Skyharbour Enters Joint Venture For Hook Lake Uranium Project
Skyharbour Resources (TSXV: SYH) has entered into another joint venture within the Athabasca Basin of Saskatchewan, following the successful completion of an option agreement by Valor Resources.
The joint venture is focused on the Hook Lake Uranium Project, where Valor has completed the third and final anniversary payment to Skyharbour. The arrangement saw Valor conduct $3.5 million worth of exploration at the project over three years, as well as issue to Skyharbour 295.1 million shares and pay $250,000 in cash. The venture will see Valor hold an 80% stake in Hook, while Skyharbour owns the remaining 20%.
The Hook project is found 60 kilometres to the east of the Key Lake uranium mine, consisting of 16 mineral claims covering 25,846 hectares of land. The project contains three separate zones that have identified uranium mineralization. Most recently, an airborne gravity survey was conducted across the property that successfully identified 11 new targets, with field work on these sites ongoing, with further exploration slated to occur this summer. grab samples at Zone S have returned uranium values as high as 68% U3O8.
“We are excited to have the opportunity to work with Valor as a joint-venture partner at Hook Lake going forward and will benefit from any upside at the Project with our retained interest in the property and equity position in Valor. We are confident that the work carried out by Valor in recent years has advanced the project sufficiently to a stage where a new discovery could be on the horizon with future drilling,” commented Skyharbour CEO Jordan Trimble.
The joint venture follows similar arrangements entered into with Orano Canada and Azincourt Energy for the Preston and East Preston uranium projects. Skyharbour meanwhile also has several outstanding option arrangements in place, which amount to over $33 million in funded exploration.
Skyharbour Resources last traded at $0.50 on the TSX Venture.
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