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 Resources announced that its partner Company, North Shore Uranium, has provided an update on the upcoming drill program at the 55,699 hectare Falcon Uranium Property located at the Eastern margin of the Athabasca Basin in Northern Saskatchewan. North Shore has further refined its targeting criteria and the drill program is set to commence in mid-March.
Falcon is a highly prospective uranium exploration property with a limited exploration history in a part of the Athabasca Basin region that is seeing increased exploration activity and recent discoveries. Reinterpretation of electromagnetic (“EM”) data complemented by geophysical data acquired in 2022 has allowed North Shore to identify high priority uranium targets in areas where there has been no previous drilling.
North Shore plans to drill test up to three targets along a strong, dominantly northeast-trending EM conductor system at the southern end of the property. Over 20 potential drill targets have been identified along the northeast-trending EM conductor trend. Drill collar locations are being refined for the three lead candidates for drilling.
Mr. Brooke Clements, President and CEO of North Shore stated: “We are excited to be preparing to commence our first drill program where we aim to test priority targets on the Falcon Property. This is only the beginning of our exploration plans at Falcon as we have identified multiple high-quality target zones spread across the Property that require evaluation and drilling. Since January, the uranium spot price has consistently been around US$100/lb for the first time since 2007, focusing more attention on the uranium exploration sector and new discoveries. Saskatchewan’s Athabasca Basin is a tier-one jurisdiction for discovering new mineable high-grade uranium deposits.”
Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes Zone B deposit on Skyharbour’s adjacent South Falcon East Property, currently under option to Tisdale Clean Energy.
North Shore may acquire an initial 80% interest in the Property by issuing common shares of the Resulting Issuer having an aggregate value of CAD $1,225,000; making aggregate cash payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period. Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.
The stock rejected resistance around the $0.58 zone and then broke below the psychologically important $0.50 zone. The stock is testing the major support zone at $0.42. A few days ago, the price actually broke below this support level, but bulls came in to defend yesterday and confirm a false breakdown. The stock seems like it wants to range around here as the battle between the bulls and the bears continue. Watch for a range to indicate consolidation for a run back up to $0.50 as this support zone is defended.
