Skyharbour Signs Option Agreement with Tisdale Clean Energy to Option the South Falcon East Property, Saskatchewan

Skyharbour Signs Option Agreement with Tisdale Clean Energy to Option the South Falcon East Property, Saskatchewan

Skyharbour Resources Ltd. 's (TSX-V: SYH ) (OTCQ X : SYHBF ) (Frankfurt: SC1P ) ( "Skyharbour" o r the " Company " or the "Optionor" ) is pleased to announce that it has entered into an option agreement (the "Option Agreement" or the "Agreement"), dated October 19 th 2022, with Tisdale Clean Energy Corp. ("Tisdale"), which provides Tisdale with an earn-in option to acquire an initial 51% interest and up to a 75% interest in the South Falcon East Property located in the Athabasca Basin in Northern Saskatchewan (the "Property"). The Property consists of a series of mineral claims totaling 12,464 hectares and is a portion of the Company's existing South Falcon Point Project. Skyharbour will retain a minority interest in the Property assuming the earn-in is completed as well as a 100% interest in the remaining and adjacent 32,006 hectare South Falcon Point Project.

Map of South Falcon East Project Claims:
https://skyharbourltd.com/_resources/images/South-East-Falcon-Map.png

Under the Option Agreement and assuming the 75% interest is earned, Tisdale will   issue Skyharbour 1,111,111 Tisdale shares upfront, fund exploration expenditures totaling CAD $10,500,000, and pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Tisdale ("Shares") over the five-year earn-in period.

Jordan Trimble, President and CEO of Skyharbour, stated: "We are very excited to have this new Option Agreement signed as we continue to execute on our business model by adding value to our project base in the Athabasca Basin through strategic partnerships and prospect generation, as well as focused mineral exploration at our core projects of Moore and Russell Lake. We are looking forward to working with Tisdale Clean Energy and its management team as they advance the South Falcon East Project over the coming years with a substantial amount of exploration planned and significant cash and share payments to Skyharbour. Assuming the option earn-in is completed, Skyharbour will retain a minority interest in the project as well as an NSR while maintaining a 100% interest in the surrounding claims. News will be forthcoming on exploration plans at the Property and will complement our aggressive drill campaign forthcoming at Russell Lake as well as those at various other partner-funded projects in our portfolio."

Terms of the   Option Agreement   :

Pursuant to the Option Agreement, Tisdale may acquire up to a 75% (seventy-five percent) interest in the Property, in two phases. Initially, Tisdale can acquire a 51% (fifty-one percent) interest in the Property by completing the following payments and incurring the following exploration expenditures on the Property:

1.   On the closing date ("Closing"), paying CAD $350,000 and issuing 1,111,111 Shares to Skyharbour upfront;

  1. By the eighteen-month anniversary of Closing, completing at least $1,250,000 in exploration expenditures, and paying Skyharbour $1,450,000, of which up to $1,000,000 may be paid in Shares based on the 20-day volume-weighted average closing price calculated on the day of issuance ("VWAP"), at the election of Tisdale;
  2. By the second anniversary of Closing, completing an additional $1,750,000 in exploration expenditures, and paying Skyharbour $1,800,000, of which up to $1,000,000 may be paid in Shares based on the VWAP, at the election of Tisdale;
  3. By the third anniversary of Closing, completing an additional $2,500,000 in exploration expenditures, and paying Skyharbour $2,500,000, of which up to $1,500,000 may be paid in Shares based on the VWAP, at the election of Tisdale.

After acquiring a 51% interest, Tisdale may increase its interest in the Property to 75% by:

2.   Completing a payment of $5,000,000 to Skyharbour by the fourth anniversary of Closing, of which up to $3,000,000 may be satisfied in Shares based on the VWAP, at the election of Tisdale, and incurring exploration expenditures on the Property of an additional $2,500,000 in each of the fourth and fifth anniversaries of Closing.

All common shares issued to the Company 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 Option Agreement. Completion of the transactions contemplated by the Option Agreement, and the issuance of any common shares to Skyharbour, remains subject to the approval of the TSX Venture Exchange.

In the event that additional share issuances to Skyharbour would result in Skyharbour owning 10% or more of Tisdale, a cash payment must be made in lieu of the shortfall to prevent Skyharbour becoming a reporting insider of Tisdale. Furthermore, Tisdale will be the operator during the earn-in period with Skyharbour retaining the final approval authority over the proposed work and exploration programs.

In the event that Tisdale spends, in any of the above periods, less than the specified sum, it may pay to the Company the difference between the amount it actually spent and the specified sum before the expiry of that period in full satisfaction of the exploration expenditures to be incurred. In the event that Tisdale spends, in any period, more than the specified sum, the excess shall be carried forward and applied to the exploration expenditures to be incurred in succeeding periods.

Assuming Tisdale exercises the option and acquires an interest in Property, the parties intend to form a joint venture for the ongoing development of the Property. A small portion of the Property is subject to an existing 2% net smelter returns royalty owing to a former owner, and Tisdale has agreed to grant a further 2% royalty to Skyharbour on the remaining bulk of the project area including the Fraser Lakes Zone B deposit. One-half of the royalty, being 1%, to be granted to Skyharbour can be purchased at any time by completing a one-time cash payment of $1,000,000.

South Falcon East Project   Summary   :

The South Falcon East Project is a uranium exploration project in the southeast Athabasca Basin and represents a portion of Skyharbour's existing South Falcon Project. The project covers approximately 12,464 hectares and lies 18 kilometers outside the Athabasca Basin, approximately 50 kilometers east of the Key Lake Mine.

S   outh Falcon Point Project Location Map:
https://www.skyharbourltd.com/_resources/maps/Sky_FalconSouth20211209.jpg

Historical exploration at the South Falcon East Project identified an area of U-Th-REE mineralization at the Fraser Lakes Zone B over an area comprising 1.5 km by 0.5 km along an antiformal fold nose cut by an east-west dextral ductile-brittle cross-structure adjacent to a 65 km long EM conductor. The near-surface Fraser Lakes Zone B deposit consists of a current NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023% within 10,354,926 tonnes using a cut-off grade of 0.01% U 3 O 8 . The independent NI 43-101 technical report by GeoVector Management Inc. supporting this mineral resource estimate was filed on SEDAR on March 20, 2015 by Skyharbour. Independent qualified person, Dr. Allan Armitage, P.Geo., is responsible for the contents of the technical report and comments related to the resource estimate and its parameters.

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 Tisdale Clean Energy Corp.   :

Tisdale Clean Energy is a Canadian-based exploration company focused on the acquisition and advancement of critical energy/fuel projects. The Company is currently developing the Keefe Lake uranium project, a 15,000-hectare exploration project located in the Athabasca Basin, Saskatchewan, Canada.

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 fifteen projects, ten of which are drill-ready, covering over 450,000 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% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 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 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 a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.

Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour has optioned up to 75% of this project to Tisdale Energy whereby Tisdale will fund exploration expenditures totaling CAD $10,500,000, pay Skyharbour $4,600,000 in cash, and issue Skyharbour the equivalent value of $7,000,000 in shares of the company over a five-year earn-in period.

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/images/SKY-SaskProject-Locator-20220324.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 Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

SYH:CA
Skyharbour Resources

Skyharbour Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Skyharbour Resources (TSXV:SYH)

Skyharbour Resources


Keep reading...Show less
Skyharbour Commences Fall Diamond Drilling Program at its Russell Lake Uranium Project, Saskatchewan

Skyharbour Commences Fall Diamond Drilling Program at its Russell Lake Uranium Project, Saskatchewan

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce the commencement of its fall diamond drilling program at the 73,294 hectare Russell Lake Uranium Project ("Russell" or the "Project"). The Project is 51% owned by Skyharbour as operator with joint-venture partner Rio Tinto Exploration Canada Inc. ("RTEC") owning the other 49%. It is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan with access to regional infrastructure including an all-weather road and powerline. Skyharbour is planning a 4,500-metre diamond drilling program in seven to nine holes at the project, building on the successful results from the drilling campaign completed earlier this year. The Company's geologists, along with a contracted drilling crew, are based at Skyharbour's exploration camp on the McArthur River-Key Lake haul road, situated within five kilometres of Denison Mines' Phoenix deposit at the Wheeler River Project.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Skyharbour Enters into Agreements to Partner with Hatchet Uranium Corp. on Several of its Uranium Projects Located in the Athabasca Basin, Saskatchewan

Skyharbour Enters into Agreements to Partner with Hatchet Uranium Corp. on Several of its Uranium Projects Located in the Athabasca Basin, Saskatchewan

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that it has entered into agreements with a private arm's-length company, Hatchet Uranium Corp. (the "Hatchet"), whereby Hatchet may acquire an 80% interest in the Company's 9,339 ha Highway Uranium Property (the "Optioned Property") and a 100% interest, subject to a claw-back provision for Skyharbour, in the Company's Genie, Usam and CBXShoe Uranium Projects (the "Purchased Property") totalling 66,358 ha, all located in the Athabasca Basin, Northern Saskatchewan, Canada.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Hatchet Uranium Corp. Signs Agreements with Skyharbour Resources Ltd. on Five Uranium Projects Located Northeast of the Athabasca Basin, Saskatchewan

Hatchet Uranium Corp. Signs Agreements with Skyharbour Resources Ltd. on Five Uranium Projects Located Northeast of the Athabasca Basin, Saskatchewan

ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTCQB: KVLQF; Frankfurt: KEQ0) today provided an update on developments concerning Hatchet Uranium Corp. ("HUC"), in which ValOre currently holds a 67.5% ownership interest ( CLICK HERE for ValOre news release on May 29, 2024, for HUC incorporation transaction details).

Hatchet Uranium Corp. has entered into agreements with Skyharbour Resources Ltd. ("Skyharbour"), whereby HUC may acquire an 80% interest in Skyharbour's 9,339 ha Highway Uranium Property (the "Optioned Highway Property") and a 100% interest, subject to a "claw-back" provision for Skyharbour, in Skyharbour's Genie, Usam and CBX/Shoe Uranium Projects (the "Purchased Properties") totalling 66,358 ha, all located peripheral to the Athabasca Basin, in northern Saskatchewan, Canada.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Skyharbour Announces ANT Survey Prior to Upcoming Drill Program as well as Summary of 2024 Drilling to Date at Russell Lake Uranium Project, Northern Saskatchewan

Skyharbour Announces ANT Survey Prior to Upcoming Drill Program as well as Summary of 2024 Drilling to Date at Russell Lake Uranium Project, Northern Saskatchewan

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce that it has carried out an Ambient Noise Tomography (ANT) survey prior to the upcoming fall drill program, and has received the remaining results from the second phase of the program earlier this year at the 73,294 hectare Russell Lake Uranium Project ("Russell" or the "Project"). The Project is 51% owned by Skyharbour as operator, with joint-venture partner Rio Tinto Exploration Canada Inc. ("RTEC") owning the other 49%. It is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan adjacent to regional infrastructure, including an all-weather road and powerline, allowing for drilling throughout all seasons.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Skyharbour Completes Majority Earn-In and Forms Joint-Venture with Rio Tinto at Russell Lake Uranium Project in the Athabasca Basin

Skyharbour Completes Majority Earn-In and Forms Joint-Venture with Rio Tinto at Russell Lake Uranium Project in the Athabasca Basin

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce that it has completed its earn-in requirements to earn a 51% interest in the Russell Lake Uranium Project, located in Northern Saskatchewan, Canada (the "Property"), pursuant to the option agreement dated May 10 th 2022, as amended on January 15, 2024 (the "Agreement") with Rio Tinto Exploration Canada Inc. ("Rio Tinto"). The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan adjacent to regional infrastructure, including an all-weather road and powerline. Skyharbour will also be commencing an upcoming fall drill program which will consist of approximately 4,000-5,000m at the project.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
NUCLEAR FUELS ANNOUNCES ADDITIONAL NON-BROKERED PRIVATE PLACEMENT WITH ENCORE ENERGY CORP AND STRATEGIC INVESTORS

NUCLEAR FUELS ANNOUNCES ADDITIONAL NON-BROKERED PRIVATE PLACEMENT WITH ENCORE ENERGY CORP AND STRATEGIC INVESTORS

Nuclear Fuels Inc. (CSE:NF | OTCQX:NFUNF) ("Nuclear Fuels" or the "Company") is pleased to announce a non-brokered private placement of 9,837,500 units (the "Units") for gross proceeds of $3,935,000 (the "Offering"). Each Unit will consist of one common share (a "Share') of the Company and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one common share (a "Warrant Share") for a period of 36 months from the closing of the Offering at a price of $0.55 per Warrant Share. The private placement is an add-on to the recently announced bought deal financing ( NF News Release October 30, 2024 ).

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Canadian Investment Regulatory Organization Trade Resumption - NF

Canadian Investment Regulatory Organization Trade Resumption - NF

Trading resumes in:

Company: Nuclear Fuels Inc.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
NUCLEAR FUELS ANNOUNCES $8 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF UNITS

NUCLEAR FUELS ANNOUNCES $8 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF UNITS

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES   OR FOR DISSEMINATION IN THE UNITED STATES /

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. and Haywood Securities Inc. on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought-deal" private placement basis, 20,000,000 units of the Company (the "Units") at a price of $0.40 per Unit (the "Offering Price") for gross proceeds of $8,000,000 (the "Underwritten Offering").

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Nuclear Fuels Reports High Grade Intercept of 0.205% eU3O8 over 8.0 feet from the First Drill Program at the Kaycee Uranium Project's East and West Stirrup Zones; Extends Known Mineralization 1,000 Feet

Nuclear Fuels Reports High Grade Intercept of 0.205% eU3O8 over 8.0 feet from the First Drill Program at the Kaycee Uranium Project's East and West Stirrup Zones; Extends Known Mineralization 1,000 Feet

CSE:NF 
OTCQX:NFUNF

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announced today the best results to date from the on-going drill program at the Kaycee In-Situ Recovery ("ISR") Uranium Project (the "Project") in Wyoming's Powder River Basin ("PRB"). The current drill hole results are from the Company's first drilling on the historic Stirrup West and East Zones which lie ~2.7 miles from the Saddle Zone and 1 mile from the Spur Zone. Drilling at the Stirrup West Zone returned up to 0.205% eU 3 O 8 over 8.0 feet with a Grade Thickness ("GT") of 1.640, representing the highest GT encountered by the Company. Drilling at Stirrup East Zone has confirmed high grade historic mineralization, and extended the Zone by ~1,000 feet to the northeast (0.107%eU 3 O 8 over 4.5 feet with a total hole GT of 0.854). In the PRB, potentially ISR-recoverable uranium mineralization with a GT of greater than 0.20 is considered suitable for inclusion in a potential wellfield.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Nuclear Fuels Closes Private Placement with Newly Appointed Director

Nuclear Fuels Closes Private Placement with Newly Appointed Director

/Not For Distribution in the United States /

CSE:NF 
OTCQX:NFUNF

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Skyharbour Partner Company Terra Clean Energy Plans Winter 2025 Exploration Program at the South Falcon East Uranium Project, Athabasca Basin, Saskatchewan

Skyharbour Partner Company Terra Clean Energy Plans Winter 2025 Exploration Program at the South Falcon East Uranium Project, Athabasca Basin, Saskatchewan

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ( " Skyharbour " or the " Company ") is pleased to announce that partner company Terra Clean Energy Corp. ("Terra") has provided plans for an upcoming work program at its South Falcon East Uranium Project which hosts the Fraser Lakes B uranium Deposit. Under the Option Agreement and assuming the 75% interest is earned, Tisdale will have issued Skyharbour 1,111,111 Terra shares upfront, and will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Terra ("Shares") over the five-year earn-in period.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Skyharbour Resources

Skyharbour Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×