Skyharbour Resources (TSX-V: SYH) is a uranium exploration company focused on the prolific Athabasca Basin in Northern Saskatchewan, Canada. The Company is a member of the Western Athabasca Syndicate which controls a large, geologically prospective land package consisting of five properties (287,130 hectares or 709,513 acres) in the Basin. The properties are strategically located to the north, south, east and west of Fission Uranium’s (TSX-V: FCU) Patterson Lake South (“PLS”) recent high grade uranium discovery and NexGen Energy’s (TSX-V: NXE) Rook 1 project on the western flank of the Athabasca Basin. $6,000,000 in combined exploration expenditures over the next two years is planned on these properties, $5,000,000 of which is being funded by the three partner companies. A first-pass drill program was recently completed at the flagship Preston Project with assays pending.
On May 30, 2014, Skyharbour announced the acquisition of 100% interests in the Way Lake and Yurchison Lake Uranium Projects from Denison (TSX:DML) totaling 103,552 hectares on the east side of the Athabasca Basin for $20,000 in cash and two million common shares. The Way Lake Uranium Project is comprised of 21 contiguous claims located 55 kilometres east of the Key Lake mine in northern Saskatchewan. JNR Resources, acquired by Denison in 2013, released an initial NI 43-101 mineral resource estimate in 2012 on the property for the Fraser Lakes Zone B consisting of 6,960,681 pounds U3O8 inferred at an average grade of 0.03% U3O8 and 5,339,219 pounds ThO2 inferred at an average grade of 0.023% ThO2 within 10,354,926 tonnes using a cutoff grade of 0.01% U3O8. On the northern side of the Way Lake property at the Hook Lake target, high grade uranium mineralization has been discovered with up to 48% U3O8 in historic grab samples from a massive pitchblende vein. The source of this high grade mineralization has yet to be discovered.
Skyharbour also owns a 60% interest in the Mann Lake Uranium Project located on the east side of the Athabasca Basin 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit. The property is adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners International Enexco (30%) and AREVA (17.5%) where high-grade, basement-hosted uranium mineralization was recently discovered.
The Company has 57 million shares outstanding with insiders owning over 20% of the outstanding shares. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
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