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-four projects covering over 504,000 hectares of mineral claims, Skyharbour is well-positioned to become a major player in the uranium mining industry.
Today, Skyharbour Resources announced that partner Company, NorthShore Uranium, has provided an update on the exploration activities at the 55,699 hectate Falcon Property which is located at the eastern margin of the Athabasca Basin.
North Shore has identified a number of high priority uranium targets on the Property and will commence drilling several of these targets in Q1 2024.
Falcon is a highly prospective uranium exploration property with a limited exploration history in an area of the Athabasca Basin that is seeing increased exploration activity and recent discoveries. Significant grass roots uranium discoveries in 2021 by Baselode Energy Corp. and 92 Energy Limited approximately 40 kilometres to the north, illustrate the potential for new basement-hosted discoveries in this area.
Both NorthShore and Skyharbour Resources completed a fixed-wing gravity-magnetic-radiometric surveys that covered over 80% of the Falcon Property in 2022. Earlier electromagnetic (“EM”) data complemented by the recently acquired geophysical data is allowing North Shore to identify new high priority targets that have never been tested by drilling.
North Shore’s 2023-2024 exploration program at Falcon is comprised of the following three components:
- Ongoing interpretation of historical and new geophysical and geological data to assist with prioritizing targets for detailed exploration;
- A Q1 2024 maiden drill program focusing on several high priority targets; and
- Prospecting, mapping and sampling related to the high priority targets in the summer of 2024 in preparation for future drill programs.
The Q1 2024 drill program will be focused on several targets along a well-defined, dominantly northeast-southwest-trending EM conductor system at the southeastern end of the claim block. There has been no previous drilling in this area.
Mr. Brooke Clements, President and CEO of North Shore stated: “It’s a great time to be exploring for uranium in the Athabasca Basin, a tier-one jurisdiction for uranium exploration, development and mining. The uranium spot price has recently surged past US$85/lb., the highest we’ve seen in more than 15 years. We have identified a number of high priority targets on our Falcon Property and are excited to move forward with our exploration program and get the drill turning in Q1 2024.”
The stock is selling off and breaking 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.
The close below $0.50 has confirmed a head and shoulders pattern. The next major support level comes in at the $0.425 zone. This is where buyers could enter but investors will need to watch for daily candles to confirm that the bulls are jumping back in once this zone is tested. Alternatively, the reclamation of $0.50 would also mean the bears are losing control against the bulls.
