Skyharbour Resources Ltd. (TSXV: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) started its 8,000 meter winter drill campaign at its Russell Lake Uranium Project in the central most core of the Eastern Athabasca Basin of northern Saskatchewan.
The company announced on Tuesday that it’s planning 5,000 metres of drilling in ten to 12 holes at Russell. It will then move the drill rig to its Moore Uranium Project to finish another 3,000 meters of drilling in eight to ten holes.
Skyharbour’s geologists and contracted drilling crew operate from an exploration camp at the project, situated on the McArthur River-Key Lake haul road, within five kilometers of Denison Mines‘ (TSX: DML) Phoenix deposit at the Wheeler River Project.
The company has full funding and permits for this winter drill campaign, as well as for future drilling and other exploration programs scheduled for later in 2024 at Russell and Moore.
The company is leveraging the local infrastructure to reduce its all-in drill costs, including the McArthur River Mine haul road, powerlines, and the exploration camp at Russell.
Skyharbour plans to test and explore geological formations or conductors that have the potential for uranium. These formations also have a geological link extending from the nearby Wheeler River Project operated by Denison Mines.
Meanwhile, the drilling activities at Moore will involve infill and expansion drilling at the high-grade Maverick Corridor. Additionally, there will be drill testing of several regional targets, including the Grid Nineteen target area.
The Russell Lake map. Image via Skyharbour Resources.
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Drilling in M-Zone revealed uranium mineralization in 2020
Skyharbour has identified and refined additional drill targets in the M-Zone Extension area. These targets are situated along the trend from the Grayling Zone and Denison’s M-Zone, where historical drilling had previously intersected uranium hosted in the basement rocks. Historical drilling also included findings of up to 0.70 per cent U3O8 over 5.8 meters at a depth of 374.0 meters.
Furthermore, more recent drilling conducted by Denison in 2020 at the M-Zone revealed uranium mineralization, albeit with significant faulting, core loss, geochemical anomalies, and the presence of radioactivity in other drill holes.
Like the Grayling Zone, this area’s mineralization is linked to a graphitic thrust fault situated within a significant magnetic low.
“For the first time in several years, we are infill and definition drilling at the high-grade Maverick Main Zone at Moore,” Jordan Trimble, president and CEO of Skyharbour, said.
“With the uranium spot price around $100 / lb and the very compelling fundamentals underlying the commodity, this drill campaign and its potential catalysts could not come at a better time.”
Cross structures linked to Denison’s Phoenix and Gryphon uranium deposits trend onto the Russell Lake property within the M-Zone Extension target area.
This additional geological factor enhances the potential for discovering uranium deposits in this particular target area. The drilling plan for the M-Zone Extension target at Russell Lake consists of three to four holes, totalling 1,500 meters as part of the Russell Lake Program.
It’s these geological conditions that make the Athabasca Basin highly attractive to mining companies.
Its allure lies in the basin’s abundant high-grade uranium deposits, which are hosted in unique, unconformity-type settings.
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The Athabasca Basin offers ideal conditions for uranium
The basin’s geology, characterized by ancient sedimentary rocks, offers ideal conditions for the formation of uranium deposits. These result in some of the richest ore grades globally.
Additionally, the region boasts a long history of successful uranium mining operations. These include well-established infrastructure network, and a stable regulatory environment, all of which contribute to its attractiveness for mining ventures.
ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) has recently closed its acquisitions of Latitude Uranium Inc. (CSE: LUR) (OTCQB: LURAF) and 92 Energy Limited (ASX: 92E) (OTCQX: NTELF).
Latitude possesses an exploration portfolio in Nunavut and Labrador, while 92 Energy manages a series of projects in the Basin. Upon finalizing the acquisitions, the combined company will possess a Canadian land package spanning 7.1 million acres.
In November, ATHA identified 18 high-priority uranium targets in the Athabasca Basin after conducting the largest-ever electromagnetic survey in the region. The company is actively participating in a joint venture with Stallion Uranium Corp. (TSXV: STUD) (OTCQB: STLNF) in the same area. Additionally, ATHA enjoys a 10 percent carried interest on specific portions of the land package owned by NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE).
ATHA Energy Corp. is a sponsor of Mugglehead news coverage
