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 joint-venture partner company, Orano Canada Inc., has commenced a comprehensive 2024 field campaign at the 49,635 hectare Preston Uranium Project located in the western Athabasca Basin, Saskatchewan, Canada.
The program will include a ground electromagnetic survey (ML-TEM), a ground gravity survey, and a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program.
Jordan Trimble, President and CEO of Skyharbour, stated: “We are very much looking forward to the findings of these exploration programs this year at Preston with our strategic partner Orano. This is the first field work being carried out at the Project in several years, and we have elected to participate in the program as a minority partner in the JV as we strongly believe in Preston’s discovery upside potential.”
The 2024 field programs mark the first exploration programs carried out by Orano since 2020. The geophysics will consist of ground Moving-Loop Transient ElectroMagnetic (ML-TEM) and ground gravity surveys for an estimated 35.6 line-km and 2,295 stations, respectively. The gravity survey will cover an area with intentions to identify alteration zones manifesting as gravity lows. The SHG soil sampling is set to commence later in the summer with additional news forthcoming. The budget for the 2024 campaign is approx. 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.
The stock recently bounced off major support at the $0.42 zone. We have strong signs of buyers there including large wicks and an engulfing candle. Now, the stock is testing resistance at the $0.56 zone. Profits are being taken as evident by today’s large wick hitting resistance.
