Skyharbour Resources Ltd. [SYH-TSXV; SYHBF-OTCQB] has released the results of a 2018 fall drilling program at the Moore Uranium Project in Saskatchewan. The company said the program intersected new high-grade uranium at the Maverick Zone, including 3.11% U3O8 over 1.8 million within 0.56% U3O8 over 15.2 metres as well as 1.33% U3O8 over 7.8 metres.
Skyharbour shares were unchanged at 38 cents on Tuesday and trade in a 52-week range of 35 cents and 57 cents.
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with five drill-ready projects.
For example, Skyharbour has an option to earn a 100% interest in the 35,705-hectare Moore Uranium Project from Denison Mines Corp. [DML-TSX; DNN-NYSE American], which in turn has an 18.7% interest in Skyharbour. To earn the interest, Skyharbour agreed to make a $500,000 cash payment to Denison and spend $3.5 million on the property by July 31, 2021.
The Moore Project is located approximately 15 km east of Denison’s Wheeler River Uranium Project and near regional infrastructure on the southeast side of the Athabasca Basin.
Moore hosts a high grade uranium lens called the Main Maverick Zone, which was discovered by in the early 2000s. Historical drill results include 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres at a depth of 265 metres.
In the winter/spring of 2017, Skyharbour completed its first diamond drilling program at the Moore Project, comprised of 5,450 metres in 15 holes. It followed that up in the summer/fall of 2017 by completing another 4,035 metres of drilling in 11 holes.
More recently, the company launched a UAV-MAGTM Airborne Geophysics Survey over a 4.5 by 1.6-kilometre area that covers the Maverick structural corridor. The Maverick structural corridor hosts several high-grade uranium zones, including the Main Maverick Zone. The aim was to help refine and identify current and additional drill targets.
In June, 2018, the company said it had discovered new high-grade uranium mineralization at the Maverick Zone, including 5.39% U3O8 over one metre with 2.07% U3O8 over 3.5 metres.
This mineralization occurs at the unconformity form 265.8 to 269.3 metres downhole. Also of note was hole ML18-09 which intersected uranium mineralization at the unconformity in the Maverick East Zone, a new high-grade lens discovered by Skyharbour last year. This hole returned a grade equivalent of 3.07% U3O8 over 1.8 metres from an interval containing a grade equivalent of 1.01% U3O8 over 6.3 metres.
The recently completed fall diamond drilling program was expanded and totaled 3,800 metres in eight drill holes. These holes, which were drilled to a depth of up to 750 metres, tested both sandstone/unconformity and basement-hosted targets along the high-grade Maverick structural corridor.
“The recently completed fall diamond drill program at the Moore project has expanded the known high-grade zone at the Maverick corridor with the discovery of uranium mineralization in the underlying basement rocks,” said Skyharbour President and CEO Jordan Trimble.
Skyharbour is financed for and planning a minimum 3,000-metre 2019 winter drilling program slated to commence in the New Year.