Skyharbour Resources Ltd. is pleased to provide an update on the exploration plans for the Preston Uranium Property being explored by the Western Athabasca Syndicate.
The Syndicate is planning a field program for September and October that will consist of geophysical and geochemical surveys to further refine high priority drill targets and identify new targets. The Preston Property is strategically located proximal to Fission Uranium's expanding, high grade Patterson Lake South ("PLS") discovery as well as NexGen Energy's Arrow discovery.
Fission recently announced a new discovery of anomalous radioactivity in hole PLS14-255 where basement hosted conductors have been identified 17 km southeast of the main discovery area (see Fission's news release dated Aug. 11, 2014). The Preston Property's Fin target area is less than 2 km east of this newly reported discovery and the Syndicate holds the largest land position on strike to the south along the same conductive corridor. Numerous high priority targets at Preston are located on this fertile exploration corridor and will be a primary focus for the upcoming exploration this fall.
Preston Uranium Property Map and Regional Exploration Corridors: http://skyharbourltd.com/resources/SYH_Regional_Corridors.jpg
The Syndicate recently reported highly encouraging results from a first-pass diamond drill program at Preston consisting of nine holes which confirmed the presence of widespread alteration, structural disruption and radioactivity that are typically associated with uranium deposits in the Athabasca Basin. The three initial drill target areas, out of a growing target base currently standing at fifteen, were selected by the Syndicate's Technical Committee for drilling based on encouraging fieldwork results and coincident anomalies. The majority of uranium targets on the Property have not yet received any drill exploration.
Preston Uranium Property High Priority Target Areas: http://skyharbourltd.com/resources/SYH_Feb2014_Exploration.jpg
Additional drill testing of the various target areas is being planned including drilling at high priority targets that will be accessible when freeze-up occurs later this year. The Syndicate intends to conduct over $2 million in exploration and drill programs within the next twelve months at the Preston Property. Skyharbour Resources has recently been voted in as the new operator of the Western Athabasca Syndicate moving forward in place of the previous operator Athabasca Nuclear.
The Preston Uranium Property:
The 246,643 hectare Preston Uranium Property is the largest individual property proximal to Fission Uranium's Patterson Lake South high-grade uranium discovery and the recent discovery made by NexGen Energy on the Rook-1 Project. The Syndicate is the largest land tenure holder in the southwest Athabasca Basin region including properties strategically situated to the southwest and to the northeast of the PLS and NexGen discoveries. Approx. $3,500,000 dollars in exploration has been carried out to date by the Syndicate on the Preston property and many priority targets remain for further follow up with both fieldwork and drill testing.