Skyharbour Resources (TSX-V: SYH) is a preeminent uranium and thorium exploration Company focused in the prolific Athabasca Basin of Saskatchewan, Canada which is one of the most favourable jurisdictions to work in. In July 2016, Skyharbour secured an option to acquire a 100% interest in the Moore Lake Uranium Project from Denison Mines (TSX: DML) which is a large, strategic shareholder of the Company. Moore Lake is an advanced uranium property located on the eastern portion of the Athabasca Basin with over $30 million in historical exploration including over 132,000 metres of drilling in 370 holes. A high grade uranium pod called the Maverick Zone was discovered by JNR Resources in the early 2000’s with drill results including 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres starting at a depth of 264.68 metres in hole ML-61, as well as 5.14% U3O8 over 6.2 metres in hole ML-55. In addition to the Maverick Zone, diamond drilling in several other target areas has intersected multiple conductors associated with significant structural disruption, strong alteration and anomalous uranium and pathfinder element concentrations.
In May 2014, Skyharbour announced the purchase of 100% interests in the Falcon Point (previously Way Lake) and Yurchison Uranium Projects from Denison (TSX: DML) totaling 91,663 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.
Skyharbour owns a 50% interest in one of the largest land packages (127,495 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. A total of over $4.7 million in exploration has been carried out to date by the Western Athabasca Syndicate with Skyharbour only having had to fund less than $1 million of this.
Skyharbour also 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 robust discovery potential as identified by the historic work consisting of over $3 million in exploration including drilling.
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