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. This agreement aligns with Skyharbour’s strategy of leveraging its extensive Athabasca Basin portfolio through partnerships while focusing its own exploration efforts on its core Moore and Russell assets.
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 the completion of this initial earn-in, Purecore has the option to acquire the remaining 30% interest by making an additional C$3 million cash payment and issuing C$3 million in shares to Skyharbour. Skyharbour will retain a 2% net smelter return royalty on the property.
The Yurchison property consists of 22 claims covering approximately 35,029 hectares, situated about 75 kilometers south of Cameco’s Rabbit Lake operation, with Highway 905 crossing the property. Historical sampling on the property 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, providing a solid foundation for future exploration.
This agreement is part of Skyharbour’s broader strategy to generate value from its extensive landholdings in the Athabasca Basin, one of the world’s premier uranium mining regions. Skyharbour holds an interest in forty-four projects covering over 682,100 hectares (1.69 million acres) of land. The company owns a 100% interest in the Moore Uranium Project, an advanced-stage exploration property with high-grade uranium mineralization at the Maverick Zone, highlighted by 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.
Skyharbour has established joint ventures with industry leaders Denison Mines and Orano Canada Inc. at the Russell Lake properties and the Preston project, respectively. Additionally, the company has signed multiple earn-in option agreements with partners, including Nexus Uranium Corp. at the Mann Lake Uranium Project, North Shore Uranium at the Falcon Project, UraEx Resources at the South Dufferin and Bolt Projects, Future Fuels at the Highway Project, Mustang Energy at the 914W Project, and Terra Clean Energy at the South Falcon East Project. In aggregate, these agreements could bring in over $79 million in partner-funded exploration expenditures and over $52 million in cash and share payments to Skyharbour, assuming all partners complete their earn-ins.
The Yurchison option agreement with Purecore Metals is a significant step for Skyharbour, as it continues to monetize its non-core assets while maintaining a strong focus on its flagship Moore and Russell projects. This partnership not only provides Skyharbour with immediate financial benefits but also ensures that the Yurchison property will be advanced by a dedicated partner, potentially unlocking its uranium and molybdenum potential. The deal underscores Skyharbour’s commitment to maximizing shareholder value through strategic partnerships and the advancement of exploration projects in geopolitically favorable jurisdictions.
