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Skyharbour Looks to New Uranium Claims

January 5, 2022 ( Newswire) Skyharbour Resources Ltd. has staked six new prospective uranium exploration properties within and near the Athabasca Basin of northern Saskatchewan, which contains the world’s highest-grade uranium deposits.

Skyharbour Resources Ltd. (SYH:TSX.V; SA:NYSE.MKT) has staked six new prospective uranium exploration properties within and near the Athabasca Basin of northern Saskatchewan. The six properties comprise 147,510 hectares (364,505 acres) in the basin, which contains the world’s highest-grade uranium deposits.

The company also recently completed a small private placement financing for total gross proceeds of CA$500,000 bringing the treasury of the company to over CA$10 million in cash and stock. An independent director provided the lead order for the financing, illustrating the strong insider support for Skyharbour.

Skyharbour intends to use the financing’s proceeds for its exploration and upcoming drilling programs.

With major nations committed to reducing carbon emissions as global electricity usage continues to climb, Skyharbour President and Chief Executive Officer Jordan Trimble believes more nuclear-based generating capacity will be seen as the way to meet demand. That, he says, should drive uranium prices, and the value of exploration companies like Skyharbour, higher.

“Currently, consumption of nuclear fuel is outstripping supply, with utilities and others working down their inventories to meet the difference,” Trimble said. “But a new wave of long-term contract renewals is likely soon, and utility demand is largely inelastic in terms of uranium prices, chiefly because fuel accounts for only about 5% to 10% of the total cost of operating a nuclear electrical generating facility.”

At Skyharbour, he says, the emphasis is on discovering uranium at its exploration projects. Secondarily, the company acts as a project generator and land incubator enabling outside companies to earn into the secondary projects through cash and stock payments as well as funding the advancement of the projects. Management and ownership see acquisition of Skyharbour by a large mining company to be the company’s end-goal. Trimble says the trigger for such an event would be a combination of several factors.

“Finding rich deposits of high-grade U3O8 is key, along with higher uranium prices and greater demand from utilities,” he said. “We have more-than-adequate capital to get us to that point as well as a management team whose mix of capital-market and geological expertise is suited to lead us there.”

Based in Vancouver, British Columbia, Skyharbour Resources operates several uranium-drilling programs individually, or participates jointly, on over 385,934 hectares (953,663 acres) in northern Saskatchewan’s uranium-rich Athabasca Basin. It is one of the largest project portfolios in the region.

Its single-largest effort is the Moore Uranium Project, which it acquired from Denison Mines, a large strategic shareholder of the company. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization. It is located in the Maverick Zone, 15 kilometers east of Denison’s Wheeler River project and 39 kilometers south of Cameco’s McArthur River uranium mine. Moore has returned drill results of up to 6.0% triuranium octoxide (U3O8) over 5.9 meters including results of 20.8% U3O8 over 1.5 meters at a vertical depth of 265 meters.

In a joint venture with Orano Canada Inc., Skyharbour has a 24.5% interest in the Preston Project. It also has a 15% interest in the East Preston Project as part of a joint venture with Azincourt Energy. Preston and East Preston are large, geologically attractive properties near Fission Uranium’s Triple R deposit and NexGen Energy’s Arrow deposit.

In addition to having active partners at its Hook Lake Uranium Project, its Mann Lake Uranium Project and its Yurchison Project, the company also has eight other projects: South Falcon Point, Riou River, Pluto Bay, Wallee, Usam Island, Foster River, and South Dufferin.


1) Evan Cooper compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None. His company has a financial relationship with the following companies referred to in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Skyharbour Resources Ltd.. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

3) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Skyharbour Resources Ltd., a company mentioned in this article.

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