Vancouver, British Columbia--(Newsfile Corp. - March 21, 2013) - Skyharbour Resources (TSXV: SYH) has acquired a large portfolio of mineral claims in the Athabasca Basin region of Northern Saskatchewan. The Athabasca Basin hosts the world's largest and richest high-grade uranium deposits, accounting for approximately 20% of global primary uranium supply.
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Five of the properties, consisting of 197,000 acres of prospective ground, are strategically located near the Alpha Minerals and Fission Energy Patterson Lake South discovery area, which included a drill interval that returned 2.49% U3O8 over 12.5 metres.
The company's North Patterson and RY properties are strategically located approximately 27 and 35 kilometres respectively to the north of Fission/Alpha's claim boundary, and cover prospective geology within the Athabasca Basin sandstones, including Northeast/Southwest regional structural trends.
The company's South Patterson and Draco properties, located approximately 15 kilometres to the south, are road accessible via an all-weather highway. Their South Basin property, approximately 90 kilometres to the east, is situated along the unconformable contact between basement rocks and the Athabasca Basin. Other operators in the area include Cameco, Areva, and Denison Mines.
The Patterson Lake South discovery demonstrates the potential for high-grade uranium mineralization on the margins of the western side of the Athabasca Basin, where significantly less exploration has been carried out, compared to the eastern side of the Athabasca Basin.
The company's 11,769 acre Wheeler Project, with 3 uranium showings, is located in the Eastern Flank of the Athabasca Basin. The Wheeler project has 2 obvious targets for immediate exploration; an outcropping, pegmatite hosted uranium mineralization, and a Cigar Lake style mineralization.
The company acquired its land package at acquisition cost in which roughly half the land was staked directly by the company and the other half was staked by an arms-length party and is subject to a 2% NSR.
With this significant land package, Skyharbour is well positioned in this emerging area, and with approximately $1 million in the treasury, Skyharbour will now examine and compile all available historic and related mineral exploration data associated with the acquired properties in anticipation of uranium exploration work programs this year.
The shares currently trade at $0.055, and with 34.7 million shares outstanding, the company is capitalized at only $2 million.
For more information, including the company's gold properties in Ontario, please visit the company's website at www.skyharbourltd.com or contact Jordan Trimble, Corporate Development at 604-687-3119 or email firstname.lastname@example.org.
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Barry Morgan, CFO