Skyharbour Resources (TSX-V: SYH) (OTCQB: SYHBF) is a preeminent uranium exploration Company with projects located in the prolific Athabasca Basin of Saskatchewan, Canada which was ranked as the second best mining jurisdiction to work in globally by the Fraser Institute in 2018. The Company has been acquiring top tier exploration projects at attractive valuations culminating in five uranium properties totalling approx. 200,000 hectares throughout the Basin. In July 2016, Skyharbour secured an option from Denison Mines (TSX: DML) to acquire a 100% interest in the Moore Uranium Project, now the flagship project, which hosts the high grade Maverick Zone. The Company is run by a strong management and geological team who are major shareholders with extensive capital markets experience as well as focused uranium exploration expertise in the Basin.
Skyharbour owns 100% of the 35,705 hectare Moore Uranium Project located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River mine. Unconformity-hosted uranium mineralization was discovered on the property at the Maverick Zone in the early 2000’s at relatively shallow depths. Skyharbour has carried out several drill programs with multiple holes intersecting high grade uranium mineralization over the 4km long Maverick corridor. Drill results include 20.8% U3O8 over 1.5m at 264m depth in hole ML-199, 9.12% U3O8 over 1.4m at 278m in hole ML-202 and 5.29% over 2.5m U3O8 at 279m depth in hole ML-200. Hole ML-202 represents a new high-grade discovery and illustrates the strong discovery potential of additional high grade lenses along strike. The Company is planning additional drill programs to expand the known high grade Maverick Zone and to test basement-hosted targets as well as regional targets.
Skyharbour also owns a 50% interest in one of the largest land packages (75,965 hectares) strategically located near Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) high-grade Triple R uranium deposit as well as NexGen Energy’s (TSX-V: NXE) high grade Arrow deposit. Skyharbour’s land position comprising the Preston Uranium Project was acquired for its interpreted favourable geology for the occurrence of PLS style uranium mineralization and a total of over $4.7 million in exploration has been carried out to date by Skyharbour and partner companies. In March 2017, Skyharbour announced an option agreement with Orano Resources Canada whereby Orano can earn up to 70% of a 49,635 hectare portion of Skyharbour’s 75,965 hectare Preston Uranium Project for $8 million in project consideration consisting of exploration expenditures and cash payments. Later that month, a second option agreement was announced with Azincourt Uranium whereby Azincourt can earn up to 70% of the East Preston property totaling 25,329 hectares of the total 75,965 hectare Preston Project through the issuance of 4.5 million shares of Azincourt and project consideration totaling $3.5 million in exploration and cash payments.
Skyharbour owns 100% interests in the Falcon Point (previously Way Lake) and Yurchison Uranium Projects totaling 84,710 hectares on the east side of the Basin. The Falcon Point property hosts an NI 43-101 mineral resource of 7.0 million pounds U3O8 inferred at an average grade of 0.03% U3O8 and 5.3 million pounds ThO2 inferred at an average grade of 0.023% ThO2 within 10.4 million tonnes using a cutoff grade of 0.01% U3O8. In addition to the deposit on the south end of the project, at the north end of the project high grade mineralization has been discovered with up to 68% U3O8 in recent grab samples from a massive pitchblende vein at the Hook Lake target. The source of this high grade uranium mineralization has yet to be discovered.
Finally, the Company has a 100% interest in the Mann Lake Uranium Project located on the east side of the Basin 25 km SW of Cameco´s McArthur River Mine. The project boasts highly prospective geology and geochemistry, and a robust discovery potential as identified by the historic work consisting of over $5 million in exploration including drilling. The property is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and Orano (17.5%) where high-grade, basement-hosted uranium mineralization was discovered in 2014.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.Read less
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