Skyharbour Increases Land Package Near Patterson Lake South High-Grade Uranium
Discovery to 388,000 Acres, Northern Saskatchewan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/27/13 -- Skyharbour
Resources Ltd. (TSX VENTURE:SYH) (OTC PINK:SYHBF) (the "Company") is
pleased to announce it has added to its large portfolio of uranium
mineral claims in the Patterson Lake region with an additional
191,000 acres of ground. The Company now owns a 100% interest in
approximately 400,000 total acres of land between seven properties in
the Athabasca Basin region in northern Saskatchewan.
Six of the properties consisting of approximately 388,000 acres of
prospective ground are strategically located near the Alpha Minerals
and Fission Energy Patterson Lake South (PLS) uranium discovery area.
The properties were acquired for their proximity to the PLS discovery
and interpreted favourable geology for the occurrence of PLS style
uranium mineralization. Skyharbour's land position is now one of the
largest in the Patterson Lake 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, shallow
discovery made by Alpha and Fission which includes the recently
reported drill interval of 4.92% U3O8 over 34 metres in hole
PLS13-038 (see Alpha / Fission News Release dated March 25). This
mineralized zone is located approximately 400 metres to the northeast
of discovery hole PLS12-024 which returned 2.49% U3O8 over 12.5
metres. These discoveries demonstrate 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 entire land package at acquisition cost
he issuance of one million common shares of the Company at a
deemed price of six cents per share. The share issuance is subject to
the acceptance of the TSX Venture Exchange. Roughly 115,000 acres of
the total land position was staked directly by the Company while the
other approximately 285,000 acres were staked by an arms-length party
and are subject to a 2% NSR.
With roughly $900,000 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. Given the excellent
supply-demand fundamentals underpinning uranium, Skyharbour will
continue to evaluate uranium projects for potential acquisition in
the Athabasca Basin as well as in other prolific uranium districts.
Skyharbour's Patterson Lake Properties:
The Company has now acquired six properties in the Patterson Lake
region totalling roughly 388,000 acres making it one of the largest
land positions in the area. This most recent acquisition includes
additional ground tied onto the Company's South Patterson Property
located approximately 15 km to the south of Fission / Alpha's
Patterson Lake South project claim boundary. The claims are
accessible by road with primary access from the all-weather Highway
955, which runs north through the Patterson Lake South discovery to
the former Cluff Lake mine where over 60 million pounds of uranium
was produced. The highway also passes through the UEX-Areva Shea
Creek discoveries to the north which are currently under active
exploration and development. Skyharbour's newly acquired sixth
property in the Patterson Lake area, the West Patterson Property, is
located approximately 18 km to the southwest of Fission / Alpha's
Patterson Lake South project claim boundary. This property is on
strike with the W-SW to E-NE mineralized trend being delineated at
the PLS uranium discovery zones. Other regional operators in the area
include Cameco Corp., Areva, and Denison Mines.
Patterson Lake Regional Geology:
Uranium mineralization in the Patterson Lake area bears a number of
similarities to the high-grade uranium deposits in the Eastern part
of the Athabasca Basin like those at the Cigar Lake and McArthur
River mines. The mineralization occurs in structurally disrupted and
strongly clay altered, commonly graphitic pelites and metapelites
with narrow felsic segregations / pegmatites. Intervals of
quartz-feldspar gneiss and semipelite are also present. Sulphides are
commonly associated with the mineralization along with anomalous
levels of cobalt, nickel, molybdenum and boron. Uranium
mineralization in the Patterson Lake area is also associated with
fesic intrusives, primarily pegmatites. Skyharbour has both target
types on its pre-existing properties and its recently acquired land
in the Patterson Lake region.
Jim Pettit, Director of Skyharbour Resources, stated: "We are very
excited to have acquired one of the largest land positions in this
emerging area and to have Rick Kusmirski come on as Head of the
Advisory Board. Skyharbour now owns prospective uranium claims to the
north, south, east and west of the high-grade PLS discovery providing
the Company with significant leverage and exposure to this region in
which most of the land has been staked. We are of the opinion that
given Skyharbour's early and low cost entry into the area,
shareholder value will be created from both exploratory work programs
potentially leading to new discoveries as well as from option and
joint venture agreements the Company enters into with other groups on
its current 100% owned land holdings."
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, north-western Ontario, Canada. The
Company has 35 million shares outstanding.
To find out more about Sky
harbour 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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