Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) has entered into a definitive option agreement with Purecore Metals (CSE: PURE), granting Purecore the right to earn up to a 100% interest in the Yurchison uranium property located in northern Saskatchewan. The agreement underscores Skyharbour's ongoing strategy to leverage its extensive Athabasca Basin portfolio through strategic partnerships while maintaining focus on its flagship Moore and Russell projects.
Under the terms of the agreement, Purecore can earn an initial 70% interest in the Yurchison property by providing Skyharbour with C$350,000 in cash and C$700,000 in shares, along with incurring C$3.5 million in exploration expenditures over a three-year period. Following this, Purecore has the option to acquire the remaining 30% interest for an additional C$3 million in cash and C$3 million in shares. Skyharbour will retain a 2% net smelter return royalty on the property.
The Yurchison property comprises 22 claims covering approximately 35,029 hectares, situated about 75 kilometers south of Cameco's Rabbit Lake operation. The property is accessible via Highway 905, which crosses it. Historical sampling has returned uranium values ranging from 0.09% to 0.30% U3O8 and molybdenum values from 2,500 to 6,400 ppm. Modern airborne electromagnetic, magnetic, and radiometric surveys were completed in 2022 and 2023, indicating the property's potential for further exploration.
Skyharbour's CEO, Jordan Trimble, commented on the agreement, stating, "This transaction aligns with our proven strategy of generating value from our extensive Athabasca Basin portfolio through partnerships. By bringing in Purecore to advance the Yurchison property, we can unlock its potential while preserving our focus on our core Moore and Russell assets." The agreement is part of Skyharbour's broader initiative to maximize shareholder value through new mineral discoveries and committed long-term partnerships.
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin, with interests in forty-four projects covering over 682,100 hectares. The company's flagship Moore Uranium Project is an advanced-stage property with high-grade mineralization at the Maverick Zone, including drill results of up to 6.0% U3O8 over 5.9 meters, including 20.8% U3O8 over 1.5 meters. Adjacent to Moore, Skyharbour is advancing several properties within the Russell Lake project area in partnership with Denison Mines.
Skyharbour has established joint ventures with industry leaders such as Denison Mines and Orano Canada Inc., and has multiple active earn-in option partners, including Nexus Uranium Corp., North Shore Uranium, UraEx Resources, Future Fuels, Mustang Energy, and Terra Clean Energy. In aggregate, these partnerships could bring in over $79 million in partner-funded exploration expenditures and over $52 million in cash and share payments to Skyharbour, assuming all earn-ins are completed.
The agreement with Purecore marks another step in Skyharbour's strategy to advance its projects through collaborative partnerships, positioning the company to benefit from improving uranium market fundamentals. For more information on Skyharbour Resources, visit the company's website at https://skyharbourltd.com/.
