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Skyharbour’s Partner Company North Shore Energy Metals Announces Closing of Qualifying Transaction and Proceeds With Option Agreement at South Falcon Project
Vancouver, BC, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”), is ple
About this update from Skyharbour Resources Ltd.
[{"type":"text","content":" Vancouver, BC, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”), is pleased to announce that partner company, North Shore Energy Metals Ltd. (“North Shore”), has completed its Qualifying Transaction with North Shore Uranium Ltd. (formerly Clover Leaf Capital Corp., the “Resulting Issuer”). As per the news release dated May 30th, 2023, Skyharbour announced that it had entered into an option agreement (the “Agreement”) with North Shore, which provides North Shore an earn-in option to acquire an initial 80% interest and up to a 100% interest in the South Falcon Property located in Saskatchewan, Canada (the “Property”). The Property contains eleven (11) mineral claims, comprising approximately 42,908 hectares. The Agreement provides North Shore an opportunity to earn an initial 80% interest in the claims over a three year period by fulfilling combined cash, share issuance and exploration expenditure commitments of CAD $5.3 million, with an option to purchase the remaining 20% for an additional CAD $10 million in cash and shares (collectively, the “Transaction”). Location Map of South Falcon Project The Resulting Issuer’s common shares are expected to recommence trading on the TSX Venture Exchange (the “Exchange”) under the symbol “NSU” at the open of the market on or about November 2nd, 2023. South Falcon Uranium Project The South Falcon Property, which constitutes part of North Shore’s Falcon Property, contains eleven mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine. Nine of the claims are from the original South Falcon Point (previously Way Lake) Uranium Project and the remaining two claims are from Skyharbour’s Foster River Project. Historical uranium mineralization discovered at South Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492% U3O8 and 1,300 ppm lead was encountered in outcrop grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01% U3O8 in an outcrop of pegmatite, while anomalous nickel, copper, and molybdenum were found in historical grab samples from...