Sunday 9th August 2020

Resource Clips

Uranium’s strategic alliance

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He adds, “I’ve been going through the Alpha Minerals tech report and it’s pretty obvious that the way you find uranium deposits is through methodical exploration that tends to cost a lot of money.” Having closed a $600,000 private placement earlier this month, Downie says the alliance’s benefits might allow his company to put off further financing as long as two years.

Skyharbour, Athabasca Nuclear, Lucky Strike, Noka to team up on PLS-area’s largest package

Four companies plan to pool resources to explore the largest land package near Patterson Lake South’s uranium discovery.

Also referring to the 43-101 technical report Alpha filed in April, Trimble says, “They’ve really written the book on how to discover deposits in this specific area. Their report outlines specifically how they came to the discovery, what techniques, surveys and groundwork they used. We won’t have to reinvent the wheel and that’s a big benefit for the syndicate moving forward.”

The entire package is already being flown by a VTEM-plus time domain system, the same type of survey that found basement conductors on PLS. A radiometric survey to track down uranium boulder trains and in-situ mineralization will follow later this summer. Skyharbour and Athabasca Nuclear pooled funds with Aldrin Resource TSXV:ALN and Forum Uranium TSXV:FDC to conduct the geophysics over their contiguous PLS-area properties. So far the study has found two conductive anomalies on Aldrin’s Triple M property that the company interprets as “parallel basement conductive trends analogous to conductors” at PLS.

Acting as operator of the combined package would be Athabasca Nuclear. “We will be working in concert with the other groups to come up with a plan, a budget and everything,” Downie says.

This is the lowest-risk way of going about this large, aggressive exploration program with a minimal amount of future equity dilution for Skyharbour. Skyharbour’s only responsible for $1 million out of $6 million in funding over two years.—Jordan Trimble, president/CEO of Skyharbour Resources

Having moved into the area early and cheaply, Skyharbour considered a number of options before putting together the proposal. “We decided this approach made the most sense from both an exploration standpoint and a financial standpoint,” says Trimble. “This will also create value-added synergies that will further improve our chances of raising money and making a new discovery.”

The four-company announcement came the same day Alpha and Fission reported significant gold on all three PLS zones, including one intercept of 1.58 grams per tonne over 63.5 metres, starting at 82 metres in downhole depth.
The JV partners stated that the high-grade gold “occurs frequently, but not always, in areas of higher-grade uranium mineralization.” But not all the high-grade uranium intersections showed high-grade gold.

Uranium-gold correlations certainly aren’t unknown. Fission and Alpha noted that Cluff Lake produced over 16,000 gold ounces in 1987. UEX Corp TSX:UEX has reported high gold grades at its Shea Creek uranium deposit, a JV with AREVA Resources Canada that’s 58 kilometres north of PLS.

As Trimble points out, “You don’t often hear about high-grade gold around the Athabasca because it gets overshadowed by the higher-grade nature of the uranium.”

Disclaimer: Skyharbour Resources is a client of OnPage Media Corp, the publisher of Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources.

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