Mike Fagan,
Editor
Oct. 31, 2024
Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.44 per share — has successfully completed its earn-in requirements to earn a 51% interest in the co-flagship Russell Lake uranium project from Rio Tinto, forming a joint venture partnership with the mining leader.
Skyharbour, as operator, will be commencing a fall drill program at Russell Lake consisting of approximately 4,000 to 5,000 meters. In preparation for that upcoming program, SYH has completed an Ambient Noise Tomography (ANT) survey over the highly prospective Grayling and Fork target areas wherein results will be used to further refine drill targets.
Russell Lake is strategically situated between Skyharbour’s co-flagship, 100%-owned Moore uranium project and Denison Mines’ Wheeler River uranium project, giving SYH a dominant land position in the southeastern corner of Saskatchewan’s prolific Athabasca Basin (see below).
Russell Lake is considered an advanced-stage exploration property comprising 26 claims covering more than 73,000 hectares (283 sq mi) and is nearby to critical regional infrastructure including Cameco’s McArthur River Mine and Key Lake Mill as well as a road, powerline, and exploration camp situated on the property.
Skyharbour’s newly-acquired majority interest in Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totaling over 100,000 hectares (420 sq mi) when combined with the company’s adjacent Moore project.
As noted, Skyharbour and Rio Tinto have now officially formed a joint venture to further explore the Russell Lake property with Skyharbour, as operator, holding a 51% ownership interest and Rio Tinto holding the remaining 49% interest.
The 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. Skyharbour completed an inaugural three-phased, 9,600-meter drill program in 2023 across 19 holes at the property.
More recently, SYH completed a total of 5,152 meters over two phases during a winter 2024 drill campaign. During the first phase, the best intercept of uranium mineralization historically on the property was discovered in hole RSL24-02, which returned a 2.5-meter-wide intercept of 0.721% U3O8 at a relatively shallow depth of 338.1 meters, including 2.99% U3O8 over 0.5 meters at 339.6 meters just above the unconformity in the sandstone.
That high-grade intercept is considered a new discovery at the recently identified Fork Target, which has seen very limited historical exploration. Skyharbour Resources CEO Jordan Trimble — who discusses the reasons behind that limited exploration in our exclusive interview coming right up — commented on the discovery hole at Russell Lake via press release:
“The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell – something that hasn’t been seen before at the project with the potential to quickly grow with more drilling. The intercept in hole RSL24-02 represents the best zone of mineralization discovered yet at Russell and it is strategically located proximal to nearby infrastructure bringing drilling costs down. The relatively shallow mineralized zone is open for expansion and we are keen to follow-up on this discovery with another sizable, fully-funded drill program this summer and fall. Furthermore, additional assays are pending from Russell as well as from drilling carried out at our Moore project, while partner companies are advancing numerous other properties in our project portfolio.”
In addition to the upcoming fall drill program at Russell Lake, Skyharbour is in the midst of a 2,500-meter drill program (7 to 9 holes) at the co-flagship Moore project.
The program is focused on expanding and further defining the Main Maverick and Maverick East Zones where high-grade, near-surface uranium mineralization has been intersected in previous drill rounds, including:
- Main Maverick Zone: 6.0% U3O8 over 5.9 meters at 265 meters depth
- Maverick East Zone: 1.79% U3O8 over 11.5 meters at 270 meters depth
Beyond Russell Lake and Moore, SYH boasts a total of 9 additional partner projects in the Athabasca Basin region:
- Preston: JV with Orano Canada Inc.
- East Preston: JV with with TSX-V-listed Azincourt Energy
- Hook Lake: JV with ASX-listed Thunderbird Resources (previously Valor)
- Mann Lake: Option partnership with CSE-listed Basin Uranium Corp.
- Yurchison: Option partnership with CSE-listed Medaro Mining Corp.
- Falcon: Option partnership with TSX-V-listed North Shore Uranium
- South Falcon East: Option partnership with TSX-V-listed Terra Clean Energy Corp. (previously Tisdale)
- South Dufferin & Bolt: Option partnership with private company UraEx Resources
For speculators, having a suite of active partner projects means SYH will be delivering news flow not just from its primary projects but also by way of its regional partner-funded projects as developments arise and as milestones are checked off.
In all, Skyharbour has amassed an impressive portfolio of 29 projects in the Athabasca Basin region, ten of which are drill-ready, covering over 586,000 hectares (1.45 million-plus acres), making SYH the third-largest mineral tenure holder by acreage in the basin.
Collectively, Skyharbour has inked earn-in option agreements with partners that total to over C$38 million in partner-funded exploration expenditures, over C$29 million worth of shares being issued, and over C$21 million in cash payments coming into Skyharbour, assuming the partner companies complete their entire earn-ins at the respective projects.
SYH has several other 100%-owned projects available for option that will add to the growing prospect generator business.
As promised, and with uranium spot prices continuing to show strong support above US$82 per pound, our own Gerardo Del Real of Junior Resource Monthly caught up with Skyharbour Resources CEO Jordan Trimble for an in-depth discussion on the uranium market, drilling across the co-flagships, and more. Please enjoy!
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.
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Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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