Skyharbour Resources Ltd.'s (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) recently reported drill results from its Moore uranium project in the Athabasca Basin included stepout hole ML-24-15 that extended high-grade mineralization in the Maverick East zone, reported David Talbot, managing director and head of equity research, Red Cloud Securities, in a June 10 research note.
"We believe this is likely the most consequential hole, for the resource, that has been drilled in the last several years," Talbot wrote. "This hole and follow-up drilling this summer should have a positive influence on a planned resource estimate for Maverick and Maverick East, which we currently forecast to host perhaps 8,000,000–12,000,000 pounds U3O8."
62% Implied Return
Red Cloud maintained its CA$0.55 per share target price on the Canadian uranium explorer, trading at the time of Talbot's report at about CA$0.34 per share, the analyst noted. From that price, the return to target is 62%.
Skyharbour remains a Buy.
The company, as of June 10, has 204.5 million (204.5M) basic shares outstanding and 237.2M diluted shares outstanding. Its market cap is CA$68.5 million. Its 52-week range is CA$0.28–0.51 per share.
Conclusions Drawn From Data
This newly reported set of drill results from Moore comprises the final data from the late 2024 program comprising nine holes over 2,759 meters (2,759m), noted Talbot. Of these nine holes, five, drilled over 1,564m, targeted areas around the Maverick East zone, including larger stepouts.
Among them was stepout hole ML-24-15, placed 42m to the east of the Maverick East zone. It returned 1.50% U3O8 over 6.4m, including 4.74% U3O8 over 1.5m, thereby extending high-grade core beyond the known limit. The intersection was relatively shallow at 275m and associated with sandstone-hosted unconformity. This hole "adds pounds with its grade and thickness," Talbot pointed out.
The remaining four holes targeted the Main Maverick zone. All encountered narrow zones of mineralization at the unconformity, thereby expanding the shallow high-grade mineralization at the basement, reported Talbot.
Another of the analyst's conclusions is that grades were better than expected to the east of Maverick East where the high-grade zone was believed to have already pinched out. Also, high-grade uranium was shown to pinch and swell within a consistent lower grade (0.3–0.8% U3O8) envelope. Further, there may be high grades between historical drill fences, so drill spacing might need to be tightened.
Results of a new electromagnetic (EM) survey showed that "the conductor continues past what was expected to be a split in the structure at a nose fold," Talbot reported. This highlighted a 5–6 km of untested and high-priority ground along a northwest-to southwest trend.
Options Moving Forward
Talbot listed the ways Skyharbour could "further improve" the Maverick East zone:
1) Find high grades to the east where they were unexpected
2) Retest wide spacing within the zone for pinch and swell of the high-grade mineralization
3) Look deeper into the basement rocks
4) Test along the new 5-6 km high-priority corridor to the southwest and along strike of the Main Maverick trend, where geophysics demonstrated coincident mag lows and EM conductors
"Our preference is for SYH to move along the trend of the existing mineralization as it expands its mineralized footprint, as it did with [hole ML-24-15]," wrote Talbot.
What To Watch For
Skyharbour has a 4,000-–5,000m follow-up drill program planned for Moore this summer. About two-thirds of the holes will test targets along the fertile conductor, and the other one-third will test regional targets.
The explorer is targeting a Moore resource update by year-end 2025. Talbot noted this timeline seems tight in light of last year's assays getting delayed as much as nine months. Gamma probe results should be available before drill results.
As for the Russell Lake project, Skyharbour now is finishing its latest drill campaign there, in which it drilled about 6,000m. The explorer plans to follow that up with more drilling this summer.
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- Skyharbour Resources Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any 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. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Red Cloud Securities, Skyharbour Resources Inc., June 10, 2025
Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Skyharbour Resources Ltd. TSXV:SYH 1,2,3,8 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • Top Pick – our best investment ideas, the greatest potential value appreciation • Buy – expected to outperform its peer group • Hold – expected to perform with its peer group • Sell – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated – currently restricted from publishing, or our recommendation is under review • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded • Our ratings may be followed by "(S)" which denotes that the investment is speculative and has a higher degree of risk associated with it. Companies with Buy, Hold or Sell recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and are followed by “(S)” to reflect the higher degree of risk associated with it. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification The Red Cloud Securities Inc. Analyst named on the report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report; or any companies mentioned in the report that are also covered by the named analyst. 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