Skyharbour Plans Upcoming 2,500m Winter Diamond Drilling Program at its High Grade Moore Uranium Project, Saskatchewan
Vancouver, BC – Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce that mobilization will commence shortly for its 2020 winter diamond drilling program at its flagship 35,705 hectare Moore Uranium Project, located approximately 15 kilometres east of Denison Mine’s Wheeler River project and near regional infrastructure on the southeast side of the Athabasca Basin, Saskatchewan. The Company is planning to carry out 2,500 metres of drilling in 7 to 9 diamond drill holes to follow up on the success of the drill programs completed last year. This fully funded and permitted drill program will test both unconformity and basement-hosted targets along the high grade Maverick structural corridor. Of particular interest are potential underlying basement feeder zones to the unconformity-hosted high grade uranium present along the Maverick corridor. These targets have seen limited historical drill testing.
Moore Uranium Project Claims Map:
Jordan Trimble, President and CEO of Skyharbour Resources, states: “We are excited to get the next phase of drilling started at our flagship Moore uranium project which will serve as an important near term catalyst for the company. The high grade uranium mineralization discovered during previous drill programs illustrates the strong discovery potential at Moore and recent geophysics and geological modeling have yielded some of highest priority drill targets to date at the project. We will be drill testing these targets on the Maverick corridor with a focus on basement-hosted targets as well as testing notable shallow targets that could further enhance the mineralizing system. To complement this drill program, and add additional news flow and discovery potential, Skyharbour’s partner Orano Canada Inc. plans to complete a winter exploration program at the Preston Project while the Company’s other partner Azincourt Energy is planning to commence a drill program shortly at the East Preston Project.”
Winter 2020 Dill Program at the Moore Uranium Project:
Given the success of Skyharbour’s drilling at the Moore Project over the last several years, the Company will be commencing a 2,500 metre winter diamond drilling program. Drill targets will include unconformity and basement-hosted mineralization along the Maverick structural corridor. The Company specifically plans to expand the high grade mineralization recently discovered at the Maverick East Zone and to test the Goose and Viper target areas along strike with a focus on basement-hosted mineralization. Only 2 km of the total 4 km long Maverick structural corridor has been systematically drill tested leaving robust discovery potential along strike, as well as at depth in the underlying basement rocks which have seen limited drill testing to date.
Moore Uranium Project Maverick Corridor:
Maverick East Target:
At Maverick East, recent drilling by Skyharbour intersected significant clay alteration and localized high grade uranium mineralization extending from the unconformity into the basement rocks. Hole ML19-06, drilled in the Maverick East Zone during the last drill program in 2019, intersected 0.62% U3O8 over 12.0 metres, and included a high grade basement-hosted intercept of 2.31% U3O8 over 2.5 metres. The focus will be on down dip and strike extensions of the Maverick East target. Past drilling has confirmed the presence of uranium mineralization over broad intervals in excess of 80 metres strike length in both the sandstone and basement rocks. It appears that the mineralization is plunging in a northeasterly direction and tends to be basement dominated to the northeast. Highlights of the Maverick East Zone also include hole ML-202 which returned 1.79% U3O8 over 11.5 metres, including 4.17% U3O8 over 4.5 metres and 9.12% U3O8 over 1.4 metres.
Moore Uranium Project Main and East Maverick Zones Drilling Map:
Skyharbour recently completed an Unmanned Aerial Vehicle Magnetometer Survey (“UAV-MAGTM Survey”) by Pioneer Aerial Surveys Ltd. (“Pioneer”). The UAV-MAGTM survey successfully identified high-priority cross-cutting features and structures along the Maverick corridor. Identification of these features has better defined drill targets for this upcoming drilling program at Moore. In addition, refinement of the Company’s geological and structural model regarding the northward plunging mineralized zones at Maverick East is now complete and has greatly assisted in drill targeting the basement rocks of the Maverick East Zone, along strike and down dip of the current mineralization.
Maverick Structural Corridor – Northeast Extension Targets:
Drilling to the northeast of the Maverick and Maverick East mineralized zones will be within the remaining 2 km of the Maverick Structural Corridor, and include the Goose and Viper target areas approximately 500 metres and 1.5 kilometres along string to the northeast respectively. A large proportion of this trend has been tested by a series of broadly spaced drill holes and/or fences with significant untested gaps. Virtually all of the holes exhibited extensive sandstone and basement alteration and geochemical enrichment similar to that found within the Maverick and Maverick East Zones. Narrow intercepts of uranium mineralization were identified in numerous locations along this portion of the corridor. Many of these mineralized intercepts occur at the unconformity, but in a few key areas significant strongly altered basement structures within prospective graphitic and metasedimentary units were the host for this mineralization, with only limited drilling of the basement at depth completed.
Moore Uranium Project Regional Drill Targets Map:
At the Viper Zone, historical drilling encountered basement-hosted mineralization in hole ML-161 which returned 1.0 metre of 0.083% U3O8 and was accompanied by significant pathfinder element enrichment, clay alteration and structural disruption approximately 100 metres below the unconformity. Hole ML17-08 drilled by Skyharbour in 2017 also encountered significant clay alteration and structural disruption with localized silicification and pathfinder element enrichment. In addition to the drilling results, the recent UAV-MAGTM survey indicates a prominent magnetic low associated with this target. The mineralization in hole ML-161 has never been followed-up down-dip, and thus represents a high-priority target for further drilling.
Several new targets within these relatively untested areas of the corridor have been highlighted by the recently completed UAV-MAGTM survey which successfully identified notable, cross-cutting features and structures along the Maverick corridor.
Uranium Market Commentary and Update:
The uranium market has shown notable signs of recovery over the last several years with increasing uranium prices and improving sentiment, and this recovery is expected to accelerate amid recent news and sector developments. Analysts that cover the sector have stated that this could be a sustained upswing as they are currently seeing some of the best fundamentals since pre-Fukushima which should be supportive of higher uranium prices as a major supply-side response is playing out while the sticky demand-side continues to improve. The spot uranium price is approx. US $24.50 / lb U3O8 which is still well below the average all-in global cost of production and significant price appreciation is needed to justify this production as well as developing new mines to ensure sustainable and secure supply to meet growing global demand. Furthermore, the fuel cycle market restructuring has continued with conversion and enrichment seeing notable price increases during 2019 which could spill over into the uranium market at some point.
Mine closures, production curtailment and project deferrals continue while almost fifty new nuclear reactors have come online in the last six years. Nuclear utility procurement in late 2019 increased to levels not seen in years and the major production cuts and depleting mine reserves appear to be working their way into the uranium market and driving prices higher. The two largest producers, Cameco and KazAtomProm, announced large supply cuts in 2017 and 2018 including Cameco’s suspension of operations at the world’s largest uranium mine, McArthur River. Additionally, several new uranium holding companies and funds have emerged including Yellow Cake PLC and Tribeca Capital Partners to purchase physical material effectively taking further spot supply from circulation. Lastly, Cameco will have to source millions of pounds of uranium in 2020 to fulfill their contracts, much of this could be from the spot market which would be supportive of prices in the near term.
The recent climate protests have dominated headlines and this should ultimately lend itself to improved sentiment for nuclear power as the only source of reliable, clean baseload electricity for today’s modern society. On the demand side, there are 442 operating nuclear reactors and 54 new reactors under construction globally with hundreds more planned, ordered and proposed. China continues to be at the forefront of demand growth and has the largest reactor pipeline including 47 operating reactors, 12 under construction and another 212 planned or proposed, making up a significant portion of the global pipeline of non-operating units.
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