Mike Fagan,
Editor
May 23, 2022
Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.45 per share — has secured an option with Rio Tinto Exploration Canada to acquire up to a 100% interest in the Russell Lake uranium property located in the prolific Athabasca Basin of Saskatchewan, Canada.
The accretive property acquisition is strategically located between Skyharbour’s flagship, 100%-owned Moore uranium project and Denison Mines’ Wheeler River uranium project and gives SYH a dominant land position in the southeastern corner of the basin (see below).
The Russell Lake project is an advanced-stage exploration property comprising 26 claims and covering more than 73,000 hectares (283 sq mi) and lies in close proximity to critical regional infrastructure including Cameco’s McArthur River Mine and Key Lake Mill.
The deal — which has an initial earn-in of 51% and can ramp up to 100% — provides Skyharbour, as operator, with a nearly contiguous block of highly prospective uranium claims totaling over 100,000 hectares (420 sq mi).
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 prospect target areas along with several high-grade uranium showings and drill hole intercepts.
Skyharbour Resources CEO, Jordan Trimble — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“We are very pleased to have reached an agreement with Rio Tinto to acquire up to a 100% interest in Russell Lake. This is a significant transaction for Skyharbour and involves the acquisition of a premier exploration property adjacent to our Moore project. Uranium properties with the pedigree and prospectivity of Russell Lake are few and far between given the very strategic location, notable historical exploration and findings, as well as the numerous property-wide targets with the potential to generate new discoveries. Additionally, we welcome Rio Tinto as a new strategic shareholder and project partner. We have a shared vision for the exploration of the various prospective target areas that remain to be fully tested on the Property using modern exploration methods and techniques. We look forward to working with Rio Tinto to generate a new meaningful discovery in the years to come.”
Several key mineralized zones will be first on the exploration list for the Skyharbour team, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target.
Additionally, more than 35 km of largely untested prospective conductors in areas of low magnetic intensity exist on the property.
Skyharbour — which will look to discover additional high-grade mineralization through state-of-the-art geological modeling — is planning an initial phase of exploration and drilling at Russell Lake with details forthcoming.
My colleague Gerardo Del Real of Junior Resource Monthly caught up with Skyharbour Resources CEO Jordan Trimble to discuss the 2022 uranium bull market, the accretive acquisition with Rio Tinto, and the company’s 100%-owned and partner-funded Athabasca-based projects. Enjoy!
Mike Fagan
Editor, Resource Stock Digest
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