Skyharbour is looking for acquisitions. Skyharbour, President and Chief Executive Officer of Skyharbour, stated: "2026 is set to be a transformative year for Skyharbour and the upcoming commencement of drilling at the recently formed Russell Lake joint ventures represents a key near-term catalyst. The planned +15,000-metre, multi-phased drill campaign at Russell is a substantial increase to previous annual drilling programs as accelerate exploration efforts together with new funding-partner, Denison, using systematic and proven exploration methodologies.
The company is confident that this collaboration with Denison will expedite the discovery process and leverage Denison's success in exploring, permitting, and developing the neighboring Wheeler River Project, where the high-grade Phoenix deposit is positioned to become the next new large-scale uranium mine built in the region since the Cigar Lake mine". Wheeler North consists of 16,409 hectares over eight claims that host numerous prospective exploration targets located adjacent to the Wheeler River Project. Ownership is initially 51% Skyharbour and 49% Denison, with Denison serving as the operator and holding additional earn-in options to achieve up to a 70% ownership interest.
At Wheeler North, Denison is planning an exploration program comprising approximately 13 diamond drill holes totaling approximately 7,500 metres this year. The work is expected to be sole funded by Denison pursuant to its earn-in options, and is set to commence shortly with a focus on three high-priority target areas: Fork, Sphinx, and Fox Lake Trail ("FLT"). Inaugural drilling completed in 2025 intersected a faulted graphitic unit in the basement, confirming the presence of a prospective reactivated structural corridor at Sphinx.
A focused follow-up program of three to four drill holes is planned to commence in winter 2026, with contingency drill targets available on additional untested conductors within the FLT area. This work will be followed by targeted diamond drilling of approximately 4,000 to 5,000 metres this year in 10-14 drill holes, designed to test high-priority targets generated from the integration of historical datasets, recent drilling results, and new geophysical interpretations. The geophysical survey is expected to be followed up by approximately 3,600 metres of diamond drilling in about 10 drill holes to test targets generated from the new geophysics and supported by historical drilling results.
The Fork Zone was discovered in 2024 and is host to the best uranium mineralization intercepted to date at the Russell Lake project. The highlight results included high-grade unconformity-hosted mineralization intercepted in previously reported RSL24-02, which returned 3.0% U3O8 over 0.5 metres within a broader 2.5-metre interval averaging 0.72% U3O8 at a relatively shallow depth of 338.1 metres. At the Fox Lake Trail area, the survey delineated four parallel conductive trends, of which only two had been drill tested prior to 2025, as earlier surveys failed to adequately resolve these features.
Further drilling in the area is required to adequately test this target with plans in 2026 to do so. Skyharbour also completed a single drill hole, RSL25-07A, to test a newly identified ground EM conductor at the Sphinx target, representing the first drill test of this target. PIMA analysis identified illite-dominant clay alteration in the sandstone and illite-chlorite alteration in the basement, indicating a well-developed hydrothermal system.
Together, these results support the interpretation of a reactivated, structurally focused uranium-fertile corridor at Sphinx. With only one drill hole completed to date and the target located proximal to the Phoenix deposit, Sphinx remains a high-priority target for follow-up drilling planned in 2026. Furthermore, Skyharbour completed 4 drill holes at the Fox Lake Trail area, located at the northern and south of the northern and south of the south of the south of the north of the south of the south.
