- At the Yurchison Lake Project, prospecting near old trenches returned significant uranium (0.09% to 0.30% U3O8) and molybdenum (2,500 ppm to 6,400 ppm) mineralization in both outcrop and float samples
- Two holes drilled beneath the historic trenches returned highly anomalous molybdenum values up to 3,750 ppm and anomalous uranium values up to 240 ppm
- The property boasts strong discovery potential for both basement hosted uranium mineralization as well as copper, zinc and molybdenum mineralization
The 12,660 hectare Yurchison Lake property is located 70 kilometres southeast of the McArthur River uranium mine and 35 kilometres east of the Moore Lake joint venture property. Skyharbour Resources holds a 100% interest in the project.
In 2006, prospecting and geological mapping in and near old trenches returned significant uranium (0.09 to 0.30% U3O8) and molybdenum (2,500 to 6,400 ppm) mineralization in both outcrop and float samples. A helicopter-borne VTEM survey was flown over the property in fall 2006. In 2008, diamond drilling (13 holes; 2,902 metres) targeted a number of EM conductors and several surface showings identified by the 2006 VTEM survey and surface exploration program. A number of holes intersected sulphidic and base metal-rich, structurally disrupted and altered graphitic pelitic gneisses. Two holes drilled beneath the historic trenches returned highly anomalous molybdenum (up to 3,750 ppm) and anomalous uranium values (up to 240 ppm).
In 2010, additional sampling of the 2008 drill core was carried out to confirm the presence of base metal mineralization that was visually and geochemically identified during the 2008 program. Significant zinc and copper mineralization was confirmed in six holes. The zinc mineralization is accompanied by lead enrichment and is associated with locally faulted and sheared metasedimentary rocks of the Wollaston Group, similar to those at the George Lake deposit located approximately 15 km to the northeast.
Recommend Future Work Programs:
Airborne GEOTEM over the Yurchison area defined conductive trends that may be associated with the base metal mineralization on the property, and will be the focus of future programs. More detailed sampling of base metal rich intervals is recommended with select samples being analyzed for gold and silver. Future additional drilling on this property is also recommended to further test the delineated airborne conductors in combination with newly acquired uranium radiometrics data.
Statement from the President:
Jordan Trimble, President and CEO of Skyharbour, stated: “The acquisition of 100% interests in the sizeable Falcon Point and Yurchison Lake Projects is a milestone for the Company as it significantly enhances Skyharbour’s portfolio of Athabasca uranium projects. The current uranium market has presented excellent opportunities for Skyharbour to increase its ownership, at attractive valuations, in high-quality uranium projects in the Basin with the objective of optimizing discovery potential and capitalizing on a future uranium market turnaround. The more advanced-stage Falcon Point Uranium Project boasts a near surface, inferred resource of 7 million pounds U3O8 open along strike and at depth. Elsewhere on the property, the Hook Lake target area hosts high grade uranium mineralization with historic grab samples returning up to 48% U3O8 in a massive pitchblende vein, the origin of which has yet to be discovered. Skyharbour’s management believes this is a highly accretive deal for the Company’s shareholders as we add a resource to the asset portfolio, bolster our exposure to the east side of the Basin, and add projects with robust exploration upside potential to complement our Syndicate and Mann Lake projects.”
Richard Kusmirski, P.Geo, M.Sc., geologist for Skyharbour is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information on this website.