Project Summary:
The Genie property consists of five claims totalling 16,930 ha, and is located approximately 48 km northeast of Cameco’s Eagle Point Uranium Mine (Rabbit Lake Operation) and 40 km north of Wollaston Lake Post. The project is underlain by Wollaston Superground metasedimentary gneisses and Archean granitoids, with highly prospective pelitic to psammopelitic gneisses (including graphitic varieties) and several north-trending faults related to the Tabbernor fault system being mapped on the property. The project lies outside the current extent of the Athabasca Basin, but is believed to have been overlain by now-eroded Athabasca sandstones in the past and has the potential for high-grade basement-hosted and unconformity-related uranium mineralization. The property is underlain by a series of linear magnetic highs (interpreted as granitoids) and magnetic lows (interpreted as metasedimentary gneisses), cross-cut by a highly magnetic northwest-trending Mackenzie Diabase dyke.
Previous work on the Genie project includes limited diamond drilling (three historical drill holes, of which one was abandoned in overburden) and a variety of airborne and ground geophysical surveys, prospecting, geological mapping, lake sediment and overburden sampling, and soil sampling. Most of this exploration work took place between 1966 to 1980, prior to the advent of modern geophysical methods and geological models, but in 2014 part of the Genie property was covered by a helicopter-borne DIGHEM magnetic, electromagnetic, and radiometric survey. The survey showed a strong central EM conductor following a magnetically inferred contact on the two northeastern most claims, which is locally disrupted by several moderately conductive N-S trending structural breaks, inferred to be faults. This strong conductor is highly prospective for uranium mineralization, and drilling done in 1969 and 1971 has confirmed the presence of graphitic and sulfide-containing pelitic gneisses on the property. Lake sediment samples also collected at Genie during the 2014 exploration program, contained up to 63.3 ppm U, further showcasing the prospectivity of the property.
Skyharbour recently entered into a Purchase Property agreement with Hatchet Uranium Corp. whereby Hatchet may acquire a 100% interest in the Genie, Usam and CBX/Show projects by paying Skyharbour $25,000 and issuing to the Company such number of units in the capital of Hatchet equal to 9.9% of the issued and outstanding Shares immediately following issuance. Skyharbour shall also retain a 2% net smelter returns royalty from minerals mined and removed from the Purchased Property, of which Hatchet may purchase one-half, being 1%, at any time for $2,000,000.
