ENERGY MINERALS

Skyharbour peaks on high-grade uranium assays

Uranium junior Skyharbour Resources has reported grades of up to 6.8% U3O8 among initial results from summer drilling at its flagship Moore project in Saskatchewan’s Athabasca Basin.

Staff reporter
 Skyharbour Resources is eyeing positive uranium fundamentals

Skyharbour Resources is eyeing positive uranium fundamentals

The above grade was in a 2m intercept, part of 6m at 2.54% from 276m at the Maverick East zone.

The company acquired Moore from Denison Mines and the project is 15km from Denison's Wheeler River project and "proximal" to Cameco's Key Lake and McArthur River operations.

"The remaining assay results from the drill programme are pending, which will provide additional news flow in the months to come amidst a significant resurgence in the uranium market," president and CEO Jordan Trimble said.

The uranium price is surging thanks to supply cutbacks and on-market yellowcake purchases by the new Sprott Physical Uranium Trust.

Skyharbour pointed to "some of the best fundamentals since pre-Fukushima" and noted nuclear energy was expected to play a vital role in providing base-load, carbon emissions-free, low-cost electricity generation.

It's now drilling a further four to five holes at Moore.

The company raised C$3 million at 38c per unit in April.

It said last month it had more than $8.5 million in cash and shares after receiving $1.2 million through the exercise of warrants.

It said partners Azincourt, Orano and Valor Resources were funding the bulk of exploration at its Preston, East Preston and Hook Lake (previously North Falcon Point) projects, respectively.

Skyharbour shares (TSXV: SYH) gained 11.3% yesterday to close at 79c, the highest point in more than five years.

At that close, its market capitalisation is almost $98 million (US$77 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.