Skyharbour's Swoosh drill targets (Source: Skyharbour Resources Ltd.)

Skyharbour's Swoosh drill targets (Source: Skyharbour Resources Ltd.)

Skyharbour Resources (SYH:TSXV) has released the initial results from their first phase of drilling at the Preston Lake project in the Patterson Lake South discovery area.  The uranium explorer has drilled five holes (totally 986m) which have all encountered broad, hydrothermally altered and reactivated structure with three of the holes intersecting elevated radioactivity.

Drill hole PN14003 intersected 802 counts per second (cps) over 1.5m in a background of 80-100cps.  Due to these encouraging first results, Skyharbour and their syndicate partners (Athabasca Nuclear, Noka and Lucky Strike) have decided to increase their budget for this year's drill campaign.

Jordan Trimble (read his Kitco interview here), President and CEO of Skyharbour Resources, states: “We are very excited with the early findings in this ongoing first phase of drilling and are planning to extend the program into May as a result. The visual signatures and elevated radioactivity seen in the core from these first few holes confirm the prospectivity of the Swoosh target and illustrate the strong discovery potential at the Preston Property.”

The drilling to date has been completed on the Swoosh target which is a 6km long corridor consisting of geophysically anomalous areas as defined by gravity, magnetic and EM surveys, coincident with surficial geochemical anomalies.   One of the holes was lost due to poor in hole conditions, but the other four were drilled between 200 and 275m depth.

Skyharbour recently acquire a 60% interest in the Mann Lake project (Source: Skyharbour Resources Ltd.)

Skyharbour recently acquire a 60% interest in the Mann Lake project (Source: Skyharbour Resources Ltd.)

According to the release, the technical team (which includes veteran Cameco explorationist, Rick Kusmirski) believes this represents a significant initial finding considering how early in the program it is.  As a result, they have decided to expand the initial drill program at Swoosh with 2-3 more holes planned prior to the breakup and commencement, thereafter.

Skyharbour is fully funded for their committed work this year and have nearly $900,000 available to them to expand drilling.  Noka and Lucky Strike are responsible for twice as much of the exploration budget as Athabasca Nuclear and Skyharbour.

Additionally, and depending on how much they end up spending at Preston Lake, Mr. Trimble informed me they are looking at completing a small generative exploration program at their Mann Lake joint venture project on the east side of the Athabasca Basin.

Read: Western Athabasca Syndicate Provides Drill Program Update at Preston Lake Project: Discovers Elevated Radioactivity and Expands Drilling at Swoosh Target

Disclaimer: Author has a financial interest in Skyharbour Resources Ltd. and the company is an advertiser, therefore the article is not to be considered unbiased and fully independent. Please read Skyharbour Resources' Cautionary Statement Regarding Forward-Looking Statements’s carefully. This article is not intended to meet your specific individual investment needs and it is not tailored to your personal financial situation. Nothing contained herein constitutes, is intended, or deemed to be — either implied or otherwise — investment advice. This article reflects the personal views and opinions of Travis McPherson and that is all it purports to be. While the information herein is believed to be accurate and reliable it is not guaranteed or implied to be so. The information herein may not be complete or correct; it is provided in good faith but without any legal responsibility or obligation to provide future updates. Neither Travis McPherson, nor anyone else, accepts any responsibility, or assumes any liability, whatsoever, for any direct, indirect or consequential loss arising from the use of the information in this article.