Skyharbour Resources (TSX-V: SYH) is a uranium exploration company actively advancing projects totaling over 390,000 hectares in the prolific Athabasca Basin of Saskatchewan, Canada. In May 2014, Skyharbour announced the purchase of 100% interests in the Way and Yurchison Lake Uranium Projects from Denison (TSX:DML) totaling 103,552 hectares on the east side of the Basin. At the Way Lake property, an initial NI 43-101 mineral resource estimate was released in 2012 on the property for the Fraser Lakes Zone B consisting of 7.0 million pounds U3O8 inferred at an average grade of 0.03% U3O8 and 5.3 million pounds ThO2 inferred at an average grade of 0.023% ThO2 within 10.4 million tonnes using a cutoff grade of 0.01% U3O8. On the north side of project at the Hook Lake target, high grade mineralization has been discovered with up to 48% U3O8 in historic grab samples from a massive pitchblende vein. The source of this high grade uranium mineralization has yet to be discovered.
Skyharbour also holds interest in one of the largest land packages strategically located near Fission Uranium’s (TSX-V: FCU) Patterson Lake South (“PLS”) high-grade uranium discovery (9.08% U3O8 over 54.5m in hole PLS 13-075) as well as NexGen Energy’s (TSX-V: NXE) recent discovery on their Rook 1 Project. These new discoveries demonstrate the potential for high-grade uranium on the margins of the western side of the Basin where significantly less exploration has been carried out. Skyharbour’s properties were acquired for their interpreted favourable geology for the occurrence of PLS style uranium mineralization.
Skyharbour is partners with three other companies in the Western Athabasca Syndicate which was formed to explore the PLS property package in an operationally effective, cost efficient manner. Each of the companies has an option to earn in 25% by incurring exploration expenditures over two years totaling a combined $6 million. Skyharbour is the operator of the project and will fund $1 million with the three partner companies funding the remaining $5 million. Fifteen high-priority drill target areas at the flagship Preston Project associated with eight prospective exploration corridors have been successfully delineated through the extensive exploration carried out thus far. A first-pass drill program was recently completed.
Skyharbour also has a 60% interest in the Mann Lake Uranium Project located on the east side of the Basin 25 km SW of Cameco’s McArthur River Mine. The project boasts highly prospective geology and geochemistry, and a robust discovery potential as identified by the historic work consisting of over $3 million in exploration including drilling. The property is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and AREVA (17.5%) where high-grade, basement-hosted uranium mineralization was recently discovered.