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 announced is has acquired several new prospective uranium exploration claims through online staking and through an agreement with Eagle Plains Resources Ltd. These 100% owned claims are located in Northern Saskatchewan, adding an additional 30,184 hectares 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.
The Company remains focused on its co-flagship Russell Lake and Moore uranium projects, these new claims will become a part of Skyharbour’s prospect generator business as the Company will seek strategic partners to advance them.
Foster Property
The drill-ready Foster property consists of 15 claims totaling 6,362 hectares approximately 20 km east of Cameco’s Key Lake operation and adjoining the southwestern end of Skyharbour’s Falcon Project, currently optioned out to North Shore Energy Metals Ltd.
Skyharbour recently acquired these claims through online staking as well as acquiring additional claims from Eagle Plains. The claims acquired from Eagle Plains host geology favourable for uranium and REE mineralization with two significant mineralized areas including the Great Plains Showing and the Red October Zone.
There are numerous untested coincident geochemical and geophysical anomalies, many of which are drill ready, with significant encouraging exploration to date for pegmatite- and fault-hosted uranium mineralization. Exploration in the Eagle Lake area at these claims between 1969 and the early 1980’s resulted in the discovery of the Great Plains Showing. Exploration programs, including diamond-drilling, intersected intense alteration and shearing as well as high Radon 222 values.
Another mineralized zone, the Red October Zone, was discovered in 2008 by Eagle Plains, and consists of a 400 m intermittent uranium and REE-mineralized outcrop within a 1 km coincident soil geochemical and ground magnetic anomaly. The Red October Zone was drill-tested in 2012, with all 6 holes encountering anomalous uranium, and REE’s.
Skyharbour plans to seek a partner company to option and advance Foster as a part of its prospect generator business. Eagle Plains will retain a 2% Net Smelter Return (“NSR”) royalty, subject to reduction on certain claims by underlying NSR agreements.
Other Properties
Skyharbour recently acquired other uranium properties consisting of 7 claims totaling 23,822 hectares in and around the Athabasca Basin. One claim was staked on the northern edge of Skyharbour’s Karin Project, increasing the extent of the Karin project to a total of 25,165 hectares in the Highrock Lake area.
No modern geological work has been undertaken on this new claim, with the most recent work consisting of airborne INPUT EM and magnetic survey and prospecting in 1980, which detected a weak EM anomaly on this claim.
Four additional claims totaling 13,026 hectares were staked at the Pluto Bay Project area located approximately 14 km north of the Athabasca Basin, just east of the Snowbird Tectonic Zone. Minimal modern exploration has been undertaken on the property, which is prospective for basement-hosted unconformity-related uranium mineralization.
Another two claims totalling 9,896 hectares were staked in the Newham Lake area. The claims are underlain by Athabasca Sandstone ranging in thickness from less than 80 to just over 200 m. Several modern EM, magnetics, radiometrics, and gravity surveys were flown over portions of the property between 2005-2011, however no modern ground exploration has taken place on the property, which is highly prospective for unconformity-related uranium mineralization.
Skyharbour Resources has had a strong bounce from support around the $0.45 zone back to a major resistance zone around $0.55. This is a very significant zone for the stock and you can see this by the price action to the left. If Skyharbour can confirm a close above this zone, then we have a major breakout. The $0.77 zone comes next.
