Mike Fagan,
Editor
May 11, 2022
Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) — currently trading around C$0.40 per share — reports that its partner company on the Mann Lake uranium project, Basin Uranium, has intersected visible uranium mineralization in the second drill hole completed.
Basin Uranium has an option to earn-in up to 75% in the Mann Lake project from Skyharbour.
Situated in the prolific Athabasca Basin of Saskatchewan, Canada, the Mann Lake project is located just 25 km southwest of the McArthur River Mine — the largest high-grade uranium deposit in the world — and just 15 km to the northeast of Cameco’s Millennium uranium deposit.
A third drill hole is underway at Mann Lake with core samples from the first two holes being prepared for shipment to the lab in Saskatoon for assaying.
Basin Uranium CEO Mike Blady commented via press release:
"We are pleased with the drilling progress to date, with the intersection of local visible mineralization in the second drill hole, especially considering the lack of historical drilling on the project. The multi-phase drill program remains on time and budget, in addition to being fully funded. We eagerly await the results from the first samples which are being shipped for analysis.”
Additionally, Skyharbour has a joint-venture with industry-leader Orano Canada on the Preston project; a joint-venture with Azincourt Energy on the East Preston project; a partnership with Valor Resources on the Hook Lake project; and a partnership with Medaro Mining on the Yurchison project — all in the Athabasca Basin region.
Skyharbour is also in the midst of a minimum 2,500-meter drill program at its flagship, 100%-owned Moore Uranium Project in the basin.
The current drilling is expected to be just one of several work phases to take place at the flagship in 2022. The program is a follow-up to last year’s drilling at the Maverick East and Grid 19 target areas, and will also explore new targets at the Viper area along the 4.7-km-long Maverick Structural Corridor.
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Last month, I said this about the uranium market, “Again, no bull market worth its salt moves straight up. I believe we’re due for a bit of a pullback in the near-term, which, as I mentioned, only adds strength as new higher bases are established.”
As projected, that pullback is materializing now — with the price of uranium letting off a bit of steam from the US$62-per-pound level to currently around US$53 per pound — along with the vast majority of uranium equities, Skyharbour included.
Keep in mind that the previous base was around US$25 per pound, which got us to that US$62 level. Now, with a new higher base being established above US$50, we could realistically see US$75 per pound or higher in the next leg up.
For speculators looking for a timely buy-the-dip opportunity in the small-cap uranium space, Skyharbour Resources is in the right mining address — Canada’s Athabasca Basin — with drilling underway on multiple projects.
That gives SYH stakeholders multiple shots-on-goal in what looks to be a long-term bull market for uranium and uranium equities.
Learn more about Skyharbour Resources and access our exclusive interviews with upper management here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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