Mike Fagan,
Editor
Oct. 8, 2024
Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.45 per share — has announced it is optioning its South Dufferin and Bolt uranium properties to private company UraEx Resources Inc.
Under the signed Definitive Agreement, UraEx can earn an initial 51% and up to 100% of both the South Dufferin and Bolt projects, collectively.
The South Dufferin project is situated just south of the southern margin of Saskatchewan’s Athabasca Basin nearby to industry leader Cameco’s Centennial deposit.
The Bolt project consists of two contiguous claims 100%-owned by Skyharbour totaling 4,726 hectares located approximately 32 km southwest of Cameco’s Key Lake operation, which produced 209.8 million pounds U3O8 at an average grade of 2.32% U3O8 from two deposits where ore from the McArthur River Mine is currently processed.
For an initial 51% interest, UraEx will issue common shares having an aggregate value of C$1,150,000, make total cash payments of $450,000, and incur $3,000,000 in exploration expenditures on both the South Dufferin and Bolt properties over a 3-year period.
UraEx has an option to acquire the remaining 49% by issuing common shares having an aggregate value of C$2,500,000, making cash payments of $1,200,000, and incurring $1,500,000 in exploration expenditures over an additional 2-year period.
Additionally, on 1 October 2024, Skyharbour announced that its partner company North Shore Uranium has received its permit for site clearing and drilling up to 75 holes at the Falcon uranium project through July 2027.
North Shore can earn an initial 80% of the project through C$3,550,000 in exploration expenditures, C$525,000 in cash payments as well as C$1,225,000 in share issuances over three years followed by the option to acquire the remaining 20% of the project from Skyharbour through a cash payment of C$5,000,000 plus C$5,000,000 in shares.
Lower-grade (300-572 ppm) uranium that was confirmed in two zones at the property earlier this year will be followed-up on in this new campaign.
North Shore Uranium CEO Mr. Brooke Clements commented via press release:
“After our maiden drill program at Falcon this March, we are preparing for follow-up work related to our two new uranium discoveries and to evaluating new targets. We believe that Falcon, located at the eastern margin of the prolific Athabasca Basin, is a great setting for a major new uranium discovery. We have multiple targets that require testing and we look forward to future exploration programs.”
Skyharbour also recently strengthened its team with the appointments of Athabasca Basin veteran and geoscientist Mr. Serdar Donmez as vice president of exploration and investment professional Mr. Brady Rak to the role of vice president of business development.
Skyharbour Resources CEO Jordan Trimble — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the appointments via press release:
“Serdar brings an incredible wealth of experience to the Skyharbour technical team and has specific exploration and development expertise in the southeastern portion of the Athabasca Basin where our core projects are located. His many years of work at Wheeler River will prove to be invaluable at our Russell and Moore projects as we look to generate and expand on new discoveries as well as delineate high grade uranium resources in similar geological settings. The ability to attract such a talented and seasoned individual to the team is a testament to our portfolio of projects and multi-faceted strategy in the Athabasca Basin where Serdar will also be working to help manage and expand our prospect generator business.”
And also via press release:
“We are thrilled to have Brady join us at Skyharbour as our VP of Business Development at a pivotal time for the Company. He brings a wealth of capital markets experience to Skyharbour having worked in the investment management industry for well over a decade. With drilling underway at our core projects, and a robust and growing prospect generator business, we look forward to leveraging Brady’s industry knowledge, business acumen and vast network to continue growing the Company.”
Mr. Trimble mentioned the ongoing drilling at the company’s core projects. That includes at the Moore project where SYH is in the midst of a 2,500-meter program of diamond drilling across 7 to 9 holes.
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
Drilling will then shift to the Russell Lake project (option to earn 100% from Rio Tinto) where the Skyharbour team has confirmed a high-grade uranium discovery at the Fork Zone highlighted by:
- Fork Zone: 2.5 meters @ 0.72 U3O8, including
- 0.5 meters @ 2.99% U3O8
In addition to the co-flagship Moore and Russell projects, Skyharbour boasts a total of 9 additional partner projects in Saskatchewan’s 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$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.
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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 robust support above US$80 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 current uranium market, plus a trek across the company’s impressive portfolio of uranium exploration projects in Canada’s premier epicenter of uranium production. 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.
Sign up to receive updates directly from Skyharbour here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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