Skyharbour (SYH.V) Increases Land Package Near Patterson Lake South High-Grade Uranium Discovery to 388,000 Acres, Northern Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2013) - 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.
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 plus the 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.
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 Skyharbour Resources Ltd. (TSX VENTURE:SYH) visit the Company's website at www.skyharbourltd.com.