The Athabasca Basin uranium explorer Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) reported one of its best drill results to date at the Russell Lake project in the eastern section of the jurisdiction.
On Thursday, the company announced that one of its recently drilled holes at the site’s Grayling zone yielded 0.151 per cent triuranium octoxide (U3O8) over 5.9 metres including 0.366 per cent U3O8 in a 1-metre interval at a depth of 338.4 metres. The eastern Athabasca Basin project spans a vast 73,294 hectares.
“Numerous holes at the Grayling target area intersected significant zones of uranium mineralization including hole RSL23-01 which represents one of the best drill results at the project,” said Skyharbour’s CEO Jordan Trimble.
The Russell Lake project is located between the Key Lake and McArthur River projects run by Cameco Corporation (TSX: CCO) (NYSE: CCJ) and adjoins the Wheeler River project operated by Denison Mines Corp. (TSX: DML) (NYSE American: DNN) to the west.
Skyharbour has 24 projects throughout an expansive 1.2 million acre land package and says that 10 of them are drill-ready. The company closed an option agreement with the Rio Tinto Group (ASX: RIO) (NYSE: RIO) (LON: RIO) subsidiary Rio Tinto Exploration Canada for an initial 51 per cent interest in Russell Lake last year and has the option to increase its stake by meeting certain conditions.
Triuranium octoxide (U3O8). Photo by Leiem via Wikimedia Commons
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A modern nuclear renaissance is propelling interest in uranium
A recent mining jurisdiction survey conducted by Canada’s Fraser Institute found that Saskatchewan sat in spot number three for overall investment attractiveness globally. The vast majority of the Athabasca Basin is located in the province.
The region produces uranium at a 100 times higher grade than other deposits throughout the world and it is home to the highest-grade uranium mine on the planet, Cameco’s Cigar Lake operation.
The largest electromagnetic survey in the history of the Athabasca Basin was recently completed by ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF).
The company is currently processing a vast amount of data on its land package and aims to have the highest-priority targets identified mid-way through next year before commencing drill testing on them during the latter half of 2024.
ATHA has the largest land package in the Basin as well, spanning 3.4 million acres. The company currently has a cash balance of $25 million for its ongoing exploration and development endeavours in the jurisdiction.
The rising price of uranium has been attracting new or renewed interest from investors and making the Athabasca Basin an increasingly attractive investment.
ATHA Energy is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
