One of the hottest uranium areas on the planet is in northern Saskatchewan. Pretty much anyone who is exploring, mining or has anything to do with uranium has a an interest of some kind in this area. Pretty much all the major players in uranium have full scale mines here. Northern Saskatchewan covers a massive area of land so it a natural place for small juniors to stake ground and explore.
There were quite a few juniors that were here during the last uranium boom but since uranium prices fell a lot of juniors drop their ground and move onto other resources however those juniors that have ground with potential stay put and keep on exploring. One such smaller company is Skyharbour Resources TSX-V:SYH. Skyharbour holds a substantial portfolio of uranium and thorium expedition prospects in the Athabasca Basin of Saksatchewan with 6 drill-ready projects over 240,000 hectares. Skyharbour has actually acquired from Denison Mines, a 100% interest in the Moore Uranium property which lies 15 kilometres east of Denison’s Wheeler River property and 39 kilometres southern of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium expedition property high quality uranium mineralization at the Radical Zone with drill results returning as much as 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at an upright deepness of 265 metres.
Skyharbour also has a joint-venture with Orano Canada. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour owns a 24.5% interest in the Project. Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit. Skyharbour also owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter of the Basin which contains a NI 43-101 inferred resource totalling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%.
The main property of interest at this time though is the Moore property which hosts high grade uranium mineralization at the Main Maverick Zone, which was discovered by JNR Resources in the early 2000’s. The company has carried out diamond drill programs over the last few years with several drill holes intersecting high grade uranium mineralization along the 4.7 kilometre long Maverick structural corridor. Drill intercepts of high grade, shallow uranium include 20.8% U3O8 over 1.5m at 264m, 9.12% U3O8 over 1.4m at 278m and 5.29% over 2.5m U3O8 at 279m. Skyharbour’s drill hole ML-199 tested the Main Maverick Zone lens and intersected high grade uranium mineralization containing 6.0% U3O8 over 5.9m at 265 metres depth including 20.8% U3O8 over 1.5m. Hole ML-202 from the Maverick East Zone intersected high grade uranium of 1.79% U3O8 over 11.5m at 270m including 4.17% U3O8 over 4.5m and 9.12% U3O8 over 1.4m.
Of particular interest are underlying basement feeder zones to the unconformity-hosted high grade uranium present along the Maverick corridor; these targets have seen limited historical drill testing. Only 3 kilometres of the total 4.7 kilometre long Maverick corridor has been systematically drill tested leaving robust discovery potential along strike as well as at depth in the underlying basement rocks which have seen limited drill testing historically.
The company also has the Preston property which is a large 49,635 hectare (122,651 acre) land position strategically located to the south of and adjacent to NexGen Energy’s Rook 1 project host to the high grade Arrow deposit, and close to Fission Uranium’s (TSX: FCU) Patterson Lake South project host to the high grade Triple R deposit. Skyharbour is advancing this project using a “Prospect Generator” model with a strategic partner funding exploration and making cash payments to Skyharbour.
The South Falcon Point Project has seen drilling of over 22,000 metres in more than 110 holes. Over $15 million has been invested in exploration consisting of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area. The Yurchison Project consists of 11 claims totalling 54,184 ha in the Wollaston Domain of northern Saskatchewan. The northeastern half of this project contains numerous Pb-Zn-Ag showings.
Shyharbour also has a gold, silver property in the Red Lake district of Ontario. This property is owned 100% and consists of 1,780 acres of land around the past-producing Selco South Bay copper-zinc-silver mine. The South Bay property is located in the Dent, Mitchell, and Agnew Townships, 80 kilometres east-northeast of Red Lake in northwestern Ontario.
With uranium in a hot uptrend there could very well be a lot of upside in small juniors like Skyharbour. The 52 week high was reached at 87 cents just a while ago and the company has about 160 million fully diluted shares at the moment.
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