Skyharbour raising $2.5 million for uranium drilling

Exploring the Athabasca basin in northern Saskatchewan. Source: Skyharbour Resources Ltd.

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Exploring the Athabasca basin in northern Saskatchewan. Source: Skyharbour Resources Ltd.

Skyharbour Resources Ltd. [SYH-TSXV; SYHBF-OTCQB] has increased the size of a non-brokered private placement financing, saying it now expects to raise $2.5 million from the financing for upcoming uranium drilling in Saskatchewan. The company said it has increased the number of non-flow-through units in the placement from 3.25 million units to 3.6 million, priced at 40 cents each. It has also increased flow-through units in the placement from 1.65 million to 2.4 million, at 45 cents each.

Each unit will be comprised of one common share and one warrant. Each whole warrant is good to buy one additional common share for two years at 60 cents each. Each flow-through unit will be comprised of one flow-through common share and one-half of a warrant. Each whole warrant is good to buy one additional common shares for two years for 60 cents each.

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], 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% 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.

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.

Back in January, the company said it was 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 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.

Due to the success of the 2018 winter/spring drilling program at Moore, the company said it was planning for a minimum of 3,000 metres of drilling. It said the program would commence in August.

Skyharbour shares eased 1.15% or $0.005 on the news to 43 cents.

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