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.
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Skyharbour Resources. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Skyharbour Resources, a company mentioned in this article.
