Skyharbour Resources (SYH.V) has announced it has started its winter drill program on its Moore Uranium project in Saskatchewan’s Athabasca Basin within walking distance from Denison Mines’ (DNN, DML.TO) Wheeler River project.
The company plans to drill a total of 2,500 meters in 7-9 holes where Skyharbour has done additional work to upgrade the ‘interesting’ zones to high-priority drill targets. Over the past six-seven months, Skyharbour has done a lot of geophysical to further refine the targets and we have the impression the drill program that has just been announced will focus on these high priority drill targets along the four kilometer long structural corridor at Maverick.
At Maverick East, Skyharbour will follow up on the best hole it has drilled in 2019 which consisted of 12 meters containing 0.62% U3O8 for a gross rock value of $545/t using a uranium price of $40/pound (and about $325/t using the current spot price for uranium) including a narrow but very high-grade interval of 2.31% U3O8 over 2.5 meters. As the exploration season came to an end before Skyharbour was able to follow up on this hole, the company must be very keen to re-test this target and according to its press release, Skyharbour will be focusing on the strike extensions and potential zones down dip of last year’s uranium intercept.
Additionally, Skyharbour will also drill-test the potential north-eastern extension to the Maverick deposit and the main exploration targets there are 0.5-1.5 kilometers away from the ‘main’ Maverick zone and within the 2 kilometer strike length of the 4 kilometer long structural corridor that hosts the mineralization at Maverick. This extension zone has already been the subject of drill programs but as the spacing between drill holes was quite wide, Skyharbour will now narrow down its focus and zoom in on the most promising areas and we are looking forward to see if the refined exploration targets will help the company find thicker mineralized intercepts (historical drilling did encounter some uranium mineralization but generally in narrow intervals). All exploration targets that will be drill-tested by Skyharbour are basement-hosted.
Skyharbour’s own 2,500 meter drill program announcement comes hot on the heels of the announcement of joint venture partner Azincourt Energy (AAZ.V) which announced the start of its own 2,500 meter drill program on the East Preston uranium project where it is currently earning a 70% stake. Azincourt aims to drill up to 15 holes and has earmarked C$1.2M for drilling purposes.
This means Skyharbour will be able to announce drill results from two projects where a cumulative 5,000 meters of drilling will be completed. Its other joint venture partner Orano hasn’t announced its exploration plans yet, but we expect to see an update pretty soon. Now things are moving on Skyharbour’s assets we are working on an update on the company which we will release in the near future. And let’s hope the drill bit will deliver again this year.
Disclosure: The author has a long position in Skyharbour Resources. Skyharbour is a sponsor of the website.