Skyharbour Expands Current Drill Program from 4,500m to 5,500m at the Moore Uranium Project in the Athabasca Basin of Saskatchewan
VANCOUVER, B.C., March 21, 2017 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”), is pleased to announce it will be expanding its current diamond drill program at its flagship Moore Uranium Project from 4,500m to 5,500m based off of the early success of the program. The drilling program will now consist of 15-17 holes ranging in depth from 200m to 500m. The current drill program is under budget and is progressing quickly and smoothly. The Company is currently drill testing the new discovery area called the Maverick East zone located 100 metres E-NE and along strike of the Main Maverick Zone lens. The Company will also be drill testing targets to the west (Maverick West), south (Maverick South) and further east (Goose Zone) of the Main Maverick Zone.
Moore Uranium Project Claims Map:
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 have prompted us to expand the drill program to 5,500m. The presence of high grade uranium in several holes as well as the discovery of a new, high grade mineralized lens along strike from the Main Maverick Zone is very exciting. 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.”
Moore Project Phase 1 Drill Program Update:
Skyharbour previously announced the results of the first five drill holes in this first phase of drilling at the Moore 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.
Moore Uranium Project Maverick Corridor Drilling:
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% U3O8 over 5.9 metres from 261.6 to 267.5 metres including geochemical assays of 20.8% U3O8 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% eU3O8 over 7.2 metres from 269.1 to 276.3 metres including 3.3% eU3O8 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% eU3O8. This includes 2.1% eU3O8 over 6.5 metres, which includes a higher grade zone of 5.6% eU3O8 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.
Moore 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 U3O8 over 10 metres (including 1.4 metres at 20% e U3O8) 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:
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.
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 Uranium Project which is located 20 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River mine. Moore is an advanced stage uranium exploration property with a high grade uranium zone known as the Maverick Zone with drill results including 21% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour recently signed an option agreement with AREVA Resources Canada whereby AREVA can earn in 70% on the Company’s Preston Project through $8 million in project consideration. Preston is a large, geologically prospective property proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit. The Company also owns a 100% interest in the Falcon Point Uranium Project on the eastern perimeter 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 project also hosts a high grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. 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, 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:
SKYHARBOUR RESOURCES LTD.
President and CEO
For further information contact myself or:
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Skyharbour Resources Ltd.
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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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