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 587,000 hectares of mineral claims, Skyharbour is well-positioned to become a major player in the uranium mining industry.
Today, Skyharbour announced that its JV partner Company Orano Canada, has recently completed a geophysical program at the 49,635 hectare Preston Uranium Project located in the western Athabasca Basin, Saskatchewan, Canada.
The program included a ground electromagnetic survey (ML-TEM) and a ground gravity survey. Orano is now preparing for a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program that will take place this summer at the project.
The 2024 field programs mark the first exploration programs carried out by Orano at Preston since 2020. The recently completed geophysics covered 35.6 km of ground Moving-Loop Transient ElectroMagnetic (ML-TEM), covering the Preston West target where there is a known conductor, along with the Preston Far West target where a reconnaissance survey was conducted. The ground gravity survey consisted of 2,295 stations and covered an area along the FSAN and FSANE trends. The final geophysical data from this field program is pending.
An SGH soil sampling program with over 1,100 samples planned is set to commence this summer with additional news forthcoming. The SGH program will cover a large area and is a cost-effective, innovative exploration technique being used in the Athabasca Basin to vector in on uranium showings associated with certain hydrocarbons. The total budget for the multi-phased 2024 campaign is approximately CAD $850,000 with Orano as the operator and Skyharbour as a minority, participating partner in the project.
In early 2021, Orano fulfilled their earn-in option interest in the project through funding exploration expenditures and making cash payments. After a total of CAD $4.8 million in exploration expenditures having been spent on the Project, Orano formed a joint venture with Skyharbour and Dixie Gold for the future advancement and development of the Project. Orano now holds a 51% (fifty-one percent) interest in the joint venture, with the remaining interest split evenly between Skyharbour and Dixie Gold with each company retaining a 24.5% (twenty-four and a half percent) interest in the joint venture.
Orano Canada Inc. is a leading producer of uranium, accounting for the processing of more than 15 million pounds of uranium concentrate in Canada in 2023. Orano will celebrate 60 years of exploring for, mining and milling uranium in Canada in 2024. Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River and Key Lake operations.
The stock broke below major support at $0.42 and a retest of this breakdown zone has been confirmed with sellers jumping back in. The stock is set to confirm a break of recent lows with today’s close. The breakdown means the next support area comes in at the $0.33 zone. In order to shift to a bullish outlook, the stock would require a close back above the $0.42 zone.
