Skyharbour kickstarts drilling at flagship uranium project

Location map of Skyharbour uranium projects in the Athabasca Basin of northern Saskatchewan. Source: Skyharbour Resources Ltd.

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Skyharbour Resources Ltd. [SYH-TSXV, SYHBF-OTCQB] said Monday February 26 that it has commenced its 2018 winter diamond drilling program at its flagship Moore Uranium Project in northern Saskatchewan.

Location map of Skyharbour uranium projects in the Athabasca Basin of northern Saskatchewan. Source: Skyharbour Resources Ltd.

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 11% interest in Skyharbour.

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% e U3O8 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-km 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.

Only 1.5 km of the total 4 km-long Maverick corridor have been systematically drill tested, leaving robust discovery potential along strike as well as at depth in the underlying basement rocks, which has seen limited drill testing historically.

In Monday’s press release, the company said it is planning to carry out a minimum of 4,000 metres of drilling in 10 to 14 diamond drill holes through April, to follow up on drill programs completed last year. The planned drill targets are located on the Maverick corridor as well as at other high-priority regional targets.

In a December 6, 2017 news release, the company it said drill crews had intersected high-grade uranium mineralization at the Maverick structural corridor. Drill hole ML 17-10, which targeted the eastern edge of the Main Maverick Zone returned 7.4% U3O8 over 1.8 metres within 2.23% U3O8 over 9.3 metres.

The company said this mineralization occurs in the sandstone from 265.7 to 275.0 metres with the unconformity depth at 273.9 metres.

Also of note is that hole ML17-09 intersected high-grade uranium mineralization in the basement rock of the Main Maverick zone making the basement rocks along the corridor a high-priority target in the current drilling program. As well, exploratory drill hole ML 17-04 discovered uranium mineralization in narrow shears at the Venice target, a regional target 9 km northeast of the known high-grade zones at Maverick.

Skyharbour shares eased 1.2% or $0.005 to 41.5 cents on Monday. The 52-week range is 70 cents and 31 cents.

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