Mike Fagan,
Editor
Nov. 14, 2024
Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.40 per share — has commenced drilling at its co-flagship Russell Lake uranium project located in the central core of the eastern Athabasca Basin, Saskatchewan, Canada.
The Russell Lake project is 51% owned by Skyharbour (as operator) with joint-venture partner Rio Tinto Exploration Canada (RTEC) owning the other 49%.
Russell Lake is strategically situated between Skyharbour’s co-flagship, 100%-owned Moore uranium project (2,500-meter drill program underway) and Denison Mines’ Wheeler River uranium project — giving SYH a dominant land position in the southeastern corner of Saskatchewan’s Athabasca Basin.
The program calls for 4,500 meters of drilling across 7 to 9 holes and is a follow-up to a successful two-phase drill program completed earlier in the year. That earlier program resulted in the discovery of the Fork target where drilling produced 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.
The newly-commenced drill program at Russell Lake is focused on the Fork target within the broader Grayling target area, as well as the M-Zone Extension (MZE) target.
Additionally, Skyharbour announced it has entered into an option agreement with Mustang Energy Corp. on SYH’s 1,260-hectare 914W uranium project located ~48 km southwest of Cameco’s Key Lake operation in the Athabasca Basin.
Mustang Energy can earn a 75% interest in the 914W property by issuing common shares for an aggregate of C$480,000, making cash payments of C$275,000; and incurring C$800,000 in exploration expenditures over a three-year period.
Finally, Skyharbour also announced an option agreement with Hatchet Uranium Corp. whereby Hatchet can earn an 80% interest in SYH’s Highway uranium property along with a 100% interest in SYH’s Genie, Usam, and CBX/Shoe uranium projects — combining for 66,358 hectares in the Athabasca Basin.
Beyond the co-flagship Russell and Moore projects and the newly-formed option agreements with Mustang Energy and Hatchet Uranium, Skyharbour 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 580,000 hectares (1.4 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$41 million in partner-funded exploration expenditures, over C$30 million worth of shares being issued, and over C$22 million in cash payments coming into Skyharbour, assuming the partner companies complete their entire earn-ins at the respective projects.
In other words, plenty of irons in the fire for Skyharbour Resources as the company continues to advance its robust portfolio of self-funded and partner-funded projects in Saskatchewan’s prolific Athabasca Basin in a strong uranium market driven by the clean-energy demands of the rapidly-growing AI sector in particular.
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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