Skyharbour Resources Ltd. (TSX-V: SYH) has entered into a definitive option agreement with Purecore Metals Inc. (CSE: PURE) to advance the Yurchison uranium property in Saskatchewan’s Athabasca Basin. The agreement grants Purecore an earn-in option to acquire up to a 100% interest in the 35,029-hectare land package. Following the announcement, Skyharbour shares closed at $0.385, rising 4.05% on the day.

To earn an initial 70% interest in the project, Purecore must provide a total of $350,000 in cash payments, issue $700,000 worth of common shares, and incur $3,500,000 in exploration expenditures over a three-year period. The agreement further allows Purecore to secure the remaining 30% interest through an additional $6 million in cash and share payments. Skyharbour retains a 2.0% net smelter return royalty, half of which can be purchased by the optionee for $1 million.

"We are very pleased to sign this new Option Agreement as we continue to execute on our dual-pronged corporate strategy by unlocking value at our Athabasca Basin project portfolio through strategic partnerships and prospect generation, as well as focused mineral exploration at our core assets of Moore and Russell."

"We are very pleased to be working with Skyharbour and greatly value the opportunity to advance the Yurchison Property."

— Jordan Trimble, President and CEO of Skyharbour
— Peter Berdusco, President and CEO of Purecore

This transaction aligns with the company’s broader corporate model, which prioritizes high-impact exploration at its primary projects while leveraging strategic partners to advance its extensive regional portfolio. Skyharbour currently holds interests in 44 uranium projects across the Athabasca Basin, encompassing more than 682,100 hectares of mineral tenure. By offloading the operational requirements of Yurchison to Purecore, the company aims to maintain focus on its core uranium assets.

Under the terms of the earn-in, Purecore is committed to a multi-year exploration program, with plans to initiate drilling and surface work on the property. The site, situated approximately 75 kilometers south of the Rabbit Lake operation, is underlain by Wollaston Supergroup metasedimentary gneisses. Historical work has identified uranium, molybdenum, thorium, and base metal mineralization, though the project remains largely underexplored. The companies anticipate that future exploration will target basement-hosted uranium potential, building upon modern geophysical surveys completed in 2022 and 2023. Regulatory approval and board sign-offs remain the final steps to finalize the transaction.

Read the full announcement: Skyharbour Signs Definitive Agreement with Purecore to Option its Yurchison Uranium Property in the Athabasca Basin