Skyharbour Resources (SYH.V) has completed its spring drill program which consisted of 2,783 meters in 7 drill holes (one was drilled at Nutana (1), three were drilled at the newly discovered Otter Zone (holes 2-4), two were drilled on the main zone (holes 5 and 7) and one hole was drilled at the Maverick East zone).
The headline result was encountered in the one hole (hole 19-06) that was drilled on the Maverick East zone, towards the most eastern point of the exploration target. The drill bit encountered 12 meters containing 0.62% U3O8 including a higher grade zone of 2.31% U3O8 over a 2.5 meter interval (indicating the remaining 9.5 meters contained an average of 0.18% U3O8) starting at a depth of 273 meters.
Hole 1 at Nutana (which is directly west of the Maverick Main Zone) was an exploration hole and intersected 0.5 meters of 0.10% U3O8 approximately 75 meters below the basement rock unconformity.
Hole 2 and 3 on the Otter Zone both encountered clay altered pegmatites which resulted in the ‘discovery’ of up to 1.26% boron in hole 2 (no assay results were shared for hole 3), and according to Skyharbour, the boron values are indicative of a high level of prospectivity for additional uranium mineralization to be discovered, as Skyharbour is tying the results from these two holes to the general interpretation of the geological structures in the Athabasca Basin. Hole 4 was also drilled in the Otter zone and encountered 0.15% U3O8 over half a meter, and this hole also contained anomalous boron values which strengthens Skyharbour’s interpretation of the uranium-hosting structures.
Results from Hole 7 weren’t mentioned in the release but Hole 5, which was drilled on the western part of the Main Maverick Zone, was also very interesting with 4.4 meters of 0.30% U3O8 followed by another 1.5 meters of 0.27% U3O8 just 5 meters deeper. And yes, the uranium values are lower than the headline result, but let’s not forget that 0.30% U3O8 still represents 6.6 pounds per tonne of rock. And if one believes in a future uranium price of $50/pound, that’s still US$330/tonne rock. So while 2.5 meters of 2.31% Uranium is exceptional, values of 0.3% are really good as well.
During the summer, Skyharbour will conduct an additional drone-supported magnetic survey to (better) identify the structures along the Maverick conductor corridor, where after the data will be used to define a drill program in August/September with special attention for the potential basement feeder zones to the unconformity-hosted uranium mineralization.
Skyharbour should release its full-year financial results for FY 2019 (which ended in March) soon, which will provide us with an update on the current cash position of the company. As of the end of December, Skyharbour had a working capital of C$2.4M.