A Preeminent Uranium and Thorium Explorer
In Canada's Prolific Athabasca Basin
Skyharbour Resources (TSX-V: SYH) (OTCQB: SYHBF) is a preeminent uranium and thorium exploration Company with projects located in the prolific Athabasca Basin of Saskatchewan, Canada which was ranked as the best mining jurisdiction to work in globally by the Fraser Institute in 2017. The Company has been acquiring top-tier exploration projects at attractive valuations culminating in five uranium properties totaling over 250,000 hectares throughout the Basin. Skyharbour recently secured an option from Denison Mines (TSX: DML) (NYSE MKT: DNN), a large shareholder of the Company, to acquire a 100% interest in the Moore Uranium Project which hosts the high grade Maverick Zone where recent drilling by Skyharbour returned 21% U3O8 over 1.5 metres at 265 metres depth in hole ML-199. In addition to the Maverick Zone, the project hosts other mineralized targets with strong discovery potential which the Company plans to test in upcoming drill programs. In addition to its core strategy as a discovery-driven exploration company, Skyharbour employs the prospect generator model to monetize and fund exploration at its other projects in the Basin. In March 2017, Skyharbour announced an option agreement with AREVA Resources Canada whereby AREVA can earn up to 70% of a 49,635 hectare portion of Skyharbour’s 121,148 hectare Preston Uranium Project for $8 million in project consideration. The Preston Project is strategically located proximal to NexGen Energy and Fission Uranium's high-grade uranium deposits in the Patterson Lake region on the west side of the Basin. The Company also owns the Falcon Point Uranium and Thorium Project which hosts an NI 43-101 uranium resource as well as a high grade uranium surface showing. 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'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.
In June 2016, Skyharbour secured an option to purchase the Moore Uranium project from Denison Mines, located in the infrastructure-rich southeastern portion of the Athabasca Basin. High grade, unconformity hosted uranium mineralization was discovered at the Maverick Zone in the early 2000’s with historical drilling returning 4.03% eU3O8 over 10 metres at a depth of 265 metres in hole ML-61. In early 2017, Skyharbour carried out its first drill program at the project and reported 20.8% U3O8 over 1.5 metres within 6.0% U3O8 over 5.9 metres in hole ML-199. Drilling in several other target areas has intersected multiple conductors associated with significant structural disruption, strong alteration and anomalous uranium and pathfinder element concentrations. The Company is planning additional drill programs at the project for 2017 and 2018.
Skyharbour owns 100% of the Falcon Point Uranium and Thorium project totaling over 79,000 hectares on the east side of the Athabasca Basin. The Falcon Point property boasts a shallow, NI 43-101 inferred mineral resource totaling 7.0 million pounds at an average grade of 0.03% U3O8 and 5.3 million pounds at an average grade of 0.023% ThO2 at the Fraser Lakes Zone B area, which is open along strike and at depth. A recent field program yielded high grade uranium grab samples of up to 68% U3O8 in a massive pitchblende vein exposed at surface at the Hook Lake target as well.
The Preston Project is a large land position totaling 121,148 hectares strategically located proximal to NexGen Energy's (TSX-V: NXE) high grade Arrow uranium deposit and Fission Uranium's (TSX: FCU) Patterson Lake South Triple R deposit. In March 2017, Skyharbour and its Preston partner company Clean Commodities signed two separate option agreements, one with AREVA Resources Canada and one with Azincourt Uranium, to option up to 70% of a 74,964 hectare portion of the project for $11,500,000 in total project consideration ($9,800,000 in exploration and $1,700,000 in cash payments over six years) as well as 4.5 million shares of Azincourt. The Preston Uranium Project is a strategic, district-scale property with robust exploration upside potential and Skyharbour is utilizing the prospect generator model to advance this project with strategic partners.
Skyharbour owns 100% of the 3,473 hectare Mann Lake Uranium Project strategically located in the eastern Athabasca Basin 25 km southwest of the McArthur River Mine and adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and AREVA (17.5%). Denison acquired International Enexco and its 30% interest on this adjacent project after a 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization. Skyharbour recently completed an EM survey on its Mann Lake Project that was successful in confirming the presence of a broad, NE-SW trending corridor of conductive basement rocks.
People, Timing, Projects (“PTP”)
Strong management and technical team with track record of success
Timing and an impending turnaround in the uranium market
Top tier Athabasca Basin uranium and thorium project portfolio with robust discovery potential
Acquiring assets at attractive valuations and using prospect generator and JV model to advance non-core assets
Noteworthy shareholder base and significant insider ownership