Skyharbour Resources Ltd.: Western Athabasca Syndicate Discovers Additional Radon Anomalies at the Preston Lake Uranium Property in the Patterson Lake Region, Saskatchewan
November 27, 2013 (Source: Marketwired) — Skyharbour Resources Ltd. (TSX VENTURE:SYH)(PINKSHEETS:SYHBF) (“Skyharbour”) is pleased to announce additional results from the 2013 radon sampling program at its Preston Lake uranium property. Many of the radon anomalies fall within prospective exploration corridors delineated through extensive summer airborne geophysics and ground evaluation. Radon survey results were instrumental in identifying first pass drill targets at the nearby Patterson Lake South (PLS) high grade uranium discovery as well as the recent discovery of the R600W Zone which is on trend with the western portion of the Preston Lake property (see Fission Uranium’s News Releases dated May 6, 2013 and November 4, 2013). The 246,643 hectare Preston Lake property is the largest land package proximal to Alpha Minerals Inc. and Fission Uranium Corp.’s PLS high-grade uranium discovery. The Western Athabasca Syndicate (the ‘Syndicate’) holds title to the Property and consists of Skyharbour Resources Ltd., Athabasca Nuclear Corp. (TSX VENTURE:ASC), Noka Resources Inc. (TSX VENTURE:NX), and Lucky Strike Resources Ltd. (TSX VENTURE:LKY).
Preston Lake uranium property map: http://skyharbourltd.com/_resources/SYH_Regional_Tenure_Map.jpg
- Additional distinct clusters of radon anomalies have been identified coincident with the previously identified high potential exploration corridors
- Clusters of elevated radon anomalies overlying basement conductors is a key signature at PLS that helped vector in on most of the high-grade discovery zones
- Discovery of two distinct radon-in-water anomalies over Lloyd Lake that are coincident with strong conductive trends within previously outlined exploration corridors, in addition to a distinct cluster over a new area termed ‘South FIN’
- Final preparations for additional radon and ground geophysical surveys to refine drill targets are underway
A total of 95 radon-in-water samples were collected from the Preston Lake uranium property during the October work program to augment the 291 samples collected earlier in the year. Sample targets include regional reconnaissance areas, high-priority targets and exploration corridors identified by the Syndicate’s Technical Committee, and areas of anomalous radon identified by earlier work. The samples were analyzed for radon in the field by Terralogic Exploration Inc. using a Pylon AB5 Series Portable Radiation Monitor which provides real time analysis of radon levels in both water and soil.
The survey was successful in identifying a number of additional radon-in-water anomalies occurring both as clusters and as discrete points. Of particular interest are the two sets of anomalies located on the central and southern arms of Lloyd Lake that are coincident with previously identified conductor trends within a high potential exploration corridor. The Lloyd Lake setting is similar to that of the Patterson Lake area, host to the recent PLS high-grade uranium discovery, and will be a priority area for further diamond drill target delineation this winter.
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In addition, a new target area termed ‘South FIN’ at the Preston Lake property was delineated following the discovery of a distinct radon-in-water cluster coincident with a strong conductor axis and associated structure. This target is also coincident with the merger of two well defined high potential exploration corridors.
Management cautions, mineralization present on proximal properties (or ‘corridors’) is not necessarily indicative of mineralization on the Syndicate’s Property.
Preston Lake Property Radon in water map: http://skyharbourltd.com/_resources/NR-Phase3-Radon-in-Water-Results.20131127.jpg
Final data integration is nearly complete with ground radon and gravity survey contracts nearly secured. The ground surveys, for final drill targeting, are anticipated to commence before the end of the year.
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 shallow 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 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.
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 three partner companies. Skyharbour also maintains a diverse portfolio of precious and base metal projects in the Red Lake district of Ontario. The Company 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
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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 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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