Mike Fagan,
Editor
July 12, 2024
Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.43 per share in the 2024 uranium bull market — has confirmed additional high-grade, near-surface uranium mineralization at the Main Maverick Zone at its co-flagship Moore Lake uranium project located in the central core of the eastern Athabasca Basin of northern Saskatchewan, Canada.
Highlights from the recently completed multi-phase drill program at Moore Lake include:
- 5.0 meters @ 4.61% U3O8, including
- 3.0 meters @ 7.30% U3O8, including
- 1.0 meters @ 10.19% U3O8
The 100%-owned Moore Lake project, which hosts multiple mineralized zones, is situated 15 km east of Denison’s Wheeler River uranium project and proximal to regional infrastructure for Cameco’s Key Lake and McArthur River operations (see Moore Lake/Russell Lake property location map; plus Main Maverick Zone drilling map below).
Skyharbour CEO Jordan Trimble — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the positive drilling results at Moore Lake via press release:
“The drill results announced here demonstrate the high-grade, shallow endowment of uranium mineralization at the Main Maverick Zone. We continue to expand this main zone, and will be drilling this summer to further delineate the numerous high-grade zones of uranium on the Maverick Corridor taking advantage of regional infrastructure including the exploration camp at our adjacent Russell Lake project to bring our costs down. The multi-kilometre Maverick Corridor offers strong discovery potential along strike and at depth in the underlying basement rocks, and we also plan to test prospective regional targets that have had limited drill-testing historically. With the recent discovery of high-grade uranium mineralization at Russell in the Fork Zone, this has been an exciting season of drilling thus far for Skyharbour with much more news to come at both Moore and Russell as well as at the various partner-funded projects.”
As noted, Skyharbour, as part of the same multi-phase, multi-project drill program, has additionally confirmed a new high-grade uranium discovery at the Fork Zone at its other co-flagship project: the adjacent Russell Lake uranium project.
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Highlights from Russell Lake include:
- 2.5 meters @ 0.72 U3O8, including
- 0.5 meters @ 2.99% U3O8
That particular high-grade intercept represents a new near-surface discovery at the underexplored Fork Target, which remains open in multiple directions and which will be the focus of a planned follow-up drill campaign at Russell slated for later this summer.
The forthcoming summer campaign calls for 7,000 to 8,000 meters of combined drilling (along with additional groundwork and geological modeling) at Russell Lake and Moore Lake.
Mr. Trimble added:
“The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell — something that hasn’t been seen before at the project with the potential to quickly grow with more drilling. The intercept in hole RSL24-02 represents the best zone of mineralization discovered yet at Russell and it is strategically located proximal to nearby infrastructure bringing drilling costs down. The relatively shallow mineralized zone is open for expansion and we are keen to follow-up on this discovery with another sizable, fully-funded drill program this summer and fall. Furthermore, additional assays are pending from Russell as well as from drilling carried out at our Moore project, while partner companies are advancing numerous other properties in our project portfolio.”
Speaking of partner companies, the Skyharbour team anticipates drilling and/or exploration at multiple partner-funded projects in the Athabasca Basin this year, including:
- Orano at Preston (commencement of field program)
- Azincourt at East Preston (winter drill program completed; assays pending)
- North Shore Uranium at Falcon (uranium mineralization confirmed at multiple targets)
- Tisdale Clean Energy at South Falcon East (drilling underway)
- Valor at Hook Lake (second drill program being planned)
- Medaro Mining at Yurchison (maiden drill program being planned)
- Basin Uranium at Mann Lake (follow-up exploration being planned)
In all, Skyharbour has amassed an impressive portfolio of 29 projects, ten of which are drill-ready, covering over 587,000 hectares (1.45 million-plus acres), making SYH the third-largest mineral tenure holder by acreage in the Athabasca Basin.
Collectively, Skyharbour has inked earn-in option agreements with partners that total to over C$33 million in partner-funded exploration expenditures, over C$27 million worth of shares being issued, and over C$20 million in cash payments coming into Skyharbour, assuming the partner companies complete their entire earn-ins at the respective projects.
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As promised, and with uranium continuing to show robust support at the mid-US$80/lb range, our own Gerardo Del Real of Junior Resource Monthly caught up with Skyharbour Resources CEO Jordan Trimble to go over the positive drill results from both Russell Lake and Moore Lake along with a look ahead to the next phase of drilling at the co-flagships. 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
Click here to see more from Skyharbour Resources Ltd.