Uranium companies like Skyharbour Resources Ltd. (TSXV: SYH) (OTCQX: SYHBF), Uranium Energy Corp. (NYSE: UEC), Denison Mines (NYSE: DNN) (TSX: DML), Cameco Corp. (NYSE: CCJ) (TSX: CCO), and NexGen Energy (TSX: NXE) (NYSE: NXE) could see a substantial increase in demand with the Trump Administration. In fact, according to an order from U.S. Secretary of Energy Chris Wright, “The long-awaited American nuclear renaissance must launch during President Trump’s administration. As global energy demand continues to grow, America must lead the commercialization of affordable and abundant nuclear energy. As such, the Department will work diligently and creatively to enable the rapid deployment and export of next-generation nuclear technology.”
We also have to remember that nuclear energy could be used to fuel energy-intensive demands of data centers and artificial intelligence. “Last year, both AWS and Microsoft signed agreements to offtake power from nuclear power stations. In addition, Meta launched a request for proposals to identify potential nuclear energy developers to support 1.4GW of new nuclear generation capacity across the US. Data center operators have also backed small modular reactor (SMR) technology,” added Data Center Dynamics.
Look at Skyharbour Resources Ltd. (TSXV: SYH) (OTCQX: SYHBF), For Example
Skyharbour Resources just announced the commencement of its winter phase of diamond drilling at the 73,314 hectare Russell Lake Uranium Project. The Project is 57.7% owned by Skyharbour as operator with joint-venture partner Rio Tinto Exploration Canada Inc. owning the other 42.3%. It is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan, with access to regional infrastructure, including an all-weather road and powerline. Skyharbour plans to complete an initial 5,000-metre diamond drilling program in 10 to 12 holes at the project, building on the successful results from the drilling campaign completed last year. The Company’s geologists, along with a contracted drilling crew, are based at Skyharbour’s exploration camp on the McArthur River-Key Lake haul road, situated within five kilometres of Denison Mines’ Phoenix deposit at the Wheeler River Project.
Russell Lake and Moore Projects Location Map:
https://www.skyharbourltd.com/_resources/images/SKY_RussellLake.jpg
Skyharbour is fully-funded for its upcoming drill programs at its co-flagship Russell Lake and Moore Uranium Projects in 2025 starting with this first phase of drilling at Russell. The Company has plans to drill approx. 16,000 – 18,000 metres in 35 – 45 holes across its co-flagship projects representing the largest annual drill campaign ever carried out by the Company.
Jordan Trimble, President and CEO of Skyharbour, stated: “We are thrilled to commence the 2025 drill campaign which will consist of 16-18,000 metres in multiple phases of drilling at Russell and Moore throughout the year. This will provide steady news flow as we follow up on the 2024 programs with the benefit of low-cost drilling and relatively shallow target depths at our co-flagship projects. This first phase of drilling at Russell will continue to test the exploration upside at the project, which hosts widespread uranium mineralization and has the geology necessary for larger, high-grade, Athabasca Basin uranium deposits.”
Winter Phase of Diamond Drilling at Russell Lake:
Skyharbour has commenced its 2025 drilling program at the Russell Lake Project with plans for a first phase consisting of approx. 5,000 metres to follow up on notable recent exploration success and to test new targets developed by the geological team. The focus for this phase of drilling will be on the Fork and Sphinx targets within the broader Grayling target area, as well as the M-Zone Extension (“MZE”) target and the Fox Lake Trail target. This initial winter program will consist of 10 to 12 drill holes, with most of the targets being road accessible and near the exploration camp, bringing the drill costs down. Furthermore, details on the geochemical assay results are pending from the drilling carried out in late 2024 at Russell.
Russell Lake Project Target Areas:
https://www.skyharbourltd.com/_resources/images/20240110-MainTargetsRussellLake2024.jpg
The Fork target is a newly identified target to the southwest of the Grayling Zone and is on strike with Denison’s M-Zone at their adjacent Wheeler River Project. Last year, high-grade uranium was discovered at the Fork target in hole RSL24-02, which returned a 2.5-metre wide intercept of 0.721% U3O8 at a relatively shallow depth of 338.1 metres, including approx. 3.0% U3O8 over 0.5 metres just above the unconformity in the sandstone (see news release dated July 19th, 2024, titled: “Skyharbour Drills New Discovery at Russell Project with High-Grade Uranium Mineralization Up to 3.0% U3O8 at Newly Identified Fork Zone”). This high-grade intercept is a new discovery which had very limited historical exploration due to a lack of reliable geophysical data and drill targets hampered by interference from nearby powerlines. The mineralization remains open in most directions, including along strike and up-dip, and will be a high-priority target for this drill program. The potential for basement-hosted mineralization at the Fork target remains virtually untested.
Grayling and Fork Target Areas:
https://skyharbourltd.com/_resources/images/2024-Fork-East-Grayling-Drill-Hole-Location-Map_NR.jpg
Skyharbour also plans to drill targets in the M-Zone Extension area along trend from the Grayling Zone and Denison’s M-Zone at Wheeler River, where historical drilling intersected basement-hosted uranium mineralization. More recent drilling by Denison in 2020 at the M-Zone encountered uranium mineralization with significant faulting, core loss, geochemical anomalies, and radioactivity encountered in other drill holes. Like the Grayling Zone, the mineralization at the MZE target is hosted by a graphitic thrust fault within a significant magnetic low. It is also noted that cross structures associated with Denison’s Phoenix and Gryphon uranium deposits potentially trend onto the Russell Lake property within the M-Zone Extension target area, further enhancing the prospectivity of this target.
M-Zone Extension Drill Targets:
https://www.skyharbourltd.com/_resources/images/20240110-M-ZoneExtensionTargetsRussellLake.jpg
The Fox Lake Trail area is located in the northwestern section of the Russell Lake project. This area encompasses a broad conductive corridor with a strike length exceeding 12 km, which hosts multiple parallel conductors identified by both airborne and ground geophysical surveys, subsequently confirmed by drilling, as graphitic fault zones. Limited historical drilling in the area shows significant alteration and disruption in both sandstone and basement rocks, along with elevated radioactivity and highly anomalous pathfinder geochemistry in drill core samples. These findings indicate the presence of a significant hydrothermal system in the area, which is often associated with the formation of high-grade, unconformity-type uranium deposits in the Athabasca Basin.
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,314 hectares strategically located between Cameco’s Key Lake and McArthur River Projects, and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road. Skyharbour’s acquisition of a majority interest in Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 109,019 hectares between the Russell Lake and the Moore uranium projects. Several notable exploration targets exist on Russell, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target and the newly identified Fork Zone target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity also exist on the Property. Skyharbour is the operator and owns a majority interest in Russell Lake, having formed a joint venture partnership with RTEC at the project.
Other related developments from around the markets include:
Uranium Energy announced a major operational milestone with the successful processing, drying and drumming of uranium concentrates at the Company’s Irigaray Central Processing Plant in Wyoming. This follows the initial uranium production from UEC’s Christensen Ranch In-Situ Recovery operations. The uranium concentrates produced at the Irigaray CPP will be transported to the ConverDyn Conversion Facility in Metropolis, Illinois. Amir Adnani, President and CEO, commented: “We are six months into our phased ramp-up of operations and are excited to reach another milestone on schedule with the dried and drummed uranium concentrates. This marks the culmination of many years of planning and hard work from our entire team and is a testament to their expertise and dedication. UEC’s fully permitted ISR assets provide a cost-efficient foundation for sustainable growth, positioning UEC as a key player in the expanding nuclear energy sector.”
Denison Mines announced that it executed an agreement with Cosa Resources Corp. to form three uranium exploration joint ventures in the eastern portion of the Athabasca Basin region in northern Saskatchewan. Pursuant to the Agreement, Cosa will acquire a 70% interest in Denison’s 100%-owned Murphy Lake North, Darby, and Packrat properties in exchange for approximately 14.2 million Cosa common shares, $2.25M in deferred equity consideration, and a commitment to spend $6.5 million in exploration expenditures at Murphy Lake North and Darby. David Cates, President & CEO of Denison, commented, “Denison is pleased to collaborate with Cosa in a way that is mutually beneficial and enhances our exposure to the potential discovery of a meaningful uranium deposit on the Properties and through Cosa’s existing uranium exploration portfolio. With Denison focused on executing on our core mining and development-stage projects, we believe Cosa is an excellent partner to advance exploration of the Properties. The entire Cosa senior management team has worked with Denison previously, and have strong technical capabilities, plus a unique familiarity with the Properties and nearby discoveries.”
Cameco reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2024. “Our 2024 full-year financial performance benefitted from strong fourth quarter results delivered by our uranium and Westinghouse segments,” said Tim Gitzel, Cameco’s president and CEO. “Although both net earnings and adjusted net earnings in 2024 were lower than in 2023 primarily due to the impact of purchase accounting related to the Westinghouse acquisition, our other key financial metrics improved significantly. We expect our strong financial performance to continue in 2025, driven by the supportive market conditions we are seeing throughout the fuel cycle and across the nuclear sector, and through the continued benefits flowing from our investment in Westinghouse. Over the coming year, we expect to continue investing to help ensure reliability and sustainability of our existing operations, while positioning ourselves for future production flexibility and growth – growth that will be strategic, deliberate, disciplined, and with a focus on generating full-cycle value.”
NexGen Energy announced the commencement of a 43,000-meter (m) exploration drill program to continue to test the extents and growth of mineralization discovered in early 2024 at Patterson Corridor East (PCE) located 3.5 km east of the world-class Arrow Deposit. This systematic program represents an increase of 9,000 m from the 2024 program and is expected to be one of the largest drill programs in the Athabasca Basin, Saskatchewan in 2025. The initial results at PCE revealed vein-type uranium mineralization intersected within the competent basement rock, highly analogous to Arrow. Since discovery, the mineralized footprint at PCE has rapidly grown to 600 m along strike and 600 m of vertical extent.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Skyharbour Resources Ltd. by Skyharbour Resources Ltd. We own ZERO shares of Skyharbour Resources Ltd. Please click here for disclaimer.
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