Welcome!

News Feed Item

Skyharbour Acquires 60% Interest in Mann Lake Uranium Project in the Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/16/14 -- 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...