Uranium Stock: Skyharbour Resources Building Dominant Position in Athabasca Basin

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.80 per share — has entered into a definitive agreement whereby Black Shield Metals Corp. (CSE: BDX) can earn-in up to 75% of the 8,580-acre Mann Lake Uranium Project located in the prolific Athabasca Basin of Saskatchewan, Canada.

Mann Lake represents the fourth partner-funded uranium project currently in development for Skyharbour, which is also advancing its flagship, 100%-owned Moore Lake Uranium Project on its own — all in the Athabasca.

The Mann Lake project — which has seen more than $3 million in previous exploration expenditures — lies just 25 km southwest of the McArthur River mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast of Cameco's Millennium uranium deposit.

To complete the earn-in, Black Shield [soon to be renamed Basin Uranium Corp.] must pay Skyharbour C$850,000 in cash plus C$1.75 million in securities and spend C$4 million on exploration over the next three years.

Skyharbour CEO, Jordan Trimble — whom you’ll be hearing more from via an exclusive interview with our own Gerardo Del Real of Junior Resource Monthly — commented via press release: 

“We are excited to have this Option Agreement signed as we continue to execute on our business model by adding value to our project base in the Athabasca Basin through strategic partnerships and prospect generation, as well as focused mineral exploration at our flagship Moore Uranium Project. We are looking forward to working with Black Shield and its management team as they advance the Mann Lake Project over the coming years. News will be forthcoming on exploration plans as we continue to see an upward momentum in the uranium market.” 

Additionally, at the flagship Moore Lake project, Skyharbour is in the process of completing 7,000 meters of drilling with assays due in short order on a number of holes.

The company is targeting high-grade uranium mineralization in the basement rocks at Moore — particularly at the Maverick East Zone — where the company recently reported a highlight intercept of 6.80% U3O8 over 2.0 meters.

On the macro front, uranium prices are once again surging toward US$50 per pound on news that Kazatomprom — the world’s largest uranium miner — is planning to ultimately raise over half a billion dollars for a new physical uranium fund in Kazakhstan.

That news, coupled with the establishment of the Sprott Physical Uranium Trust earlier this year, certainly has the potential to push uranium spot prices to that all-important US$50 to US$75 range as a new U3O8 contracting cycle gets underway in the utilities.

All that and much more is discussed in Gerardo’s exclusive interview with Mr. Jordan Trimble. 

Plus, Gerardo has a brand new uranium recommendation out to his Junior Resource Monthly subscribers. Publisher Nick Hodge has a brand new video presentation on this undiscovered uranium gem that’s poised to help lead America’s uranium production resurgence back to its glory days.

Check out additional Skyharbour news, interviews, and much more.

And last but not least, read our feature report on Skyharbour Resources.

Yours in profits,

Mike Fagan
Editor, Resource Stock Digest

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