Skyharbour launches uranium drilling in Saskatchewan
Skyharbour Resources Ltd. (SYH-TSXV, SYHBF-OTCQX, SC1P-Frankfurt] said it has commenced a 2,500-metre summer drill program at its 100%-owned Moore Uranium Project in Saskatchewan.
The company said it is fully funded and permitted for this drill program, as well as for future drilling, including 4,000-5,000 metres to be drilled later in the fall of 2024 at the adjacent Russell Lake project.
Skyharbour shares were unchanged Tuesday at 34 cents. The shares trade in a 52-week range of 64 cents and 31.5 cents.
Skyharbour has assembled a large property portfolio covering 250,000 hectares in the Saskatchewan’s Athabasca Basin, home of the world’s richest uranium deposits.
The portfolio puts the company in a position to benefit from the role that nuclear power and its uranium feedstock are expected to play in meeting rising demand for safe, reliable, carbon-free electricity as governments around the world strive to slow the pace of global warming.
Skyharbour is engaged in strategic partnerships with Denison Mines Corp. [DML-TSX, DNN-NYSE] and Orano Canada Inc., a unit of France’s largest uranium mining and nuclear fuel company.
Denison holds a 18.7% interest in Skyharbour, which is currently focused on expanding known zones of high-grade mineralization and finding new deposits on the 35,700-hectare Moore Lake project.
Moore Lake is the company’s flagship property. It is located on the southeast side of the Athabasca Basin, approximately 15 kilometres east of Denison’s Wheeler River Uranium Project and 39 kilometres south of the McArthur River mine.
The summer drill program has been designed to expand and further characterize the high-grade Maverick and Maverick East Zones, utilizing the existing Moore Lake camp, with Skyharbour’s McGowan Lake camp at the Russell Lake project serving as a secondary base of operations.
These high-grade zones of high-grade mineralization are relatively shallow, between 250-280 metres from surface. The company said there remains expansion potential at both the Main Maverick and Maverick East zones; furthermore, substantial portions of the 4.7-kilometre-long Maverick corridor remain to be systematically drill-tested, leaving robust discovery potential along strike as well as at depth in the basement rocks.
“We are excited to commence drilling again with plans to carry out an initial program at Moore followed by a larger program at Russell totalling 7,000-8,000 metres combined across both projects,” said Skyharbour President and CEO Jordan Trimble.
Assay results from winter drilling at Moore Lake included 4.61% U308 over 5.0 metres from a relatively shallow downhole depth of 265.5 metres to 270.5 metres, including 10.19% U308 over 1.0 metre at the Maverick Zone.
All holes drilled in the Main Maverick Zone during the winter of 2024 intersected significant uranium mineralization with the goal of further expanding and delineating the known zone mineralization.