Skyharbour Resources Secures Option To Acquire Russell Lake Skyharbour Resources Secures Option To Acquire Russell Lake Uranium Project from Rio Tinto
2022-05-19 07:30:29 AM ET (MT Newswires)
07:30 AM EDT, 05/19/2022 (MT Newswires) -- Skyharbour Resources Ltd. (SYH.V) said Thursday that it signed an agreement with Rio Tinto Ltd. subsidiary Rio Tinto Exploration Canada Inc. for an option to acquire the Russell Lake uranium project in Saskatchewan.
Skyharbour, which lost 5.7% yesterday, said the property is located between Skyharbour's Moore uranium project and Denison Mines Corp. (DML.TO)'s Wheeler River project.
"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," Skyharbour President and CEO Jordan Trimble said.
Under the terms, Skyharbour can acquire an initial 51% stake by paying $508,200 in cash, issuing 3,584,014 shares and spending $5.7 million on exploration over three years.
Skyharbour has a second option to earn an additional 19% interest by paying $1.6 million or issuing 2,226,096 shares, and funding $6.4 million in exploration over the following two years.
The company can acquire the remaining 30% interest by paying $33.0 million and issuing 42,598,565 shares, or a combination thereof.