Skyharbour partner Terra Clean Energy completes first three drill holes at Fraser Lakes Uranium Deposit at South Falcon East Uranium Project, Saskatchewan
Skyharbour Resources Ltd. [TSX-V: SYH; OTCQX: SYHBF; FSE: SCIP] reported that partner company Terra Clean Energy Corp. (previously Tisdale Clean Energy) has completed its first three drill holes at the South Falcon East Uranium Project, Saskatchewan that hosts the Fraser Lakes B uranium deposit.
The program will continue throughout March and is expected to consist of over 2,000 metres of drilling. The South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km East of the Key Lake uranium mill and former mine. Skyharbour optioned the project to Terra and under the option agreement assuming the 75% interest is earned, Terra will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Terra over the earn-in period.
Terra is currently conducting a 2,000-2,200-metre helicopter supported drill program at the property. Three diamond drill holes have been completed on the Fraser Lakes B Uranium Deposit, for a total of 802 metres, and a fourth hole is in progress.
“We are extremely encouraged by the results of the first three drill holes as we continue to see mineralization in each of the holes as well as what we believe to be an expansion of the deposit to the North. As stated below, Hole SF063 returned a continuous mineralized zone of pegmatites from 173 metres to 224 metres with some decent grades. Based on the initial results from Hole SF063, we have decided to reorganize the remaining metres of this program to focus on further defining this new area of interest and chasing clay alteration not yet seen on the property to date, with hopes of finding a new high-grade unconformity uranium deposit,” said Greg Cameron, CEO of Terra Clean Energy.
Hole SF063 was planned to examine an interpreted cross fault offsetting the mineralization and geology on the east end of the Fraser Lakes B Uranium Deposit. This hole was drilled to a depth of 393 metres and intersected multiple structures and a 51-metre-wide interval of mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. Highlights include 0.03% eU3O8 over 12.0m from 173.55m to 185.55m, including 0.06% eU3O8 over 0.7m from 180.35m to 181.05m, as well as 0.03% eU3O8 over 3.0m from 213.65m to 216.65m, including 0.07% eU3O8 over 0.5m from 215.95m to 216.45m.
2025 Drill Target Areas at the South Falcon East Uranium Project: “The results from the drilling so far are very encouraging,” commented Trevor Perkins, Vice President of Exploration for Terra Clean Energy. “The first two holes have shown that the deposit is still open down dip to the north and northwest. Hole SF0063 has shown that there is significant potential for upgrading the deposit on the east end. We are excited to see where this can lead,” continued Perkins.
Drilling is continuing with one hole in progress at the T-Bone Lake target area to examine the conductive package and alteration intersected in the area in historical drilling. Pad preparation is underway to return to the target around hole SF0063 and follow up on the clay alteration and pegmatites. Efforts will be made to follow the alteration and pegmatites to where they intersect, as this should be an area of fluid pooling and upgrading of mineralization within the deposit.
While both of these holes extended mineralization down dip and along strike to the north and northwest, they did not intersect the higher grades encountered in hole FP-15-05. This is due to the potential variability within the pegmatite swarm. As long as the mineralized pegmatites are present, higher grades will be encountered within the overall mineralized zone.
The South Falcon East Project covers approximately 12,464 hectares and lies 18 km outside the Athabasca Basin, approximately 50 km east of the Key Lake Mine. Historical exploration at the South Falcon East Project identified an area of U-Th-REE mineralization at the Fraser Lakes Zone B over an area comprising 1.5 km by 0.5 km along an antiformal fold nose cut by an east-west dextral ductile-brittle cross-structure adjacent to a 65 km long EM conductor.