Skyharbour Resources (SYH.V) has just released the assay results from the winter drill program on its almost 40,000 hectare Moore Uranium project in Saskatchewan’s Athabasca Basin. Three holes were drilled on the eastern edge of the Maverick zone, and hole 4 which was drilled the furthest to the east was now successful in doubling the strike length of Maverick East to 100 meters. That hole was following up on a historical drill result and returned 4.5meters of 0.38% U3O8 including a high-grade interval of 1.43% U3O8 over half a meter. 0.38% U3O8 sounds low but has a gross rock value of around US$300/t using an uranium price of $35/pound so 4.5 meters at that grade should definitely be mineable, even at a depth of 274 meters down-hole.
Skyharbour drilled two additional holes into Maverick East: hole 6 was drilled almost right in the middle between 4 and 6 and intersected four different zones of uranium-bearing mineralization with 1.1 meters of 0.12% U3O8, 2.2 meters containing 0.22% U3O8 and twice 0.5 meters containing 0.22% and 0.13% U3O8. All four intervals were encountered within a 30 meter thick zone, and post-drilling analysis suggests the hole may not have been drilled at the optimal spot. Skyharbour seems to be optimistic to find more high-grade uranium mineralization around that area.
The company is now gearing up for a folly funded 2,500 meter summer drill program which will continue to drill-test the high priority zones along the Maverick Corridor with a specific focus on untested conductive corridors and underlying feeder zones. As of the end of December, Skyharbour had a working capital of around C$1.7M (but obviously still had to pay its winter drill program bills) and the company raised an additional C$1.7M at the end of April (C$0.15 hard dollar, C$0.17 flow-through) and will put the cash to work in the upcoming summer drill program.
Disclosure: The author has a long position in Skyharbour Resources. Skyharbour is a sponsor of the website.
