Skyharbour Resources Benefiting From Rising Uranium Demand - Skyharbour Resources (OTC:SYHBF)

Demand for nuclear energy is coming back strong.

In fact, with global governments intensifying their fight against climate change, many are quickly realizing that if they want a carbon neutral future, nuclear energy has to be part of the equation. Fueling further upside, uranium demand for nuclear reactors could climb about 28% by 2030, and double by 2040, according to the World Nuclear Association.

“I think it's fundamental supply-demand [dynamics],” Nima Ashkeboussi, a senior director of fuel and radiation safety at the Nuclear Energy Institute, told the Washington Examiner. “Demand has gone higher. Supply has been steady or decreasing due to a prolonged down market. And adding on top of that, some of the geopolitical issues going on right now has led to where we are with the price.”

One of the companies likely to benefit from that surging demand is Skyharbour Resources Ltd. (TSXV:SYH) (OTCQX:SYHBF), which holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well-positioned to benefit from improving uranium market fundamentals with 24 projects, 10 of which are drill-ready, covering over 518,000 hectares (over 1.2 million acres) of land.

Most recently, the company announced results for its inaugural drilling program at its recently optioned 73,294-hectare Russell Lake Uranium Project, strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan.

Three phases of drilling were completed on the property this year, with eight holes totaling 3,661.5 metres drilled at the Grayling Zone in Phase One, followed by Phase Two consisting of 2,730 metres in four holes at the Fox Trail target area, and returning to the Grayling Zone for Phase Three where an additional 3,203 metres was drilled in seven holes.

Uranium mineralization was intersected in the majority of holes at the Grayling Zone over a strike length exceeding one kilometre.

Russell Lake Project Location Map:

http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg

Commenting on the progress, Jordan Trimble, President and CEO of Skyharbour Resources, noted:

“We are very pleased with the inaugural drilling program at the Russell Lake Uranium Project. Numerous holes at the Grayling target area intersected significant zones of uranium mineralization including hole RSL23-01 which represents one of the best drill results at the project. Skyharbour has also expanded the extent of the known mineralized zones to over a kilometre at Grayling. Most of the drilling at the project historically has been widespread exploratory drilling and we are even more confident in the discovery potential and exploration upside at Russell Lake given this program along with the many highly prospective target areas hosting the geological ingredients necessary for high-grade uranium deposition. Planning is well underway for an upcoming, fully-funded winter drilling program with the project accessible all year round with road access, powerlines and an exploration camp.”

“Over the next year, the Company is anticipating continued drilling and exploration programs at its co-flagship projects of Russell and Moore, as well as at its partner-funded projects of Preston, East Preston, Mann Lake, Yurchison, South Falcon East, and South Falcon.”

To learn more about Skyharbour Resources Ltd. (TSXV:SYH) (OTCQX:SYHBF), click here.

Image sourced from Shutterstock

This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice.

SYHBFSkyharbour Resources Ltd

$0.34802.37%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.