Skyharbour’s Partner Company Basin Uranium Corp. Completes 2022 Drilling at Mann Lake Uranium Project

Europe Business

Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (the “Company”) partner company, Basin Uranium Corp. (“Basin Uranium”) has completed 2022 drilling at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit.


Mann Lake Uranium Project:


In total 6,279 metres were drilled 2022 over two phases of drilling. Phase two consisted of 2,776 metres of diamond drilling over four holes which followed up on targets from phase one drilling and geophysical programs completed earlier in the year. The Mann Lake camp has been demobbed for the winter and all drill sites have been reclaimed. All core samples have been submitted to the Saskatchewan Research Council (SRC) for analysis and the assays are pending and will be released once received.


Phase Two Drill Highlights:


  • Holes MN22007 and MN22008 targeted an interpreted basement conductor (2022 MT resistivity survey), magnetic low (interpreted metasediment basement) within a gravity low anomaly which was interpreted as a basement fault structure and successfully intersected uranium dominant, anomalous radioactive intervals in the basement rocks as well as just above the unconformity.
  • Hole MN22007 intersected graphite enriched psammite throughout the entirety of the basement rocks. Two major fault structures with abundant graphite mineralization were intercepted in the basement.
  • Hole MN22008 intersected abundant blue-grey dravite clay above the unconformity. The mineralization was focused predominantly along fracture surfaces. Potential graphite could be present in the dravite due to the blue-grey colour of the clay.


Completed Drill Holes at Mann Lake 2022:


“The completion of our phase two drill program represents the culmination of a very active and successful 2022 exploration program that was comprised of nearly 6,300 metres of diamond drilling and multiple geophysical programs at our Mann Lake project. We were able to advance this project from a grassroots-stage, one that had not seen any modern exploration techniques or benefitted from the last two decades of exploration understanding in the basin, through to a multi-phased diamond drill program that defined the unconformity and intersected uranium mineralization.” commented Mike Blady, CEO of Basin Uranium. “As we await assay results from drilling, we are planning our 2023 exploration programs at both our Mann Lake project in the Athabasca Basin and our Wray Mesa project in Utah.”


Table 1: Collar Information


Hole ID  Easting  Northing  Elevation  Depth  Azimuth  Dip  Notes 
MN22001 470812 6383121 550 731 0 -90 U/C @650.65m
MN22002 471133 6383344 550 683 0 -90 U/C @631.35m
MN22003 471379 6383635 550 713 0 -90 U/C @630.95m
MN22004 471878 6384180 550 704.65 0 -90 U/C @607.76m
MN22005 473245 6384561 550 671.67 0 -90 U/C @623.79m
MN22006 471252 6383262 550 572 0 -90 Abandoned
MN22006A 471252 6383262 550 836.75 0 -90 U/C @617.5m
MN22007 470122 6381750 575 887 0 -90 U/C @671.8m
MN22008 469839 6381646 574 910 0 -90 U/C @649.02m


Skyharbour entered into an Option Agreement (the “Agreement”) with Basin Uranium whereby Basin Uranium has an earn-in option to acquire a 75% interest in the Mann Lake Uranium Project. Under the Option Agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totalling CAD $4,850,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project. Basin Uranium Corp will also issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of Basin Uranium over the three-year earn-in period to complete the earn-in.


The Mann Lake Uranium Project is strategically located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast of Cameco’s Millennium uranium deposit. The Mann Lake project is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and Orano (17.5%). Denison Mines acquired International Enexco and its 30% interest in the project after a 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization at this adjacent project.


Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.


Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit. Skyharbour also has several active earn-in option partners including: ASX-listed Valor Resources at the Hook Lake Uranium Project, CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project, CSE-listed Medaro Mining Corp. at the Yurchison Project, and Yellow Rocks Energy, a private Australian entity, at the Wallee and Usam Island Projects.


The Company owns a 100% interest in the South Falcon Point Uranium Project on the southeastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. Skyharbour has recently optioned the South Falcon East Project, a portion of the larger South Falcon Project, to Tisdale Clean Energy whereby Tisdale will fund exploration, make cash payments and issue shares to Skyharbour over a five-year earn-in period. In aggregate, Skyharbour has now signed option agreements with partners that total over $34 million in partner-funded exploration expenditures, over CAD $23 million in stock being issued and just under $15 million in cash payments coming into Skyharbour, assuming that these partner companies earn-in the full amount at their respective projects.


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.


Skyharbour’s Uranium Project Map in the Athabasca Basin: