Skyharbour Resources’ partner Denison Mines has begun the 2026 winter exploration programme at the Wheeler North joint venture (JV), formerly part of the Russell Lake property in Saskatchewan's eastern Athabasca Basin.
This programme consists of around 2,500m of diamond drilling at the Fox Lake Trail (FLT) target, marking the start of a comprehensive 7,500m drill campaign.
This exploration effort is fully funded and managed by Denison as part of a strategic JV agreement with Skyharbour Resources, announced in November 2025.
The Wheeler North property spans 16,409 hectares (ha) across eight claims and features numerous high-priority drill targets.
Skyharbour Resources currently holds a 51% ownership in the property, while Denison holds 49% and operates the project.
Denison has the option to increase its stake to up to 70% through a phased earn-in agreement.
To achieve 60% ownership, Denison must invest C$10m ($7.36m) in exploration within 48 months, including $2.5m within the first two years, and pay Skyharbour $1.5m.
To further raise its stake to 70%, Denison needs to conclude an additional $15m in exploration and make a $2m payment within seven years of the agreement's completion.
The targets include the FLT, Fork and Sphinx areas, with Denison planning approximately 13 diamond drill-holes totalling around 7,500m this year.
Situated at the northern end of the Wheeler North property, FLT features several parallel electromagnetic conductors, which were enhanced through recent ground geophysical surveys completed in 2025.
The Fork Zone has emerged as a key focus due to its high-grade uranium mineralisation potential.
The earlier reported discovery hole, RSL24-02, encountered 3% triuranium octoxide over 0.5m at the unconformity, identifying Fork as a high-grade uranium target with structural control.
Similarly, the Sphinx target presents promising opportunities near Denison’s Phoenix uranium deposit.
Skyharbour's Russell Lake property was reorganised into four JVs in 2025, including Wheeler North.
Located centrally in the eastern Athabasca Basin and adjacent to significant infrastructure such as highways and power grids, these ventures are set to undergo more than 15,000m of diamond drilling throughout 2026.
