The company also announced the exercise of around 1.16 million warrants.
Skyharbour Resources Ltd. (SYH:TSX.V;SYHBF:OTCQB) plans for its upcoming 2018 diamond drill program to commence shortly and it has now completed the 100% earn-in of its flagship, high-grade Moore uranium project well ahead of schedule, the company reported in a news release.
In addition, 1,159,175 warrants have been exercised recently, raising an additional $449,884 in net proceeds for the company, according to the company.
Upcoming 2018 drill program:
Skyharbour reported that it has received all of the required permits for its upcoming diamond drill program.
“We will be commencing our planned summer drill program very shortly to test more extensively new targets in the underlying basement rock at the Maverick corridor on the company’s flagship, high-grade Moore uranium project,” stated Jordan Trimble, president and chief executive officer of Skyharbour Resources. “The known high-grade, unconformity-hosted uranium mineralization at the Maverick corridor was deposited there through feeder zones in the basement rock, the discovery of which will be a top priority in this upcoming program given other recent basement-hosted discoveries including NexGen’s Arrow deposit, Fission’s Triple R deposit and Denison’s Gryphon deposit. Furthermore, warrants that were set to expire have been exercised bringing in additional funds which have been used to complete the 100% earn-in of the company’s Moore project well ahead of schedule.”
Skyharbour’s technical team recently reinterpreted historical drill information and has identified high-priority drill targets within the basement rocks of the Maverick corridor below the drill-defined, high-grade, unconformity-style uranium mineralization at the Main Maverick zone.
“Prior drilling within the basement rocks, although of minimal extent, has intersected significant structural disruption and favorable alteration along with anomalous pathfinder elements and low-grade uranium mineralization,” Skyharbour reported. “These characteristics bode well for the discovery of basement-hosted feeder zones to the overlying high-grade, unconformity-hosted uranium mineralization within the Maverick corridor.”
The company announced that 1,159,175 warrants were exercised recently, raising an additional $449,884 in net proceeds.
“The majority of these warrants were set to expire last week and had an exercise price of 40 cents,” the company noted, adding that Skyharbour is fully financed for this upcoming 3,000-meter diamond drill program at its Moore uranium project, which has a budget of approximately $1 million. The company is well financed with over $3.2 million in the treasury after making the $300,000 payment to complete the earn-in at Moore.
Skyharbour also announced its option partner, Azincourt Energy (TSX.V: AAZ, OTC: AZURF), updated its upcoming winter work program at the East Preston uranium project, located in the southwestern Athabasca Basin, Saskatchewan, Canada, planning to begin after mid-November and include approximately 2,000–2,500 meters of diamond drilling designed to test several previously identified high-priority targets.
Azincourt announced earlier this year that it entered year two of its option agreement with Skyharbour and Clean Commodities Corp., in which Azincourt can earn a 70% interest in the 25,329 hectare project.
At the East Preston property, ground-truthing work confirmed the airborne conductive trends and more accurately located the conductor axes for future drill testing. The gravity survey identified areas along the conductors with a gravity low signature, which is often associated with alteration, fault/structural disruption and potentially, uranium mineralization. The combination/stacking of positive features will assist prioritizing targets for testing first.
The Main Grid shows multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments which are classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors, they are prospective and upgraded/enhanced targets because of the structural complexity.
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