Click here to close now.

Welcome!

News Feed Item

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) -- 05/30/14 -- 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 "Rossing type" mineralization named after the largest, longest-running open pit uranium mine in the world, the Rossing 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.

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 WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desk...
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dramatically improve produc...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud envir...
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to globa...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
"A lot of the enterprises that have been using our systems for many years are reaching out to the cloud - the public cloud, the private cloud and hybrid," stated Reuven Harrison, CTO and Co-Founder of Tufin, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.