Skyharbour Resources Ltd.’s
(TSX-V: SYH)
(OTCQB: SYHBF)
(Frankfurt:
SC1P)
(“Skyharbour” or
the
“Company”
or the “Optionor”) is pleased to
announce that it has entered into an option agreement (the “Option
Agreement” or the “Agreement”) with Yellow Rocks Energy Ltd, a
private Australian entity, (“Yellow Rocks” or the “Optionee”) which
provides Yellow Rocks an earn-in option to acquire up to 80%
interest in the Wallee and Usam Island Uranium Properties located
in the Wollaston Domain of Northern Saskatchewan, Canada (the
“Properties”). The Properties contain twelve (12) mineral claims,
comprising approximately 62,951 hectares.
Location Map of
the
Projects:https://www.skyharbourltd.com/_resources/images/Sky-WalleeUsam-20211209.jpg
Jordan Trimble, President and CEO of Skyharbour,
stated: “We are very pleased to sign this Option Agreement with
Yellow Rocks and have the company advance the Wallee and Usam
Uranium Projects. This is another accretive property transaction as
we continue to execute on our business model by adding value to our
project base in the Athabasca Basin through strategic partnerships
and prospect generation, as well as focused mineral exploration at
our core projects.”
Wallee Uranium
Project:
The Wallee project contains approximately 20,765
ha in four claims located 35 km northeast of Cameco’s Eagle Point
Mine (Rabbit Lake Operation). The project is underlain by Wollaston
Supergroup metasediments, including highly prospective graphitic
pelitic gneisses, as well as Archean granitic gneisses. Multiple
untested EM conductors are present on the property that coincide
with magnetic and/or gravity lows, which are locally disrupted by
faulting including multiple N-S trending faults related to the
Tabbernor fault system and a couple of NE-trending faults.
Several geophysical surveys have been completed
on the project and surrounding areas along with some prospecting
and geochemical sampling, with the vast majority of the work being
carried out in the 1960’s through to the 1980’s. No drilling has
been completed on the property to date. Work in the surrounding
area has revealed several U-Th-REE mineralized basement rock
showings in outcrop and boulders (up to 1.15% U3O8), suggesting the
basement rocks on the property could be sources of basement-hosted,
unconformity-related uranium deposits.
Usam Island Uranium
Project:
The Usam Project consists of eight claims
totalling 42,186 ha and is located approximately 16 km northeast of
Cameco’s Eagle Point Mine (Rabbit Lake Operation). The project has
numerous EM conductors that are associated with significant
magnetic lows of the Wollaston Domain.
Previous work on the project includes diamond
drilling (12 holes), lake sediment sampling, soil sampling,
geological mapping, ground and airborne geophysics, marine seismic,
prospecting, and other geochemical sampling, the majority of which
was done in the 1970’s and 1980’s. Modern exploration at the
property has been limited to geophysics and ground prospecting. As
such, there is significant untested potential at the project.
Trenching on Cleveland Island uncovered up to 0.31% U3O8 in
mineralized pegmatite, and diamond drilling on Gilles Island
intersected anomalous uranium, indicating that the basement rocks
underlying the Usam property are fertile sources of uranium in
addition to containing pegmatite- and granite-hosted U-Th-REE
mineralization.
The Option Agreement:
Pursuant to the Agreement, Yellow Rocks may
acquire up to a maximum of 80% interest in the Properties by (i)
issuing common shares of Yellow Rocks (“Shares”) having an
aggregate value of AUD $2,025,000; (ii) making a cash payment of
AUD $50,000; and (iii) incurring an aggregate of AUD $4,500,000 in
exploration expenditures on the Properties.
Schedule to earn up to 80% interest:
Date |
Cash Payments
(AUD $) |
Exploration Expenditures
(AUD $) |
Value of Yellow
Rocks Shares Issued (AUD
$) |
On Closing (15%) |
$ |
50,000 |
$ |
0 |
$ |
225,000 |
On or before the first anniversary of Closing (51%) - Phase 1 |
$ |
0 |
$ |
1,000,000 |
$ |
600,000 |
On or before 27 months of Closing (65%) - Phase 2 |
$ |
0 |
$ |
1,500,000 |
$ |
600,000 |
On or before 39 months of Closing (80%) - Phase 3 |
$ |
0 |
$ |
2,000,000 |
$ |
600,000 |
TOTAL |
$ |
50,000 |
$ |
4,500,000 |
$ |
2,025,000 |
Skyharbour will retain an NSR of two percent
(2%) on all 12 claims with Yellow Rocks holding a buyback option
whereby Yellow Rocks can purchase one percent (1%) of the NSR for
CAD $700,000. The Optionee will be the operator at the Properties
during the course of the earn-in.
If the Optionee completes the Closing Phase (to
earn-in the 15% interest in the Properties) but does not satisfy
the requirements to complete Phase 1 (and does not obtain an
earn-in interest of 51%) the Optionee will relinquish the Closing
Phase interest (being the Optionee’s 15% interest in the Property
in consideration for the payment of AUD $1.00, and the Optionee
will no longer be entitled to any interest in the Property.
The obligations of the Optionee under this
Agreement are subject to and conditional upon the satisfaction of
the following conditions precedent:
- Completion of
due diligence by the Optionee on the Property to the reasonable
satisfaction of the Optionee on or before the date of lodgement of
the prospectus to be issued by the Optionee in connection with its
initial public offering and listing on the ASX (“Prospectus”);
- The Optionee
undertaking a capital raising and receiving valid applications
under the Prospectus for such amount as required to ensure that the
Optionee complies with the ASX Listing Rule 1.3.1 to meet the
assets test for listing (net tangible assets of $4,000,000 after
deducting costs of the offer);
- The Optionee
receiving conditional approval from the ASX for its securities to
be admitted to official quotation on the Exchange
- The Optionee
being satisfied (at its sole direction) that there is no breach of
the representations, warranties or covenants given by the Optionor
under this Agreement;
- Execution by the
Optionor of such form of restriction agreement with respect to the
Shares as may be required by the ASX;
- The Parties (as
applicable) obtaining all necessary regulatory and shareholder
approvals pursuant to the ASX Listing Rules, the Corporations Act
2001 and their constituent documents, to allow the Parties to
lawfully complete the matters set out in this Agreement;
If these Conditions Precedent are not satisfied
on or before 5:00pm (WST) on the date which is nine (9) months from
the date of execution of this Agreement either Party may terminate
this Agreement by notice in writing to the other Party, in which
case, the agreement constituted by this Agreement will be at end
and the Parties will be released from their obligations under this
Agreement.
Qualified Person:
The technical information in this news release
has been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101 and reviewed and
approved by David Billard, P.Geo., a Consulting Geologist for
Skyharbour as well as a Qualified Person.
About Skyharbour Resources
Ltd.:
Skyharbour 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 fifteen projects, ten of which are drill-ready,
covering over 450,000 hectares 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 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 a joint-venture with
industry-leader Orano Canada Inc. at the Preston Project whereby
Orano has earned a 51% interest in the project through exploration
expenditures and cash payments. Skyharbour now owns a 24.5%
interest in the Project. Skyharbour also has a joint venture with
Azincourt Energy at the East Preston Project whereby Azincourt has
earned a 70% interest in the project through exploration
expenditures, cash payments and share issuance. Skyharbour now owns
a 15% interest in the Project. Preston and East Preston are large,
geologically prospective properties proximal to Fission Uranium's
Triple R deposit as well as NexGen Energy's Arrow deposit.
Furthermore, the Company owns a 100% interest in the South Falcon
Point Uranium Project on the eastern perimeter of the Basin, which
contains a NI 43-101 inferred resource totaling 7.0 million pounds
of U3O8 at 0.03% and 5.3 million pounds of ThO2 at
0.023%.
Skyharbour has several active option partners
including: ASX-listed Valor Resources on the Hook Lake Uranium
Project whereby Valor can earn-in 80% of the project through CAD
$3,500,000 in exploration expenditures, $475,000 in cash payments
over three years and an initial share issuance; CSE-listed Basin
Uranium Corp. on the Mann Lake Uranium Project whereby Basin
Uranium can earn-in 75% of the project through $4,000,000 in
exploration expenditures, $850,000 in cash payments as well as
share issuances over three years; and CSE-listed Medaro Mining
Corp. on the Yurchison Project whereby Medaro can earn-in an
initial 70% of the project through $5,000,000 in exploration
expenditures, $800,000 in cash payments as well as share issuances
over three years followed by the option to acquire the remaining
30% of the project through a payment of $7,500,000 in cash and
$7,500,000 worth of shares.
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.
Skyharbour’s Uranium Project Map in the
Athabasca
Basin:http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
To find out more about Skyharbour Resources Ltd.
(TSX-V: SYH) visit the Company’s website
at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan
Trimble” Jordan
TrimblePresident and CEO
For further information contact myself or:Nicholas
ColturaCorporate Development and CommunicationsSkyharbour Resources
Ltd. Telephone: 604-558-5847Toll Free: 800-567-8181Facsimile:
604-687-3119Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States, nor in any other jurisdiction.
This release includes certain statements that
may be deemed to be "forward-looking statements". All statements in
this release, other than statements of historical facts, that
address events or developments that management of the Company
expects, are forward-looking statements, including the Private
Placement. Although management believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, regulatory
approvals, continued availability of capital and financing, and
general economic, market or business conditions. Please see the
public filings of the Company at www.sedar.com for further
information.
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