Skyharbour Resources has signed a non-binding letter of intent (LoI) with Purecore Metals for a potential option of up to a 100% interest in the Yurchison uranium property in the Wollaston Domain of Northern Saskatchewan, Canada.
The agreement covers 22 claims across approximately 35,029 hectares (ha) of mineral tenure.
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Yurchison lies approximately 75km south of Cameco’s Rabbit Lake operation, with Highway 905 crossing the claims.
The geological setting features Wollaston Supergroup metasedimentary gneisses and includes areas of graphitic pelitic gneisses near Archean granitic rocks, considered prospective for uranium and other minerals.
Historical exploration in the area has involved a range of airborne and ground geophysical surveys, prospecting, mapping, sampling and drilling, most of which took place before 2000.
In particular, prospecting work near historical trenches recorded uranium mineralisation ranging from 0.09% to 0.30% triuranium octoxide, as well as molybdenum values of between 2,500 parts per million (ppm) and 6,400ppm in outcrop and float samples.
Further exploration has pointed to the property’s potential to host basement uranium deposits and various other mineral types such as copper, zinc and molybdenum.
Recent exploration included airborne electromagnetic, magnetic and radiometric surveys completed in 2022 and 2023.
Skyharbour and Purecore have agreed to negotiate in good faith to finalise the terms of the mineral property option agreement.
Completion of the transaction is subject to due diligence by Purecore, agreement on definitive terms, board approval from both companies and any required regulatory clearances.
Skyharbour owns a large collection of uranium exploration assets in the Athabasca Basin region of Canada.
The company’s interests span 43 separate projects, together accounting for more than 662,887ha of mineral tenure.
