Mike Fagan,
Editor
Nov. 7, 2023
Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.50 per share in a rising uranium market — has intersected significant uranium mineralization at its inaugural drill program at the Russell Lake uranium project in the prolific Athabasca Basin, Saskatchewan, Canada.
Skyharbour holds an option agreement with industry leader Rio Tinto to acquire up to a 100% interest in the co-flagship project (with Moore being the other flagship).
The recently completed multi-phase drill program at Russell Lake covered:
- Phase 1: 8 holes across 3,660 meters at the Grayling Zone
- Phase 2: 4 holes across 2,730 meters at the Fox Trail Target
- Phase 3: 7 holes across 3,200 meters at the Grayling Zone
The Skyharbour team reports that uranium mineralization was intersected in the majority of holes at the Graying Zone over a strike length of 1 km-plus with drill hole RSL23-01 intersecting one of the best ever results for the project, highlighted by:
- 5.9 meters at 0.15% U3O8 at 338 meters depth, including:
- 1.0 meters at 0.36% U3O8 at 343 meters depth
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Skyharbour Resources CEO Jordan Trimble commented on the newly-received drill results via press release:
“We are very pleased with the inaugural drilling program at the Russell Lake Uranium Project. Numerous holes at the Grayling target area intersected significant zones of uranium mineralization including hole RSL23-01 which represents one of the best drill results at the project. Skyharbour has also expanded the extent of the known mineralized zones to over a kilometer at Grayling. Most of the drilling at the project historically has been widespread exploratory drilling and we are even more confident in the discovery potential and exploration upside at Russell Lake given this program along with the many highly prospective target areas hosting the geological ingredients necessary for high-grade uranium deposition. Planning is well underway for an upcoming, fully-funded winter drilling program with the project accessible all year round with road access, powerlines and an exploration camp...”
Importantly, more than 35 km of largely untested prospective conductors in areas of low magnetic intensity exist within the Russell Lake claim area; the aforementioned follow-up program is expected to comprise 4,000 to 5,000 meters of drilling.
On the macro side, the uranium spot price has now surged to a 15-year high of around US$75 per pound with major utilities driving the bulk of demand and 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 Moore and Russell 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, 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.
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View PublicationsOver the next year, 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, South Falcon East, and South Falcon.
The combination of 100%-owned and partner-funded projects makes Skyharbour one to watch in the newly resurgent uranium bull market. 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
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