Categories: Mining Stocks
Topics: Uranium Stocks

Small-Cap Uranium Company has Partners Funding the Bulk of 2024 Drilling

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.45 per share in a confirmed uranium bull market — has announced that partner company North Shore Uranium is planning an extensive exploration and drill program for Q1 2024 at the Falcon uranium project located in the southeastern portion of the Athabasca Basin, Saskatchewan, Canada.

The 55,700 hectare Falcon project is a highly prospective uranium exploration property with a limited exploration history in an area of the basin that is seeing increased exploration activity along with recent discoveries. 

Significant grass roots uranium discoveries in 2021 by Baselode Energy and 92 Energy (approximately 40 km to the north of the Falcon project) illustrate the potential for new basement-hosted discoveries in this area.

North Shore — which has an option to earn-in up to a 100% interest in the project — has identified a number of high-priority uranium targets on the property and will commence drilling those targets in Q1 2024.

Last year, Skyharbour completed a FALCON® airborne magnetic survey over 9 of the 11 claims at Falcon, the results of which are also being used to assist the North Shore team in prioritizing areas along the EM conductor system for the forthcoming drill program. 

North Shore Uranium CEO Mr. Brooke Clements commented on the upcoming drill program via press release: 

“It’s a great time to be exploring for uranium in the Athabasca Basin, a tier-one jurisdiction for uranium exploration, development and mining. The uranium spot price has recently surged past US$85/lb., the highest we’ve seen in more than 15 years. We have identified a number of high priority targets on our Falcon Property and are excited to move forward with our exploration program and get the drill turning in Q1 2024.”

With no shortage of irons in the fire, Skyharbour announced last month that partner company Tisdale Clean Energy is planning a preliminary drill program for early 2024 at the adjoining South Falcon East uranium project. 

The program calls for approximately 2,000 meters of drilling with a focus on confirming and expanding known zones of mineralization ahead of an updated resource estimate. Tisdale has an option to earn up to a 75% interest in the project.

Additionally, Skyharbour reports that it has intersected significant uranium mineralization in its inaugural drill program at the Russell Lake uranium project, which is situated to the north of the Falcon and South Falcon East projects. Skyharbour holds an option agreement with industry leader Rio Tinto to acquire up to a 100% interest in the co-flagship project. 

Importantly, more than 35 km of largely untested prospective conductors in areas of low magnetic intensity exist within the Russell Lake claim area; a winter follow-up program is being planned and will comprise 4,000 to 5,000 meters of drilling. 

On the macro side, the uranium spot price has now surged to 15-year highs well above US$80 per pound with major utilities driving the bulk of demand with plenty of runway left. 

That, of course, is great news for Skyharbour Resources, which has amassed an impressive portfolio of 24 uranium exploration projects, 10 of which are drill-ready, covering over 1.2 million acres in and around the prolific Athabasca Basin — oftentimes referred to as The Saudi Arabia of Uranium.

SYH is presently focused on advancing its co-flagship Russell Lake and Moore Lake projects, both of which are situated in the southeastern portion of the Athabasca Basin in close proximity to Denison's Wheeler River project and Cameco’s McArthur River mine. 

In addition to Rio Tinto at Russell Lake, North Shore Uranium at Falcon, and Tisdale Clean Energy at South Falcon East, Skyharbour’s current project partners include Denison Mines (Moore), Orano Canada (Preston), and Azincourt Energy (East Preston) — among others. 

Collectively, SYH has inked earn-in option agreements with partners that total to over $37 million in partner-funded exploration expenditures, over $28 million worth of shares being issued, and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

For 2024, the Skyharbour team anticipates continued drilling and exploration at the two co-flagships and, as well, at its partner-funded projects of Preston, East Preston, Mann Lake, Yurchison, and, as noted, Falcon and South Falcon East. 

The combination of 100%-owned and partner-funded projects makes Skyharbour one to watch in the current uranium uptrend. We’ll keep you posted as new developments arise. In the meantime, be sure to sign up to receive updates directly from Skyharbour here. 

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. 

Yours in profits,

Mike Fagan
Editor, Resource Stock Digest

Click here to see more from Skyharbour Resources Ltd.