Sky’s the Limit

December 30, 2014

Mann Lake Regional Tenure_Mar2014Skyharbour Resources is a uranium exploration company actively advancing projects totaling over 390,000 hectares in the prolific Athabasca Basin of Saskatchewan. Most of the properties are strategically located near Fission Uranium’s (TSX-V: FCU) Patterson Lake South (“PLS”) high-grade uranium discovery (9.08 per cent U3O8 over 54.5 metres in hole PLS 13-075), as well as NexGen Energy’s recent discovery on their Rook 1 Project. These new discoveries demonstrate the potential for high-grade uranium on the margins of the western side of the Basin where significantly less exploration has been carried out. The properties were acquired for their interpreted favourable geology for the occurrence of PLS style uranium mineralization.

Skyharbour is partners with three other companies in the Western Athabasca Syndicate which was formed to explore its uranium property package consisting of the largest mineral claim position in the Patterson Lake region. Each of the companies has an option to earn in 25 per cent by incurring exploration expenditures over two years totalling a combined $6 million. Skyharbour is the operator of the project and will fund $1 million with the three partner companies funding the remaining $5 million. The syndicate model is a cost-efficient and operationally-effective structure to conduct a large exploratory program without substantial equity dilution to current and future shareholders.

The Syndicate carried out one of the largest regional exploration programs in the Athabasca Basin over the last year, totalling over $3.5 million in expenditures on the Preston Uranium Property. This work included geophysical surveys, prospecting, silt sampling, geochemical and radon soil sampling, geological mapping, biogeochemical sampling, and diamond drilling. The Syndicate continues to employ a systematic, proven, and cost-efficient exploration methodology that has led to numerous uranium discoveries in the region and throughout the Athabasca Basin.

Fifteen high-priority drill target areas at the flagship Preston Project associated with eight prospective exploration corridors have been successfully delineated through the extensive exploration carried out thus far. A first-pass drill program was recently completed with encouraging initial results and elevated radioactivity in the drill core. Additional exploration and drill programs are being planned for later this year.

In May 2014, Skyharbour announced the purchase of 100 per cent interests in the Way and Yurchison Lake Uranium Projects from Denison totalling 103,552 hectares on east side of the Basin for $20,000 in cash and two million common shares. The Way Lake Uranium Project is comprised of 21 contiguous claims totalling 90,892 hectares located 55 kilometres east of the Key Lake mine. 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. 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 per cent U3O8 and 5,339,219 pounds ThO2 inferred at an average grade of 0.023 per cent ThO2 within 10,354,926 tonnes using a cutoff grade of 0.01 per cent U3O8. 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. 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 north side of the Way Lake project at the Hook Lake target, high grade mineralization has been discovered with up to 48 per ent U3O8 in historic grab samples from a massive pitchblende vein. The source of this high grade uranium mineralization has yet to be discovered.

Skyharbour also has a 60 per cent interest in the Mann Lake Uranium Project located on the east side of the Basin 25 kilometres southwest of Cameco’s McArthur River Mine. The 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 including drilling. The property is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5 per cent) with partners Denison (30 per cent) and AREVA (17.5 per cent) where high-grade, basement-hosted uranium mineralization was recently discovered in March.

Previous exploration at Mann Lake included 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 one and five ppm. Skyharbour is about to commence a ground based EM survey on its Mann Lake project.

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