Malibu, CA, Oct 24, 2022 AEST (ABN Newswire) - Join Ellis Martin for a conversation with Jordan Trimble, the President and Chief Executive Officer of Skyharbour Resources Ltd (
CVE:SYH) (SYHBF:OTCMKTS) a preeminent uranium and thorium exploration Company with projects located in the prolific Athabasca Basin of Saskatchewan, Canada. In this segment Mr. Trimble reviews the macroeconomics of the current uranium market and the company's latest partner project news.
Skyharbour Resources announced that it has entered into an option agreement (the "Option Agreement" or the "Agreement"), dated October 19th, 2022, with Tisdale Clean Energy Corp. ("Tisdale"), which provides Tisdale with an earn-in option to acquire an initial 51% interest and up to a 75% interest in the South Falcon East Property located in the Athabasca Basin in Northern Saskatchewan (the "Property").
The Property consists of a series of mineral claims totaling 12,464 hectares and is a portion of the Company's existing South Falcon Point Project. Skyharbour will retain a minority interest in the Property assuming the earn-in is completed as well as a 100% interest in the remaining and adjacent 32,006 hectare South Falcon Point Project and its management team as they advance the South Falcon East Project over the coming years with a substantial amount of exploration planned and significant cash and share payments to Skyharbour.
Assuming the option earn-in is completed, Skyharbour will retain a minority interest in the project as well as an NSR while maintaining a 100% interest in the surrounding claims. News will be forthcoming on exploration plans at the Property and will complement our aggressive drill campaign forthcoming at Russell Lake as well as those at various other partner-funded projects in our portfolio."
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About Skyharbour Resources Ltd.
Skyharbour Resources (CVE:SYH) (OTCMKTS:SYHBF) holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-four projects, ten of which are drill-ready, covering over 518,000 hectares (over 1.2 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc. and Azincourt Energy at the Preston and East Preston Projects, respectively, whereby Orano and Azincourt earned majority interests in the projects through exploration expenditures, cash payments and share issuances. Skyharbour also has several active earn-in option partners including: ASX-listed Valor Resources at the Hook Lake Uranium Project; CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; Yellow Rocks Energy, a private Australian entity, at the Wallee and Usam Island projects; North Shore Energy Metals at the South Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit.
Collectively, Skyharbour has now signed earn-in option agreements with partners that total to over $37 million in partner-funded exploration expenditures, over $28 million worth of shares being issued and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
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