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).