Categories: Mining Stocks
Topics: Uranium Stocks

Drills are now turning on a key uranium play in North America's richest uranium production zone

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.55 per share in a rising uranium market — has announced the start of a multi-phase, fully-funded drill program at its key uranium holdings in the central core of the Eastern Athabasca Basin of northern Saskatchewan, Canada.

Phase-1 will consist of 5,000-meters across 10 to 12 holes at the 73,000-plus-hectare (282 sq mi) co-flagship Russell Lake uranium property.  

Phase-2 will comprise 3,000 meters across 8 to 10 holes at the adjacent 35,000-plus-hectare (137 sq mi) co-flagship Moore uranium project.

At a combined 8,000 meters, the program marks Skyharbour’s largest drill program to-date and is the first time the two co-flagships will be drilled in the same program.

At Russell Lake — where Skyharbour holds an option agreement with Rio Tinto Group (NYSE: RIO) to acquire up to a 100% interest in the project — the focus will be on the Fork and Grayling East targets within the broader Grayling target area as well as the M-Zone Extension target; drill testing several uriniferous conductors that extend from Denison Mines’ adjacent Wheeler River Project onto the property.

The focus at the 100%-owned Moore project, which Skyharbour acquired from Denison back in 2016, will be on infill and expansion drilling at the high-grade, 4.7-km-long Maverick Corridor as well as drill testing several regional targets including the Grid Nineteen target area. 

Skyharbour Resources CEO Jordan Trimble — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the start of drilling via press release:

We are thrilled to begin the winter drilling at our co-flagship Russell and Moore Projects and anticipate plenty of news flow with ongoing, fully-funded programs right through the year. We are confident in the discovery potential and exploration upside at both projects 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. Furthermore, for the first time in several years, we are infill and definition drilling at the high-grade Maverick Main Zone at Moore. With the uranium spot price around $100/lb and the very compelling fundamentals underlying the commodity, this drill campaign and its potential catalysts could not come at a better time.

Additional details on the fully-funded program, including maps of key target areas, are laid out in the company’s 30 January 2024 press release. 

And, about as far as you can get from a one-trick pony, the 2024 drilling will not stop there. 

Skyharbour, which follows a hybrid prospect generator model, has amassed a robust uranium exploration project portfolio comprising 25 projects — 10 of which are drill-ready — covering over 1.2 million acres (4,856 sq km or 1,875 sq mi) in and around the prolific Athabasca Basin region.

Collectively, SYH holds earn-in option agreements with partners that total to over C$32 million in partner-funded exploration expenditures, over C$26 million worth of shares being issued, and over C$19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Over the next twelve or so months, and in addition to the newly commenced program at Russell Lake and Moore, the Skyharbour team anticipates drilling and/or exploration at partner-funded projects, including:

• Orano at Preston
• Azincourt at East Preston
• North Shore Uranium at Falcon
• Tisdale Clean Energy at South Falcon East
• Medaro Mining at Yurchison 
• Basin Uranium at Mann Lake

With no shortage of catalysts for 2024, and with uranium spot prices topping US$100/lb for the first time in a decade and a half, our own Gerardo Del Real of Junior Resource Monthly caught up with Skyharbour Resources CEO Jordan Trimble for an overview of the multi-phase drill program now underway at the co-flagships. Please enjoy!

As always, we’ll continue to keep you posted as major new developments arise. In the meantime, be sure to sign up to receive updates directly from Skyharbour here.

For more information on Skyharbour Resources, please be encouraged to contact the company’s IR department at 604-558-5847 or via email at info@skyharbourltd.com. 

Yours in profits,

Mike Fagan
Editor, Resource Stock Digest

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