Skyharbour Resources (TSX-V: SYH) CEO Jordan Trimble on the Commencement of 3,000-Meter Drill Program at Moore Uranium Project & Upcoming Partner-Funded Drill Programs at East Preston & Preston Projects
Sign up for the free RSD newsletter to get the latest
news and interviews delivered to your inbox.
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF), Mr. Jordan Trimble. Jordan, how are you?
Jordan Trimble: I'm good. Thanks for having me.
Gerardo Del Real: Busy day, busy day. You just commenced what's going to be a minimum of 3,000 meters is the way that I understand it, a diamond drilling program at the high-grade flagship Moore Uranium Project. There was also news from Azincourt at the East Preston Project. I want to get to that, but let's talk Moore, let's talk the flagship. Can you provide some details there, Jordan?
Jordan Trimble: Yeah, so we just announced this morning a minimum 3,000 meters, which we may look to bump up depending on the success that we're having and what we're seeing in the program, but a good healthy sized program that's started now. Going back into, as you're well aware, our Maverick corridor. So the Moore high-grade project on the east side of the Athabasca Basin, there's a 4 kilometer long corridor called the Maverick structural corridor, and within that you have the main Maverick zone, the East Maverick zone, and several other mineralized zones.
One of the focuses for us in the last couple of drill programs, in particular this last program we finished late last year, was looking a little bit deeper in the structural corridor in the basement rocks, looking for high-grade, deeper deposits in the underlying basements rocks. As you know, a lot of the recent discoveries like NexGen, like Fission, like Denison's Gryphon deposit, have been made in the basement rocks. Our summer-fall 2018 drill program last year, we intersected one of our first high-grade zones in the basement rock, a 15-meter zone of just over 0.5%, the bulk of which was in the basement. So we're going to follow up on the recent success that we've had looking for these feeder zones that could potentially host more high-grade mineralization at the Maverick corridor.
We are also testing what's called the Western Maverick zone. This is important because in 2017, our first drill program that we carried out when we saw the share price jump up in early 2017, a part of that was on the back of discovering a new high-grade lens on the east side of the main Maverick zone. So we are now going and stepping out to the west where there is room to move and Skyharbour hasn't carried out a lot of drilling in the last several years. We have some new targets there that we're going to be drill testing, so excited to hopefully find some more uranium west of the main zone.
Then last, but not least, you'll see in the news release mention of a regional target called the Otter Grid. We're doing a couple of exploratory holes there. This again is a new target that's seen limited historical drilling, just actually two holes, but both holes had anomalous pathfinder elements in uranium mineralization in them. One of them in particular was lost before hitting or reaching the optimal target depth, so there's good discovery potential at that regional target.
There's a handful of regional targets that have yet to see proper or systemic drill testing that we can look at down the road. The main focus is still at that Maverick corridor, testing the basement rocks, following up on the success we had last year, and then a couple of exploratory holes at the Otter Grid.
Gerardo Del Real: And we're looking at 8 to 10 diamond drill holes, is that correct?
Jordan Trimble: Correct, 8 to 10 drill holes. So that will probably take us into April, May, and results to follow. As you know, we've had some good success with this project over the last several years. We've drilled quite a bit now, and we've found more high-grade mineralization both at the unconformity in the sandstone and now drilling a little bit deeper into the basement rock. I think there's a lot more to be found there. We truly believe this project has the potential to host a lot more uranium both at that 4-kilometer long structural corridor, which we've really only drill tested two kilometers systematically on it, so there's still a lot of room to move both laterally and at depth.
Gerardo Del Real: You did a really good job, Jordan, bringing in projects during the tough, tough bear market and securing partners that are vending into those projects, and as a result of that now, you have simultaneous drill programs happening at both Preston and East Preston, which of course Skyharbour retains an interest in. Can you talk about those programs because they're important?
Jordan Trimble: Yeah, sure. So as you're well aware, we have a dual-prong strategy. We have our main focus, which is the Moore Lake Project, which is the programs that we're funding in this current drill program that we've just started. That's really again the main focus and catalyst for the company over the next little while, but we do employ prospect generator strategy. We have other five other projects scattered throughout the Athabasca Basin at various stages of exploration and development.
What we do is we look to bring in partner companies, strategic partners, to come in to fund the exploration, advance the projects while we focus our time, money, and efforts at our flagship Moore Project. It is a perfect way to complement what we're doing. You can think of it as having multiple irons in the fire, right? So Skyharbour is a discovery-driven company. That's one of the biggest catalysts for us is going out there and finding that next big high-grade deposit in the Athabasca Basin, trying to emulate recent successes like NexGen, like Fission, like Hathor back in the day, these high-grade discovery stories. Having multiple drill programs is the best way of doing that.
Now, the trick is if you can bring in partner companies to fund that work, that keeps obviously your dilution down, and that's what we've done at Preston and East Preston. Starting with Preston, a strategic partner there in Orano, previously known as AREVA, France's largest uranium mining company, they've come in and they're earning in up to 70% in a $7.3 million dollar program, earn-in over a 6-year period. They're well into that. They've announced a $2.2 million budget for 2019, and just recently announced commencement of a 3,600-meter drill program testing two of the higher priority targets on that Preston project. So we'll see news flow generated from that as Orano advances that project. We also get some cash payments from that earn-in option as well.
Then right beside that at our East Preston project, Azincourt, another partner company that we did a deal with a couple of years ago, is earning up to 70% of the East Preston property. They've just announced this morning that they will be commencing a 2,000 to 2,500-meter drill program shortly, testing prospective targets on that property. So collectively with those two programs and our drill program that's just commenced at Moore, we're looking at over 9,000 meters of drilling, three programs, two of which funded by partner companies, and as you know, we are looking at bringing in partner companies on other projects we have that we own 100% of; Falcon Point, Yurchison, and Mann Lake.
Gerardo Del Real: Fantastic, fantastic. I understand you'll be at PDAC next week. How can people get in touch with you, Jordan?
Jordan Trimble: Yeah, we'll be at PDAC. We have a couple of presentations, and we have the booth there. So we'll be around the booth basically Sunday through Wednesday. It's a busy conference. We've gone each year for the last little while, and you kind of get everyone under one roof, looking forward to it.
Gerardo Del Real: Fantastic. Jordan, thank you so much for coming on. I get the feeling we're going to be chatting a lot here in the next couple of months.
Jordan Trimble: Yeah, absolutely. Thanks, Gerardo.
Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.
Part of the Stock Digest family of websites