Skyharbour Resources (SYH-V)
www.skyharbourltd.com
35.8 million o/s
<$0.9 million cash
Key people
James G. Pettit – Chairman of the Board and Director
Jim Pettit is the Chairman of the Board of Skyharbour Resources Ltd. Mr. Pettit is currently serving as a Director on the Boards of 6 public resource companies and offers over 20 years experience within the industry specializing in finance, corporate governance, management, and compliance. He specializes in the early stage development of private, as well as public companies. His background over the past 20 years has been focused primarily within the resource sector where he has managed and directed junior resource companies through good times and bad.
Richard Kusmirski, P.Geo, M.Sc – Advisory
Rick Kusmirski, P.Geo, M.Sc., Head of Advisory Board, has over 40 years of exploration experience in North America and overseas, and has actively participated in the discovery of a number of uranium, gold and base metal deposits. For several years, in his capacity as Exploration Manager, he directed Cameco Corporation's (TSX: CCO) uranium exploration projects in the Athabasca Basin. In 1999, Rick joined JNR Resources becoming Vice President of Exploration in 2000. Subsequently, he directed the exploration program that led to the discovery of the Maverick Zone on the Moore Lake uranium joint venture in the Athabasca Basin in Saskatchewan with partner Kennecott Canada. Rick became JNR's President and CEO in January of 2001. In February of 2013, Denison Mines Corp. (TSX: DML) successfully acquired all of the outstanding shares of JNR by way of a friendly all-share take-over bid.
Company presentation
skyharbourltd.com
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Skyharbour starts VTEM survey over Patterson Lake
May 27, 2013 - News Release
Skyharbour Resources Ltd. has now commenced its first phase of exploration on its Patterson Lake uranium properties in Saskatchewan. An airborne geophysical survey is being flown over the next few weeks and will cover approximately 2,120 line kilometres using a VTEM system and a magnetometer survey with an additional 825 line kilometres of radiometric sensor coverage. Skyharbour has six properties consisting of approximately 388,000 acres of prospective ground strategically located near the Alpha Minerals and Fission Uranium Patterson Lake South uranium discovery area making Skyharbour one of the largest landholders in the region. The EM and magnetometer surveys are being carried out to define basement conductors similar to the structures that host the high-grade uranium discoveries at the nearby Patterson Lake South project currently being explored by Alpha and Fission. The radiometric survey is designed to locate uranium boulder trains and in situ uranium mineralization. The highest-priority properties being flown first include the West Patterson property, the South Patterson property and the Draco property, which were acquired by Skyharbour for their proximity to the PLS discovery, and interpreted favourable geology for the occurrence of PLS-style uranium mineralization. There was a small amount of historical diamond drilling on the Draco and South Patterson properties which successfully confirmed the presence of graphite-bearing conductors in the region. These graphitic conductors are the primary targets at the high-grade uranium PLS discovery area to the north.
Skyharbour has recently signed two option agreements for its Athabasca property package wherein Lucky Strike and Noka Resources each have options to earn a 25-per-cent interest into the seven uranium properties by making cash and stock payments up front to Skyharbour and by financing a combined $2-million in work commitments over the next two years (see Skyharbour news release dated May 16). Skyharbour will remain the operator.
Jim Pettit, director of Skyharbour Resources, stated: "Now that we have brought in two value-add partners into the project we can collectively focus on carrying out an aggressive exploration program starting with a regional airborne geophysical survey followed by fieldwork this summer. Noka and Lucky Strike bring valuable technical expertise, proven management teams and financial capital to help create synergies in the field and corporately. Our geological teams plan to employ the refined exploration methodology that led to the Alpha/Fission PLS discovery to further increase our chances of making a new discovery while saving costs and time. We believe this partnership and structure offers the best prospects for vectoring in on a new uranium discovery in the Athabasca region while at the same time mitigating company-specific risk."
The West Patterson property
The West Patterson property is located approximately 18 kilometres to the southwest of Alpha/Fission's PLS claim boundary and is on strike with the west-southwest-to-east-northeast mineralized trend being delineated at the PLS uranium discovery zones. Beneath Phanerozoic cover rocks, the West Patterson property is transected by the margin of the Clearwater and Lloyd domains. Although the significance of this contact is poorly understood it may be important given the similar tectonic/structural settings present at the nearby Cluff Lake, Shea Creek and PLS high-grade uranium discoveries.
The Draco and South Patterson properties
The South Patterson and Draco properties are underlain by crystalline basement rocks of the Lloyd domain which is the same geological domain hosting Alpha/Fission's PLS uranium discovery to the north. The two properties are approximately 15 kilometres to the south of the PLS project claim boundary and are road accessible via all-weather Highway 955 which runs north to the former Cluff Lake uranium mine.
Published geological information for the Draco property area is limited to one drill hole near the shoreline of Lloyd Lake. Airborne surveys completed in 1977 generated several EM conductors of interest and one EM conductor with moderate magnetic correlation was drill tested that year. Diamond drill hole KL-77-3 intersected 41 metres of glacial till followed by basement gneissic rocks to a terminal depth of 124 metres. Of particular note was that the basement rocks included three narrow horizons of graphitic pyritic argillite that account for the EM geophysical response.
Airborne surveys and follow-up ground surveys were completed on the South Patterson property in 1979-1980 with a follow-up diamond drill program in 1980 (four BQ holes in two areas totalling 332.7 metres). This drilling confirmed the previously identified conductor targets as graphite-rich horizons in basement lithologies with shearing and fracturing prevalent in three directions.
Qualified person
Robert Marvin, PGeo, CPG, geologist for Skyharbour, is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.
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