- Skyharbour Resources (SYH) has announced an option agreement with Rio Tinto Exploration Canada to acquire up to 100 per cent of the Russell Lake Uranium Project
- The Russell Lake Uranium Project consists of 26 claims covering 73,294 hectares of prospective exploration ground
- Skyharbour can earn an initial 51 per cent interest in the property
- Rio Tinto is one of the largest mining and metals companies globally, operating in 35 countries with over 49,000 employees.
- Skyharbour is an exploration company which holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin
- Skyharbour Resources Ltd. opened trading at $0.415
Skyharbour Resources (SYH) has signed an option agreement with a Rio Tinto subsidiary.
Under the terms of the agreement, Skyharbour may acquire up to 100 per cent of the Russell Lake Uranium Project.
The Russell Lake Uranium Project consists of 26 claims covering 73,294 hectares of prospective exploration ground strategically situated between the company’s Moore Uranium project (to the east) and Denison Mines’ Wheeler River project (to the west) in the eastern portion of the Athabasca Basin.
The agreement includes an option to acquire an initial 51 per cent and up to 100 per cent of Rio Tinto’s 73,294 ha Russell Lake Uranium Property.
Both Highway 914 servicing McArthur River and a high-voltage power line connected to the provincial power grid run through the property’s western claims.
Skyharbour, as operator, can earn an initial 51 per cent interest in the property by paying $508,200 in cash, issuing 3,584,014 common shares to RTEC, and funding $5,717,250 in exploration on the Project, inclusive of a 10 per cent management fee to Skyharbour, over a period of 3 years.
Skyharbour has a second option to earn an additional 19 per cent interest for a total of 70 per cent, and a further possible option to obtain the remaining 30 per cent interest in the project for an undivided 100 per cent ownership interest.
“This is a significant transaction for Skyharbour and involves the acquisition of a premier exploration property adjacent to our Moore project, said Jordan Trimble, President and CEO of Skyharbour Resources.
“Uranium properties with the pedigree and prospectivity of Russell Lake are few and far between given the very strategic location, notable historical exploration and findings, as well as the numerous property-wide targets with the potential to generate new discoveries,” he added.
Rio Tinto is one of the largest mining and metals companies globally, operating in 35 countries with over 49,000 employees.
Skyharbour is an exploration company which holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin.
Skyharbour Resources Ltd. opened trading at $0.415.