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 approx. 200,000 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 within 5.9 metres of 6.0% U3O8 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 74,965 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 35,705 hectare Moore Uranium project from Denison Mines, located in the infrastructure-rich southeastern portion of the Athabasca Basin. Skyharbour’s initial winter drill program at Moore Lake concluded in May of 2017 with multiple drill holes intersecting high grade uranium mineralization over the 4km long Maverick corridor. Drill results included 20.8% U3O8 over 1.5m at 264m 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 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 at the project for 2017 and 2018.
Large land position (72,000 hectares) on the east side of the Athabasca Basin. The Falcon Point property boasts a shallow, NI 43-101 inferred resource totalling 7.0 million lbs at a grade of 0.03% U3O8 and 5.3 million lbs at a grade of 0.023% ThO2 within 10,354,926 tonnes using a cutoff grade of 0.01% U3O8. Furthermore, a massive pitchblende vein exposed at surface has returned up to 68% U3O8 in surface samples at the Hook Lake target.
The Preston Project is a large land position totaling 74,964 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 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