Skyharbour Resources Ltd. : Skyharbour Resources Ltd. : Skyharbour Acquires
Significant U3O8 Land-Package in Patterson Lake Area & Eastern Athabasca
Basin, Northern Saskatchewan
Suite 2230 - 885 West Georgia Street, Vancouver, BC, Canada, V6C 3E8
TSX-V Trading Symbol: SYH
March 20, 2013
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTC Pink: SYHBF) (the
"Company") is pleased to announce it has acquired a large portfolio of mineral
claims comprising six uranium properties in approximately 209,000 acres of
land in the Athabasca Basin region, northern Saskatchewan.
Five of the properties consisting of 197,000 acres of prospective ground are
strategically located near the Alpha Minerals (TSX-V: AMW; "Alpha") and
Fission Energy (TSX-V: FIS; "Fission") Patterson Lake South discovery area.
The Athabasca Basin hosts the world's largest and richest high-grade uranium
deposits accounting for approximately 20% of global primary uranium supply.
There are still many areas in the region that are highly prospective and
underexplored as illustrated by the new high-grade uranium discovery at the
Patterson Lake South property.
Skyharbour's Patterson Lake Area Properties:
The Patterson Lake area has received escalating exploration attention and
claim acquisition activity as a result of the new discovery made by of Alpha
and Fission which included a drill interval that returned 2.49% U3O8 over 12.5
metres. This discovery demonstrates the potential for high-grade uranium
mineralization on the margins of the western side of the Athabasca Basin where
significantly less exploration has been carried out compared to the eastern
side of the Athabasca Basin. Skyharbour has acquired its land package at
acquisition cost in which roughly half of the land was staked directly by the
Company and the other half was staked by an arms-length party and is subject
to a 2% NSR.
With approximately $1 million in the treasury, Skyharbour will now examine and
compile all available historic and related mineral exploration data associated
with the acquired properties in anticipation of uranium exploration work
programs this year.
With excellent supply-demand fundamentals underpinning uranium, Skyharbour
intends to build upon its portfolio of uranium projects in the Athabasca Basin
as well as in other prolific uranium districts.
Skyharbour's Patterson Lake Properties:
The Company has acquired five properties in the Patterson Lake region totaling
roughly 197,000 acres making it one of the largest land positions in the area.
Two of these properties, North Patterson and RY, are strategically located
approximately 27 km and 35 km respectively to the north of Fission/Alpha's
Patterson Lake South project claim boundary and cover prospective geology
within the Athabasca Basin sandstones including NE-SW regional structural
trends. There are two properties approximately 15 km to the south of
Fission/Alpha's Patterson Lake South project claim boundary that are road
accessible via all-weather Highway 955 which runs north to the former Cluff
Lake mine (> 60M lbs of U3O8 produced). The fifth property acquired by
Skyharbour is approximately 90 km east of the discovery and is situated along
the unconformable contact between basement rocks and the Athabasca Basin. With
this significant land package, the Company is well positioned in this emerging
area to the north, south and east of the recent high grade uranium discovery.
Other regional operators in the area include Cameco Corp., Areva, and Denison
Uranium mineralization is associated with granitic plutons, stocks, pegmatites
and other felsic gneiss of the Archean basement rocks of the Athabasca Basin
in this region. The uranium is trapped in both pre-Paleozoic sandstones and
carbonaceous units of the Manitiou Falls Formation (like Cigar Lake on the
Eastern Flank of the Basin) and within younger Cretaceous age silty sandstones
within and on the flanks of the Basin (like the high grade Patterson Lake
South uranium discovery). Skyharbour has at least two target types on its
recently acquired land in the Patterson Lake region including pegmatite hosted
uranium as well as silty sandstone hosted mineralization in the McMurray
Patterson Lake Regional Geology:
Skyharbour's Eastern Athabasca Basin Property - Wheeler Project:
Skyharbour's 11,769 acre Wheeler Project is located in the Eastern Flank of
the Athabasca Basin and has three uranium showings on the property. Initially,
a northeast-trending train of radioactive boulders was located which was
traced to the source mineralized outcrop. Grab sample assay values range from
10 ppm to 0.495% U3O8. The mineralization is contemporaneous with the
formation of the pegmatoid rocks and uranium mineralization is scattered
uraninite grains enclosed in fresh and weakly altered biotite, quartz and
The Wheeler project has two obvious targets for immediate exploration. First,
the known, outcropping, pegmatite hosted uranium mineralization mentioned
above, and second, Cigar Lake style uranium mineralization hosted at the
regional, unconformable contact between the Archean age pegmatites and
overlying basin fill sedimentary units.
Robert Marvin, P.Geo., CPG, geologist for Skyharbour 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, gold and base metal exploration
company with projects in the Athabasca Basin of northern Saskatchewan and in
Red Lake, northwestern Ontario, Canada. The Company has approx. 35 million
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the
Company's website at www.skyharbourltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit
For further information contact myself or:
Corporate Development and Communications
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
This news release may contain certain "Forward-Looking Statements" that may
involve a number of risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such statements. For
a more detailed discussion of such risks and other factors, refer to the
Company's filings with Canadian Securities regulators available on
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information contained therein.
Source: Skyharbour Resources Ltd. via Thomson Reuters ONE
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