Skyharbour set for winter uranium drilling, shares rise
Skyharbour Resources Ltd. (SYH-TSXV, SYHBF-OTCQB] said it plans to carry out an 8,000-metre winter drilling program at its Russell Lake and Moore uranium projects in Saskatchewan.
The company said the program includes 5,000 metres of diamond drilling in 10 to 12 holes over the next several months at the recently optioned 73,294-hectare Russell Lake project, which is located in the central core of the Eastern Athabasca Basin in northern Saskatchewan.
Three phases of drilling were completed at Russell Lake in 2023. Highlights from drilling on the Grayling Zone included hole RSL23-01, which returned 5.9 metres of 0.151% U308 at a depth of 338.4 metres, including 1.0 metres of 0.366% U308 at a depth of 343.3 metres.
Following an initial phase of drilling at Russell Lake, the company will move the drill rig over to its adjacent 100%-owned Moore Uranium Project, where it plans to complete a further 3,000 metres of drilling in eight to 10 holes.
The company said the combined 8,000-metre winter campaign across the company’s core projects is fully funded and permitted with geologists and drilling crews working out of the exploration camp at Russell Lake. The project is located along the service road from Cameco Corp.’s [CCO-TSX, CCJ-NYSE] McArthur River uranium mine.
Skyharbour shares advanced on the news, rising 3.03% or $0.015 to 51 cents. The shares trade in a 52-week range of 64 cents and 32 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 upcoming commencement of our winter diamond drill campaign at both Russell Lake and Moore uranium projects marks the first time that Skyharbour will be simultaneously co-advancing these two core projects,’’ said Skyharbour President and CEO Jordan Trimble.
“We are confident in the discovery potential and exploration upside at both projects given the high-grade mineralization in historic drill holes along with the many highly prospective target areas hosting the geology necessary for high grade uranium deposition,’’ Trimble said. “We will be carrying out infill and definition drilling at the high-grade zones at Moore along the Maverick Corridor.’’