Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) announced in a news release it signed a letter of intent (LOI) with Pitchblende Energy Pty Ltd., affording it an earn-in option to acquire an 80% working interest in the North Falcon Point uranium project in Saskatchewan's Athabasca Basin. The transaction is subject to closing of the acquisition of Pitchblende by Valor Resources Ltd.
"This LOI with Pitchblende at North Falcon Point effectively utilizes our prospect generator model to advance the company's other projects with partner companies," Skyharbour President and CEO Jordan Trimble said in the release.
Pitchblende will pay $425,000 in cash and issue 250 million Valor shares to Skyharbour and spend $3.5 million on exploration work at North Falcon Point. The project, to be renamed Hook Lake, spans 25,846 hectares and encompasses 16 contiguous mineral claims that offer multiple prospective areas of uranium mineralization.
Skyharbour will continue to own the southern portion of the Falcon Point project and, thus, the Frasers Lakes uranium-thorium deposit.
"This LOI complements the option agreements signed with Orano Canada and Azincourt Energy which collectively will generate steady news flow over the next several years in addition to the continued exploration at our flagship Moore Uranium Project," Trimble stated.
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