Skyharbour Resources (TSX-V: SYH) (OTCQB: SYHBF) is a preeminent uranium and thorium exploration Company with projects located in the prolific Athabasca Basin of Saskatchewan, Canada which was ranked as the best mining jurisdiction to work in globally by the Fraser Institute in 2017. The Company has been acquiring top-tier exploration projects at attractive valuations culminating in five uranium properties totaling over 250,000 hectares throughout the Basin. Skyharbour recently secured an option from Denison Mines (TSX: DML) (NYSE MKT: DNN), a large shareholder of the Company, to acquire a 100% interest in the Moore Uranium Project which hosts the high grade Maverick Zone where recent drilling by Skyharbour returned 21% U3O8 over 1.5 metres at 265 metres depth 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 in upcoming drill programs. In addition to its core strategy as a discovery-driven exploration company, Skyharbour employs the prospect generator model to monetize and fund exploration at its other projects in the Basin. In March 2017, Skyharbour announced an option agreement with AREVA Resources Canada whereby AREVA can earn up to 70% of a 49,635 hectare portion of Skyharbour’s 121,148 hectare Preston Uranium Project for $8 million in project consideration.
In March 2014, Skyharbour and Clean Commodities commenced an inaugural diamond-drilling program on the East Preston Project. Three initial target areas, out of a growing target base were selected for drilling based on encouraging fieldwork results and coincident anomalies. This drill campaign represented the first modern-day drill exploration program on the East Preston Project and consisted of approximately 1,500 metres of drilling in seven holes. The majority of these holes intersected broad, hydrothermally altered and reactivated, structural zones with several of the holes returning elevated radioactivity and intersecting multiple graphitic units within sheared and altered basement lithologies. The Property Owner’s technical team considered these findings in the early stages of the first drill program to be a significant breakthrough towards locating shallow uranium mineralization. Read more in Azincourt’s news release from March 28, 2017.
The Preston Project is strategically located proximal to NexGen Energy and Fission Uranium’s high-grade uranium deposits in the Patterson Lake region on the west side of the Basin. The Company also owns the Falcon Point Uranium and Thorium Project which hosts an NI 43-101 uranium resource as well as a high grade uranium surface showing. The Company is run by a strong management and geological team who are major shareholders with extensive capital markets experience as well as focused uranium exploration expertise in the Basin. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.