Skyharbour Discovers New High Grade Uranium Mineralization at Maverick Zone including 5.39% U3O8 over 1.0 metre within 2.07% U3O8 over 3.5 metres; Summer 2018 Drill Program Upcomin
VANCOUVER, British Columbia, June 14, 2018 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the "Company") is pleased to announce the results from its 2018 winter/spring diamond drilling program at its flagship 35,705 hectare Moore Uranium Project, located approx.15 kilometres east of Denison Mine's Wheeler River project and near regional infrastructure on the southeast side of the Athabasca Basin, Saskatchewan. Drillhole ML18-08 intersected high grade uranium mineralization within the Main Maverick Zone consisting of 5.39% U3O8 over 1.0 metre within an interval containing 2.07% U3O8 over 3.5 metres. This mineralization occurs at the unconformity from 265.8 to 269.3 metres downhole. Also of note is hole ML18-09 which intersected uranium mineralization at the unconformity in the Maverick East Zone, a new high grade lens discovered by Skyharbour last year. This hole returned a grade equivalent of 3.07% U3O8 over 1.8 metres from an interval containing a grade equivalent of 1.01% U3O8 over 6.3 metres.
Moore Uranium Project Claims Map:
- Hole ML 18-08 drilled on the Main Maverick Zone returned an unconformity-hosted intercept of 2.07% U3O8 over 3.5 metres from 265.8 to 269.3 metres downhole, including 5.39% U3O8 over 1.0 metre.
- Hole ML18-09 drilled at the Maverick East Zone returned a grade equivalent of 1.01% U3O8 over 6.3 metres from 275.4 to 281.7 metres downhole at the unconformity, including an interval of 3.07% U3O8 over 1.8 metres.
- Three of the four holes drilled at the Maverick corridor in this program returned high grade uranium mineralization and successfully expanded the known high grade zones.
- Only 2 kilometres of the total 4 kilometre long Maverick corridor have been systematically drill tested leaving robust discovery potential along strike as well as at depth in the underlying basement rocks which have seen limited drill testing historically.
- Regional diamond drill hole ML18-03 tested the Venice target 8 km northeast of the Main Maverick Zone, and intersected uranium mineralization in graphitic pelites that occur just below the unconformity in the basement rock at 279 metres downhole.
- Given the success of the 2018 winter/spring drilling program at Moore, planning is currently underway for a minimum 3,000 metre summer diamond drilling program to commence in August; additional news and details are forthcoming.
Jordan Trimble, President and CEO of Skyharbour Resources, states: "The recently completed winter/spring drill program at the Moore Project has expanded the known high grade zones at the Maverick corridor by intersecting relatively shallow uranium mineralization at the unconformity. Furthermore, new regional discoveries were made at the Venice target. We will be commencing a summer drill program to follow up on these results and test more extensively new targets in the underlying basement rock at the Maverick corridor. The known high grade, unconformity-hosted uranium mineralization at the Maverick corridor was deposited there through feeder zones in the basement rock, the discovery of which will be a top priority in this upcoming program given other recent basement hosted discoveries including NexGen's Arrow Deposit, Fission's Triple R Deposit and Denison's Gryphon Deposit. Skyharbour is well positioned with strong discovery potential and ample upcoming news flow to benefit from an impending uranium market recovery. In the last few months we have witnessed increasing uranium prices and improving sentiment amid recent news including additional supply cuts announced from Kazakhstan, accelerating Japanese nuclear reactor restarts, and a new uranium fund based in London buying over eight million pounds of uranium from KazAtomProm."
Winter 2018 Drill Program Summary and Upcoming Summer 2018 Drill Program Plans:
The recently completed winter/spring diamond drilling program totaled 3,399 metres in 9 holes which were drilled to a depth of between 330 and 525 metres. Five of the nine holes were drilled on regional grids testing geophysical targets and as a follow up to previous drilling, while the remaining four holes were drilled on the high grade Maverick structural corridor.
Moore Uranium Project Regional Grid Targets Map:
Skyharbour is planning for a minimum 3,000 metre 2018 summer diamond drilling program slated to commence in August. The majority of this drilling will test the high grade Maverick corridor both above the unconformity and below it in the basement rocks. Skyharbour's technical team has recently reinterpreted historical drill results and has identified new high-priority drill targets in the basement rock at the Maverick corridor below the known high grade mineralization. The underlying basement feeder zones for the unconformity-hosted high grade uranium at the Maverick corridor have yet to be discovered and have seen limited drill testing.
Moore Uranium Project Maverick Corridor Drilling Map:
Drilling at the Maverick Corridor and the Venice Zone:
Four holes in this program tested the high grade Maverick Main Zone and Maverick East Zone. The best results were from ML18-08 which tested the Maverick Main Zone and ML 18-09 which tested the Maverick East Zone. Hole ML18-08 intersected 2.07% U3O8 over 3.5 metres at the unconformity.
Moore Uranium Project Main and East Maverick Zones Drilling Map:
The most encouraging results from the drilling on the regional grids were obtained from ML18-03 which tested targets on the Venice grid. This hole intersected a strongly altered and structurally disrupted basal sandstone column and basement rocks. This hole returned anomalous pathfinder elements as well as a 0.5 metre interval containing 0.154% U3O8 in graphitic pelites just below the unconformity in the basement rock. The Venice target is a high-priority regional target going forward given this recent discovery.