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Skyharbour Resources Announces Share Issuance and Cash Payment to Azincourt Energy for the East Preston Joint Venture Project
Vancouver, BC, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (the “Company” or “Skyharbour”) announc
About this update from Skyharbour Resources Ltd.
[{"type":"text","content":" Vancouver, BC, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (the “Company” or “Skyharbour”) announces that, pursuant to the joint venture agreement (“the Agreement”) made between the Company and Azincourt Energy Corp. (“Azincourt”) with relation to the East Preston Project (“the Property”), the parties have agreed that, in lieu of approximately CAD $543,000 exploration expenditures required to be made by the Company that were incurred in the 2022 exploration program, the Company shall pay $150,000 and issue 1,000,000 common shares (the “Shares”) to Azincourt (see news release dated February 17th, 2021, for more information on the terms of the joint venture). Further, the Company elected not to participate in the 2023 exploration program with flow through funds being allocated primarily to its co-flagship Russell Lake Project, and thus the Company’s interest in the Property is reduced from fifteen percent (15%) to nine and half percent (9.5%) pursuant to the Agreement. The Shares shall be subject to a statutory hold period, as required under applicable securities laws, and, in addition, 500,000 Shares shall be subject to voluntary hold period of eight (8) months from issuance and shall bear a restricted legend with these restrictions. About Skyharbour Resources Ltd.: Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-four projects, ten of which are drill-ready, covering over 518,000 hectares (over 1.2 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large p...