Skyharbour Resources Launches Major Uranium Exploration Drive

Skyharbour Resources and Denison Mines begin a 7,500m drill program at Wheeler North, fully funded by Denison, to test new uranium targets near the Phoenix deposit.

Activity is ramping up in Canada's prolific Athabasca Basin. Skyharbour Resources, in partnership with Denison Mines, has now commenced its 2026 winter exploration program at the jointly held Wheeler North project. This extensive drilling campaign is designed to uncover new uranium deposits within one of the world's most significant production regions for the nuclear fuel.

A Strategic and Funded Partnership

The operational push is underpinned by an agreement finalized in November 2025. Under its terms, Denison Mines can earn up to a 70% interest in the Wheeler North project through staged investment commitments. A key aspect of this cooperation is that Denison is not only the project operator but is also providing full financing for the work. This structure allows Skyharbour to aggressively advance exploration without immediately impacting its own treasury.

Wheeler North Takes Center Stage

The initial phase of the program will see approximately 2,500 meters of diamond drilling, primarily focused on the Fox Lake Trail target area. For the full year, a total of 7,500 meters of drilling is planned at Wheeler North to test several priority targets, including FLT, Fork, and Sphinx.

The Sphinx zone is of particular strategic interest due to its location roughly one kilometer southeast of Denison's known Phoenix uranium deposit. The exploration aims to test existing structural corridors and evaluate their potential for uranium mineralization. Data analysis from the first 2,500 meters will be crucial in determining if these corridors confirm the hoped-for extension of mineralization in the eastern Athabasca region.

Market Response and Broader 2026 Portfolio Strategy

The market has reacted favorably to the launch. Skyharbour's shares gained 1.83 percent to trade at 0.31 euros. This continues a positive trend since the start of the year, during which the stock has appreciated by nearly 18 percent.

The Wheeler North program is part of a much broader portfolio strategy for 2026. Skyharbour has planned over 15,000 meters of diamond drilling across various newly formed joint ventures. Key projects in focus alongside Wheeler North include Getty East, Russell Lake, and Wheeler River Inliers. The coming months will be defined by evaluating results as the company works to unlock value across its substantial Canadian land package.