Skyharbour Intersects 20.8% U3O8 over 1.5 Metres in First Drill Hole at Maverick Zone and Discovers New High Grade Uranium Lens on Moore Lake Uranium Project; Increases Planned Drill Program from 3...
(Thomson Reuters ONE) -
Skyharbour Intersects 20.8% U3O8 over 1.5 Metres in First Drill Hole at Maverick
Zone and Discovers New High Grade Uranium Lens on Moore Lake Uranium Project;
Increases Planned Drill Program from 3,500m to 4,500m
VANCOUVER, British Columbia, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Skyharbour
Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the "Company") is
pleased to announce the first drill hole of the 2017 winter exploration program
on the Moore Lake Uranium Project (the "Project") intersected high grade uranium
mineralization within the Main Maverick Zone lens. Hole ML-199 returned
geochemical assays of 20.8% U(3)O(8) over 1.5 metres from 264.0 to 265.5 metres
downhole, with corresponding handheld spectrometer counts of 27,500 to 57,000
counts per second ("cps"). This high grade interval occurred within a broader
zone of anomalous radioactivity as identified by downhole probing. A combined
geochemical and grade equivalent for the hole returned 6.0% U(3)O(8) over 5.9
metres from 261.6 to 267.5 metres.
Moore Lake Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
* The first drill hole, ML-199, tested the Main Maverick Zone lens and
intersected high grade uranium mineralization containing 6.0% U(3)O(8) over
5.9 metres, from 261.6 to 267.5 metres depth including 20.8% U(3)O(8) over
1.5 metres from 264.0 to 265.5 metres.
* The second hole, ML-200, returned a grade equivalent of 1.7% eU(3)O(8) over
7.2 metres from 269.1 to 276.3 metres including 3.3% eU(3)O(8) over 4.6
metres from 269.2 to 273.8 metres; the latter interval corresponds with
spectrometer values ranging from 1,100 to 29,400 cps.
* Hole ML-202 also intersected high grade uranium mineralization including
5.6% eU(3)O(8) over 1.8 metres from 274.2 to 275.7 metres downhole within a
10.7 metre mineralized interval from 266.6 to 277.3 metres that returned
1.4% eU(3)O(8); notably, this hole potentially represents the discovery of a
new high grade mineralized lens on the property.
* The early success of the drill program has prompted the Company to expand
the program from 3,500m to 4,500m; the drill program is currently
underbudget and progressing smoothly.
Jordan Trimble, President and CEO of Skyharbour Resources, states: "The
preliminary results from early in this first phase of drilling at Moore have far
exceeded our expectations and I would like to congratulate our geological team
on their work thus far. The presence of high grade uranium mineralization in the
first hole ML-199 is highly encouraging as well as the notable mineralization in
hole ML-202 which appears to be the discovery of a new, high grade mineralized
lens along strike from the Main Maverick Zone. The target areas in and around
the Maverick Zone are relatively shallow and continue to provide strong
discovery potential as we look to value-add the project using a systematic and
proven exploration methodology. The early success of the program has prompted
Skyharbour to expand the planned drill program from 3,500m to 4,500m with the
program currently underbudget. The Company is fully funded to complete this
drill program and will provide updates as results become available."
Moore Lake Phase 1 Drill Program Update:
The Company has now completed five drill holes in this first phase of drilling
at the Moore Lake Uranium Project with high levels of radioactivity and uranium
mineralization encountered in three of them. Drill holes ML-199 and ML-200
tested gaps and the margins of the Main Maverick lens and ML-202 was drilled as
a 75 metre step-out hole E-NE from the eastern margin of the Main Maverick Zone.
Skyharbour's technical team believes drill hole ML-202 represents the discovery
of a new high grade mineralized lens on the property.
Hole ML-199 intersected a broad zone of intensely faulted and desilicified
sandstone and the Athabasca unconformity was interpreted at 269.6 metres depth.
A combined geochemical and grade equivalent for the hole returned 6.0%
U(3)O(8) over 5.9 metres from 261.6 to 267.5 metres including geochemical assays
of 20.8% U(3)O(8) over 1.5 metres from 264.0 to 265.5 metres downhole.
Hole ML-200 intersected uranium mineralization straddling the unconformity at
274.4 metres. The downhole probe returned a grade equivalent of 1.71%
eU(3)O(8) over 7.2 metres from 269.1 to 276.3 metres including 3.3%
eU(3)O(8) over 4.6 metres from 269.2 to 273.8 metres. The latter interval
corresponds with spectrometer values ranging from 1,100 to 29,400 cps. Final
geochemical assays are still pending for the hole.
Hole ML-202 intersected uranium mineralization straddling the unconformity and
extending into the clay-replaced and altered, weakly graphitic pelitic and
granitic basement rocks. Downhole probing identified a 10.7 metre mineralized
interval from 266.6 to 277.3 metres that returned 1.4% eU(3)O(8). This includes
2.1% eU(3)O(8) over 6.5 metres, which includes a higher grade zone of 5.6%
eU(3)O(8) over 1.8 metres from 274.2 to 275.7 metres downhole. Core recovery
within this mineralized zone was relatively good and geochemical assays are
pending at this time. This hole potentially represents the discovery of a new
high grade mineralized lens on the property.
ML-201 deviated off target to the north, whereas ML-203 deviated off target to
the south. Nonetheless, both holes intersected structurally disrupted and
strongly altered sandstone and basement rocks and will likely require follow-up.
The early success of the current drill program has prompted the company to
expand it from 3,500m to 4,500m consisting of 14 to 16 holes ranging in depth
from 200m to 500m. The drill program is currently underbudget and is progressing
quickly and smoothly. The Company is currently drill testing the 527 Zone
located 500 metres E-NE and along strike of the Main Maverick Zone lens before
finishing the program back at the main Maverick Zone and on targets located
along the Maverick structural corridor to the west and south.
Moore Lake Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Lake
project, on the southeastern side of the Athabasca Basin, in northern
Saskatchewan. The project consists of 12 contiguous claims totaling 35,705
hectares located 42 kilometres northeast of the Key Lake mill, approx. 20
kilometres east of Denison's Wheeler River project, and 39 kilometres south of
Cameco's McArthur River mine. Unconformity style uranium mineralization was
discovered on the Moore Lake project at the Maverick Zone in April 2001.
Historical drilling highlights include 4.03% e U(3)O(8) over 10 metres
(including 1.4 metres at 20% e U(3)O(8)) starting at a depth of 265 metres in
hole ML-61. In addition to the Maverick Zone, the project hosts other
mineralized targets with strong discovery potential which the Company plans to
test with future drill programs. The project is accessible via winter and ice
roads which simplifies logistics and lowers costs.
Moore Lake Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
The majority of this first phase of drilling will test and look to expand the
Maverick Zone with targets both in the underlying basement rock as well as along
strike of the known high grade Main Maverick mineralized lens. Additionally,
drill holes will test the 527 Zone which is located along the Maverick
structural corridor approx. 500 metres east of the main Maverick mineralized
lens.
This phase of diamond drilling will also test drill targets along the extensions
of the Maverick structural corridor and on extensive northeast trending
graphitic structural zones located north of the main Maverick mineralized lens.
These targets have been identified following a review of previous exploration
and include drill targets identified by prior programs that have yet to be
followed up on.
About Radiometric Equivalent Grades and Spectrometer Readings:
Using down-hole probes to calculate radiometric equivalent grades is a common
practice by uranium mining companies in the Athabasca Basin, particularly when
there is significant core loss through the mineralized interval. All of the
holes referred to herein were probed downhole by the on-site geologists using a
Mount Sopris winch and Matrix Logging console in conjunction with a Mount Sopris
2GHF probe which utilizes a sodium iodide crystal and two Geiger-Mueller tubes
to collect accurate downhole readings when passing through high grade uranium
mineralization. The data collected from these calibrated probes is then used to
calculate equivalent grade uranium values.
All spectrometer readings were made with a Radiation Solutions Super Spec
spectrometer with a 6.3 inch Sodium Iodide detector. It should be noted that
spectrometer readings are relative and cannot be directly correlated to grade
and are only used as a preliminary guide to identifying areas containing
radioactive minerals. Actual grades can only be determined by geochemical assay.
All geochemical analysis was performed by the Saskatchewan Research Council
(SRC) in Saskatoon, a Standards Council of Canada (CCRMP) certified analytical
laboratory with unique expertise in Uranium analytical techniques.
Qualified Person:
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 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 five drill-ready projects. In July
2016, Skyharbour acquired an option from Denison Mines to acquire 100% of the
Moore Lake Uranium Project which is located 20 kilometres east of Denison's
Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium
mine. Moore Lake is an advanced stage uranium exploration property with over $30
million in historical exploration, 370 diamond drill holes, and a high-grade
uranium zone known as the Maverick Zone with drill results including 4.03% e
U(3)O(8) over 10 metres at a vertical depth of 265 metres. The Company owns a
100% interest in the Falcon Point (formerly Way Lake) Uranium Project on the
eastern perimeter of the Basin which hosts an NI 43-101 inferred resource
totaling 7.0 million pounds of U(3)O(8) at 0.03% and 5.3 million pounds of ThO2
at 0.023%. The project also hosts a high-grade surface showing with up to 68%
U(3)O(8) in grab samples from a massive pitchblende vein, the source of which
has yet to be discovered. Skyharbour also has a 50% interest in the large,
geologically prospective Preston Uranium Project proximal to Fission Uranium's
Triple R deposit as well as NexGen Energy's Arrow deposit. The Company's 100%
owned Mann Lake Uranium project on the east side of the Basin is strategically
located adjacent to the Mann Lake Joint Venture operated by Cameco with partners
Denison Mines and AREVA, where high-grade 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.
Skyharbour's Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
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:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-639-3850
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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Skyharbour Resources Ltd via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2017 - 13:30 Uhr
Sprache: Deutsch
News-ID 526806
Anzahl Zeichen: 15683
contact information:
Town:
Vancouver
Kategorie:
Business News
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