Skyharbour Resources (SYH-V) July 8, '14 will be carrying out a phase 1 field program consisting of a ground-based electromagnetic survey this summer on its 60-per-cent-owned Mann Lake uranium project. The property is strategically located on the east side of the Athabasca basin 25 kilometres southwest of Cameco's McArthur River mine and 15 kilometres northeast and along strike of Cameco's Millennium uranium deposit.
Skyharbour's Mann Lake property is also adjacent to the Mann Lake joint venture operated by Cameco (52.5 per cent) with partners Denison Mines (30 per cent) and AREVA (17.5 per cent). Recently, Denison acquired International Enexco and its 30-per-cent interest in the Mann Lake joint venture after the 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization. The drill program intersected 2.31 per cent triuranium octoxide equivalent over 5.1 metres, including 10.92 per cent triuranium octoxide equivalent over 0.4 metre (see International Enexco news release dated March 10, 2014).
EMpulse Geophysics of Dalmeny, Sask., will conduct a ground EM survey beginning in August. The natural source transient magnetotelluric survey will consist of a block of four profiles totalling 10 kilometres of coverage using the internal field gradient technique. The survey will focus on a zone in the southern portion of the Mann Lake property where a favourable, two-kilometre-long aeromagnetic low coincides with possible basement conductor trends indicated by prior ground EM surveys. The objective is to generate one or more basement conductor targets in a setting proximal to the recent high-grade discovery made by Cameco and International Enexco back in March.
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 is under a joint venture agreement, with Aben Resources owning 40 per cent and Skyharbour owning the other 60-per-cent interest in the property. It occurs within a structural/conductor corridor that contains the richest uranium deposits in the world, including Cameco's McArthur River mine.
Skyharbour's Mann Lake uranium project has seen over $3-million of previous exploration expenditures, including geophysics and two diamond drill programs totalling 5,400 metres carried out by Triex Minerals 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 parts per million) 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 parts per million over a 1.5-metre interval. Background uranium values are commonly between one part per million and five parts per million.
Skyharbour's Mann Lake uranium project contains highly prospective geology and geochemistry, and a robust discovery potential as identified by the historic work. Additional fieldwork and exploration have been recommended on a number of untested targets on the property.
Skyharbour to attend the Sprott Natural Resource Symposium
Skyharbour has been invited to be one of the featured sponsors and exhibitors at the Sprott Vancouver Natural Resource Symposium, a three-day event taking place from July 22 to 25, 2014, in Vancouver, Canada, at the Fairmont Hotel Vancouver. Sprott Inc. is one of the largest investment firms in the small-cap natural resource sector, drawing on an extensive network of investors and experts to bring some of the best speakers in the industry. Notable resource industry speakers and experts that will be present at the conference include Robert Friedland, Rick Rule and Doug Casey. There will be plenty of time over the three-day event to meet with Skyharbour's team, hear more about the most recent developments and get to know management on a more personal basis. To find out more details about the conference go to the Natural Resource Symposium website.
Skyharbour sets stock options
The company announces that is has granted to directors, officers, employees and consultants an aggregate of one million stock options under the company's stock option plan. The options will be exercisable for a period of five years at a price of 10 cents per share. The stock options are subject to TSX Venture Exchange approval.
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, PGeo, MSc, Skyharbour's head technical adviser and a director, as well as a qualified person.
Mann Lake Uranium Project Map: abenresources.com
Phase 1 EM Survey at the Mann Lake Uranium Project: abenresources.com |
