Skyharbour Resources is pleased to announce the signing of an agreement with Denison Mines that grants the Company an option to acquire a 100% interest in the Moore Lake uranium project.
The 35,705 hectare Moore Lake Project is an advanced uranium exploration property strategically located in the eastern portion of the Athabasca Basin region, which is known for its large scale and high grade uranium deposits and producing uranium mines.
Previous exploration efforts on the property discovered high grade uranium mineralization highlighted by drill hole ML-61, which intersected 4.03% eU3O8 over 10 metres at the Maverick Zone.
The depth to the unconformity on the property is relatively shallow and significant additional discovery potential remains over several conductive trends.
Option to acquire 100% interest in the Moore Lake Uranium Project, a mature uranium exploration property in the eastern Athabasca Basin near existing infrastructure with known high grade uranium mineralization and significant discovery potential
As part of the Option Agreement, Skyharbour will issue 18,000,000 common shares and make staged cash payments over five years totaling $500,000 to Denison as well as incur $3,500,000 in exploration expenditures over five years to complete its acquisition of a 100% interest in the property (detailed terms provided below)
Denison to become large, strategic shareholder of Skyharbour, holding approximately 18.7% of the shares outstanding (including Denison's existing share position in the Company) and David Cates, Denison President and CEO, to join Skyharbour's Board of Directors
Moore Lake hosts a high grade uranium pod called the Maverick Zone, which was discovered by JNR Resources in 2002; drill results include 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres starting at a depth of 264.68 metres in hole ML-61, plus 5.14% U3O8 over 6.2 metres in hole ML-55, and 4.01% U3O8 over 4.7 metres in hole ML-48
The property has been the subject of extensive exploration with approx. $30 million in expenditures and over 132,000 metres of diamond drilling in 370 drill holes
In addition to the Maverick Zone, diamond drilling in several other target areas has intersected multiple conductors associated with significant structural disruption, strong alteration and anomalous uranium and pathfinder element concentrations
Skyharbour adds a high grade uranium asset to its project portfolio with significant exploration upside to complement its other projects in the Basin
Skyharbour's President and CEO, Jordan Trimble commented, "We are very pleased to have reached an agreement with Denison to acquire up to a 100% interest in Moore Lake, as this is a transformational deal for Skyharbour. Uranium properties with the pedigree and potential of Moore Lake are few and far between.”
The Moore Lake Uranium Project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 20 kilometres east of Denison's Wheeler River project, and 39 kilometres south of Cameco's McArthur River mine.
Unconformity-hosted uranium mineralization was discovered on the property at the Maverick Zone in 2002 and several high grade intercepts have been drilled since.
Drill hole ML-61 contained the best result drilled on the property to date, which returned 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres, starting at a depth of 264.68 metres. Drill holes ML-55 and ML-48 also encountered high-grade mineralization, returning 5.14% U3O8 over 6.2 metres, and 4.01% U3O8 over 4.7 metres, respectively.