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 that partner company Valor Resources Limited has completed the third and final anniversary payment to Skyharbour under its earn-in option agreement at the Hook Lake Uranium Project, located in Northern Saskatchewan, Canada.
Highlights:
- Valor completes earn-in of 80% interest in the prospective Hook Lake Uranium Project through exploration expenditures as well as cash and share payments to Skyharbour; the Company retains a 20% interest in the Project
- Hook Lake is strategically located in the eastern flank of the Athabasca Basin
- Multiple new uranium targets outlined by 2022 airborne gravity survey requiring follow-up exploration at the drill-ready project; planning currently underway for exploration programs this year
- Strong exploration upside potential for Skyharbour and Valor against the backdrop of a rising uranium price
Valor has completed its exploration expenditure commitments under the earn-in, being C$3.5 million over a 3-year period. Valor has met its exploration expenditure commitments under the agreement with a drill campaign completed in 2022 and an airborne gravity survey completed in 2023. Valor has issued the Company an additional 31,750,000 shares and made a C$75,000 cash payment to complete the third and final earn-in milestone. This brings the total cash payments to C$250,000 over three years and a total share issuance of 295,083,333 shares of Valor to Skyharbour.
Skyharbour President and CEO, Jordan Trimble, stated: “Skyharbour continues to add value to its project base in the Athabasca Basin through focused exploration and drilling at its co-flagship Russell and Moore Uranium Projects as well as utilizing the prospect generator model to advance its secondary projects with strategic partners. We are excited to have the opportunity to work with Valor as a joint-venture partner at Hook Lake going forward and will benefit from any upside at the Project with our retained interest in the property and equity position in Valor. We are confident that the work carried out by Valor in recent years has advanced the project sufficiently to a stage where a new discovery could be on the horizon with future drilling.”
Valor’s Executive Chairman, George Bauk, said: “We are pleased to have completed this significant earn-in milestone at Hook Lake, which delivers Valor 80% ownership of a very attractive uranium asset located in one of the most prospective uranium exploration provinces globally. This part of the Athabasca Basin is regarded as one of the top uranium exploration addresses in the world right now, thanks to the recent Gemini/92 Energy and ACKIO/Baselode Energy discoveries, located 30km north of Hook Lake.”
Drilling at the Hook Lake Project was completed by Valor between December 2021 and April 2022, with a drilling program comprising eight diamond drill holes for 1,757m. Six of the holes were at the S-Zone Prospect and two more at the V-Grid prospect. Following the drilling program in May-June 2022, Valor completed an airborne gravity gradiometry survey across the entire project area to help refine and identify targets. Following an interpretation of the data, a total of 11 new targets were identified. Initial reconnaissance of some of the new targets has been completed; however, more detailed work in the form of radon surveys and lake sediment sampling is proposed over the highest priority targets. These programs are being planned to commence in the summer of 2024, and planning is underway for future drilling.
Skyharbour Resources has had a strong bounce from support around the $0.45 zone back to a major resistance zone around $0.58. This remains a very significant zone for the stock and you can see this by the price action to the left. Skyharbour failed to close above this resistance indicating that the sellers are still defending resistance. $0.50 provided some interim support being a major psychological number.
The stock is currently breaking below $0.50 at time of writing, but there are still a few more hours left to go in the trading day. A drop down to support around the $0.44 zone is the next target if the stock closes below $0.50 by the end of the trading day.
