Skyharbour Resources Ltd.'s (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) remaining results of its late 2024 diamond drill program targeting the Maverick East zone at its Moore project in Saskatchewan's Athabasca Basin showed continuity of mineralization to the northeast, reported Haywood Securities Analyst Marcus Giannini in a June 10 research note.
"Based on this continuity of high-grade uranium, we expect Maverick East to garner increased attention in the subsequent summer program, as mineralization remains uncapped to the northeast," Giannini wrote.
What the Results Indicate
The analyst reported and reviewed the latest drill results. The 2024 drill program at Moore consisted of nine holes over 2,759 meters (2,759m), and the newly reported data are from the Maverick East zone.
There, highlight hole ML24-15 intersected 6.5m of 1.5% U3O8, including 4.74% U3O8 over 1.5m, between 275 and 281.4m below surface and well outside of the previously defined mineralized area. This extended the high-grade core of the target about 42m to the northeast.
"We believe there is room for growth by way of both infill drilling and further stepouts, testing the extents of this trend," Giannini wrote.
The analyst highlighted that the mineralization at Maverick Main and Maverick East is similar. Specifically, it is concentrated right above the unconformity and between 260 and 285m below surface.
"There is potential for these two zones to coalesce," Giannini wrote.
Overall, he added, Moore has shown the potential for uranium mineralization both in the sandstone unit at site, like at Maverick Main, and in basement-hosted settings. These deeper targets have not been tested to any great extent, rather in a limited way, historically.
Giannini reiterated that Moore's location near two other projects affords Skyharbour access to nearby infrastructure and cost effective exploration. Moore is about 15 kilometers east of Denison Mines Corp.'s (DML:TSX; DNN:NYSE.MKT) Wheeler River project and proximal to Cameco Corp.'s (CCO:TSX; CCJ:NYSE) Key Lake and McArthur River operations.
Upcoming Catalysts
At the Moore project, Skyharbour plans to drill 35–45 holes over 16,000–18,000m this year, reported Giannini. Of this total, the company will drill 4,500–5,000m in the Maverick Main and East zones to delineate and define the extent of high-grade mineralization along the prominent trend.
In addition to expansion drilling, Skyharbour is expected to test regional targets at Moore, now better refined with modernized geophysical and geological modelling.
Also, the Canadian explorer plans to keep drilling at its Russell Lake joint venture project with Rio Tinto Plc (RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS), ownership of which is 57.7% and 42.3%, respectively. Skyharbour, the operator, is in the midst of a multiphase drill program at Russell Lake. In the first phase of the 2025 campaign, underway, at least 5,000m will be drilled. Targets at Russell include the high-grade unconformity-hosted Fork zone and the recently defined Fox Lake Trail and Sphinx.
Investors should expect drill results on an ongoing basis.
Stock Details
At the time of Giannini's report, Skyharbour was trading at about CA$0.34 per share, the analyst noted. Haywood does not have a rating or target price on the stock.
The uranium junior miner has 204.5 million shares outstanding. Its market cap is CA$68.5 million. It's 52-week range is CA$0.28–0.51 per share.
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