Coming off the back of the recent early-stage discovery made by NexGen Energy (NXE:TSXV) yesterday, Skyharbour Resources (SYH:TSXV) and their joint venture partners have announced they have completed their gravity surveys on the Preston Lake project located in the Patterson Lake South region. The gravity survey identified 23 gravity low anomalies which the company will follow up on. They also completed a RadonEx survey (ground and water) which has also helped them narrow their target list for drilling. They expect to begin drilling in March. With the recent success of NexGen, the investment community remains focused on this area and is rewarding success here. Skyharbour believes the NexGen discovery shows the regional prospectively of the play and now seems likely that Fission’s discovery will not be the only one.
Jordan Trimble, President and CEO of Skyharbour Resources, states: “The new discovery made by NexGen at their Rook 1 Project further exemplifies the district-scale potential the Patterson Lake region offers. Skyharbour and its Syndicate partners are well positioned to take advantage of this going forward as we have carried out one of the largest regional exploration programs in the area over the last eight months in preparation for an initial drill program slated to commence in March.”
In the basin gravity surveys have been a useful tool for identifying targets due to the fact that the hydrothermal fluids associated with high-grade uranium deposits will extensively alter the host rock. The alteration will create porosity which is then picked up using gravity surveys due to the density contrast. This has been a successful early-stage method utilized by both Fission (and previously Alpha) and NexGen in the Patterson Lake South area.
These gravity low anamolies are then again tested to filter down the targets further using RadonEx. This, in conjunction with further ground EM surveys will enable the company and its partners to identify specific targets for drilling.
Skyharbour is a member of the Western Athabasca Syndicate which includes Athabasca Nuclear, Lucky Strike and Noka Resources all of which can earn up to 25% of the uranium project by making cash and share payments and then incurring their pro-rata amounts of the $6 million exploration budget over the next two years. Of the $6 million, Skyharbour is only responsible for $1 million of it.
Recently, the company acquired the Mann Lake project on the east side of the basin. The project is located in a prolific part of the region and only cost the company $15,000 cash and 1 million shares.
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