Skyharbour Resources’ (TSX-V:SYH) privately held partner UraEx Resources has begun diamond drilling at its South Dufferin Uranium Project in the Athabasca Basin, Saskatchewan.
The group’s first drilling program in six years is set explore around 2,600m for eight to 12 drillholes, testing the southern extension of the Dufferin Lake Fault.
Privately held Apex Geoscience will conduct an expected C$1.5 million ($1.67 million) worth of drilling operations at a local contracting camp that offers helicopter support.
The company has categorised target areas across north and northeast trending corridors from the structural complexity from previously discovered geochemical anomalies and low gravity signatures.
Historical work interprets favourable pathways for uranium-bearing fluids to be present in these features, indicating basement-hosted, “high-grade” mineralisation.
UraEx CEO Tom Meredith says the project’s positioning near Cameco’s (TSX:CCO) Centennial Project gives the company an idea of its drilling potential.
“The Athabasca Basin is the world’s leading uranium district, responsible for roughly 20% of global production and home to several tier-one discoveries,” Meredith says.
“It has been well explored and understood for many years attracting billions of dollars of investment. Making a discovery is our fundamental goal and our technical team is excited with these targets.”
The South Dufferin Project is located below the southern margin of the basin, spanning a total of 13,204 hectares.
UraEx has the opportunity to earn an initial 51% of the project from Skyharbour for C$4.6 million cash or up to 100% for $9.8 million cash with share payments and exploration costs over five years.
Write to Maddison Elliott at Mining.com.au
Images: Skyharbour Resources
