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, Skyharbour Resources announced plans for an upcoming drill program at its recently optioned 73,294 hectare Russell Lake Uranium Project strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. Skyharbour is planning 5,000 metres of diamond drilling in ten to twelve holes over the next several months at Russell with mobilization and commencement within the next few weeks. Following the initial phase of drilling at Russell Lake, the Company will move the drill rig over to its adjacent 100% owned, 35,705 hectare high-grade Moore Uranium Project to complete a planned 3,000 metres of drilling in eight to ten holes.
The combined 8,000 metre winter drill campaign across the company’s core projects is fully funded and permitted with the geologists and drilling crews working out of the exploration camp at the Russell Lake Project, located along the road servicing Cameco’s McArthur River Uranium Mine.
Jordan Trimble, President and CEO of Skyharbour, stated: “The upcoming commencement of our winter diamond drill campaign at both our Russell Lake and Moore Uranium Projects marks the first time Skyharbour will be simultaneously co-advancing these two core projects. This fully funded, 8,000 metre drill campaign will provide ample news flow well into the year as we advance the projects using systematic and proven exploration methodologies coupled with new geological models and targeting strategies. We are confident in the discovery potential and exploration upside at both projects given the high-grade mineralization in historical drill holes along with the many highly prospective target areas hosting the geology necessary for high-grade uranium deposition. We will also be carrying out infill and definition drilling at the high-grade zones at Moore along the Maverick Corridor.”
“Skyharbour will have substantial additional news flow and catalysts from its prospect generator business consisting of partner companies advancing some of our other projects throughout the Athabasca Basin. Over the next year, the Company is anticipating the largest combined drilling and exploration programs at its primary projects of Russell and Moore, as well as at its partner-funded projects of Preston, East Preston, Mann Lake, Yurchison, Falcon, and South Falcon East.”
Of particular interest for this drilling program will be the Grayling East and Fork targets within the broader Grayling target area as well as the M-Zone Extension target. This initial drill program will total 5,000 metres in ten to twelve drill holes with all targets being road accessible and near the exploration camp.
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.
With the close below $0.50, the next support came in at the $0.42 zone where we said in earlier articles is where buyers are expected to be. We printed multiple engulfing candles here indicating the buyers are stepping in here.
Today’s news and price action is currently taking us back over $0.50. Watch for a daily candle close above $0.50 to confirm a restest of the $0.58 zone.
