Skyharbour Resources (SYH.V) is a $57 million company that controls 15 uranium and thorium exploration projects in Canada’s famed Athabasca Basin. Ten of the projects are drill-ready, covering over 450,000 hectares of land.
The company recently announced that partner company Basin Uranium Corp., has completed 2022 drilling at its Mann Lake Project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit.
In total 6,279 metres were drilled 2022 over two phases of drilling. Phase two 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. All core samples have been submitted to the Saskatchewan Research Council (SRC) for analysis and the assays are pending and will be released once received.
Here are highlights from phase 2 drilling:
- Holes MN22007 and MN22008 targeted an interpreted basement conductor (2022 MT resistivity survey), magnetic low (interpreted metasediment basement) within a gravity low anomaly which was interpreted as a basement fault structure and successfully intersected uranium dominant, anomalous radioactive intervals in the basement rocks as well as just above the unconformity.
- Hole MN22007 intersected graphite enriched psammite throughout the entirety of the basement rocks. Two major fault structures with abundant graphite mineralization were intercepted in the basement.
- Hole MN22008 intersected abundant blue-grey dravite clay above the unconformity. The mineralization was focused predominantly along fracture surfaces. Potential graphite could be present in the dravite due to the blue-grey colour of the clay.
“The completion of our phase two drill program represents the culmination of a very active and successful 2022 exploration program that was comprised of nearly 6,300 metres of diamond drilling and multiple geophysical programs at our Mann Lake project. We were able to advance this project from a grassroots-stage, one that had not seen any modern exploration techniques or benefitted from the last two decades of exploration understanding in the basin, through to a multi-phased diamond drill program that defined the unconformity and intersected uranium mineralization.” commented Mike Blady, CEO of Basin Uranium. “As we await assay results from drilling, we are planning our 2023 exploration programs at both our Mann Lake project in the Athabasca Basin and our Wray Mesa project in Utah.”
Skyharbour entered into an option agreement with Basin Uranium Corp whereby Basin Uranium has an earn-in option to acquire 75% interest in the Mann Lake Uranium Project. Basin Uranium will contribute cash and exploration expenditure consideration totaling CAD $4,850,000 over a three-year period. 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 Basin Uranium over the three-year earn-in period to complete the earn-in.
The stock has recently broken above a near term downtrend line, however, the stock remains in its nearly two months range. $0.425 remains the key top portion of this range, but this trendline break could trigger momentum to get us the breakout.