VANCOUVER, British Columbia, July 16, 2026 (GLOBE NEWSWIRE) -- Purecore Metals Inc. (CSE: PURE) (FSE: J8Y) ("Purecore" or the "Company") is pleased to announce it has entered into a non-binding letter of intent (the "LOI") dated July 15, 2026 with Skyharbour Resources Ltd. (TSXV: SYH) ("Skyharbour") to acquire an option to earn up to a 100% interest in the Yurchison uranium property located in the Wollaston Domain of the Athabasca Basin in northern Saskatchewan, Canada (the "Property"). The Property consists of 22 claims covering approximately 35,028.93 hectares of mineral rights.
Yurchison Property Summary
Yurchison is roughly 75 km south of Cameco's Rabbit Lake operation, with Highway 905 running through the claims. It is underlain by Wollaston Supergroup metasedimentary gneisses, including psammopelitic to pelitic gneisses, graphitic pelitic gneisses adjacent to Archean granitic gneisses in the Eastern Wollaston Domain.
The Property area has seen significant historical exploration including airborne electromagnetic, magnetic, and radiometric surveys, as well as ground magnetic, EM, IP, and gravity surveys, prospecting, geological mapping, geochemical sampling, and drilling. The drilling was primarily conducted between the 1960's and 1980's with additional work completed in the mid-1990's and 2000's. Prospecting near old trenches returned uranium (0.09% to 0.30% U3O8) and molybdenum (2,500 ppm to 6,400 ppm) mineralization in both outcrop and float samples. The Property boasts strong discovery potential for both basement-hosted uranium mineralization as well as copper, zinc and molybdenum mineralization.
The majority of the work at Yurchison was completed before 2000, with limited follow-up since, and most of the Property remains underexplored. The historical exploration on the western side of Yurchison focused on uranium showings while on the eastern side of the Property it was largely focused on exploring SEDEX-style Pb-Zn mineralization following the discovery of the historic George Lake Pb-Zn Deposit proximal to the Property. There are several uranium, molybdenum, and thorium showings, which remain highly prospective for both basement-hosted uranium, pegmatite-hosted U-Th-REE, and sediment-hosted Cu-Pb-Zn mineralization. The most recent work included airborne EM (VTEM and VLF-EM), magnetics, and radiometrics surveys flown in 2022 and 2023.
Transaction Summary
Following the signing of the LOI, the parties have agreed to negotiate in good faith the terms of the transaction and settle the terms of the mineral property option agreement (the "Definitive Agreement"). The transaction is subject to conditions, including satisfactory completion of due diligence by Purecore, the entering into a binding Definitive Agreement, the approval of the board of directors of each of Skyharbour and Purecore, and receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange (the "CSE").