Skyharbour's AREVA Resources to Commence Drill Program at Preston Uranium Property

Skyharbour Resources Ltd. (TSXV: SYH) announced the company’s option partner AREVA Resources Canada Inc. will be commencing a 4,500 metre diamond drill program at the Preston uranium project. The project is located in the western Athabasca Basin near NexGen Energy Ltd.’s (TSX:NEX) high-grade Arrow deposit.
As quoted in the press release:

Skyharbour and Clean Commodities entered into an Option Agreement (the “Agreement”) with AREVA Resources whereby AREVA Resources has an option to acquire up to a 70% working interest in the Preston Uranium Project (see news release dated March 9^th, 2017). Under the Agreement, AREVA Resources will contribute cash and exploration program considerations totaling up to CAD $8,000,000 in exchange for up to 70% of the project area over six (6) years with a first option where AREVA Resources may acquire an initial 51% working interest in Preston for a period of three (3) years by funding exploration expenditures in the total amount of $2,800,000 and making cash payments totaling $200,000 to Skyharbour and Clean Commodities.
AREVA Resources will be commencing a diamond drilling program shortly consisting of 15 to 20 drill holes for a total of approximately 4,500 metres which will likely take 2.5 months to complete for the Preston Uranium Project. Drilling will focus on areas of interest defined by ground EM surveys within the west part of the project, east of highway 955 and the FS areas. The estimated cost of the 2018 exploration program is CDN $2,000,000. Skyharbour will provide updates as they become available on the progress of this drill program.

Highlights are as follows:

• AREVA Resources planning to carry out CDN $2,000,000 in exploration and diamond drilling programs over the next year
• Recently completed geophysical programs included Moving Loop Transient Electromagnetic (ML-TEM) surveys on two grids located on the western part of the project, east of highway 955
• A diamond drilling program consisting of 15 to 20 drill holes for a total of approximately 4,500 metres to commence shortly
• AREVA Resources may earn up to a 70% interest in the 49,635-hectare Preston project through $8,000,000 of total project consideration over six (6) years, including up to $7,300,000 of exploration work programs and $700,000 of cash payments
• If carried to completion, a tripartite joint venture would be formed being 70% as to AREVA Resources and 30% as equally divided between Skyharbour and Clean Commodities

Click here to read the full Skyharbour Resources Ltd. (TSXV: SYH) press release.