In a news release, Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) announced it signed a definite agreement to give Pitchblende Energy and Valor Resources an earn-in option to acquire an 80% working interest in the North Falcon Point uranium project, which will be renamed Hook Lake Uranium Project.
The transaction is contingent upon Valor's acquisition of Pitchblende. Pitchblende will pay Skyharbour CA$475,000 cash over three years and spend CA$3.5 million on exploration expenditures. Valor will also issue Skyharbour 233,333,333 shares upfront.
"We are excited to have the opportunity to work with new partners in Pitchblende and Valor led by experienced management and technical teams at our North Falcon Point project while maintaining a 100% interest at the Frasers Lakes uranium and thorium deposit at the South Falcon Point project," President and CEO Jordan Trimble said in the release.
North Falcon Point, 60 kilometers east of the Key Lake uranium mine in northern Saskatchewan, comprises 16 contiguous minerals claims over 25,846 hectares. Some exploration work but no drilling has been done on the property, the results of which are being compiled and interpreted.
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