Skyharbour Samples Up to 68% U3O8 at Falcon Point Uranium Project, Saskatchewan
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, Oct. 27, 2015 (GLOBE NEWSWIRE) -- Skyharbour
Resources Ltd. (TSX-V:SYH) (OTC Grey: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-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
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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
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Please see the public filings of the Company at www.sedar.com for further
information.
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Source: Skyharbour Resources Ltd via GlobeNewswire
[HUG#1961595]
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Datum: 27.10.2015 - 13:00 Uhr
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News-ID 429757
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