Skyharbour Resources (TSX-V: SYH) is a uranium and thorium exploration company actively advancing projects totaling over 220,000 hectares in the prolific Athabasca Basin of Saskatchewan, Canada. In May 2014, Skyharbour announced the purchase of 100% interests in the Falcon Point (formally Way Lake) and Yurchison Lake Uranium Projects from Denison (TSX:DML) totaling 91,663 hectares on the east side of the Basin. At the Falcon Point property, an NI 43-101 mineral resource estimate was released in 2015 on the property for the Fraser Lakes Zone B consisting 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. On the north side of project at the Hook Lake target, high grade mineralization has been discovered with up to 48% U3O8 in historic grab samples from a massive pitchblende vein. The source of this high grade uranium mineralization has yet to be discovered.
Skyharbour is earning 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) recent high grade uranium discovery on their Rook 1 Project at the Arrow target. These new discoveries demonstrate the potential for high-grade uranium on the margins of the western side of the Basin where significantly less exploration has been carried out. Skyharbour’s land position comprising the Preston Uranium Project was acquired for its interpreted favourable geology for the occurrence of PLS style uranium mineralization.
Skyharbour is now partners with one other company in the Western Athabasca Syndicate which was formed to explore the PLS property package in an operationally effective, cost efficient manner. Skyharbour is the operator of the project and has recently commenced a 1,480 metre drill program at Preston to test two high-priority target areas. In total, fifteen high-priority drill target areas at the Preston Project associated with eight prospective exploration corridors have been successfully delineated through the extensive exploration carried out thus far. A total of $4.2 million in exploration has been carried out to date by the Western Athabasca Syndicate with Skyharbour only having had to fund approx. $675,000 of this amount.
Skyharbour also has a 60% 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 $3 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 AREVA (17.5%) where high-grade, basement-hosted uranium mineralization was recently discovered.
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.
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