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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Skyharbour Resources finds high grade uranium during drilling at Russell Lake

Skyharbour completed drilling at Russell in two separate phases, totalling 3,094 metres in six holes during phase one

Skyharbour Resources finds high grade uranium during drilling at Russell Lake
The camp at the Russell Lake operation. Image via Skyharbour Resources.

Skyharbour Resources Ltd. (TSXV: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) discovered high grade uranium during its winter campaign in Saskatchewan.

The company announced the results on Tuesday from the first phase of its campaign at its Russell Lake Uranium Project in the Athabasca Basin. The project is in the central core of the Eastern Athabasca Basin. It has access to regional infrastructure, including an all-weather road and powerline, which helps to keep costs low.

Skyharbour completed drilling at Russell in two separate phases, totalling 3,094 metres in six holes during phase one. The second phase of the winter drill program at Russell included 2,058 metres in four holes, with geochemical assays still pending and to be released later. Additionally, Skyharbour recently completed 2,864 metres of drilling in nine holes at its Moore Project, with assays pending from that program.

During Phase One, Skyharbour discovered the best intercept of uranium mineralization historically on the property in hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721 per cent U3O8 at a shallow depth of 338.1 metres. This included 2.99 per cent U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone.

This high-grade intercept is a new discovery at the recently identified Fork Target, which has seen very limited historical exploration due to a lack of reliable geophysical data and drill targets resulting from nearby powerline interference.

The mineralization is open in most directions, including along strike, and will be a focus of upcoming drilling. Skyharbour is ready for a follow-up summer drill campaign consisting of another 7,000 – 8,000 metres of drilling at its Russell and Moore Projects.

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Discovery of high-grade uranium is a major breakthrough for Skyharbour

The Russell Lake Project is a large, advanced-stage uranium exploration property totaling 73,294 hectares. It is strategically located between Cameco Corporation‘s (NYSE: CCJ) (TSX: CCO) Key Lake and McArthur River Projects, adjoining Denison Mine Corp‘s (TSX: DML) (NYSE: DNN) Wheeler River Project to the west, Skyharbour’s Moore Uranium Project to the east, and ATHA Energy Corp. (TSXV: SASK) (OTCQB: SASKF) (FRA: X5U) North Terra Project to the northeast.

“The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell – something that hasn’t been seen before at the project with the potential to quickly grow with more drilling,” said Jordan Trimble, President and CEO of Skyharbour Resources.

Skyharbour intersected high-grade, sandstone-hosted mineralization up to 2.99 per cent U3O8 over 0.5 metres in hole RSL24-02 at the new Fork Zone, within an interval of 0.721 per cent U3O8 over 2.5 metres from 338.1 to 340.6 metres downhole, just above the unconformity.

This represents the best drill result historically at the project and marks a new discovery in a newly delineated target area. The Fork Target area is now a top-priority target for the upcoming summer drill program.

Skyharbour identified high-priority ENE and NNE-trending structures in the Fork Target area, which had limited historical drilling due to powerline interference affecting geophysical data. In hole RSL24-02, the company successfully intersected the intended target and conductor, discovering high-grade uranium at a relatively shallow depth. Skyharbour is conducting additional groundwork and geological modeling to further refine the target area, focusing on structures related to the McDougal Lake Fault Corridor.

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Assays are pending for second phase of winter campaign

Approximately 3 kilometres southeast of the Fork Target area, drilling at the East Grayling Target in hole RSL24-06 confirmed the presence of graphitic host rocks at a depth of 366.4 metres downhole. Skyharbour intersected locally anomalous uranium in the sandstone column, with up to 448 ppm Th and 912 ppm B in the basement.

“The intercept in hole RSL24-02 represents the best zone of mineralization discovered yet at Russell and it is strategically located proximal to nearby infrastructure bringing drilling costs down. The relatively shallow mineralized zone is open for expansion and we are keen to follow-up on this discovery with another sizeable, fully-funded drill program this summer and fall,” said Trimble.

Assays are pending for the second phase of the winter drill program at Russell and from the drilling at the adjacent co-flagship Moore Project, which consisted of 2,864 metres. Skyharbour is fully funded and permitted for a follow-up summer drill program at Russell and Moore. The company plans to drill approximately 7,000 – 8,000 metres across both projects, with about 4,500 – 5,000 metres at Russell and 2,500 – 3,000 metres at Moore.

During the winter of 2024, Skyharbour drilled a total of 5,152 metres in ten holes in two phases at the Russell Lake Project. The first phase consisted of 3,094 metres in six holes, and the second phase consisted of 2,058 metres in four holes. The company has obtained and processed all core and geochemical results from the first phase. The company will report the results from the second phase once received and interpreted.


ATHA Energy Corp. is a sponsor of Mugglehead news coverage


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