Basin Uranium, Skyharbour Resources' partner company, informs that a phase-II diamond drilling program has commenced at its Mann Lake project, situated 15 km to the northeast along the strike of Cameco’s Millennium uranium deposit and 25 km southwest of the McArthur River Mine.
Mann Lake Uranium Project. Image Credit: Skyharbour Resources
- Phase-II drilling is scheduled to follow up on significant targets determined from Phase-I drilling and recently concluded geophysical surveys at Mann Lake.
- Around 4,000 m of core drilling is scheduled for Phase II, encompassing the southern region of the project.
- Phase II’s first hole will follow up on uranium mineralization in hole MN22-002.
- Drilling will also explore conductive structures and zones detected in the Mobile MT survey carried out this summer along the unconformity contact that links to widespread gravity lows situated close to the southeastern region of the project.
We are excited to be back at Mann Lake for phase two drilling. Our fully funded fall program will build off of our spring and summer exploration work and will continue to vector towards additional mineralization hosted on the project.
Mike Blady, CEO, Basin Uranium
About Mann Lake
Skyharbour has signed an Option Agreement (the “Agreement”) with Basin Uranium, by which Basin Uranium acquires an earn-in option to acquire a 75% interest in the Uranium Project at Mann Lake.
The Option Agreement stipulates that Basin Uranium must provide cash and exploration expenditure consideration of CAD $4,850,000 spanning three years (“Project Consideration”). The Project Consideration entails $850,000 in cash payments to Skyharbour and $4,000,000 for project exploration expenditures.
Furthermore, Basin Uranium will have to issue Skyharbour the equivalent value of CAD $1,750,000 in shares of Basin Uranium, spanning the three-year earn-in period to fulfill the earn-in.
The Mann Lake Uranium Project is tactically situated 25 km southwest of the McArthur River Mine, the world’s largest high-grade uranium deposit, and 15 km northeast of the Millennium uranium deposit of Cameco.
The Mann Lake project also neighbors the Mann Lake Joint Venture run by Cameco (52.5%) with collaborators Denison Mines (30%) and Orano (17.5%).
Denison Mines purchased International Enexco and its 30% interest in the project after a winter drill program in 2014 revealed high-grade, basement-hosted uranium mineralization at this nearby project.