Skyharbour Acquires 60% Interest in Mann Lake Uranium Project in the Athabasca Basin, Saskatchewan
January 16 2014 - 7:00AM
Marketwired
Skyharbour Acquires 60% Interest in Mann Lake Uranium Project in
the Athabasca Basin, Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 16, 2014) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH)(PINKSHEETS:SYHBF) (the
"Company") is pleased to announce it has entered into an Assignment
and Novation Agreement (the "Agreement") with Triex Minerals Corp.
("Triex"), a wholly owned subsidiary of Canterra Minerals Corp.
("Canterra"), whereby Skyharbour will acquire Triex/Canterra's 60%
interest in the Mann Lake Uranium Project (the "Property"). The
property is strategically located on the east side of the Athabasca
Basin approx. 25 km southwest of Cameco's McArthur River Mine and
15 km northeast and along strike of Cameco's Millennium uranium
deposit. Under the terms of the agreement, Skyharbour will pay
$15,000 in cash and issue one million common shares in
consideration for Canterra's 60% interest and their option to
purchase up to 1.5% of the property's underlying 2.5% NSR for $1.5
million.
Triex/Canterra's Mann Lake property is also adjacent to the Mann
Lake Joint Venture operated by Cameco (52.5%) with partners
International Enexco (30%) and AREVA (17.5%), in which an
aggressive 13,000 metre, 18-hole diamond drill program is slated to
commence this month (see International Enexco's November 13, 2013
News Release). High-grade, basement-hosted uranium mineralization
was intersected on this project during the 2006 diamond drill
program, including 7.12% U308 over 0.25m and 5.53% U308 over
0.4m.
Mann Lake Uranium
Project Map:
http://skyharbourltd.com/_resources/maps/SYH_mann_lake_map.jpg
The Mann Lake Uranium Project has seen over $3 million of
previous exploration expenditures including recent geophysics and
two diamond drill programs totaling 5,400 metres carried out by
Triex in 2006 and 2008. The geophysical surveys identified basement
conductors and structural corridors containing reactivated basement
faults. These features trend onto the adjacent ground held by
Cameco. The 2006 drill program intersected a 4.5 metre wide zone of
anomalous boron (up to 1,758 ppm) in the sandstone immediately
above the unconformity in hole MN06-005. Boron enrichment is common
at the McArthur River uranium mine, and along with illite and
chlorite alteration, is a key pathfinder element for uranium
deposits in the Basin. In the same drill hole, an altered basement
gneissic rock with abundant clay, chlorite, hematite and
calc-silicate minerals was intersected about 7.6 metres below the
unconformity, and contained anomalous uranium up to 73.6 ppm over a
1.5 metre interval. Background uranium values are commonly between
1 and 5 ppm.
Jordan Trimble, President and CEO of Skyharbour, stated: "This
acquisition enhances Skyharbour's portfolio of Athabasca uranium
projects and complements the Company's flagship Western Athabasca
Syndicate Project. The Mann Lake Uranium Project boasts highly
prospective geology and geochemistry, and a robust discovery
potential as identified by the historic work consisting of over $3
million in exploration expenditures, with additional work
recommended on a number of untested targets. Of particular note is
the property's strategic location southwest of the McArthur River
Mine and adjacent to Cameco's Mann Lake Joint Venture where an
aggressive 13,000 metre, 18-hole drill program is about to
commence. Skyharbour's management believes this is an accretive
deal for the Company's shareholders as we bolster our exposure to
uranium on the east side of the Basin and add another catalyst to
supplement our ongoing Syndicate work program in the Patterson Lake
region on the west side of the Basin."
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.
About the Mann Lake Uranium Project:
The Mann Lake Uranium Project consists of one mineral claim
covering 3,473 hectares located in the eastern Athabasca Basin in
northern Saskatchewan. The property has been under a joint venture
agreement with Aben Resources owning 40% and Triex owning the other
60% interest in the property. It occurs within the corridor that
contains the richest uranium deposits in the world including
Cameco's McArthur River Mine.
In 1977, the Mann Lake property was staked by SMDC as part of
the larger Cree Extension Project. SMDC conducted exploration work
almost continuously with various joint venture partners until 1989.
A regional hydrothermal corridor containing illite, dravite (boron)
and chlorite alteration minerals was defined in the mid 1990's
based on the analysis of thousands of samples of drill core and
surface boulders from the Cree Extension Project. The Mann Lake
property is ideally situated in the heart of this corridor. The
property was optioned by Uranium Power Corp. and Pacific Amber
Resources Ltd., who in 1999 conducted a reconnaissance, fixed loop
TEM survey which detected four anomalies thought to indicate
possible basement conductors. In 2005, Triex optioned the property
from Consolidated Abaddon (now Aben Resources) and undertook a
detailed ground geophysical survey to further delineate drill
targets. In 2006, a first phase diamond drill program consisting of
five holes was completed totaling 3,510 metres. Pervasive illite
clay alteration was intersected over 90 metres of sandstone
immediately above the unconformity in hole MN06-002. A 4.5 metre
wide zone of anomalous boron (up to 1,758 ppm), was intersected in
sandstone immediately above the unconformity which occurs at 631
metres in hole MN06-005. In the same hole, an altered basement
gneissic rock with abundant clay, chlorite, hematite and
calc-silicate minerals was intersected 7.6 metres below the
unconformity and was found to contain anomalous uranium (up to 73.6
ppm) over a 1.5 metre interval. Background uranium values are
between 1 and 5 ppm. Both drill holes were located near an
east-west fault. A follow-up diamond drilling program consisting of
1,877 metres in three holes was completed in 2008 and a number of
identified targets have yet to be drill tested.
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, a
qualified person.
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 maintains a diverse portfolio of precious and base metal
projects in the Red Lake district of Ontario. The Company has 43.6
million shares outstanding with insiders owning over 25% 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 P. 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.Jordan P. TrimblePresident and
CEO604-687-3376 or Toll Free: 800-567-8181604-687-3119Skyharbour
Resources Ltd.Don MyersDirector604-687-3376 or Toll Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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