Western Athabasca Syndicate: Strength in Hectares

BayStreet.ca reported that when it comes to uranium exploration in the Athabasca Basin, the Western Athabasca Syndicate, holds the largest land package in the much coveted Patterson Lake area. Prior to the creation of the syndicate, Skyharbour Resources (TSXV:SYH) scooped up a 160,000 hectares of land surrounding the Patterson Lake South district.

According to the report:

Spanning from May to July, the company announced a series of strategic partnerships to help handle the workload. The result was the creation of what’s known now as the Western Athabasca Syndicate. Four junior companies, each with their own areas of expertise, geological teams, and rolodexes of potential investors to call when it’s time to finance.

The four-company group consists of Skyharbour and its new partners Lucky Strike Resources [TSX.V: LKY], Athabasca Nuclear [TSX.V: ASC], and Noka Resources [TSX.V: NX], each earning in 25% interests in an expanded property package totaling over 285,000 hectares (roughly 710,000 acres).

For its efforts of bringing the deal together, Skyharbour is only on the hook for 1/6th of the costs going forward. When looking at the next two years, the agreement requires the syndicate to spend $6,000,000 on exploration, however Skyharbour’s share is only $1,000,000.

Click here to view the full report.