Categories: Mining Stocks
Topics: Uranium Stocks

Small-cap uranium explorer lines up multiple partner-funded drilling projects in Canadian hotspot

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.40 per share in the 2024 uranium bull market — has announced that partner company North Shore Uranium has commenced drilling at the Falcon uranium property located along the eastern margin of the Athabasca Basin in northern Saskatchewan, Canada. 

North Shore Uranium, as operator, can earn-in 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. 

The Falcon property contains 11 mineral claims, comprising approximately 42,908 hectares located approximately 50 km east of the Key Lake mine.

south falcon map

In 2022, Skyharbour completed a FALCON® airborne magnetic survey over 9 of the 11 claims wherein that geophysical data is now proving instrumental in assisting North Shore in prioritizing areas for drilling with a focus on three key targets situated along a strong, dominantly northeast-trending EM conductor system.

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Just to the east of the Falcon property, another one of Skyharbour’s partner companies, Tisdale Clean Energy, has begun mobilization for its upcoming drill program at the South Falcon East uranium project (also noted in the above property map), which hosts the Fraser Lakes B uranium deposit. 

Tisdale can acquire an initial 51% interest and earn up to 75% by issuing 1.1 million Tisdale shares, spending C$10.5 million on exploration, and making cash payments totaling C$11,100,000 of which C$6,500,000 can be settled for Tisdale shares over the five-year earn-in period. 

Located just outside the Athabasca Basin approximately 50 km east of the Key Lake Mine, South Falcon East — which has seen some historical exploration and has a small inferred resource — consists of a series of 16 mineral claims totaling 12,234 hectares.

The upcoming Phase-1 program will consist of ~1,500 meters of drilling with the aim of confirming and expanding the existing mineralization associated with the Fraser Lakes Zone B deposit.

Additionally, at the 25,846-hectare Hook Lake uranium project, Skyharbour’s partner company Valor Resources has completed its 80% earn-in and has thereby entered into a joint venture with Skyharbour on the project. 

hook lake map

Skyharbour CEO Jordan Trimble commented on the newly formed joint venture at Hook Lake via press release: 

“Skyharbour continues to add value to its project base in the Athabasca Basin through focused exploration and drilling at its co-flagship Russell and Moore Uranium Projects as well as utilizing the prospect generator model to advance its secondary projects with strategic partners. We are excited to have the opportunity to work with Valor as a joint-venture partner at Hook Lake going forward and will benefit from any upside at the Project with our retained interest in the property and equity position in Valor. We are confident that the work carried out by Valor in recent years has advanced the project sufficiently to a stage where a new discovery could be on the horizon with future drilling.”

Over the coming few quarters, and in addition to the aforementioned Falcon, South Falcon East, Hook Lake, and the co-flagship Russell Lake and Moore projects, the Skyharbour team anticipates drilling and/or exploration at partner-funded projects, including:

  • Orano at Preston
  • Azincourt at East Preston
  • Medaro Mining at Yurchison 
  • Basin Uranium at Mann Lake

In other words, plenty of news flow on the near-term horizon with which to potentially move the needle in what’s shaping up to be a powerful long-term bull market for uranium with U3O8 spot prices currently at decade-plus highs well above US$90 per pound. 

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As always, we’ll continue to keep you posted as major 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

Mike Fagan
Editor, Resource Stock Digest

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