best intersections
to date at the deposit area; however, due to technical issues this hole was
terminated in the mineralized horizon with additional drilling warranted to
follow up in the higher grade mineralization discovered at depth.
Table 1: Significant Mineralized Intervals
DDH# From To (m) Width % U(3)O(8) % ThO2 Anomalous Metals
(m) (m)
FP-015-01 38.5 39.5 1.0 0.015 Up to 271 ppm Cu, 188 ppm V
51.5 53.0 1.5 0.037 0.021 Up to 183 ppm Cu
55.5 56.0 0.5 0.020 0.022 Up to 250 ppm Mo
75.5 76.0 0.5 0.014
132.5 133.0 0.5 0.026 0.096
FP-15-03 277.5 279.5 2.0 0.018
295.5 298.5 3.0 0.082 Up to 346 ppm Pb
Incl. 295.5 297.5 2.0 0.100
FP-15-04 204.5 205.0 0.5 0.094 Up to 863 ppm Mo, 291ppm Pb
206.0 206.5 0.5 0.098 0.037 Up to 329 Pb
244.0 244.5 0.5 0.070 0.039 Up to 220 Pb
FP-15-05 134.5 140.5 6.0 0.103 0.062 Up to 245 ppm Mo, 548 ppm Pb
Incl. 135.0 137.0 2.0 0.165 0.111
140.5 142.0 1.5 0.058 0.039 Up to 248 ppm Mo, 318 ppm Pb,
199 ppm Zn
144.0 145.5 1.5 0.047 0.004 Up to 246 ppm Mo, 274 ppm Pb
146.0 148.5 2.5 0.172 0.113 Up to 758 ppm Mo, 911 ppm Pb,
204 ppm Zn
Upcoming Summer 2015 Field Program at Falcon Point:
As a result of the highly encouraging results from the recent round of drilling
as well as the findings from the historical exploration throughout the Property,
Skyharbour has elected to commence another field program at Falcon Point in the
coming weeks. The program will consist of detailed prospecting and
vegetation/soil sampling at the Hook Lake target area where historical
exploration yielded high grade uranium grab samples of up to 48% U3O8 in a
massive pitchblende vein exposed at surface. Previous operators have been unable
to definitively explain and locate the source of the high grade uranium and
thorium mineralization at the Hook Lake target.
Qualified Statement:
The only sample type collected were split samples with selected sections of core
longitudinally split and sent for geochemical analysis. The split samples were
sent to the Saskatchewan Research Council for geochemical analysis. Samples were
subjected to HF/HN0(3)/HCl(4) (total) digestion and subsequently analysed using
SRC's 60 element ICP package (including major oxides and the major trace
elements Cu, Ni, Pb, Co, Zn, As). Uranium was analyzed by fluorimetry after
total digestion and boron was determined by ICP analysis after Na(2)O fusion.
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 is the operator of the Western Athabasca Syndicate which
controls a large, geologically prospective land package consisting of five
properties in the Athabasca Basin of Saskatchewan. 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-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:
Don Myers
Director
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info(at)skyharbourltd.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.
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: Telephone: (604) 687-3376
Facsimile: (604) 687-3119
Email: info(at)skyharbourltd.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Skyharbour Resources Ltd via GlobeNewswire
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Datum: 21.07.2015 - 09:00 Uhr
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