SYHBF - Uranium Co. Makes 'Breakthrough' Discovery at Athabasca Basin Project | Benzinga
Source: Streetwise Reports 07/10/2024
Skyharbour Resources Ltd. (OTC: SYHBF) announced Tuesday that it had found the best intercept of uranium mineralization historically at its Russell Lake project in the central core of Canada's Eastern Athabascan Basin during Phase One of its 2024 winter drill program.
Hole RSL24-02 returned a 2.5-meter-wide intercept of 0.721% U3O8 at a relatively shallow depth of 338.1 meters, including 2.99% U3O8 over 0.5 meters at 339.6 meters just above the unconformity in the sandstone, the company said in a release.
This high-grade intercept is a new discovery at the recently identified Fork Target, the company noted.
"The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell — something that hasn't been seen before at the project with the potential to quickly grow with more drilling" President and Chief Executive Officer Jordan Trimble said.
Analyst David Talbot of Red Cloud Securities wrote in an updated research note on Tuesday that the results "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. "These results help lay the groundwork for additional geological modeling on structures related to the McDougall Lake Fault corridor."
The mineralization is open in most directions, including along strike, and will be a focus of the future drilling. Skyharbour said it is fully funded and permitted for a follow-up summer drill campaign consisting of another 7,000-8,000 meters of drilling at its co-flagship Russell and Moore Projects.
"We are keen to follow-up on this discovery . . . this summer and fall" Trimble said. "Furthermore, additional assays are pending from Russell as well as from drilling carried out at our Moore project, while partner companies are advancing numerous other properties in our project portfolio."
Phase Two Results Still Pending
The company drilled more than 5,100 meters in 10 holes in two phases during the winter of 2024 at Russell ...