Skyharbour Enters into Agreements to Partner with Hatchet Uranium Corp. on Several of its Uranium Projects Located in the Athabasca Basin, Saskatchewan
Skyharbour Resources has entered into agreements with Hatchet Uranium Corp. for several uranium projects in the Athabasca Basin, Saskatchewan. Hatchet can acquire an 80% interest in the 9,339 ha Highway Uranium Property through payments totaling CAD $245,000, shares worth CAD $1,050,000, and CAD $2,050,000 in exploration expenditures over three years. Additionally, Hatchet can acquire 100% interest in the Genie, Usam, and CBX/Shoe Projects (66,358 ha total) for $25,000 and 9.9% of Hatchet shares. Skyharbour retains a 2% NSR royalty on all properties and a 25% claw-back provision on the purchased properties.
Skyharbour Resources ha stipulato accordi con Hatchet Uranium Corp. per diversi progetti di uranio nel Bacino di Athabasca, Saskatchewan. Hatchet può acquisire un interesse dell'80% nella Proprietà Uranifera Highway di 9.339 ha tramite pagamenti totali per CAD $245.000, azioni per un valore di CAD $1.050.000 e CAD $2.050.000 in spese esplorative nel corso di tre anni. Inoltre, Hatchet può acquisire il 100% di interesse nei progetti Genie, Usam e CBX/Shoe (totale 66.358 ha) per $25.000 e il 9,9% delle azioni di Hatchet. Skyharbour mantiene un'royalty NSR del 2% su tutte le proprietà e una clausola di recupero del 25% sulle proprietà acquistate.
Skyharbour Resources ha entrado en acuerdos con Hatchet Uranium Corp. para varios proyectos de uranio en la Cuenca de Athabasca, Saskatchewan. Hatchet puede adquirir un 80% de interés en la Propiedad Uranífera Highway de 9,339 ha mediante pagos totales de CAD $245,000, acciones por valor de CAD $1,050,000 y CAD $2,050,000 en gastos de exploración durante tres años. Además, Hatchet puede adquirir el 100% de interés en los proyectos Genie, Usam y CBX/Shoe (66,358 ha en total) por $25,000 y el 9.9% de las acciones de Hatchet. Skyharbour retiene un royalty NSR del 2% sobre todas las propiedades y una cláusula de recompra del 25% sobre las propiedades compradas.
Skyharbour Resources는 Hatchet Uranium Corp.와 사스캐처원주 아타바사카 분지의 여러 우라늄 프로젝트에 대한 계약을 체결했습니다. Hatchet은 Highway Uranium Property(구역 9,339 ha)에 대해 총 CAD $245,000의 지급과 CAD $1,050,000 가치의 주식, 3년간 CAD $2,050,000의 탐사 비용을 통해 80%의 지분을 취득할 수 있습니다. 또한, Hatchet은 Genie, Usam 및 CBX/Shoe 프로젝트(총 66,358 ha)에 대해 $25,000와 Hatchet 주식의 9.9%로 100% 지분을 취득할 수 있습니다. Skyharbour는 모든 재산에 대해 2%의 NSR 로열티와 구매된 재산에 대해 25%의 클로우백 조항을 유지합니다.
Skyharbour Resources a conclu des accords avec Hatchet Uranium Corp. pour plusieurs projets d'uranium dans le bassin d'Athabasca, Saskatchewan. Hatchet peut acquérir un intérêt de 80 % dans la propriété uranium Highway de 9 339 ha par des paiements totalisant 245 000 CAD, des actions d'une valeur de 1 050 000 CAD et 2 050 000 CAD en dépenses d'exploration sur trois ans. De plus, Hatchet peut acquérir un intérêt de 100 % dans les projets Genie, Usam et CBX/Shoe (total de 66 358 ha) pour 25 000 $ et 9,9 % des actions de Hatchet. Skyharbour conserve une redevance NSR de 2 % sur toutes les propriétés et une clause de rachat de 25 % sur les propriétés acquises.
Skyharbour Resources hat Vereinbarungen mit Hatchet Uranium Corp. für mehrere Uranprojekte im Athabasca-Becken, Saskatchewan, getroffen. Hatchet kann durch Gesamtauszahlungen von CAD $245.000, Anteile im Wert von CAD $1.050.000 und CAD $2.050.000 an Explorationsausgaben über drei Jahre einen 80%igen Anteil an der Highway Uranium Property (9.339 ha) erwerben. Darüber hinaus kann Hatchet 100%ige Anteile an den Projekten Genie, Usam und CBX/Shoe (insgesamt 66.358 ha) für $25.000 und 9,9% der Anteile von Hatchet erwerben. Skyharbour behält sich ein 2% NSR-Royalty auf alle Grundstücke und eine 25%ige Rückkaufklausel für die erworbenen Grundstücke vor.
- Secured total cash payments of CAD $245,000 for Highway Property option
- Will receive shares worth CAD $1,050,000 from Hatchet
- Maintains 2% NSR royalty on all properties
- Secured CAD $2,050,000 in exploration commitments from partner
- Retains 25% claw-back provision on purchased properties
- Divesting majority control (80%) of Highway Property
- Selling 100% interest in Genie, Usam, and CBX/Shoe Projects
Vancouver, BC, Nov. 04, 2024 (GLOBE NEWSWIRE) -- 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
Highway, Genie, Usam, CBX and Shoe Project Map:
https://www.skyharbourltd.com/_resources/images/Hatchet-Property-Option.jpg
Jordan Trimble, President and CEO of Skyharbour, commented “We are excited to enter into this partnership with Hatchet Uranium Corp. as they advance and fund these exploration properties going forward. We are confident in the capable team behind Hatchet as they have plenty of experience in the Athabasca Basin and we look forward to them unlocking value at these projects. We continue to execute on our strategy by adding value to our uranium project base in the Athabasca Basin through strategic partnerships and prospect generation, as well as focused exploration at our co-flagship Russell and Moore Projects.”
Terms of the Optioned Property:
The Optioned Property, Highway, consists of four (4) mineral claims comprising approximately 9,339 hectares. Hatchet may acquire an
Date | Cash Payments | Exploration Expenditures | Value of Shares Issued |
On or before the first anniversary of Closing | | | |
On or before the second anniversary of Closing | | | |
On or before the third anniversary of Closing | | | |
TOTAL | | | |
(1) Deemed pricing of Shares is based on the twenty (20) day volume weighted average price on the stock exchange in which Hatchet shall list its Shares for trading, being either the TSX Venture Exchange or the Canadian Securities Exchange (“Deemed Price”) or the last sale price, if not listed on a stock exchange at the time of issuance
In the event that the issuance of any Shares pursuant to the above would result in the Company holding
The obligations of Hatchet under the option agreement are subject to the following conditions (i) Hatchet completing a financing for minimum gross proceeds of
The Company shall retain a
Terms of the Purchased Property:
The Purchased Property consists of twenty-five (25) mineral claims comprising approximately 66,358 hectares across the Genie, Usam and CBX/Show projects. Hatchet may acquire a
The Company shall retain a claw-back provision whereby, within 90 days after the 3rd anniversary of the Closing Date, the Company may elect by written notice to Hatchet of its intention to purchase back a twenty-five percent (
The obligation of Hatchet to acquire the Purchased Property is subject to the following conditions (i) Hatchet completing a financing for minimum gross proceeds of
The Company shall also retain a
Highway Property Summary:
The Highway Uranium Project consists of four claims covering 9,339 hectares, approximately 41 km south of the Rabbit Lake Mine and 11 km southwest of Uranium Energy Corp.’s (UEC, formerly UEX) West Bear U and Co-Ni Deposits. Highway 905 runs through the property, providing excellent access for exploration and the project is in close proximity to regional infrastructure. There has been limited modern exploration carried out on the project but there is the potential for high-grade basement-hosted and unconformity-related uranium mineralization.
Highway Property Map:
https://www.skyharbourltd.com/_resources/images/Location-Map-Highway-Property.jpg
The project is underlain by Wollaston Supergroup metasedimentary gneisses (pelitic to psammopelitic and psammitic to meta-arkosic) folded around and overlying an Archean felsic gneiss dome which outcrops in the southwestern portion of the property and cores a northeast trending antiformal fold nose. The Highway Project is located approximately 7 km east of the present-day margin of the Athabasca Basin but is believed to have been covered by Athabasca sandstone in the past.
Genie Property Summary:
The Genie property consists of five claims totalling 16,930 ha, and is located approximately 48 km northeast of Cameco’s Eagle Point Uranium Mine (Rabbit Lake Operation) and 40 km north of Wollaston Lake Post. The project is underlain by Wollaston Superground metasedimentary gneisses and Archean granitoids, with highly prospective pelitic to psammopelitic gneisses (including graphitic varieties) and several north-trending faults related to the Tabbernor fault system being mapped on the property. The project lies outside the current extent of the Athabasca Basin, but is believed to have been overlain by now-eroded Athabasca sandstones in the past and has the potential for high-grade basement-hosted and unconformity-related uranium mineralization. The property is underlain by a series of linear magnetic highs (interpreted as granitoids) and magnetic lows (interpreted as metasedimentary gneisses), cross-cut by a highly magnetic northwest-trending Mackenzie Diabase dyke.
Genie Property Map:
https://www.skyharbourltd.com/_resources/images/Location-Map-Genie-Property.jpg
Previous work on the Genie project includes limited diamond drilling (three historical drill holes, of which one was abandoned in overburden) and a variety of airborne and ground geophysical surveys, prospecting, geological mapping, lake sediment and overburden sampling, and soil sampling. Most of this exploration work took place between 1966 to 1980, prior to the advent of modern geophysical methods and geological models, but in 2014 part of the Genie property was covered by a helicopter-borne DIGHEM magnetic, electromagnetic, and radiometric survey. The survey showed a strong central EM conductor following a magnetically inferred contact on the two northeastern most claims, which is locally disrupted by several moderately conductive N-S trending structural breaks, inferred to be faults. This strong conductor is highly prospective for uranium mineralization, and drilling done in 1969 and 1971 has confirmed the presence of graphitic and sulfide-containing pelitic gneisses on the property. Lake sediment samples also collected at Genie during the 2014 exploration program, contained up to 63.3 ppm U, further showcasing the prospectivity of the property.
Usam Property Summary:
The Usam Project consists of twelve claims totalling 40,041 ha and is located approximately 16 km northeast of Cameco’s Eagle Point Mine (Rabbit Lake Operation). The project has numerous EM conductors that are associated with significant magnetic lows of the Wollaston Domain. While the project is outside the current confines of the Athabasca Basin, the area was overlain by Athabasca sandstones historically. Basement rocks on the property include Wollaston Supergroup metasediments and Archean granitoid gneisses, with highly prospective pelitic to psammopelitic gneisses (including graphitic varieties) making up the largest proportion of the basement rocks. Several north-trending faults related to the Tabbernor fault system cross-cut the property.
Usam Property Map:
https://www.skyharbourltd.com/_resources/images/Location-Map-Usam-Property.jpg
Previous work on the project includes diamond drilling (12 holes), lake sediment sampling, soil sampling, geological mapping, ground and airborne geophysics, marine seismic, prospecting, and other geochemical sampling, the majority of which was done in the 1980’s and 1970’s. Modern exploration of the property has been limited to geophysics and ground prospecting. As such there is a significant untested potential on the project. Trenching on Cleveland Island uncovered up to
CBX/Shoe Property Summary:
The CBX property has been recently expanded through staking to include five additional claims adjoining the previously staked CBX and Shoe properties, which have been combined to include a total of seven claims covering 8,777 hectares. The 609 ha Shoe property has remained unchanged, with both CBX and Shoe now consisting of eight non-contiguous claims totalling 9,386 hectares.
CBX/Shoe Property Map:
https://www.skyharbourltd.com/_resources/images/Location-Map-CBX-Shoe-Properties.jpg
The new claims lie approximately 6.5 km to 25 km northeast of the Eagle Point uranium mine and cover the northern shore of Wollaston Lake including parts of Cunning Bay. Outcrop exposure on the property is poor, but historical mapping and drilling shows that the newly expanded CBX project is underlain by a mixture of Wollaston Supergroup metasedimentary gneisses, Hudsonian intrusives, and Archean felsic gneisses of the Western Wollaston Domain. Similar lithologies host uranium mineralization at the Rabbit Lake operation, including the Eagle Point deposit, and other uranium deposits in the Athabasca Basin and surrounding regions. The CBX and Shoe properties have had historical exploration, including airborne and ground geophysical surveys, lake sediment, soil, and spruce geochemical surveys, till sampling, prospecting, geological mapping, and a marine seismic survey, but the majority of this work took place in the 1960’s to 1980’s, with limited modern exploration work being carried out on a small portion of the CBX and Shoe properties.
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. Mr. Billard has verified the data disclosed, which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.
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 interest in twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a
Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and Thunderbird Resources (previously Valor) at the Preston, East Preston, and Hook Lake Projects respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project and TSX-V listed Terra Clean Energy (previously Tisdale) at the South Falcon East Project which hosts the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total over
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_2024-02-14_V2.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
Investor Relations Manager
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.
Forward-Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work on its projects including drilling and the expected timing of such work programs, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company 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 may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of uranium, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of uranium and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
FAQ
What percentage can Hatchet Uranium acquire in Skyharbour's (SYHBF) Highway Property?
How much exploration expenditure must Hatchet commit for Skyharbour's (SYHBF) Highway Property?
What royalty does Skyharbour (SYHBF) retain on the properties sold to Hatchet?