Highlights:
- Mann Lake Uranium Project strategically located on east side of the Basin, 25 km SW of Cameco’s McArthur River Mine and 15 km NE and along strike of Cameco's Millennium uranium deposit
- Definitive Agreement signed in October 2021 with Basin Uranium Corp. to earn-in 75% of Skyharbour’s Mann Lake project
- Basin Uranium Corp. will contribute cash and exploration expenditures consideration totaling CAD $4,850,000 over a three -year period ($850,000 will be in cash payments to Skyharbour as well as $4,000,000 in exploration expenditures)
- Basin Uranium will issue a total of CAD $1,750,000 worth of Basin Uranium shares to Skyharbour over three years
- In total 6,279 metres were drilled 2022 over two phases of drilling where Basin Uranium continues to intersect anomalous uranium mineralization. Planning of further drilling in 2024 is currently underway
Project Summary:
The 3,473 hectare (8,582 acre) Mann Lake Uranium Project is located in the eastern Athabasca Basin in northern Saskatchewan. It is strategically located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit. In October, 2021 the Company entered into an option agreement with Basin Uranium Corp which provides them an earn-in option to acquire up to a 75% interest in the Mann Lake Uranium Project.
Under the Option Agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totaling CAD $4,850,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project. Basin Uranium Corp will also issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of the company over the three-year earn-in period to complete the earn-in.
The Mann Lake property is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and Orano (formerly AREVA) (17.5%). In 2014, Denison Mines acquired International Enexco and its 30% interest on this adjacent project after the 2014 winter drill program discovered high grade, basement-hosted uranium mineralization. The drill program intersected 2.31% eU3O8 Over 5.1 metres including 10.92% eU3O8 Over 0.4 metres (see International Enexco News Release dated March 10th, 2014).
Skyharbour carried out a ground-based EM survey in 2014 focused on a zone where a favourable, 2 km long aeromagnetic low coincides with possible basement conductor trends indicated by prior EM surveys. The survey was successful in confirming the presence of a broad, NE-SW trending corridor of conductive basement rocks which are probably graphitic metapelites.
Skyharbour's Mann Lake Uranium Project has seen over $3 million of previous exploration expenditures including recent geophysics and two diamond drill programs totaling 5,400 metres carried out by Triex in 2006 and 2008. The geophysical surveys identified basement conductors and structural corridors containing reactivated basement faults. These features trend onto the adjacent ground held by Cameco. The 2006 drill program intersected a 4.5 metre wide zone of anomalous boron (up to 1,758 ppm) in the sandstone immediately above the unconformity in hole MN06-005. Boron enrichment is common at the McArthur River uranium mine, and along with illite and chlorite alteration, is a key pathfinder element for uranium deposits in the Basin. In the same drill hole, an altered basement gneissic rock with abundant clay, chlorite, hematite and calc-silicate minerals was intersected about 7.6 metres below the unconformity and contained anomalous uranium up to 73.6 ppm over a 1.5 metre interval. Background uranium values are commonly between 1 and 5 ppm.
2022 Drill Program Summary:
News Release - September 7, 2022
The Phase 1 program was comprised of 3,503 metres of diamond drilling over five holes. Four drill holes (MN22001 – MN22004) over a strike length of 1,500 metres targeted the interpreted basement conductor from the 2014 MT resistivity survey, and a magnetic low (interpreted metasediment basement) within a gravity low anomaly (interpreted as a basement fault structure). One hole (MN22005) was drilled to test the intersection of a NE-trending structure parallel to MN06-005 which returned over 1,000 ppm boron at the unconformity, and a cross cutting E-W trending structure on strike to hole MN06-002 where hematite paleo weathering occurred at the unconformity.
Phase two drilling was recently completed, which consisted of 2,776 metres of diamond drilling over four holes which followed up on targets from phase one drilling and geophysical programs completed earlier in the year. In total 6,279 metres were drilled 2022 over two phases of drilling, with Basin Uranium continuing to intersect anomalous uranium mineralization at Mann Lake.
2022 Phase Two Drilling:
Historical Exploration on the Mann Lake Property:
In 1977, the Mann Lake property was staked by SMDC as part of the larger Cree Extension Project. SMDC conducted exploration work almost continuously with various joint venture partners until 1989. A regional hydrothermal corridor containing illite, dravite (boron) and chlorite alteration minerals was defined in the mid 1990's based on the analysis of thousands of samples of drill core and surface boulders from the Cree Extension Project. The Mann Lake property is ideally situated in the heart of this corridor. The property was optioned by Uranium Power Corp. and Pacific Amber Resources Ltd., who in 1999 conducted a reconnaissance, fixed loop TEM survey which detected four anomalies thought to indicate possible basement conductors. In 2005, Triex optioned the property from Consolidated Abaddon (now Aben Resources) and undertook a detailed ground geophysical survey to further delineate drill targets. In 2006, a first phase diamond drill program consisting of five holes was completed totaling 3,510 metres. Pervasive illite clay alteration was intersected over 90 metres of sandstone immediately above the unconformity in hole MN06-002. A 4.5 metre wide zone of anomalous boron (up to 1,758 ppm), was intersected in sandstone immediately above the unconformity which occurs at 631 metres in hole MN06-005. In the same hole, an altered basement gneissic rock with abundant clay, chlorite, hematite and calc-silicate minerals was intersected 7.6 metres below the unconformity and was found to contain anomalous uranium (up to 73.6 ppm) over a 1.5 metre interval. Background uranium values are between 1 and 5 ppm. Both drill holes were located near an east-west fault. A follow-up diamond drilling program consisting of 1,877 metres in three holes was completed in 2008 and a number of identified targets have yet to be drill tested.
