VOYRF - Uranium Co. Follows Discovery With More High-Grade Results | Benzinga
Source: Streetwise Reports 07/12/2024
Skyharbour Resources Ltd. (OTC: SYHBF) has announced assay results from the 2024 winter diamond drilling program at its 100%-owned Moore Lake uranium project in the Athabasca Basin of Saskatchewan.
A highlight of the nine-hole campaign totaling 2,864 meters of drilling included hole ML24-08, which intersected 5 meters of 4.61% U3O8 from a relatively shallow downhole depth of 265.5 meters to 270.5 meters, including 10.19% U3O8 over 1 meter at the Main Maverick Zone, the company said.
"The drill results announced here demonstrate the high-grade, shallow endowment of uranium mineralization at the Main Maverick Zone" President and Chief Executive Officer Jordan Trimble said. "We continue to expand this main zone and will be drilling this summer to further delineate the numerous high-grade zones of uranium on the Maverick Corridor taking advantage of regional infrastructure including the exploration camp at our adjacent Russell Lake project to bring our costs down."
Skyharbour said it plans to continue advancing Moore through additional drilling in 2024 in conjunction with a fully funded summer drilling program to follow up on its new discovery at Russell Lake, marking a major breakthrough in the discovery process at the project.
The company said an intercept from hole RSL24-02 at Fork returned a 2.5-meter-wide intercept of 0.721% U3O8 at a relatively shallow 338.1 meters, including 2.99% U3O8 over 0.5 meters at 339.6 meters just above the unconformity in the sandstone. Skyharbour said it was the best intercept of uranium mineralization historically at the Russell Lake project.
Analyst David Talbot of Red Cloud Securities wrote in an updated research note on Tuesday that the results at Russell Lake "help lay the groundwork for a follow-up summer drill program."
"We view this discovery positively and believe that it represents a breakthrough for Russell Lake, as previous exploration in this area was limited by interference from nearby powerlines" wrote Talbot, who rated the stock a Buy with a CA$0.65 per share target price.
Mineralization Expansion Potential
Skyharbour noted that all of the holes drilled in the Main Maverick Zone last winter intersected significant uranium mineralization with the goal of further expanding and delineating the known zone of mineralization.
Hole ML24-03 intersected a broad interval of high-grade mineralization grading 1.11% U3O8 over 11.5 meters starting at 266.8 meters downhole, ...