Skyharbour Resources Completes Majority Earn-In and Forms Joint-Venture with Rio Tinto at Russell Lake Uranium Project in the Athabasca Basin

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[{"type":"text","content":" Vancouver, BC, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that it has completed its earn-in requirements to earn a 51% interest in the Russell Lake Uranium Project, located in Northern Saskatchewan, Canada (the “Property”), pursuant to the option agreement dated May 10th, 2022, as amended on January 15, 2024 (the “Agreement”) with Rio Tinto Exploration Canada Inc. (“Rio Tinto”). The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan adjacent to regional infrastructure, including an all-weather road and powerline. Skyharbour will also be commencing an upcoming fall drill program which will consist of approximately 4,000-5,000m at the project. Russell Lake Project Location Map: Formation of the JV: Pursuant to the Agreement, Skyharbour has now earned a 51% interest in the Property by initially paying a cash payment of CAD $508,200, issuing 3,584,014 common shares of the Company to Rio Tinto and incurring an aggregate $5,717,250 in exploration expenditures on the Property over the 3-year term of the earn-in. The Company and Rio Tinto have formed a joint venture to further explore the Property, with the Company holding a 51% ownership interest and Rio Tinto holding a 49% ownership interest. Russell Lake Uranium Project Overview: The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco’s Key Lake and McArthur River Projects and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the Property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road and the western edge of the property south of Key Lake. Skyharbour’s acquisition of a majority interest in Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects. Skyharbour now has a 51% interest in Russell Lake having formed a joint venture partnership with Rio Tinto at the project. There has been historical explorati...

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