Categories: Mining Stocks
Topics: Uranium Stocks

An Overlooked Uranium Stock

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.45 per share — has commenced its inaugural winter drill program at the 73,000-hectare Russell Lake uranium project strategically located in the central core of the eastern Athabasca Basin of northern Saskatchewan, Canada. 

The program, which is slated for 10,000 meters across 18 to 20 holes, is kicking off with an initial 3,000-meter phase with a primary focus on the Grayling Zone where historical drilling has intercepted high-grade uranium mineralization in multiple holes. 

Skyharbour Resources CEO Jordan Trimble — whom you’re about to hear from directly via our exclusive interview — commented by press release:

“The commencement of our first diamond drill program at the Russell Lake Uranium Project is a key milestone for Skyharbour and its shareholders. This fully funded 10,000 m drill campaign will provide ample news flow well into the year as we advance the project using systematic and proven exploration methodologies coupled with new geological models and targeting strategies. We are confident in the discovery potential and exploration upside at Russell Lake given the high-grade mineralization in historical drill holes along with the many highly prospective target areas hosting the geology necessary for high-grade uranium deposition.”

The Russell Lake project — which is being advanced via an option agreement with Rio Tinto — is strategically located adjacent to the company’s co-flagship Moore Lake uranium project and wedged in between Cameco’s McArthur River Mine to the north, the Key Lake Mill to the south, and Denison's flagship Wheeler River project to the west.

Skyharbour currently holds a 51% interest in the project, which can be increased to 100% upon the completion of certain project milestones starting with the current drill campaign. 

The option agreement with Rio Tinto provides Skyharbour, as operator, with a nearly contiguous block of highly prospective uranium claims totaling over 100,000 hectares (420 sq mi) when combined with the company’s adjacent co-flagship Moore Lake project.

The Russell Lake property benefits from a significant amount of historical exploration and drilling — 95,000 meters across 230 drill holes — resulting in the identification of numerous prospective target areas along with several high-grade uranium showings and drill hole intercepts. 

Newly-engaged Condor Consulting is currently focused on the Grayling, Grayling East, Grayling West, Fox Lake Trail, and M-Zone Extension areas where historical drilling has intersected prospective mineralization, alteration, structure, and geochemistry. 

Condor is tasked with merging historical drill data with results from previous airborne magnetic surveys to generate geophysical targets for some of the upcoming exploration drilling at Russell Lake. 

Already, 35 km of largely untested prospective conductors in areas of low magnetic intensity have been identified on the property wherein the Skyharbour team will look to discover additional high-grade mineralization with the help of the new geological modeling underway by Condor.

As a hybrid prospect generator, Skyharbour holds an extensive portfolio of 100%-owned and partner-funded uranium exploration projects in the Athabasca Basin region and is well-positioned to benefit from improving uranium market fundamentals with 15 projects, 10 of which are drill-ready, covering over 450,000 hectares of land. 

Mr. Trimble added:

“Skyharbour is also excited to have additional news flow and catalysts from its prospect generator business consisting of seven partner companies advancing some of our other projects throughout the Athabasca Basin. Over the next year, the Company is anticipating the largest combined drilling and exploration programs at its primary projects of Russell and Moore, as well as at its partner-funded projects of East Preston, Hook Lake, Mann Lake, Yurchison, South Falcon East, Wallee and Usam.”

Our own Gerardo Del Real of Junior Resource Monthly caught up with Skyharbour Resources CEO Jordan Trimble to go over the newly-commenced drill program at the co-flagship Russell Lake project, plus a quick look at the company’s numerous other partner-funded uranium exploration projects in the Athabasca. Please enjoy!

Mike Fagan
Editor, Resource Stock Digest