Skyharbour Resources Updates Drilling Progress at Partner-Funded East Preston Uranium Project, Canada

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.80 per share in a booming uranium market — reports that its joint venture partner on the East Preston uranium project, Azincourt Energy, has increased the known alteration zone from 800 meters to just over 1,200 meters in strike length in the current drill program. 

Although not an official discovery as of yet, it’s important to note that numerous Athabasca-based uranium deposits — including Key Lake, Millennium, and McArthur River — have been discovered by mapping out zones of alteration by way of the drill-bit. 

The next near-term catalyst for East Preston will be assay results from the initial 15 holes… and those should start trickling in from the lab as early as mid-April. Azincourt’s drilling focus continues to be on multiple zones, which means the forthcoming assays should tell quite a lot about the near-term discovery potential at East Preston. 

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Additionally, Skyharbour reports that its partner company at the Mann Lake project, Basin Uranium Corp., has received a permit to commence drilling and geophysical exploration work at that property. 

Situated in the Athabasca Basin, the Mann Lake project is located just 25 km southwest of the McArthur River Mine — the largest high-grade uranium deposit in the world — and just 15 km to the northeast of Cameco’s Millennium uranium deposit. 

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As a hybrid prospect generator, Skyharbour has a total of five active uranium exploration projects in the Athabasca Basin region, including four partner projects where the bulk of funding is being made by those partner firms. 

In addition to the aforementioned East Preston and Mann Lake projects, Skyharbour has a joint-venture with industry-leader Orano Canada on the Preston project; a partnership with Valor Resources on the Hook Lake project; and a partnership with Medaro Mining on the Yurchison project. And we haven’t even mentioned the flagship, 100%-owned Moore Uranium Project where Skyharbour has commenced a minimum 2,500-meter winter drill program. 

It’s a well-executed strategy that provides Skyharbour and SYH/SYHBF shareholders with multiple shots-on-goal in what’s shaping up to be one of the strongest uranium bull markets we’ve seen. Uranium is now trading well above the crucial US$50 per pound mark and looks poised to head much higher as utilities begin the next contracting cycle. 

And in terms of mining address, it really doesn't get any better or more mining-friendly than Canada, particularly Saskatchewan’s prolific Athabasca Basin — the single highest-grade depository of uranium in the world.  

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My colleague Gerardo Del Real caught up with Azincourt Energy CEO Alex Kenman to get his firsthand account of the current drilling progress and alteration zone expansion at East Preston. Please enjoy that interview. 

SYH/SYHBF shares have been trending higher in recent trading… but the best may be yet to come as uranium continues its upward ascent and as assays are released from multiple Athabasca-based uranium projects. Stay tuned!

Yours in profits,

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest

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