Skyharbour Resources (SYH-V) is pleased to announce that it has signed a non-binding Memorandum of Understanding (the “MOU”) relating to its 161,755 hectare property package located in the Patterson Lake region, and Athabasca Nuclear (ASC-V) 125,375 hectare Preston Lake Property also located in the Patterson Lake region of the Athabasca Basin, Saskatchewan. The MOU also includes Lucky Strike Resources (LKY-V) and Noka Resources (NX-V) which are currently optioning into Skyharbour’s property package.
News Release - June 24, 2013
The land package consists of Skyharbour's 161,755 hectare Patterson Lake property and Athabasca Nuclear's 125,375 hectare Preston Lake property, both of which are located in the Patterson Lake region of the Athabasca Basin in the Province of Saskatchewan. The MOU provides that the four companies will negotiate a definitive management agreement for the formation of a joint venture syndicate, combining their respective corporate and geological teams to explore collectively the largest land package (approx. 709,500 acres) in the Patterson Lake area. The land package is located near the high grade uranium discovery of Alpha Minerals Inc. and Fission Uranium Corp.
Background: 1. On May 14, 2013, the Company announced that it had acquired from Skyharbour an option to earn a 25% interest in a total of seven individual properties consisting of 45 mineral claims covering 161,755 hectares (approx. 400,000 acres) located in the Athabasca region in the Province of Saskatchewan (the "Skyharbour Property Package"). 2. As previously announced on May 14 and May 16, 2013,Lucky Strike Resources and Noka Resources each have an option to earn 25 % interest in the Sky Harbour Property package by making cash and stock payments upfront to Sky Harbour and by funding a total of $ 2,000,000.in work commitments over the next two years. 3. Athabasca Nuclear holds a 100% interest in a property consisting of 36 mineral claims covering 125,375 hectares (approx. under 310,000 acres) located in close proximity to the Skyharbour Property Package (the "Athabasca Nuclear Property").
Proposed Transaction:
1. The four companies will enter into a formal option agreement, pursuant to which Athabasca Nuclear will grant to each of Lucky Strike, Skyharbour and Noka an option to earn a 25% interest in the Athabasca Nuclear Property, with the resulting effect being that the interest in the Athabasca Nuclear Property will be Athabasca Nuclear owning 25%, Skyharbour owning 25%, Lucky Strike owning 25% and Noka owning 25%. 2. The four companies will contemporaneously enter into an option agreement pursuant to which Athabasca Nuclear will be granted a 25% interest in the Skyharbour Property Package, with the resulting effect being that the interest in the Skyharbour Property Package will also be Athabasca Nuclear owning 25%, Skyharbour owning 25%, Lucky Strike owning 25% and Noka owning 25%. 3. Lucky Strike, Skyharbour, Athabasca Nuclear and Noka will thereafter associate themselves as a joint venture for the purpose of jointly exploring and developing the combined 287,130 hectare (approximately 709,500 acres) Skyharbour Property Package and Athabasca Nuclear Property (collectively referred to as the "Property"). 4. The transaction would result in a total of $6,000,000 in work commitments over the next two years on the Property. Lucky Strike and Noka each need to incur $1,000,000 in first year exploration expenditures and $1,000,000 in second year exploration expenditures. Skyharbour and Athabasca Nuclear each need to incur $500,000 in first year exploration expenditures and $500,000 in second year exploration expenditures. This amounts to a total of $3,000,000 in work commitments in the first year and $3,000,000 in the second year on the Property. 5. Upon each party exercising their options in full, the parties' respective interests in the Property will be Lucky Strike owning 25%, Skyharbour owning 25%, Athabasca Nuclear owning 25% and Noka owning 25%.
The above proposed transaction is subject to the completion of the Definitive Agreement by the parties and receipt of all required regulatory approvals to the transaction.
Preston Lake Property:
The 125,375 hectare Preston Lake Project is centered approximately 26 kilometres southeast of the Patterson Lake South uranium discovery area and is directly contiguous to claims held by Fission Uranium, Forum Uranium and NexGen Energy. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery through to the former Cluff Lake mine. Some of the property's claims are underlain by Phanerozoic rocks (limestone and sandston e) similar to the Patterson Lake discovery area. At Alpha and Fission's high grade PLS discovery, it is interpreted that the uranium has been mobilized along the fault zones and has been concentrated in the sandstone under the limestone.
Athabasca Nuclear has completed an initial review of historic exploration data on the Preston Lake Property and has identified a number of potential areas for follow up. One high-priority area has clusters of anomalous uranium in lake sediment samples, anomalous uranium values in rock samples (up to 5.6 ppm U3O8), and the presence of kilometre-scale northeast-southwest trending graphitic faults associated with sulphides and anomalous radioactivity as identified with scintillometers. A review of historic data has also identified significant uranium in lake sediment anomaly in the western part of the property. A sample collected by the Geological Survey of Canada returned a value of 5.4 ppm U3O8, considered to be significant in an area with a background uranium value of 1 ppm U3O8. This high uranium value may indicate either the down-ice glacial transport of uranium boulders from source or an in-situ source of uranium. For comparison, the highest value down-ice from the Patterson Lake South discovery is 3.2 ppm U3O8.
Management cautions that the Company's qualified person has been unable to verify this information and that past results or discoveries on proximate land are not necessarily indicative of the mineralization of the Company's properties or results that may be achieved on these properties.
About Uranium and the Athabasca Basin:
The Athabasca Basin of northern Saskatchewan hosts the world's largest and richest high- grade uranium deposits accounting for approximately 20% of global primary uranium supply. Athabasca uranium deposits have grades substantially higher than the world average grade of about 0.14% U3O8. The two dozen or so known uranium deposits within the Athabasca Basin have average grades of more than 3.0% U3O8.
The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, shallow discoveries made by Alpha Minerals Inc. and Fission Uranium Corp. Consistent high grade, near surface U3O8 assays from Alpha and Fission demonstrates the potential for high-grade uranium mineralization on the margins of the underexplored western side of the Athabasca Basin. There are still areas in the Athabasca region that are highly prospective and underexplored for high-grade uranium as illustrated by Alpha's and Fission's recent discovery.
Qualified Person:
Henry Neugebauer, M.S. M.B.A, P.Eng. geologist for Lucky Strike is the Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has approved the technical information in this release.
Changes to Management and Board of Directors:
Lucky Strike is also pleased to announce changes to its management and the Board of Directors.
Cathy Fong is stepping down from the position of Chairman but will continue to serve as a director. The Board would like to thank Ms. Fong for her contributions and commitment over the last 3 years and looks forward to her continuing advice and guidance on the Board.
Andre Klumb has resigned from the Board of Directors to pursue new projects in South America. The Board thanks Mr. Klumb for his many years of service and wishes him the best of good fortune.
Allen Morishita is moving to the position of Chairman from his role as President and CEO.
The Board would like to welcome two new directors: Henry Neugebauer and Ron Rieder. Mr. Rieder has been appointed as the Company's new President and CEO. Mr. Neugebauer will serve as a member of the Audit Committee.
Henry Neugebauer, MS, MBA, P. Eng. has worked as a consulting geologist and engineer since 1965. His experience includes 15 years with Chevron, where his roles included Western U.S. Exploration Manager, in which role he was responsible for uranium exploration and development, and Country Manager for Chevron's uranium exploration program in Spain. Mr. Neugebauer has also worked in many other countries throughout the world as a consultant and technical advisor, director and president of gold and uranium exploration companies.
Ron Rieder has been involved in the stock markets since 1983. Mr. Rieder has 30 years of experience in financing small and micro cap companies and most recently acted as the Vice President, Corporate Finance for a junior gold explorer, where he assisted in raising in excess of $20 million for the company over the past 3 years. Mr. Rieder's diverse ventures have included: hosting a financial radio show, writing a newsletter focused on building a successful portfolio of micro cap investment ideas for his clients, and reading and vetting a plethora of business plans. He has made several business trips abroad and has developed relationships with investors overseas, and has been active in almost all facets of the business. The Board looks forward to his drive and determination leading Lucky Strike as President and CEO.
We seek Safe Harbor. |
