Drill plans for the 2014 campaign on the Swoosh target (Image: Skyharbour Resources Ltd.)
Uranium explorer, Skyharbour Resources (SYH:TSXV) and there Western Athabasca Syndicate partners have outlined their maiden drill campaign on their Preston Lake project. This initial drill campaign will be comprised of roughly 10-15 holes drilled to depths of 100-250m (total of 2,000m). The syndicates technical committee created the template for the 2014 program. Richard Kusmirski (formerly exploration manager for Cameco) is Skyharbour's head geologist and technical advisor. He and the other committee members narrowed their targets from 15 down to 3; the Swoosh, CHA and Fin South areas.
The Swoosh target will be the primary focus with five drill pad locations set out to test EM conductors, gravity lows and elevated radon values. Given the coincident geological, magnetic, EM, gravity and radon anomalies that are evident at this target, the company believes this indicated strong fluid interaction and potential uranium mineralization.
Based on their work to date, Skyharbour believes the target depths will be between 25 and 75m deep. This is where they expect to find the top of the basement rock. This is a key differentiating factor for this area of the Athabasca Basin because inside the Basin most mineralized targets are found at depths ranging between 400-800m deep.
Jordan Trimble, President and CEO of Skyharbour Resources, stated: "The commencement of our first diamond drill program at Preston is a key milestone for Skyharbour and the syndicate. The findings from the extensive fieldwork carried out to date have greatly exceeded our expectations and have vectored in on 15 high-priority areas with similar geological features and exploratory indicators as those at the nearby PLS and NexGen discoveries. The three targets we are initially drill testing provide strong discovery potential as we continue to value add the project using a systemic and proven exploration methodology."
The syndicate has completed $2 million worth of preliminary exploration work on the Preston Lake project. Skyharbour has completed their 2014 capital spend commitment already.
The 2,000m drill program is expected to cost roughly $1 million of which Skyharbour will only be on the hook for 1/6th of, or roughly $170,000. The company should close their $500,000 financing soon (priced at $0.15, currently trading at $0.17), but have enough money in the bank to fund their portion of the program regardless.
With all eyes watching this up and coming world-class uranium district, should Skyharbour and their partners have success, it will likely be rewarded by the market.
Shares of Skyharbour have been soaring, up 200% over the past 52-weeks:
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