Skyharbour Resources (SYH:TSXV) has released the initial results from their first phase of drilling at the Preston Lake project in the Patterson Lake South discovery area. The uranium explorer has drilled five holes (totally 986m) which have all encountered broad, hydrothermally altered and reactivated structure with three of the holes intersecting elevated radioactivity.
Drill hole PN14003 intersected 802 counts per second (cps) over 1.5m in a background of 80-100cps. Due to these encouraging first results, Skyharbour and their syndicate partners (Athabasca Nuclear, Noka and Lucky Strike) have decided to increase their budget for this year's drill campaign.
Jordan Trimble (read his Kitco interview here), President and CEO of Skyharbour Resources, states: “We are very excited with the early findings in this ongoing first phase of drilling and are planning to extend the program into May as a result. The visual signatures and elevated radioactivity seen in the core from these first few holes confirm the prospectivity of the Swoosh target and illustrate the strong discovery potential at the Preston Property.”
The drilling to date has been completed on the Swoosh target which is a 6km long corridor consisting of geophysically anomalous areas as defined by gravity, magnetic and EM surveys, coincident with surficial geochemical anomalies. One of the holes was lost due to poor in hole conditions, but the other four were drilled between 200 and 275m depth.
According to the release, the technical team (which includes veteran Cameco explorationist, Rick Kusmirski) believes this represents a significant initial finding considering how early in the program it is. As a result, they have decided to expand the initial drill program at Swoosh with 2-3 more holes planned prior to the breakup and commencement, thereafter.
Skyharbour is fully funded for their committed work this year and have nearly $900,000 available to them to expand drilling. Noka and Lucky Strike are responsible for twice as much of the exploration budget as Athabasca Nuclear and Skyharbour.
Additionally, and depending on how much they end up spending at Preston Lake, Mr. Trimble informed me they are looking at completing a small generative exploration program at their Mann Lake joint venture project on the east side of the Athabasca Basin.
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