Categories: Mining Stocks
Topics: Uranium Stocks

Uranium Acquisitions Heating Up in 2023

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.40 per share — has acquired 100% of the South Dufferin Uranium Project in Sasketchwan’s prolific Athabasca Basin region from Denison Mines (TSX: DML)(NYSE-Amer: DNN). 

Skyharbour plans to seek a joint venture or option partner for the advancement of the project as part of its hybrid prospect generator business model. 

The South Dufferin project is situated just south of the southern margin of the Athabasca Basin nearby to industry leader Cameco’s Centennial deposit. 

As part of the transaction, longtime strategic partner Denison Mines has effectively increased its investment in SYH. Additionally, Skyharbour owns a 922 hectare claim (Preston project; JV with Orano) adjacent to South Dufferin, bringing its cumulative total landholding in the immediate area to ~13,000 hectares (~130 sq km) over ten claims.

Skyharbour Resources CEO Jordan Trimble commented via press release:

“We are very pleased to have reached an agreement with Denison to acquire a 100% interest in South Dufferin, adding to our recently staked properties and to our dominant uranium project portfolio in the Athabasca Basin. South Dufferin complements our more advanced-stage exploration assets including Russell Lake, Moore and South Falcon Point, and provides additional ground to option or joint-venture out to new partner companies as a part of our prospect generator business. Furthermore, Denison Mines has been a valuable strategic partner for a number of years and we welcome them as an even larger shareholder now.”

The South Dufferin acquisition brings Skyharbour’s total land package in the Athabasca Basin region to ~500,000 hectares (5,000 sq km) across twenty-four 100%-owned and partner-funded uranium projects.

Turning to the flagships, Skyharbour is presently drilling 10,000 meters across 18 to 20 holes at its 73,000-hectare co-flagship Russell Lake uranium project, strategically located in the central core of the eastern Athabasca Basin. The project — which is being advanced via an option agreement with Rio Tinto — is situated adjacent to SYH’s co-flagship Moore Lake uranium project. 

Moore Lake is located ~15 km east of Denison’s Wheeler River project, proximal to regional infrastructure for Cameco’s Key Lake and McArthur River operations. Skyharbour plans to continue advancing Moore Lake through additional drill programs, particularly in the Maverick East and Grid Nineteen target areas. 

Collectively, Skyharbour has option agreements with partners totaling over C$34 million in partner-funded exploration expenditures, over C$22 million in stock being issued, and just under C$15 million in cash payments coming into Skyharbour, assuming the company’s partners earn-in the full amount at their respective uranium exploration projects.

Speculators can anticipate a steady stream of news flow over the coming quarters, including forthcoming assays from Russell Lake and East Preston.   

For additional information on Vancouver-based Skyharbour Resources, be sure to contact Nicholas Coltura at the company’s IR department at 604-558-5847 or via email at info@skyharbourltd.com and sign up to receive updates directly from the company here.

Mike Fagan
Editor, Resource Stock Digest