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-five projects covering over 523,097 hectares of mineral claims, Skyharbour is well-positioned to become a major player in the uranium mining industry.
Today, the Company announced it has acquired by staking two new prospective uranium exploration claims in northern Saskatchewan. These 100% owned claims add an additional 4,726 ha to Skyharbour’s existing holdings in and around the Athabasca Basin, which is host to the highest-grade uranium deposits in the world and is consistently ranked as a top mining jurisdiction by the Fraser Institute.
As the Company remains focused on its co-flagship Russell Lake and Moore uranium projects, this new property will become a part of Skyharbour’s prospect generator business as the Company will seek strategic partners to advance this asset.
The property is the Bolt Property, which consists of two contiguous claims 100% owned by Skyharbour Resources Ltd. totalling 4726.35 hectares and is located approximately 7 km west of the Highway 914 and about 32 km southwest of Cameco’s Key Lake Operation (which produced 209.8 million pounds of U3O8 at an average grade of 2.32% U3O8 from 2 deposits, where ore from the McArthur River mine is currently processed).
Here is an updated map of Skyharbour’s projects:
The Bolt Project has been subject to several exploration programs since 1969. The earliest work, taking place between 1969 and 1979, included ground and airborne EM, radiometrics, and gravity surveys, as well as lake sediment and water sampling, soil sampling, prospecting, and boulder train mapping by various operators, including Pan Ocean Oil Ltd., Canadian Southern Petroleum, Athabasca Columbia Mining, Yukon Geothermal, SAMCAM, and Darling Hydrocarbons.
A single drill program (6 DDH, 5 of which are on the Bolt property: CL-1 through CL-5) was conducted by Pan Ocean Oil in 1978 to test the fertility of historic EM conductors. Four of the drillholes from this program (DDH-CL-1, -2, -3, and -6) displayed variable kaolinization and chloritization, carbonate veinlets, and intervals of structural disruption and local core loss in what was logged as granite/arkosic/augen gneiss and “pseudopegmatite”.
Work on the Bolt Project resumed in 2008, with Durama Resources (on behalf of Majesta Resources and Kirrin Resources) completing several soil, outcrop, lake sediment, and soil-gas sampling programs, airborne geophysics (TEMPEST and VTEM surveys), and ground geophysics (total field and vertical gradient magnetic and VLF-EM surveys) programs in the period from 2008 to 2018.
Airborne geophysics identified magnetic lows and multiple east-west and northeast-southwest trending EM conductors across the property, as well as several possible north-south and east-west trending faults. Following up on the zones of interest detected by the airborne surveys, several ground geophysical grids were developed on Majesta/Kirrin’s properties.
Combining the results of the modern geophysical and geochemical surveys allowed for identification of several promising drill targets on the property, including near the historic drill holes containing extensive kaolinite and chlorite alteration. These drill targets have yet to be tested, as despite the high prospectivity for basement-hosted unconformity-related uranium mineralization, the Bolt Project has not seen any exploration since 2018 and was eventually allowed to lapse.
Jordan Trimble, President and CEO of Skyharbour Resources, states: “These new mineral claims complement our existing properties and provide additional ground to option or joint-venture out to new partner companies as a part of our prospect generator business. We continue to add to our uranium project portfolio in the Athabasca Basin with this recent staking while advancing our main projects through ongoing drilling and exploration. Skyharbour is fully funded for its drilling and exploration plans in 2024 with over $10 million in the treasury. Details are forthcoming on specific plans for drilling at Russell and Moore in the new year.”
The stock sold off and broke below the major $0.50 psychological support zone. Skyharbour stock did confirm a breakout above the $0.57 zone but did not see follow through nor see buyers jump in on the retest of the breakout zone.
The close below $0.50 has confirmed a head and shoulders pattern. The next major support level comes in at the $0.425 zone. Which is where the stock is currently testing. And price action is showing that the buyers are stepping in. If we were to close the daily candle as it appears on the chart above during market trading, we will have printed an engulfing candle. A bullish single candle pattern which gains much more strength being printed at a major support zone.
Going down to the 1 hour intraday chart, a close above $0.47 technically would continue to see the bounce momentum going. Resulting in a retest of the broken $0.50 zone which is now resistance.
