[Music] welcome to CEO insights I'm Marilyn dezman with investing news.com my guest this episode is Jordan Trimble president and CEO of Sky Harbor resources welcome back Jordan thanks for having me looking forward to catching up yeah so uh let's talk about your upcoming drill program it's um the most extensive drill program that you're to date at both your Russell Lake and more projects can you talk about some of the key objectives for this multiface program yeah well so it's
the largest drill program and and hence the largest budget um for a drill campaign we've ever carried out it's going to consist of 18,000 meters drilling across our two co- Flagship Russell and more Lake projects so these are two Advanced stage exploration assets that we've been actively advancing for a number of years um the the first phase of drilling uh which we've just commenced a 5,000 meter winter phase of drilling at our Russell project uh the objectives there are quite straightforward uh one we are
looking to make new high-grade athabaska Basin uranium discoveries we're looking to be that next big Discovery story and this project is ripe for Discovery it's a discovery ready project um there's been a fair bit of historical work uh done over the last few decades we last year discovered for the first time multi- percent high-grade mineralization and what ended up being the best drow result from the project historically up to 3% u308 over a half a meter that was within 2 and a half meters of 8% so it's
a great start uh to what we believe will be a new discovery this year we want to go in we want to expand on that uh and uh effectively uh deliver Market moving drill results from the project now just another quick note it's a strategically located asset uh wedged between the MacArthur River mine project to the north that's owned and operated by Amo one of two operating Mills the key Lake Mill to the southwest and Dennison's wheeler River Project Dennison's one of our largest corporate shareholders uh
and they're developing uh what's called The Phoenix deposit which just is just a few kilometers away from where we're drilling at some of the higher priority targets at Russell now adjacent to Russell um we have a 100% owned uh Advanced stage exploration asset in more Lake that we've been advancing for a number of years we are also plan ing a 5 to 7,000 meter drill campaign there this year again much like at Russell which will end up being about 11,000 M uh in in multiple phases we're going to drill
in multiple phases at more uh as well so the objective there is uh to go in and continue to expand a known high-grade Zone uh the Maverick Zone there's multiple high-grade lenses on a conductive Corridor we've had grades as high as 21% u308 over a meter and a half and last year uh was some drilling that we carried out we announced uh 3 meters of 7.3% u308 at relatively shallow depths of about 260 to 280 meters so that project uh there is high grade there we're looking to expand that and
we're also looking to add new discoveries at the project uh to uh add value for our shareholders uh so a lot of drilling planned at both of those projects this year fully funded it'll take us right through to the end of the year uh and keep an eye out for news flow from those results as we work through uh those various drill programs at those two projects I is the intention or are you nearing a uh sort of a a resource estimate is that uh the goal is that something that you're looking at
for the near term or like what's the timeline for that yeah so at more Lake we are working on an initial resource estimate uh the drilling this year will will help us in uh establishing that uh as I mentioned there's been a fair bit of historical exploration at the project which includes um a lot of work that was done uh in over the last few decades to delineate these shallow high-grade lenses of mineralization what's also interesting at more Lake uh is the fact that the high-grade mineralization uh
given that it's shallow but also predominantly Sandstone hosted uh there is the potential down the road to look at uh one of the two surface mining methods that's used uh uh in the aabas saber uh and uh what Dennis is proposing to use at Phoenix deposit ISR so um we're we're quite excited for the prospects of uh uh expanding that that that resource at more adding uh additional discoveries at the project but but not to take away too much attention from Russell because that's where actually we're going to be doing
most of our drilling this year of the 18,000 meters about 11 to 12,000 meters will be at Russell uh and and just a quick note at Russell we are now joint venture partners with riotinto uh they are a large shareholder of the company as well uh so we're excited to work with them uh moving forward uh as a JV partner uh and uh again like I said we uh we truly believe this year at Russell given what we saw last year given some of the historical results and our strategy this year that we can deliver a
gamechanging results uh from that project so along that lines of your um you know partnership with riotinto you've also been actively forming other strategic Partnerships you know to Advance your Ur in your projects can you talk us through sort of the key factors that guide your decision When selecting joint venture partners and how they contribute to your uh long-term growth yeah so this uh is in reference to our Prospect generator business and just to to summarize that um we uh over the last
number of years we've grown this secondary part of the business first and foremost we are an exploration and Discovery company we're uh we're out there looking as I mentioned earlier uh making big discoveries at our two co- Flagship Russell more Lake projects but we have this secondary part to the business that's uh that's evolved quite a lot in the last few years we now have nine partner companies um o uh spending potentially over $70 million in Combined project consideration so uh just under
half of that in Exploration funding coming from these Partners the other uh call it half of that in cash and share payments coming from these partner companies to die Harbor three of them are joint venture Partners one of which is a strategic larger partner in arano uh and then we have six Active earning option Partners so these these partner companies are still spending money at those projects to complete their earnin uh and if you look at uh the the host of partners that we have um we're expecting
a number of uh larger drill campaigns and exploration programs this year highlighted by orano uh carrying out a six to 7,000 meter drill program at the Preston project which we're going to participate in as a minority partner but we also have other partners uh including Northshore uh Tera clean energy uh urax uh and Mustang all planning to carry out either drill programs or larger field programs this year at their respective projects so it's a it it provides a lot of optionality value uh for us and uh
it's key for us to bring in good partners obviously arano is a larger strategic partner but the other partner companies uh bring uh geological expertise to the table they're able to to raise capital and most importantly for us uh they they can advance the projects while we stay focused on our two core projects of Russell and Moore let's talk a little bit more about sort of the macro uh the the you know high level uranium Market you know the uranium Market evolves as it evolves and you know demand continues to grow what
are some of the iies that you're Implement implementing to enhance and maintain your competitive Advantage yeah well look Sky Harbor is uh we're positioning the company to be a go-to name a One-Stop shop if you will for high-grade exploration and Discovery potential in Northern saskat in the athabaska Basin um if you look at the market right now despite a recent spot price pullback the long-term prices continue to remain strong we're also seeing an East vers West bifurcation and so as a Canadian Ian company is a
western company we offer investors exposure uh to exploration and development in Western uh Canada in North America uh where the highest grade depository of uranium in the world is that's in Northern Saskatchewan and a couple of other unique features of Sky Harbor we're we're one of the largest actually the third largest bi acreage mineral tenure holder in Northern Saskatchewan uh with 36 projects covering over 1.5 million Acres uh so I I'm I we talked about uh the two main assets and then the 13 other projects
that are being Advanced by those nine partner companies but we have another 20 plus projects that we own 100% of that we're actively seeking new Option and JB Partners on that we can look to monetize going for that's another great part of that Prospect generator business is it allows us to keep the equity dilution in check uh by getting cash and share payments uh from these partner companies on an annual basis the other great thing is we've assembled uh one of the I'd say best exploration teams out there in fact
we just uh uh hired brought on full-time a new VP of exploration a gentleman by the name of sadar dones who was at Dennis in a partner company of ours for over 17 years he was there at the discovery of Phoenix and Griffin at the wheeler River project uh right through to the feasibility study that they issued just a few years ago so he knows the athabaska Basin in the discovery process uh and resource delineation very very well but most important he knows that specific part of the athabaska Basin and the geology there very well
which is where we're drilling at Russell and more lake so we've got the assets we've got the people and the timing with the uranium Market again there's a structural Supply deficit despite um re the recent pullback in the spot price which is on relatively you know low volumes right it's important to note that um despite that we the long-term price remaining strong other prices of the intermediate products in the fuel cycle remaining strong and I think this year we'll see the utility Contracting
ramp up we'll see that Supply strain uh really impact the market and the geopolitical tensions that we're seeing globally that you know have helped underpin uh over the last few years strength in the uranium price I think that those factors are going to continue to put upward pressure on the uranium price so uh we're we're very excited for the year ahead I think the recent pullback and correction is a healthy one I think that we're going to see this U bull Market um be a much longer more
sustainable market for this commodity and you simply do not have new large amounts of of Supply in specifically in the west that can come on in the next few years to meet that growing demand the demand side um has been very robust um obviously there's the the the uh over 60 reactors under construction globally currently but that doesn't account for any new uh SMR small modular reactors we've seen over the last few years headlines from Big Tech uh and hyperscalers looking to uh utilize
nuclear energy uh as a base load emissions fore source of electricity for for AI and other high-tech Industries uh so I think that this um this source of electricity and demand for Uranium is going to continue to be quite strong and robust going forward right and in terms of catalysts um I know you know you have you're looking at results you know you're doing doing a lot of drilling um other catalysts that are that are coming up that you may that our investors may want to look forward to yeah well so
it's a very Catalyst Rich story we've talked a little bit about the the drilling uh the 18,000 meters at Russell Mo but we are expecting an additional 15 to 16,000 meters of drilling from our various partner companies including orano as I mentioned uh they're planning to drill six to 7,000 meters of Summer at Preston uh a few of the other partner companies as well so you're looking at 30 to 35,000 meters of combined Drilling uh across numerous projects of ours in the athabaska Basin and a good chunk of
that being funded by the various partner companies there's a lot of optionality value there um and uh also keep an eye out for additional option and JV Partners as I mentioned we have an inventory of properties that we're uh actively seeking Partners on um and uh we we continue to add to our portfolio whether it be through staking or or property deals with other companies so we continue to to grow our Athabasca base uranium project portfolio and last but not least um uh we're well as I
mentioned well positioned uh to participate in this long-term longer term bull market that I think will play out for the uranium uh Market uh I think we're um uh going to see a lot of appreciation uh value appreciation over the coming years and uh Sky Harbor is one of only um a few remaining pure playay Advanced stage exploration companies um uh actively um operating in the Athabasca Basin so going forward we will be looking at um m&a opportunities as they are presented uh to us and and
uh again um anyone that uh is interested in looking at the company uh I implore you to go check out our website www.sky Harbor ltd.com we trade under the ticker symbol Sy uh on the TSX Venture exchange and we also have an otcqx listing in the US as well great well thanks for sharing your insights and your company updates today Jordan looking forward to speaking with you again for for some of those catalysts that are coming thank you for having me and thanks everyone for watching join us again next time for
another edition of CEO insights
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