Categories: Energy / General Market Commentary
Topics: General Energy / General Market Commentary

Explorer Finds High-Grade Uranium in Athabasca Basement Rock

This explorer finds new uranium at its flagship project, while an option partner plans a $2.2 million exploration program.

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB), a uranium exploration company with projects in the Athabasca Basin of Saskatchewan, Canada, reported high-grade uranium drill results.

Late last year, Skyharbour announced initial results from its fall 2018 drill program at the Maverick Zone of its 100%-owned Moore Uranium Project, its flagship project.

This drill program consisted of approximately 3,800 meters in 8 holes, of which two have returned high-grade uranium values and four other holes were drill-testing deeper targets in the underlying basement rocks. Those four "exploratory" holes encountered up to 80 meters of altered lithologies, which contain minerals that act as pathfinder elements for uranium mineralization.

"Skyharbour Resources could be an interesting way to gain exposure to the sector." - Thibaut Lepouttre, Caesars Report

Jordan Trimble, Skyharbour's president and CEO, told Streetwise Reports, "A lot of the historical findings were found in the sandstone that is located right above the basement rock. Many times, explorers wouldn't even bother drilling into the basement rock. But discoveries like NexGen's Arrow, Fission's Triple R, and Denison's Gryphon deposits—all in the Athabasca Basin—have all been found in the basement rock. We're trying to emulate the success of these companies with what they've found in the basement."

Skyharbour reported that drilling at the Main Maverick area revealed high-grade uranium. Hole ML18-14 returned 0.56% U3O8 over 15.2 meters from 264.5 meters to 279.7 meters downhole, including 3.11% U3O8 over 1.8 meters.

Hole ML18-15 intercepts showed 1.33% U3O8 over 7.8 meters from 264.3 meters to 272.1 meters downhole, including 2.91% U3O8 over 1.5 meters, and 0.44% Co and 1.62% Ni.

Caesars Report's Thibaut Lepouttre noted on Dec. 26, that grades of 0.56% "correspond to approximately 12 pounds of uranium with a current gross value of $480/t (using a uranium price of $40/pounds)."

Click here to continue reading...

Click here to see more from Skyharbour Resources Ltd.