Uranium prices were up 13% over the last week for two key reasons. One, as Reuters reported, Germany’s economy minister Robert Habeck “is weighing whether to extend the life-span of its remaining nuclear power plants as a way to secure the country's energy supply in the face of uncertainty over Russian gas supplies.” Two, we also have to consider that Ukraine is the world’s ninth largest producers of uranium, making it important to the global supply chain. Both could be a strong catalysts for companies such as Skyharbour Resources (TSXV: SYH)(OTCQB: SYHBF), Cameco Corporation (TSX: CCO)(NYSE: CCJ), Uranium Energy Corporation (NYSE: UEC), Denison Mines Corporation (TSX: DML)(NYSE: DNN), and Energy Fuels (NYSE: UUUU)(TSX: EFR).
Look at Skyharbour Resources Ltd. (TSXV:SYH)(OTCQB:SYHBF), For Example
Skyharbour Resources Ltd. announced that the Company has begun its winter 2022 diamond drilling program at its 100% owned Moore Uranium Project. The project comprises 35,705 hectares approximately 15 kilometres east of Denison Mine’s Wheeler River project and is proximal to regional infrastructure for Cameco’s Key Lake and McArthur River operations in the Athabasca Basin, Saskatchewan. The program will consist of a minimum of 2,500 metres in seven to nine drill holes and is designed to follow up on the successes of the 2021 summer/fall drilling program in the Maverick East Zone and the Grid 19 target area, as well as to investigate new targets at the Viper area on the 4.7 km Maverick Structural Corridor. Substantial portions of the Maverick corridor remain to be systematically drill tested leaving robust discovery potential along strike as well as at depth in the basement rocks.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Winter 2022 Diamond Drilling Program:
The Company has begun a minimum 2,500 metre winter drilling program consisting of an estimated seven to nine diamond drill holes. The program will test targets at the Grid 19 area, Maverick East Zone and the Viper area. At the Grid 19 target area, a regional target approx. 9.5 km NE of the Main Maverick Zone, drilling will follow-up on the first two holes drilled on the Slice Pond Conductor. Both holes intersected geochemically anomalous, altered, graphitic and sulphide-bearing basement lithologies accompanied by elevated uranium values below the unconformity. At the Maverick East Zone, follow-up drilling is planned where previously reported hole ML21-19 intersected a broad interval of uranium mineralization including 0.54% U3O8 over 19.5 metres, including 2.07% U3O8 over 4.0 metres, on the northern edge of the mineralized zone. Drilling is also planned at the 525-target within the Viper area, approx. 1.5 km NE of the Main Maverick Zone, to follow up on a historic drill intercept in hole ML-525 of 0.27% U3O8 over 4.5 metres. This mineralization is just above the unconformity in an area of complex geology and the target has not been followed up since 2006. With the development of new geological models at this target, it has become a high-priority exploration target.
Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: “We are excited to be able to drill test some of our more regional targets facilitated by winter drilling conditions, as well as to follow up on further discoveries associated with the high grade Maverick structural corridor. Skyharbour offers strong discovery potential at its project base coupled with substantial upcoming news flow from the continued drilling at Moore as well as at partner-funded projects. Several of these partner companies have recently commenced drill programs including Azincourt Energy at the East Preston Project and Valor Resources at the Hook Lake Project, which brings the combined total drilling metreage being carried out currently by Skyharbour and partner companies to over 11,000 metres. With its project portfolio strategically located in one of the most geopolitically favourable mining jurisdictions globally in northern Saskatchewan, Skyharbour is well-positioned to benefit from the accelerating uranium market recovery with increasing demand in the backdrop of a strained supply side.”
Grid 19 Area - Slice Pond Target:
At the regional Grid 19 area, drilling has commenced on the north trending Slice Pond Conductor where an initial two holes (holes ML21-07 and -09) intersected highly encouraging altered, graphitic and sulphide-bearing basement lithologies in the summer of 2021. Drill hole ML21-07 was drilled in the central portion of the conductor and intersected a variably bleached and locally faulted sandstone column overlying a significant package of cordierite-bearing graphitic pelitic gneiss accompanied by faulting and sulphide-rich intervals. The sandstone and basement are enriched in B (=< 1,290 ppm), and there was an intercept of 0.05% U3O8 over 1.0 metre at 263.1 metres depth, approx. 70 metres below the unconformity. Drill hole ML21-09 was drilled on the southern end of the Slice Pond conductor and intersected an extensive package of fractured and faulted pelitic gneisses and graphitic pelitic gneisses 65 metres below the unconformity. The geochemistry of the overlying sandstone column is notable in this hole as the upper 70 metres returned highly anomalous uranium and boron averaging 7.54 ppm U (partial) and 161 ppm B in composite samples. This enrichment of uranium and boron in the sandstone is highly anomalous with similar levels commonly associated with significant uranium mineralization in the Athabasca Basin. The planned drilling is designed to test up-dip and along strike targets related to the results in holes ML21-07 and -09.
Maverick East Target:
Drilling is planned for the northern edge of the Maverick East Zone as a follow up to hole ML21-19, which intersected a mineralized interval comprising 19.5 metres of 0.54% U3O8 from 269.5 metres to 289.0 metres down-hole including 4.0 metres of 2.07% U3O8. The uranium mineralization straddles the unconformity and is accompanied by highly anomalous Ni (≤2140 ppm), Co (≤756 ppm), Pb (≤1760 ppm) and B (≤11,600 ppm). The hole intersected the typical intensely bleached and faulted sandstone column overlying clay altered to replaced graphitic pelitic and granitic gneiss, however the graphitic unit was thicker than anticipated. This hole has further established the complexity of the local geology and structure within the area around hole ML21-19 and illustrates the need to test the up-dip potential of the Maverick East Zone.
Moore Uranium Project Maverick East Zone Drilling Map:
https://www.skyharbourltd.com/_resources/images/Moore-2021-Maverick-East-Main-Maverick-Drilling.jpg
Viper Target Area:
Drilling is planned at the 525 target along the middle conductor trace in a portion of the Viper area which is located approx. 1.5 km NE of the Main Maverick Zone. Drill hole ML-525, drilled in 2005, intersected an interval of 0.27% U3O8 over 4.5 metres just above the unconformity in the sandstone column, overlying an extensive package of graphitic pelitic gneiss. The few follow-up holes that were drilled at that time intersected the same extensive graphitic packages and localized weak mineralization but failed to intersect a similar extent of mineralization to that in hole ML-525. Using the boron geochemistry as a vector indicates that there is potential for additional mineralization to the northwest, up-plunge of the previous drilling, and along strike. Two to three drill holes are planned in this area to test this target.
Moore Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Uranium Project, on the southeastern side of the Athabasca Basin, in northern Saskatchewan and has fulfilled its earn in. The project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River uranium mine. Unconformity-type uranium mineralization was discovered on the Moore Project at the Maverick Zone in April 2001. Historical drill highlights include 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres, in ML-161. In 2017, Skyharbour announced drill results of 6.0% U3O8 over 5.9 metres, including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres, in hole ML-199. In addition to the Maverick Zone, the project hosts other mineralized targets with strong discovery potential which the Company plans to test with future drill programs. The project is fully accessible via winter and ice roads which simplifies logistics and lowers costs. Large proportions of the property are accessible in the summer as well.
Moore Lake Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
Other related developments from around the markets include:
Cameco Corporation reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2021 in accordance with International Financial Reporting Standards (IFRS). “Our results reflect the very deliberate execution of our strategy of full-cycle value capture. We have been undertaking work to ensure we have operational flexibility, we are aligning our production decisions with the market fundamentals and our contracting portfolio, and we have been financially disciplined. Since 2016, with our planned and unplanned production cuts, inventory reduction and market purchases, we have removed more than 190 million pounds of uranium from the market, which we believe has contributed to the security of supply concerns in our industry,” said Tim Gitzel, president and CEO.
Uranium Energy Corporation provided a letter to its shareholders on the outlook for the Company in 2022 from President and CEO, Amir Adnani. “2022 begins with the highest uranium price in a decade and a positive global outlook for nuclear energy not seen in a generation. For UEC, we have begun 2022 positioned as the leading American uranium mining company. This follows our $112 million cash acquisition of Uranium One Americas that has endowed us with two operational hub and spoke production platforms and seven licensed and low cost In-Situ-Recovery (“ISR”) uranium projects. Earlier this month, we reached another important milestone, becoming debt free, and also reporting a strong balance sheet of approximately $125 million of cash and liquid assets. These positive industry and corporate developments have been years in the making and, whether you are a new or long-term shareholder, your ownership of UEC is sincerely valued and I thank you on behalf of our team and our Board of Directors.”
Denison Mines Corporation reported that the Canadian Nuclear Safety Commission has approved an amendment to the uranium mine and mill licence for the McClean Lake Operation to allow for the expansion of the JEB Tailings Management Facility. David Cates, Denison's President & CEO, commented "The McClean Lake mill remains a strategically significant asset in the Athabasca Basin region – representing the only uranium milling facility currently operating in Canada. The amendment to the operating licence for the McClean Lake Operation allows for the expansion of the TMF, such that the facility will be well positioned to serve as a regional milling centre for current and future uranium mining projects in the eastern portion of the Athabasca Basin for many years to come.”
Energy Fuels Inc. announced the execution of a Memorandum of Understanding with Nanoscale Powders LLC for the development of a novel technology for the production of rare earth element metals. We believe this Technology, which was initially developed by NSP, and will be advanced by the Company and NSP working together, has the potential to revolutionize the rare earth metal making industry by reducing costs of production, reducing energy consumption, and significantly reducing greenhouse gas emissions. Producing REE metals and alloys is a key step in a fully integrated REE supply chain, after production of separated REE oxides and before the manufacture of neodymium iron boron magnets used in electric vehicles, wind generation and other clean energy and advanced technologies.
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