Source: Skyharbour Resources Ltd.
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  • Skyharbour Resources (SYH) has signed an option agreement with Yellow Rocks Energy Ltd, a private Australian entity
  • The agreement gives Yellow Rocks an earn-in option to acquire up to 80 per cent interest in the Wallee and Usam Island Uranium properties
  • The properties contain twelve mineral claims, comprising approximately 62,951 hectares
  • Skyharbour will retain an NSR of two per cent on all 12 claims
  • Skyharbour Resources Ltd. is an exploration company focused on uranium
  • Skyharbour Resources Ltd. was down 1.176 per cent, trading at $0.42 at 9:50 AM ET

Skyharbour Resources (SYH) has signed an option agreement with Yellow Rocks Energy Ltd, a private Australian entity.

The agreement gives Yellow Rocks an earn-in option to acquire up to 80 per cent interest in the Wallee and Usam Island Uranium properties located in the Wollaston Domain of Northern Saskatchewan, Canada.

The properties contain twelve mineral claims, comprising approximately 62,951 hectares.

“This is another accretive property transaction 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,” said Jordan Trimble, President and CEO of Skyharbour.

The Wallee Project contains approximately 20,765 hectares in four claims located 35 km northeast of Cameco’s Eagle Point Mine (Rabbit Lake Operation).

Usam Island Uranium Project consists of eight claims, totalling 42,186 hectares and is located approximately 16 km northeast of Cameco’s Eagle Point Mine (Rabbit Lake Operation).

The option agreement states that Yellow Rocks may acquire up to a maximum of 80-per-cent interest in the Properties by (i) issuing common shares of Yellow Rocks having an aggregate value of A$2,025,000; (ii) making a cash payment of A$50,000; and (iii) incurring an aggregate of A$4,500,000 in exploration expenditures on the properties.

Skyharbour will retain an NSR of two per cent on all 12 claims, with Yellow Rocks holding a buyback option whereby Yellow Rocks can purchase one percent of the NSR for C$700,000.

Skyharbour Resources Ltd. 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 Resources Ltd. was down 1.176 per cent, trading at $0.42 at 9:50 AM ET.


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