Skyharbour Acquires Significant U3O8 Land-Package in Patterson Lake Area &
Eastern Athabasca Basin, Northern Saskatchewan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/20/13 -- Skyharbour
Resources Ltd. (TSX VENTURE: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 (greater than 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
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
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
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 shares outstanding.
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
James G. Pettit, Director
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 www.sedar.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.
Skyharbour Resources Ltd.
James G. Pettit
604-687-3376 or Toll Free: 800-567-8181
Skyharbour Resources Ltd.
Corporate Development and Communications
604-687-3376 or Toll Free: 800-567-8181
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