The PDAC is a whirlwind event. Many news releases are conveniently timed to be released prior to and during the four day conference. Skyharbour Resources (SYH:TSXV) had a few timely and quietly meaningful resources. First, they named a prominent member to their advisory board; Mr. Thomas Drolet. Mr. Drolet is a forty-year veteran of the energy sector, most recently 26 years with Ontario Hydro. Mr. Drolet is the principal of energy consultancy Drolet & Associates Energy Services Inc. In 1982 he formed and headed Canada's research and development program into fusion (CFFTP).
In speaking with Skyharbour's President, CEO Jordan Trimble by phone a few minutes ago he told us, "Mr. Drolet adds downstream expertise in the uranium sector. We have been in discussions with him for sometime and are excited to have him formally join our advisory board. He is a very well respected and knowledgeable person in the energy and uranium sector."
Mr. Drolet is also on the advisory board of Patterson Lake area explorer Lakeland Resources (LK:TSXV).
Mr. Trimble was also able to announce a $500,000 private placement (at no discount or $0.15 per unit) which will secure funding for their work commitments on the Preston Lake project through until 2015. Skyharbour has already made their 2014 work commitment payments and are thus, carried through until 2015 on the project.
They also have targets to drill on their recently acquired Mann Lake project which may use some of this money. Depending on what they end up closing, sounds like it could be slightly more, the company will have over $750,000 in the bank with another $400,000 worth of stock in other companies.
Mr. Trimble President and CEO of Skyharbour on BNN (Source: Skyharbour Resources Ltd./BNN)
"We had a lot of interest this year at the PDAC and were able to announce a small equity raise," Mr. Trimble told us. He continued, "sentiment at the PDAC this year was very good for uranium stories in and around the Athabasca Basin."
With only a handful of companies drilling this winter in this part of the world (five by my count: Fission, NexGen, Skyharbour, Azincourt, Forum), Mr. Trimble is confident their will be more upside to these stories.
With this Patterson Lake-style play only in its infancy and with such a little amount of exploration work being done in the area to-date (relative to other parts of the Basin), we expect their to be more discoveries.
On top of that, you always have the potential for Cameco, Denison and AREVA - who have all primarily been sitting on the sidelines in this area, opting to focus on well understood targets inside the Basin - to enter the space via acquisition or joint venture.
After attending the PDAC and reflecting on this years mood, I agree with Mr. Trimble's comments that the uranium space was the focus of most investors. NexGen securing a significant bought deal, Denison hitting nearly 30% of uranium in a drill hole and Fission hitting 52-week highs, you can see the market is paying attention to these plays again and for good reason.
Shares are up 50% year-to-date.
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