Skyharbour Resources Ltd. (TSX-V:
SYH)
(OTCQX:
SYHBF)
(Frankfurt:
SC1P) (“Skyharbour” or the
“Company”), is pleased to announce that it has entered into an
option agreement (the “Agreement”) with North Shore Energy Metals
Ltd. (“North Shore” or the “Optionee”) which provides North Shore
an earn-in option to acquire an initial 80% interest and up to a
100% interest in the South Falcon Property located in Saskatchewan,
Canada (the “Property”). The Property contains eleven (11) mineral
claims, comprising approximately 42,908 hectares. The Agreement
provides North Shore an opportunity to earn an initial 80% interest
in the claims over a three year period by fulfilling combined cash,
share issuance and exploration expenditure commitments of CAD $5.3
million, with an option to purchase the remaining 20% for an
additional CAD $10 million in cash and shares.
Location Map of South
Falcon
Project:https://skyharbourltd.com/_resources/maps/Sky_FalconSouth20221024.jpg
Jordan Trimble, President and CEO of Skyharbour,
stated: “We are thrilled to be working with the North Shore team as
they advance the South Falcon Project going forward. We continue to
execute on our strategy by adding value to our uranium project base
in the Athabasca Basin through strategic partnerships and prospect
generation, as well as focused mineral exploration at our
co-flagship Russell and Moore Projects. News will be forthcoming on
exploration plans at South Falcon and North Shore is well
positioned to unlock value at the Project with a strong management
and technical team.”
South Falcon Uranium
Project:
The South Falcon Property contains eleven
mineral claims comprising approximately 42,908 hectares
approximately 50 km east of the Key Lake mine. Nine of the claims
are from the original South Falcon Point (previously Way Lake)
Uranium Project and the remaining two claims are from Skyharbour’s
Foster River Project. Historical uranium mineralization discovered
at South Falcon is shallow and is hosted in several geological
settings including classic Athabasca-style basement mineralization
associated with well-developed EM conductors. At the EWA target, up
to 0.492% U3O8 and 1,300 ppm lead was encountered in outcrop
grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical
grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01%
U3O8 in an outcrop of pegmatite, while anomalous nickel, copper,
and molybdenum were found in historical grab samples from the
Fraser North target area (SMDI’s 1125 and 1126).
A well-defined northeast-trending, locally
folded, electromagnetic conductor system runs throughout the
Property, which was defined by airborne and ground geophysical
surveys by JNR Resources (“JNR”) in the 2000’s. In 2008 JNR
conducted a drill campaign at Way Lake. Of the 47 holes drilled
that year, 28 holes (totaling 7,348 metres) were drilled on the
South Falcon Uranium Property at the Walker (14 holes), Walker
South (7 holes), and EWA target areas (6 holes). At the Walker and
South Walker targets, which lie along the aforementioned EM
conductor system, structurally disrupted and variably altered
metasediments (including graphitic pelitic gneisses) with anomalous
boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium
were encountered in several drill holes. During this same drill
campaign, the Fraser Lakes Zone B uranium deposit was discovered
approximately four kilometres east of the Walker South target on a
refolded extension of the EM conductor system. At the EWA target,
which lies along a separate northeast-trending EM conductor,
anomalous uranium, boron, lead, and molybdenum were encountered in
structurally disrupted pegmatites; the best result was 0.235% U3O8
over 0.5 m (within a 3.5 m interval of 0.113% U3O8) in hole
WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a
FALCON® airborne gravity gradiometer and magnetic survey over nine
of the eleven claims at the South Falcon Property. This new
geophysical data will assist North Shore in prioritizing areas
along the EM conductor system for drilling. Approximately 28
kilometres of the EM conductor system remain untested on the South
Falcon Property. North Shore’s initial focus will be on the two
claims formerly part of the Foster Project (geophysics), and on the
southeastern end of the EM conductor system at Knob Lake
(prospecting and/or drilling), which shows similarities to the
Fraser Lakes Zone B deposit approximately 6 km to the northeast and
several other high-priority targets elsewhere along the main EM
conductor system.
Significant potential exists on the project for
basement-hosted, unconformity-related uranium deposits like those
further to the north in the Wollaston Domain (i.e. Eagle Point,
Rabbit Lake, Key Lake and others), as well as for
pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE
mineralization like at the Fraser Lakes Zone B deposit on
Skyharbour’s adjacent South Falcon East Property, currently under
option to Tisdale Clean Energy.
The Option Agreement:
Pursuant to the Agreement, North Shore may
acquire an initial 80% interest in the Property by (i) issuing
common shares of North Shore (“Shares”) having an aggregate value
of CAD $1,225,000; (ii) making aggregate cash payments of CAD
$525,000; and (iii) incurring an aggregate of CAD $3,550,000 in
exploration expenditures on the Property over a three-year
period.
Schedule to earn an initial 80% interest:
Date |
Cash Payments (CAD $) |
Exploration Expenditures (CAD $) |
Value of Shares Issued (CAD $) |
On Closing(1) |
$50,000(2) |
$ |
0 |
$150,000(3) |
By Dec. 31st, 2023 |
$ |
0 |
$ |
250,000 |
$ |
0 |
On or before the first anniversary of Closing |
$ |
100,000 |
$ |
250,000 |
$200,000(4) |
On or before the second anniversary of Closing |
$ |
150,000 |
$ |
1,300,000 |
$350,000(4) |
On or before the third anniversary of Closing |
$ |
225,000 |
$ |
1,750,000 |
$525,000(4) |
TOTAL |
$ |
525,000 |
$ |
3,550,000 |
$ |
1,225,000 |
(1) Closing which will be on the date of the
closing of North Shore’s qualifying transaction.(2) $25,000 on
signing the Agreement and $25,000 due at Closing.(3) At a price of
$0.30 per Share.(4) Cash or shares at North Shore’s option at a
price per Share using the five (5) VWAP at the time of issuance,
subject the minimum pricing rules of the TSX Venture Exchange.
Once North Shore has earned an initial 80%
interest in the Property, North Shore may acquire the remaining 20%
interest in the Property within 90 business days by (i) issuing
Shares having a value of CAD $5,000,000, and (ii) making a cash
payment of CAD $5,000,000 to Skyharbour. If North Shore does not
elect to acquire the remaining 20% interest, a joint venture will
be formed with Skyharbour holding a 20% participating interest.
North Shore will be the operator of the
exploration programs during the earn-in stage and for the joint
venture if formed. Two claims totaling 10,673 hectares that form
part of Skyharbour’s Foster River Property are subject to a one
percent (1%) NSR royalty payable to Skyharbour. The remaining nine
claims totaling 32,235 hectares that comprise Skyharbour’s South
Falcon Point Property are subject to a two percent (2%) NSR royalty
payable to Denison Mines Corp. (“Denison”) with North Shore having
the right to purchase one percent of the royalty from Denison at
anytime by paying $1 million.
All Shares will be subject to a
four-month-and-one-day statutory hold period in accordance with
applicable securities laws. No finders’ fees or commissions are
owing by Skyharbour in connection with entering into the Agreement.
Completion of the transactions contemplated by the Agreement, and
the issuance of the Shares, remains subject to the approval of the
TSX Venture Exchange. The obligations of the Optionee under this
Agreement are subject to and conditional upon the Optionee
completing a Qualifying Transaction, as such term defined under the
policies of the TSX Venture Exchange, and equity offering.
About North Shore
Energy Metals Ltd:
North Shore is currently a private mineral
exploration company focused on uranium exploration at the eastern
margin of the Athabasca Basin through its Falcon property which
will increase from 12,800 to 55,700 hectares with the addition of
the claims subject to the Agreement, and the West Bear property
located 90 kilometres to the northeast.
As announced on May 3rd, 2023, Clover Leaf
Capital Corp. (TSX-V: CLVR.P) (“Clover Leaf”) received conditional
acceptance from the TSX Venture Exchange to close its acquisition
of North Shore by way of a one for one share exchange agreement as
described in the Clover Leaf’s press release dated December 23rd,
2022. This transaction will constitute a qualifying transaction
pursuant to the policies of the TSX Venture. It is a condition to
the completion of the qualifying transaction that North Shore
complete a concurrent equity offering prior to the closing date of
the transaction for minimum gross proceeds of $5,000,000. Upon
completion of the transaction the name of the combined company will
be North Shore Uranium.
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 twenty-four projects, ten of which are
drill-ready, covering over 504,356 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 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.
Skyharbour’s Uranium Project Map in the
Athabasca
Basin:https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20230320_V2A.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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