Skyharbour Resources (SYH.V) has released the initial results from its Fall 2018 drill program on its 100% owned Moore Uranium project in Saskatchewan’s Athabasca Basin. This drill program consisted of approximately 3,800 meters in 8 holes, of which two have returned high-grade uranium values and four other holes were drill-testing deeper targets in the underlying basement rocks. Those four ‘exploratory’ holes encountered up to 80 meters of altered lithologies which contained minerals that act as pathfinder elements for uranium mineralization.
What’s more important is that two of the four holes that were aimed to test the Maverick Main zone encountered high-grade uranium mineralization.
Hole 14 encountered 3.11% uranium over 1.8 meters within a thicker but lower-grade interval of 15.2 meters at 0.56% U3O8 which is one of the thickest intercepts at Maverick to date. And while you may be underwhelmed by a grade of 0.56%, keep in mind this corresponds to approximately 12 pounds of Uranium with a current gross value of $480/t (using a uranium price of $40/pounds). So while a U3O8 grade of 3.11% is absolutely excellent, 0.56% is still very good. This interval was encountered at a depth of 264.5 meters, which is relatively. An additional feature of this hole is that the majority of the interval has been encountered in the basement rock below the unconformity.
Hole 15 was drilled at the western end of the Maverick zone and encountered 2.91% U3O5 over 1.5 meter within a thicker interval of 7.8 meters containing 1.33% U3O8. The same remark is valid here. 2.91% U3O8 is excellent, but 1.33% is really good as well as that’s the equivalent of approximately 29 pounds of uranium per tonne of rock. This grade could best be compared to one ounce of gold per tonne of rock (if that makes it easier to put it into perspective). This interval was encountered at approximately the same depth downhole as in hole 14 (just over 264 meters). What’s interesting at hole 15 is that the 7.8 meter interval also contains very high cobalt (0.44%) and nickel (1.62%) values. Using a cobalt and nickel price of respectively $25/pound and $5/pound, this adds an additional $415/t to the gross rock value.
Now the Fall drill program has been completed, Skyharbour is gearing up for its winter drill program. It’s planning to drill an additional 3,000 meters to test the additional known unconformity and basement targets along the Maverick corridor. On top of that, the company will do additional work on the untested conductive corridors that have already been identified by its technical team.
It’ll be a busy winter for Skyharbour, as it will advance its own Moore uranium project while joint venture partners Orano and Azincourt Energy (AAZ.V) will ramp up their exploration efforts on the two uranium properties they are currently earning in on.