The company also announced the exercise of around
1.16 million warrants.
Skyharbour
Resources Ltd. (SYH:TSX.V;SYHBF:OTCQB) plans for its upcoming 2018
diamond drill program to commence shortly and it has now completed the 100%
earn-in of its flagship, high-grade Moore uranium project well ahead of
schedule, the company reported in a news release.
In addition, 1,159,175 warrants have been exercised recently, raising an
additional $449,884 in net proceeds for the company, according to the
company.
Upcoming 2018 drill program:
Skyharbour reported that it has received all of the required permits for
its upcoming diamond drill program.
"We will be commencing our planned summer drill program very shortly
to test more extensively new targets in the underlying basement rock at the
Maverick corridor on the company's flagship, high-grade Moore uranium
project," stated Jordan Trimble, president and chief executive officer
of Skyharbour Resources. "The known high-grade, unconformity-hosted
uranium mineralization at the Maverick corridor was deposited there through
feeder zones in the basement rock, the discovery of which will be a top
priority in this upcoming program given other recent basement-hosted
discoveries including NexGen's Arrow deposit, Fission's Triple R deposit and
Denison's Gryphon deposit. Furthermore, warrants that were set to expire have
been exercised bringing in additional funds which have been used to complete
the 100% earn-in of the company's Moore project well ahead of schedule."
Skyharbour's technical team recently reinterpreted historical drill
information and has identified high-priority drill targets within the
basement rocks of the Maverick corridor below the drill-defined, high-grade,
unconformity-style uranium mineralization at the Main Maverick zone.
"Prior drilling within the basement rocks, although of minimal
extent, has intersected significant structural disruption and favorable alteration
along with anomalous pathfinder elements and low-grade uranium
mineralization," Skyharbour reported. "These characteristics bode
well for the discovery of basement-hosted feeder zones to the overlying
high-grade, unconformity-hosted uranium mineralization within the Maverick
corridor."
The company announced that 1,159,175 warrants were exercised recently,
raising an additional $449,884 in net proceeds.
"The majority of these warrants were set to expire last week and had
an exercise price of 40 cents," the company noted, adding that
Skyharbour is fully financed for this upcoming 3,000-meter diamond drill
program at its Moore uranium project, which has a budget of approximately $1
million. The company is well financed with over $3.2 million in the treasury
after making the $300,000 payment to complete the earn-in at Moore.
Skyharbour also announced its option partner, Azincourt Energy (TSX.V:
AAZ, OTC: AZURF), updated its upcoming winter work program at the East
Preston uranium project, located in the southwestern Athabasca Basin,
Saskatchewan, Canada, planning to begin after mid-November and include
approximately 2,000–2,500 meters of diamond drilling designed to test several
previously identified high-priority targets.
Azincourt announced earlier this year that it entered year two of its
option agreement with Skyharbour and Clean Commodities Corp., in which
Azincourt can earn a 70% interest in the 25,329 hectare project.
At the East Preston property, ground-truthing work confirmed the airborne
conductive trends and more accurately located the conductor axes for future
drill testing. The gravity survey identified areas along the conductors with
a gravity low signature, which is often associated with alteration,
fault/structural disruption and potentially, uranium mineralization. The
combination/stacking of positive features will assist prioritizing targets
for testing first.
The Main Grid shows multiple long linear conductors with flexural changes
in orientation and offset breaks in the vicinity of interpreted fault
lineaments which are classic targets for basement-hosted unconformity uranium
deposits. These are not just simple basement conductors, they are prospective
and upgraded/enhanced targets because of the structural complexity.
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