*originally published February 9, 2023
Skyharbour Resources (SYH.V) today announced that it has signed an exploration agreement with English River First Nation (ERFN) for the Russell Lake and Moore Uranium Projects in respect of Skyharbour’s exploration and evaluation activities within the traditional territory of EFRN.
The agreement establishes a cooperative and mutually beneficial relationship between the two parties whereby Skyharbour’s exploration and evaluation activities are consented to by ERFN and Skyharbour agrees to support ERFN’s interests in relation to community development and benefits, environmental protection and monitoring, and sustainable and predictable consultation and engagement processes.
Jordan Trimble, President and CEO of Skyharbour Resources, commented: “We are very pleased to have finalized this Agreement with ERFN which formalizes Skyharbour’s effort to work with ERFN and provides consent and support for our current and future exploration activities at Russell Lake and Moore. Skyharbour is committed to responsible stewardship of the environment and we feel strongly that the future of both projects will be greatly enhanced through ERFN’s involvement.”
Skyharbour has commenced its inaugural winter drill program at the 73,294 hectare Russell Lake Uranium Project strategically located in the central core of the Eastern Athabasca basin. A minimum of 10,000 metres of diamond drilling in 18 to 20 drill holes is planned with the campaign being fully funded and permitted. The meaningful exploration here was conducted prior to 2010, but has been the subject of over 95,000 metres of drilling in over 230 holes.
This project is strategically located between Cameco’s Key Lake and McArthur River Projects and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east.
The Moore Uranium Project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River uranium mine.
Unconformity-type uranium mineralization was discovered on the Moore Project at the Maverick Zone in April 2001. Historical drill highlights include 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres, in ML-161. In 2017, Skyharbour announced drill results of 6.0% U3O8 over 5.9 metres, including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres, in hole ML-199. In addition to the Maverick Zone, the project hosts other mineralized targets with strong discovery potential which the Company plans to test with future drill programs.
For technical analysts, an important breakout was confirmed on January 24th 2023. The stock ended up closing above my major resistance zone at $0.425. This has triggered the double bottom reversal pattern. This pattern tends to highlight a reversal in the trend, which means we should expect a new uptrend taking us to the next resistance zone around $0.60 as long as price holds above $0.425.
Currently, the stock has pulled back and is retesting our major breakout zone at $0.425. I would be watching to see signs of buyers stepping in here. A strong green candle would do much to validate this.
If we can remain above this support zone, then the uptrend can continue with price taking out recent highs at $0.525 on its way to the resistance zone at $0.60.
