Skyharbour Resources Signs Option Agreement with Purecore Metals for Yurchison Uranium Property

Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) has entered into a definitive option agreement with Purecore Metals (CSE: PURE), granting Purecore the right to earn up to a 100% interest in the Yurchison uranium property located in northern Saskatchewan. This agreement aligns with Skyharbour's strategy to generate value from its extensive Athabasca Basin portfolio through partnerships while maintaining focus on its core Moore and Russell assets.

Under the terms of the agreement, Purecore can earn an initial 70% interest in the Yurchison property by providing Skyharbour with C$350,000 in cash, C$700,000 in shares, and incurring C$3.5 million in exploration expenditures over a three-year period. Subsequently, Purecore may acquire the remaining 30% interest for an additional C$3 million in cash and C$3 million in shares. Skyharbour will retain a 2% net smelter return royalty on the property.

The Yurchison property consists of 22 claims covering approximately 35,029 hectares, situated about 75 kilometers south of Cameco's Rabbit Lake operation. The property is intersected by Highway 905, providing good access. Historical surface samples from the property have returned uranium values ranging from 0.09% to 0.30% U3O8 and molybdenum values from 2,500 to 6,400 ppm. Modern airborne electromagnetic, magnetic, and radiometric surveys were completed in 2022 and 2023, enhancing the geological understanding of the area.

This agreement is part of Skyharbour's broader strategy to leverage its extensive land position in the Athabasca Basin. The company holds interests in forty-four projects covering over 682,100 hectares (1.69 million acres). Skyharbour owns a 100% interest in the Moore Uranium Project, an advanced-stage exploration property with high-grade mineralization at the Maverick Zone, where drill results have returned up to 6.0% U3O8 over 5.9 meters, including 20.8% U3O8 over 1.5 meters at a vertical depth of 265 meters. The company also advances the Russell Lake project area in joint venture with Denison Mines.

Skyharbour has established multiple joint ventures and earn-in agreements with industry partners, including Denison Mines, Orano Canada, Nexus Uranium Corp., North Shore Uranium, UraEx Resources, Future Fuels, Mustang Energy, and Terra Clean Energy. In aggregate, these partnerships could bring in over $79 million in partner-funded exploration expenditures and over $52 million in cash and share payments to Skyharbour, assuming full earn-ins. This model allows Skyharbour to advance multiple projects while minimizing financial risk.

The Yurchison option agreement with Purecore Metals represents another step in Skyharbour's asset-generation strategy. By partnering with other companies to advance non-core properties, Skyharbour can focus its capital and expertise on its flagship Moore and Russell projects, which hold significant exploration upside. The agreement also underscores the continued interest in uranium exploration in the Athabasca Basin, a region known for high-grade uranium deposits.

For more information about Skyharbour Resources, visit their website.