Skyharbour Resources (TSX-V: SYH), a uranium exploration company with prime assets in the Athabasca Basin, is poised to capitalize on the anticipated resurgence in the uranium market. The company’s extensive portfolio of uranium exploration projects and strategic joint ventures with industry leaders make it a wise investment for those seeking to benefit from the rising demand for nuclear power. With twenty-four projects covering over 504,000 hectares of mineral claims, Skyharbour is well-positioned to become a major player in the uranium mining industry.
Today, Skyharbour Resources announced it has acquired by staking seven new prospective uranium exploration claims in Northern Saskatchewan increasing the Company’s total land package to 518,302 hectares across 24 projects. Skyharbour is focused on the co-flagship Russell Lake and Moore Projects, and the new properties will be a part of Skyharbour’s prospect generator business as the Company seeks partners to advance these projects.
Jordan Trimble, President and CEO of Skyharbour Resources, states “We continue to add to our dominant uranium project portfolio in the Athabasca Basin with this recent staking while advancing our core projects through ongoing drilling and exploration. These new mineral claims bolster existing properties and provide additional ground to option or joint-venture out to new partner companies as a part of our prospect generator business.”
The new claims include:
- CBX Project – additional five new contiguous claims totalling 6,804 ha linking the Company’s former CBX and Snow projects
- Karin Project – one additional claim totalling 5,882 ha
- 914W Project – new project totalling 1,260 ha
CBX Project
The CBX property has been recently expanded through staking to include five additional claims adjoining the previously staked CBX and Snow properties, which have been combined to include a total of seven claims covering 8,777 ha. The new claims lie approximately 6.5 km to 25 km north to northeast of the Eagle Point uranium mine and cover the northern shore of Wollaston Lake including parts of Cunning Bay.
These new claims have seen no modern exploration, although drilling and other modern exploration have been done on adjacent properties. Historical mapping and drilling shows similar geology that hosts uranium mineralization at the Rabbit Lake operation, including the Eagle Point deposit, and other uranium deposits in the Athabasca Basin and surrounding regions.
914w Project
The 914W project consists of one claim covering 1,260 ha approximately 48 km southwest of Cameco’s Key Lake Operation. Historical geological mapping of the property and surrounding area has shown that the project is predominantly underlain by prospective Wollaston Supergroup pelitic and psammitic to arkosic gneisses of the Western Wollaston Domain, which host significant unconformity-related uranium mineralization further to the north in the Athabasca Basin as well as pegmatite-hosted uranium mineralization elsewhere in the Wollaston Domain.
Karin Project
One additional claim was added to Skyharbour’s Karin Project during this latest round of staking, extending the project to cover six claims totalling 24,265 ha, approximately 21 km to 33 km east of Highway 914 and 20 km southeast of Cameco’s Key Lake operation. This new claim, totalling 5,882 ha, is adjacent to Skyharbour’s Foster project.
The only recent exploration on the project consisted of limited prospecting in 2008, which led to the discovery of a pegmatite outcrop that returned 181 ppm U, 205 ppm Nb, and 39 ppm Ta (SMDI 5179). The Karin project has otherwise been unexplored since the 1980’s and remains prospective for both intrusive-type and unconformity-related uranium deposits and intrusive-related REE’s.
The stock remains in a range with support coming in at $0.325 and resistance at $0.365. The bounce at $0.325 is significant given this was a major support zone for the stock. Support is where buyers tend to be and is where the trend shifts.
Skyharbour could be about to see some upside momentum with the stock testing the $0.365 resistance zone right now. A break and close would be the trigger which could set the stock up for a technical move up to the $0.425 zone.
