Skyharbour says Denison has begun Athabasca uranium drilling

Skyharbour Resources Ltd. (SYH-TSXV, SYHBF-OTCQX, SC1P-Frankfurt] says its joint venture partner Denison Mines Corp. [DML-TSX, DNN-NYSE] has launched a winter drilling program at that the Wheeler North joint venture in northern Saskatchewan.

The 2026 winter exploration program at the newly formed Wheeler North joint venture, formerly part of the Russell Lake property in the eastern Athabasca Basin, will consist of approximately 2,500 metres of diamond drilling at the Fox Lake Trail target and represents the first phase of a planned 7,500 metre drill campaign in 2026 across the high-priority Fox Lake Trail, Fork and Sphinx target areas. The 2026 drilling at Wheeler North is operated and fully funded by Denison under the terms of a strategic joint venture announced in November, 2025.

Under the deal, the parties pledged to enter into four separate joint venture agreements on various claims making up Russell. Denison, already an existing large shareholder of Skyharbour at the time when the deal was announced, agreed to join Skyharbour as a strategic, active funding partner at Russell Lake.

The Russell Lake Project is a large, advanced-stage exploration property covering 73,314 hectares strategically located in the Eastern Athabasca Basin of northern Saskatchewan between Cameco Corp.’s [CCO-TSX, CCJ-NYSE] Key Lake and McArthur River projects and adjoining Denison’s Wheeler River project to the west and Skyharbour’s Moore Lake Uranium project to the east.

The Highway 914 between Key Lake and McArthur River runs through the western extent of the property, greatly enhancing accessibility. A high voltage powerline is situated alongside this road.

Skyharbour’s acquisition of a majority interest in Russell Lake from Rio Tinto Exploration Canada Inc. (RTEC) created a large, nearly contiguous block of highly prospective uranium claims covering 109,019 hectares between the Russell Lake and Moore Lake projects.

The project was divided into four different joint ventures, including Russell Lake (RL), Getty East, Wheeler North, and the Wheeler River Inlier Claims, of which Skyharbour will retain initial ownership interests of 80%, 70%, 51% and 30% respectively. Denison can earn up to a 70% interest in the Wheeler North and GettyEast properties via option agreements.,

Wheeler North consists of 16,409 hectares over eight claims located immediately adjacent to Denison’s Wheeler River Project and hosts multiple high-priority drill targets along prospective conductive corridors. Ownership at the property is currently 51% Skyharbour and 49% Denison with Denison serving as operator and holding earn-in rights to increase its stake to up to 70% in two phases. To reach 60%, Denison must complete $10 million in exploration within 48 months and make $1.5 million in cash payments to Skyharbour. To increase to 70%, Denison must them complete an additional $15 million in exploration and make a further $2 million payment within seve years of closing.

Skyharbour shares eased 3.2% or $0.015 to 44.5 cents on Monday. The shares trade in a 52-week range of 66 cents and 28 cents.