- Basin Uranium Corp., a partner company of Skyharbour Resources Limited (SYH), has completed a second diamond drill hole at the Mann Lake uranium project
- The Mann Lake project is located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world
- Under the option agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totalling CAD $4,850,000 over a three-year period
- Skyharbour is a mineral exploration company which holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin
- Skyharbour Resources Ltd is down 4.255 per cent, trading at C$0.45 per share at 10:32 AM ET
Basin Uranium, a partner company of Skyharbour Resources (SYH), has completed a second diamond drill hole at the Mann Lake uranium project.
The Mann Lake project is located in Saskatchewan’s Athabasca Basin, 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world.
The second diamond drill hole was completed to a depth of 683 metres. The third diamond drill hole is currently being collared ahead of drilling to a target depth of 700 metres.
Anomalous gamma probe and scintillometer readings were recorded at 660 metres depth with visual uranium mineralization (allanite) observed.
Core logging and sampling remain ongoing with samples from the first two holes being prepared for shipment to Saskatoon. Assimilation and review of all historical exploration remains ongoing with the digitization of historic drilling underway
“We are pleased with the drilling progress to date, with the intersection of local visible mineralization in the second drill hole, especially considering the lack of historical drilling on the project,” said Basin Uranium CEO Mike Blady.
“The multi-phase drill program remains on time and budget, in addition to being fully funded, and we eagerly await the results from the first samples which are being shipped for analysis,” he added.
Skyharbour has entered into an option agreement with Basin Uranium whereby Basin Uranium has an earn-in option to acquire a 75 per cent interest in the Mann Lake Uranium Project.
Under the option agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totalling CAD $4,850,000 over a three-year period. Of the project consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project.
Basin Uranium Corp will also issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of Basin Uranium over the three-year earn-in period to complete the earn-in.
Skyharbour is a mineral exploration company which holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin.
Skyharbour Resources Ltd is down 4.255 per cent, trading at C$0.45 per share at 10:32 AM ET.
