Tisdale poised to drill at Skyharbour uranium project

Skyharbour Resources Ltd. (SYH-TSXV, SYHBF-OTCQB] said its partner company Tisdale Clean Energy Corp. [TCEC-TSXV, TCEFF-OTC, T1KC-FSE] is mobilizing for a work program that will include approximately 1,500-metres of drilling on the South Falcon East uranium project in Saskatchewan.

The South Falcon East project, which hosts the Fraser Lakes B uranium/Thorium deposit, lies 18 kilometres outside the edge of the Athabasca Basin, approximately 50 kilometres east of the Key Lake uranium mill and former mine.

Skyharbour said the priority will be to confirm and expand the existing mineralization associated with the Fraser Lakes Zone B deposit, which hosts a historic resource of 6.9 million pounds of U308 inferred at a grade of 0.03% U308 and 5.3 million pounds of Th02 inferred at a grade of 0.023% Th02.

 Skyharbour said infill drilling will confirm the presence and continuity of existing mineralization in preparation for a current updated resource estimate and 3D model in the future.

Step out drilling will endeavour to expand the footprint of the deposit, as the current mineralization is open in all directions. However, the initial focus will be on extending mineralization along strike and down dip into the basement rocks.

Regional drilling will also focus on the effort to add additional mineralized zones and deposits along the folded structural package that hosts the Fraser Lakes Zone B deposit.

“We believe that the size and grade of the existing deposit can be increased and are confident we can discover new deposits in the vicinity,’’ said Trevor Perkins, Consulting Geologist for Tisdale. He said the drill program will be operated out of Skyharbour’s McGowan Lake Camp with helicopter support for the daily drilling operations. The expected budget for the initial phase one program is expected to be $1.25 million.

Tisdale can earn a 75% stake in the project by spending $10.5 million on exploration and issuing 1.11 million shares. It must also pay Skyharbour $11.1 million in cash. Of that amount, $6.5 million can be settled for shares of Tisdale.

The project update came after the close of trading on February 20, 2024, when Tisdale shares closed at 16 cents. The shares currently trade in a 52-week range of 72 cents and 14 cents. Skyharbour closed at 44 cents and currently trades 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.

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.