SkyHarbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) has intersected significant radioactive mineralization in its inaugural drill program at the Russell Lake uranium project in northern Saskatchewan. This marks a milestone for the company, who has been exploring the project since early 2018 with the aim of discovering uranium-bearing mineralization.
The company has reported a few intersections from the initial program, including 0.78% U3O8 over 1.2 metres within a higher grade interval of 3.79% U3O8 over 0.3 metres. This result was achieved in drill hole SL-19-02, and all other drill holes also intersected radioactive material.
The company believes this intersection confirms the presence of an important uranium-bearing zone at Russell Lake. It is expected that the intensity of this zone will increase with further drilling. SkyHarbour commented that the mineralized intercepts appear to confirm the area as a significant uranium-hosting region.
SkyHarbour is now planning a follow-up winter drill program at the project. This drilling program will consist of up to 4000 metres distance, investigating the region further and testing the target depth of the primary targets. The program is expected to begin in December 2019, and will involve two drills operating on site.
SkyHarbour also revealed that it has completed a field program at the project, involving a geophysical gravity survey and soil geochemical survey. The results of these surveys indicate that a wide area of the project may be prospective for uranium.
SkyHarbour has been dedicated to exploring the Russell Lake uranium project since the beginning of 2018, so these results mark a major milestone. The company intends to pursue further drill testing at the project throughout 2019.