Skyharbour Resources Ltd.’s entered into an option agreement on October 19, 2022, with Tisdale Clean Energy Corp. This agreement will provide Tisdale with an earn-in option to acquire an initial 51% interest and up to a 75% interest in the South Falcon East Property in Northern Saskatchewan. The Property is a portion of the company’s existing South Falcon Point Project. Skyharbour will retain a minority interest in the Property and a 100% interest in the remaining and adjacent 32,006 hectares.
Under the Option Agreement, Tisdale will issue Skyharbour 1,111,111 shares. Fund exploration expenditures totaling CAD $10,500,000, and pay Skyharbour CAD $11,100,000, that can be settled for shares in the capital of Tisdale (“Shares”) over the five-year earn-in period.
Jordan Trimble, President and CEO of Skyharbour, stated: “We are very excited to have this new Option Agreement signed as we continue to execute on our business model by adding value to our project base in the Athabasca Basin through strategic partnerships and prospect generation. We look forward to working with Tisdale Clean Energy and its management team as they advance the South Falcon East Project over the coming years with a substantial amount of planned exploration and significant cash and share payments to Skyharbour. News will be forthcoming on exploration plans at the Property and will complement our aggressive drill campaign at Russell Lake and at various other partner-funded projects in our portfolio.”
Terms of the Option Agreement.
According to the Option Agreement, Tisdale may acquire up to a 75% interest in the Property in two phases. Initially, Tisdale can acquire a 51% interest in the Property by completing the following payments and incurring the following exploration expenditures. In the second phase, Tisdale may increase its stake in the Property to 75% by completing a payment of $5,000,000 to Skyharbour.
All common shares issued to the Company will be subject to a four-month-and-one-day statutory hold period. Skyharbour won´t pay finders’ fees or commissions. Completion of the transactions and the issuance of any common shares to Skyharbour, remains subject to the approval of the TSX Venture Exchange.
South Falcon East Project Summary.
The South Falcon East Project is a uranium exploration project in the southeast Athabasca Basin. The project covers approximately 12,464 hectares.
Historical exploration at the South Falcon East Project identified an area of U-Th-REE mineralization at the Fraser Lakes Zone B. The near-surface Fraser Lakes Zone B deposit consists of a current NI 43-101 inferred resource totaling 7.0 million pounds.
About Tisdale Clean Energy Corp.
Tisdale Clean Energy is a Canadian-based exploration company focused on acquiring and advancing critical energy/fuel projects. The company is currently developing the Keefe Lake uranium project, a 15,000-hectare exploration project located in Saskatchewan, Canada.
It can be of your interest: Energy Capital Magazine, October Edition.
About Skyharbour Resources Ltd.
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin. Skyharbour has acquired from Denison Mines a 100% interest in the Moore Uranium Project. Skyharbour’s also have Russell Lake Uranium Project.
Skyharbour has a joint venture with industry-leader Orano Canada Inc. at the Preston Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project.
Skyharbour’s goal is to maximize shareholder value. And this will happen through new mineral discoveries, and the advancement of exploration projects in geopolitically favorable jurisdictions.
