VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2013) - Skyharbour Resources Ltd. (TSX VENTURE:SYH) (OTC PINK:SYHBF) is pleased to announce it has entered into a mineral property option agreement (the "Agreement") with Lucky Strike Resources Ltd. (LKY.V) pursuant to which Skyharbour has granted Lucky Strike an option to acquire a 25% interest in a total of seven prospective uranium properties consisting of 45 mineral claims covering 161,755 hectares (approx. 400,000 acres) located in the Athabasca Basin region of northern Saskatchewan.
Skyharbour's Patterson Lake area claims map:
Six of the properties consisting of approximately 388,000 acres of prospective ground are strategically located to the north, south, east and west of the Alpha Minerals (AMW.V) and Fission Uranium's (FCU.V) Patterson Lake South ("PLS") uranium discovery on the western flank of the Athabasca Basin. The properties were acquired by Skyharbour for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. Skyharbour's land position is one of the largest in the Patterson Lake area.
The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, shallow discoveries made by Alpha and Fission which includes the recently reported drill interval of 6.26% U3O8 over 49.5 metres in drill hole PLS 13-053. This mineralized zone is located approximately 400 metres to the northeast of discovery hole PLS 12-024 which returned 2.49% U3O8 over 12.5 metres. 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.
Patterson Lake regional geology map:
In addition to the large land package in the Patterson Lake area, Skyharbour has also optioned to Lucky Strike a 25% interest in the 11,769 acre Wheeler uranium project located on the eastern flank of the Athabasca Basin. The property has three historical uranium showings on it with grab sample assay values ranging from 10 ppm to 0.495% U3O8.
As consideration for granting the 25% option, Lucky Strike will pay Skyharbour the sum of $100,000, issue a total of 2,000,000 common shares and incur a total of $1,000,000 in exploration expenditures on the properties over the two year term of the Agreement ($500,000 in year one and $500,000 in year two). Skyharbour will remain the operator on the properties.
Roughly 115,000 acres of the total land position was staked directly by the Company for which a 2% NSR is reserved in favour of Skyharbour while the other approximately 285,000 acres were staked by an arms-length party and are subject to an underlying 2% NSR. The Agreement is subject to the acceptance of the TSX Venture Exchange.
Jim Pettit, Director of Skyharbour Resources, stated: "This agreement between Skyharbour and Lucky Strike is a significant development as we prepare for the upcoming summer exploration program at our Patterson Lake properties. In bringing on Lucky Strike as a partner, we have teamed up with a talented management and technical team to create value-add synergies and de-risk the project as we collectively explore and advance our prospective land package. The companies will benefit from the combined geological experience and market expertise of the two groups. With a significant amount of capital committed to work programs over the next couple of years, we believe this partnership and structure offers the best prospects of making a new uranium discovery in the Athabasca region while at the same time mitigating risk."
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.
Robert Marvin, P.Geo., CPG, geologist for Skyharbour is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a uranium exploration company with projects in the Athabasca Basin of northern Saskatchewan and in Red Lake, north-western Ontario, Canada. The Company's goal is to increase shareholder value through new discoveries and developing exploration projects in geopolitically favourable jurisdictions. The Company has 35 million shares outstanding.
To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH) visit the Company's website at www.skyharbourltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, Director
This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.