Categories: Energy / Mining Stocks
Topics: General Energy / Uranium Stocks

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) CEO Jordan Trimble on Hitting Shallow, High Grade U308 on a 42 Meter Step Out in the Athabasca Basin

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF), Mr. Jordan Trimble. Jordan, how are you today?

Jordan Trimble: Doing great. Good to be back on and looking forward to catching up.

Gerardo Del Real: Well, listen, anytime that you hit high-grade, and then you hit high-grade on a step-out, and then you hit high-grade on a step-out, and it's shallow, and it happens to be in the Athabasca Basin, those are all great, great words to see in the news release. So, you put something out this morning. You intersected high-grade uranium in a significant 42 meter step-out. That was hole ML24-15. It returned 4.74% U308 over one and a half meters, within 6.4 meters of 1.5% U308 at the co-flagship Moore Uranium Project. I would love for you to provide the context on that hole. I know it's a step-out one for several reasons. We chatted a bit off air, but congrats. That's a great hit.

Jordan Trimble: Yeah. No, thank you. And the key there is the distance, the step-out distance of over 40 meters. For those that aren't familiar with Athabasca Basin high-grade uranium deposits, that's a big step-out. You can prove up a lot of uranium in 40, 50 meters. And so, for us, this hole, as I mentioned to you offline and we highlight in the press release, is likely the most consequential hole that we've drilled at this project in the last several years. It's not, as I mentioned, the best in terms of grade and thickness. It's very, very good. Nothing wrong with. Just under 5% over a meter and a half. And that's within a larger 6.4 meter zone of a percent and a half U308. We've had grades as high as 20 plus percent, and other drill holes where you look at the number and you'd say, "Okay, well, that's a better hole in terms of the grade thickness."

But this hole was really the first hole that had been drilled in a while as a very large step-out, east of what we thought was the extent of the high-grade core at the Maverick Zones, particularly the Maverick East Zone. And we were not expecting to see three plus percent higher grade mineralization. And we actually had half a meter of over 5%. So, what it's shown us is that the high-grade core does continue along strike. Obviously, we've seen now this step-out hole to the east. Presumably, there's more that could be found going in the other direction as well. Clearly, what's happening is the high-grade core is pinching and swelling, because we see widespread mineralization. And in a lot of cases, we see lower grade, call it sub 1% material that's widespread.

But having hit now this higher grade mineralization in such a significant step-out, that really gives us the confidence to go in there with future drilling and to continue testing along strike as we step out to the east. And that's just what we're going to be doing here in the summer months. As we mentioned in the press release, we are going to be following this up with a summer drill program that'll consist of about 5,000 meters. That'll kick off here in July, take us right through into August. Just a quick update on where we're at with the drilling, this 2025 drill campaign we talked about in previous interviews. We're carrying out an initial first phase of drilling. About five to 6,000 meters at Russell.

We're going to be wrapping that up here. We're very, very pleased with what we're seeing there. Assays are pending, so we're going to have some more news flow over the coming months from that. And then we're going to move the rig over here shortly to Moore Lake, follow up on the results that we announced this morning. Keep in mind, these were results from the last little bit of drilling we did late last year. Fortunately, we will see a quicker turnaround with the labs going forward. There was a huge backlog in 2024 of assays, so pretty much every company using the same lab unfortunately had to wait. But we now have those numbers in. We've reported them. Again, a very significant development hitting that kind of high-grade in that large of a step-out. And it's great, because it's shallow mineralization.

Again, our Moore Lake Project, which we own 100% of, the high-grade mineralization along that Maverick corridor, that structural corridor, is relatively shallow, within about 280 meters of surface. Which again is quite interesting going forward when you look at it through the lens of one of the two surface mining methods in the Athabasca Basin, SABRE and ISR. What we have here are several high-grade pods of uranium, relatively shallow, predominantly sandstone-hosted. So, finding more mineralization like we've announced this morning is significant. And we believe that, now having seen what we've announced this morning, there's more to be found stepping out to the east. But there's also potential at depth in the underlying basement rock, so we will be testing that as well.

And then, as I mentioned, it's not just out to the east. There is the thought now that we could step out to the west or to the southwest. And there's about six kilometers of more or less untested ground and targets to the southwest, from these high-grade zones that historically had very little to pretty much no drilling. A part of that was there was no modern geophysics carried out on that part of the property. We've carried that out here. We've carried out those programs recently. We've garnered and refined drill targets. So, in addition to following up on the results from this morning, stepping out along strike, to the east, we're also going to step out to the west and drill some exploratory holes on what appears to be a big regional structure that contains this main conductive, fertile corridor. And we're going to go test that down to the southwest and actually trends right on to our adjacent Russell Lake Project.

Gerardo Del Real: Listen, that's a lot of drilling. You had mentioned at the commencement of it that it was going to be the most aggressive you'd ever been. You're doing it at two projects and I think the timing's absolutely perfect. Before I let you go, if I could just get your brief take on what we talk about every time you're on, your finger's on the pulse of the uranium space. A lot of things are moving on, a lot of things are changing. What are you seeing and hearing out there?

Jordan Trimble: Yeah. There's a lot going on. I mean, I'm just trying to recall our last interview. And I'm pretty sure it was before the big announcement out of the White House a few weeks ago. Needless to say, those several executive orders caught the market's attention. I think it really shows the commitment in the United States to the nuclear industry going forward. I mean, we could talk at length about those executive orders, but really they're just meant to revitalize the US nuclear energy industry, fast-tracking new reactor licenses, overhauling the regulatory processes. I mean, there's talks of quadrupling nuclear capacity in the United States. The current demand being around 45 to 50 million pounds of uranium required each year for the 90-plus reactors currently operating.

Quadrupling that would be a huge amount of new demand coming on, almost equivalent to the current global demand by the middle of the century. So, even if it's a portion of that, that's a lot of new demand coming on in one market that, quite frankly, as we've discussed, and as I'm sure most of your audience know, has basically been stagnant for the better part of the last 50 years thanks to over regulation and a number of other factors. But a number of reasons why. We’re seeing the Manhattan Project 2.0, as it's been dubbed. The base load, clean electricity needed to power this burgeoning industry. Nuclear is clearly, as we're seeing with some of the big tech companies more recently, signing agreements with nuclear entities and utilities.

Nuclear power is really the only source of base load emissions, free electricity, reliable, affordable, and scalable. That's becoming the source of power of choice for these hyperscalers and to power the data centers required for the AI industry. We saw just over on the weekend, Amazon announced a deal. Before that, the big one that caught the market's attention just the other week was Meta. And then last year, it kind of all kicked off with Microsoft and Constellation. So, this is the biggest companies in the world basically coming into this industry. We're talking tens of billions of dollars, potentially. And this is big money coming in that needs the power now. It needs the electricity now.

I think it's all working together to, again, create this nuclear resurgence that we're seeing. You're going to see government agencies as well, like the Department of Defense, Department of Energy, help fast-track the rollout of this, which is key. So, again, if we see even a portion of the quadrupling happen in the US, that's 45 to 50 million pounds of annual demand going to 180 to 190 million pounds. The US, right now, is producing less than 5% of its uranium and nuclear fuel requirements. So, that's where, again, the Athabasca Basin and other reliable safe jurisdictions come in to meet that growing demand. So, yeah, no, look, a lot of positive headlines.

The spot price we've seen tick up. It's been flat here the last few weeks, which is not abnormal given the time of year. But I think this fall, and to be honest, I think it'll start actually this summer, but really get going in the fall. I think it's going to be one of the best ends to the year we'll see for this industry in a long time. I just think all the stars are aligning and we're in a great position right now. Skyharbour is to take advantage of that.

Gerardo Del Real: Yeah. I couldn't agree more with everything you said. I'm excited. I've been saying this since last year, and that I was excited for last year. And we did great last year, but I was really excited about the second half of 2025. And that extends to copper, that extends to gold, that extends to silver. It's all kind of materializing simultaneously in different sectors. But exciting times, exciting times for Skyharbour. Looking forward to having you back on and let's do it again soon. 

Jordan Trimble: Thanks, Gerardo. Thanks for having me on.

Gerardo Del Real: Anytime. Thank you, Jordan.

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