February 1, 2022
Skyharbour Resources Ltd. (TSXV:SYH, BUY (S), C$0.85 target, David A. Talbot) announced that its partner company, Valor Resources Ltd. (ASX:VAL, Not Rated), has commenced a maiden diamond drilling program at the Hook Lake uranium project in the Athabasca Basin. The program will include 2,500m of diamond drilling that will test the extent of uranium mineralization at the V-Grid and S-zone, as the initial two areas of focus. However, we note that the primary focus will be to test targets with various geological features in and around the S-zone to locate mineralization at depth. The S-zone target has known surface mineralization with results from Valor’s 2021 field program highlighting up to 59.2% U3O8 in rock chip samples (read more). An airborne gravity survey will also be flown over Hook Lake and is scheduled to commence in April 2022. Meanwhile, we expect further drill results from its flagship Moore Lake project to help drive the stock in the near-term and ultimately contribute to an initial resource estimate in H2/21. For more information on both projects, please refer to our initiation report. Read more
