Skyharbour to Acquire 100% Interests in Way Lake and Yurchison Lake
Uranium Projects From Denison Mines on Eastern Flank of Athabasca
Basin, Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH)(FRANKFURT:SC1N)(OTC
Grey:SYHBF) ("Skyharbour" or the "Company") is pleased to announce
it has entered into a Purchase Agreement (the "Agreement") with
Denison Mines Corp. ("Denison") whereby Skyharbour will acquire
Denison's 100% interests in the 90,892 hectare Way Lake Uranium
Project as well as the 12,660 hectare Yurchison Lake Project both
located on the eastern flank of the Athabasca Basin, Saskatchewan.
Under the terms of the Agreement, Skyharbour will pay $20,000 in
cash and issue two million common shares in consideration for
Denison's 100% interest in both projects. The common shares of
Skyharbour are issuable upon TSX Venture approval and will be
subject to a hold period of four months and one day from the date
of issue. Denison will retain a 2% NSR in the projects of which 1%
may be purchased by the Company for $1,000,000.
Skyharbour's
Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
Acquisition and Property Highlights:
- Skyharbour to purchase 100% of two highly prospective uranium
projects from Denison totaling 103,552 hectares on east side of
Athabasca Basin for $20,000 in cash and two million common
shares
- Way Lake Project hosts shallow, NI 43-101 compliant inferred
mineral resource totaling 6.96 million pounds U3O8 and 5.34 million
pounds ThO2 at Fraser Lakes Zone B
- Drilling to date at Way Lake totals over 20,000m in 105 holes
with over $10 million in previous exploration across six,
near-surface target areas on the large property
- Geological and geochemical features show distinct similarities
to high grade, basement-hosted deposits in Athabasca Basin such as
Eagle Point, Millennium and Roughrider
- Exploration potential of 6 km by 7 km Fraser Lakes target area
considered exceptional, including resource expansion potential
along strike and at depth at Zone B deposit
- The Hook Lake target area at north end of Way Lake property
yielded high grade uranium grab samples of up to 48% U3O8 in vein
exposed at surface; previous operators unable to definitively
explain and locate the source
- Extensive geological database for project area; recommended
future work programs include defining additional resources at
Fraser Lakes Zone B uranium deposit as well as exploratory drilling
on other high-potential targets throughout property
- At Yurchison Lake Project, prospecting near old trenches
returned significant uranium (0.09% to 0.30% U3O8) and molybdenum
(2,500 ppm to 6,400 ppm) mineralization in outcrop and float
samples
- Two holes drilled beneath historic trenches returned highly
anomalous molybdenum values of up to 3,750 ppm and anomalous
uranium values of up to 240 ppm
Jordan Trimble, President and CEO of Skyharbour, stated: "The
acquisition of 100% interests in the sizeable Way Lake and
Yurchison Lake Projects is a milestone for the Company as it
significantly enhances Skyharbour's portfolio of Athabasca uranium
projects. The current uranium market has presented excellent
opportunities for Skyharbour to increase its ownership, at
attractive valuations, in high-quality uranium projects in the
Basin with the objective of optimizing discovery potential and
capitalizing on a future uranium market turnaround. The more
advanced-stage Way Lake Uranium Project boasts a near surface,
inferred resource of 7 million pounds U3O8 open along strike and at
depth. Elsewhere on the property, the Hook Lake target area hosts
high grade uranium mineralization with historic grab samples
returning up to 48% U3O8 in a massive pitchblende vein, the origin
of which has yet to be discovered. Skyharbour's management believes
this is a highly accretive deal for the Company's shareholders as
we add a resource to the asset portfolio, bolster our exposure to
the east side of the Basin, and add projects with robust
exploration upside potential to complement our Syndicate and Mann
Lake projects."
Way Lake Uranium Project:
The Way Lake Uranium Project is comprised of 21 contiguous
claims totaling 90,892 hectares located 55 kilometres east of the
Key Lake mine in northern Saskatchewan. Uranium mineralization
discovered to date at Way Lake is shallow and is hosted in two
geological settings with the northern half of the property
characterized by structurally controlled uranium mineralization
(Hook Lake, West Way and Nob Hill zones), whereas the southern half
hosts classic Athabasca-style basement mineralization associated
with well-developed EM conductors (EWA, Walker and Fraser Lakes
zones). Drilling to date on the Way Lake Project totals over 20,000
metres in 105 holes. Over $10 million has been invested in
exploration consisting of airborne and ground geophysics,
multi-phased diamond drill campaigns, detailed geochemical sampling
and surveys, and ground-based prospecting culminating in an
extensive geological database for the project area.
Way Lake Uranium
Project Claims Map:
http://skyharbourltd.com/_resources/Way_Lake_Mineral_Deposition.jpg
Discovered in 2008, Zone B is located within the broader 6
kilometre by 7 kilometre Fraser Lakes target area where multiple
mineralized zones have been discovered along a 65 kilometre long,
folded EM conductor system comprised of Wollaston Group graphitic
pelitic gneisses and uraniferous granitic pegmatites. Diamond
drilling consisting of 25 holes totaling 4,603 metres has defined a
zone of moderately dipping, multiple-stacked uranium and thorium
mineralized horizons down to 175 metres that is open to the
southwest and east-northeast as well as at depth. The style of
uranium mineralization associated with intrusive rocks is commonly
referred to as "Rössing type" mineralization named after the
largest, longest-running open pit uranium mine in the world, the
Rössing Mine operated by Rio Tinto in Namibia.
JNR Resources Inc., a company acquired by Denison in 2013,
announced an initial mineral resource estimate in 2012 for the
Fraser Lakes Zone B of 6,960,681 pounds U3O8 inferred at an average
grade of 0.03% U3O8 and 5,339,219 pounds ThO2 inferred at an
average grade of 0.023% ThO2 within 10,354,926 tonnes using a
cutoff grade of 0.01% U3O8. The independent NI 43-101 technical
report supporting this mineral resource estimate was filed on SEDAR
on September 26, 2012 by JNR Resources. Independent qualified
persons, Dr. Allan Armitage, P.Geo., and Alan Sexton, M.Sc.,
P.Geo., of GeoVector Management Inc., are responsible for the
contents of the technical report and comments related to the
resource estimate and its parameters.
Fraser Lakes Zone
B Drill Collar Map:
http://skyharbourltd.com/_resources/Fraser_Lakes_B_DDH_Location_Map.jpg
The exploration potential of the Fraser Lakes target area is
considered exceptional, including the resource expansion potential
of the current deposit at Zone B. Geological and geochemical
features show distinct similarities to high-grade, basement-hosted
deposits in the Athabasca Basin such as Eagle Point, Millennium,
P-Patch and Roughrider.
On the northern side of the Way Lake property at the Hook Lake
target, high grade uranium mineralization has been discovered with
up to 48% U3O8 in historic grab samples. The massive pitchblende
vein containing the high grade uranium mineralization is hosted in
basement intrusive rocks exposed at surface. The mineralization has
similarities to the Eagle Point uranium deposit being
structurally-controlled, vein-type, high grade, and likely part of
the feeder system to more typical high grade, unconformity uranium
deposits. Previous operators have been unable to definitively
explain and locate the source of the high grade uranium in the
massive pitchblende vein that assayed up to 48% U3O8.
Way Lake Uranium
Project Geophysics Map:
http://skyharbourltd.com/_resources/SYH_Way_Lake_Zones_Map.jpg
At the EWA target located on the southern portion of the Way
Lake property, up to 0.492% U3O8 and 1,300 ppm lead were obtained
from grab samples. Eight holes drilled in 2008 intersected variably
radioactive granitic pegmatite dykes including an intercept of
0.082% U3O8 over 6.5 metres. The Nob Hill target in the central
part of the property hosts vein-type uranium mineralization and
includes a drill intercept of 0.018% U3O8 over 5.0 metres. The
Walker Lake, Walker South and Walker River showings occur along a
conductive trend that covers some 60 kilometres of structurally
displaced EM conductors in the southwest portion of the property.
Historic reconnaissance drilling has intersected strongly clay
and/or chlorite altered, sheared and faulted graphitic pelites
containing anomalous uranium, copper, nickel, zinc and molybdenum.
The West Way target at the northern end of the property consists of
vein-hosted uranium mineralization and includes grab samples that
returned up to 0.492% U3O8.
Yurchison Lake Uranium Project:
The 12,660 hectare Yurchison Lake property consisting of four
claim blocks is located 70 kilometres southeast of the McArthur
River uranium mine. Previous prospecting and geological mapping in
and near old trenches returned significant uranium (0.09% to 0.30%
U3O8) and molybdenum (2,500 ppm to 6,400 ppm) mineralization in
both outcrop and float samples. In 2008, two holes drilled beneath
the historic trenches returned highly anomalous molybdenum values
of up to 3,750 ppm and anomalous uranium values of up to 240 ppm.
The property boasts strong discovery potential for both basement
hosted uranium mineralization as well as copper, zinc and
molybdenum mineralization.
Qualified Person:
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.
Share Purchase Warrants to be Extended:
Skyharbour also announces that it will make an application with
the TSX Venture Exchange to extend the exercise period of a total
of 1,800,000 non-transferable share purchase warrants (the
"Warrants") for a further two year term. The Warrants are comprised
of 1,800,000 Warrants issued in connection with a 2,000,000 unit
non flow-through private placement, with closing announced on June
29, 2011. The 1,800,000 Warrants are currently exercisable at a
price of $0.125 per warrant share until June 24, 2014. Upon receipt
of TSX Venture Exchange acceptance, the 1,800,000 Warrants will
expire after the close of business on June 24, 2016.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a uranium exploration company and a
member of the Western Athabasca Syndicate which controls a large,
geologically prospective land package consisting of five properties
(287,130 hectares or 709,513 acres) in the Athabasca Basin of
Saskatchewan. $6,000,000 in combined exploration expenditures over
the next two years is planned on these properties, $5,000,000 of
which is being funded by the three partner companies. Skyharbour
also owns a 60% interest in the Mann Lake Uranium project on the
east side of the Basin strategically located 25 km southwest of
Cameco's McArthur River Mine. The Company has 55 million shares
outstanding with insiders owning over 20% of the outstanding
shares. 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.
To find out more about Skyharbour Resources Ltd.
(TSX-VENTURE:SYH) visit the Company's website at
www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
JORDAN TRIMBLE, President and CEO
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS
NEWS RELEASE.
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.
Skyharbour Resources Ltd.Don MyersDirector604-687-3376 or Toll
Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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