Skyharbour Signs Letter of Intent with Pitchblende Energy to Option 80% of the North Falcon Point Uranium Property
VANCOUVER, British Columbia, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH)(OTCQB: SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce the execution of a letter of intent (the “LOI”) with Australian-registered Pitchblende Energy Pty Ltd (“Pitchblende”), which provides Pitchblende an earn-in option to acquire an 80% working interest in the North Falcon Point Uranium Project, to be renamed the Hook Lake Uranium Project (the “Property”).
Skyharbour’s Uranium Project Map in the Athabasca Basin:
Under the LOI, and subject to completion of the acquisition of Pitchblende by ASX-listed Valor Resources Limited (ASX: VAL) (“Valor”), Pitchblende will contribute cash and exploration expenditure consideration totaling CAD $3,925,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $425,000 will be in cash payments to Skyharbour as well as $3,500,000 in exploration expenditures. Valor will also issue a total of 250,000,000 shares (“Consideration Shares”), which will be subject to a voluntary escrow agreement and released over a period of three years.
Skyharbour’s President and CEO, Jordan Trimble commented: “Skyharbour continues to execute on its business model by adding value to its project base in the Athabasca Basin through strategic partnerships and focused mineral exploration. This LOI with Pitchblende at North Falcon Point effectively utilizes our prospect generator model to advance the Company’s other projects with partner companies. We are excited to have the opportunity to work with new partners in Pitchblende and Valor led by experienced and dynamic management and technical teams. Furthermore, Skyharbour will maintain a 100% interest in the southern portion of the Falcon Point Project retaining ownership of the Frasers Lakes Uranium and Thorium Deposit. This LOI complements the option agreements signed with Orano Canada and Azincourt Energy which collectively will generate steady news flow over the next several years in addition to the continued exploration at our flagship Moore Uranium Project.”
North Falcon Point Project Summary:
Pitchblende will have the right to earn an 80% working interest in the North Falcon Point Project (to be renamed the Hook Lake Uranium Project) located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralisation including:
- Hook Lake / Zone S - High grade surface outcrop with reported grades in grab samples up to 68% U3O8; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast
- Nob Hill - Fracture-controlled vein-type uranium mineralisation on surface outcrop with up to 0.130% - 0.141% U3O8 in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m
- West Way - Vein type U mineralisation within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U3O8 and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb
- Grid T - Fracture-hosted secondary uranium mineralisation in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U
- Alexander Lake Boulder Field - 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively
- Thompson Lake Boulder Field - Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder
- NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area. Compilation and reinterpretation of previous exploration work results is already underway. It is anticipated that the initial phase of exploration work by Pitchblende will include further bio-geochemical surveys, detailed UAV magnetics, ground gravity and resistivity surveys as well as detailed geological and structural mapping. Based on this work drill targets will be selected. If carried to completion, a joint venture would be formed being 80% to Pitchblende and 20% to Skyharbour.
Option Agreement Terms for the North Falcon Point Project:
Under the terms of the LOI, Pitchblende may acquire up to an 80% interest in the Property by incurring an aggregate of $3,500,000 in exploration expenditures, paying a total of $425,000 and issuing an aggregate 250,000,000 Valor shares to Skyharbour as follows:
|Date||Cash Payments||Exploration Expenditures||ValorShares Released from Escrow|
|On or before the first anniversary of Closing||$75,000||$750,000||50,000,000 |
|On or before the second anniversary of Closing||$150,000||$1,000,000||50,000,000 |
|On or before the third anniversary of Closing||$150,000||$1,750,000||50,000,000 |
Pitchblende’s obligations to contribute the Project Consideration and complete the 80% earn-in is conditional on it choosing to proceed with the transaction following the expenditure of up to A$400,000 over the next 6-9 months for the purposes of satisfying a preliminary assessment and a portion of the first year exploration expenditures on the Property. In the event that Pitchblende elects not to proceed with the option after this period, the remainder of the Project Consideration will not be payable including the cash payments after years one through three and 150,000,000 of the Consideration Shares will be cancelled. The LOI will be formalised by a Definitive Agreement between Skyharbour, Pitchblende and Valor in due course.
The transaction is subject to various conditions precedent including Valor shareholder approval as well as ASX and regulatory approval.
About Pitchblende Energy Pty Ltd:
Pitchblende is the subject of a binding terms sheet pursuant to which, subject to Valor shareholder approval, it will become a wholly owned subsidiary of Valor.
About Valor Resources Ltd:
Valor Resources Limited (ASX: VAL) is an exploration company listed on the Australian Securities Exchange focused on creating shareholder value through acquisitions and exploration activities. The company is acquiring uranium projects in the Athabasca Basin of Northern Saskatchewan, Canada through the acquisition of Pitchblende Energy Pty Ltd which is subject to shareholder approval.
George Bauk is the Executive Chairman of Valor and has over 30 years of experience within the resource industry in both production and exploration with assets in Australia and internationally. Mr. Bauk holds a Bachelor of Business (Accounting and Finance) from Edith Cowan University, is a Fellow of the CPA and has an MBA from the University of New England. He has held global operational and corporate roles with WMC Resources and Western Metals. Mr. Bauk has a strong background in strategic management, business planning, capital raising, and has experience with a variety of commodities. Mr. Bauk is a member of the WA resources industry having previously held a number of senior governing positions with the Chamber of Minerals and Energy including Vice President.
Mr. Bauk has overseen several uranium exploration projects in the US, Tanzania and Western Australia, partnering with AREVA in Western Australia whilst being Managing Director of Northern Uranium prior to transitioning to Northern Minerals. In 2006, Mr. Bauk was focussed on the southern Tanzanian region which was the region known for the successful Mkuju River discovery by Mantra Resources. During his time as Managing Director of Northern Minerals, he led its rapid development from a greenfields heavy rare earth explorer to one of a few global producers of high value dysprosium outside of China.
Gary Billingsley, a resident of Saskatoon, has also recently joined Valor as a non-Executive Director and brings over 48 years of experience in the resource industry. Mr. Billingsley holds a Bachelor of Science Advanced Degree in Geology from the University of Saskatchewan in Canada. He also obtained his Chartered Accountant designation and currently also holds designations as both a Professional Engineer and Professional Geoscientist. Mr. Billingsley has held several operational and corporate roles from Chief Mine Geologist to President and CEO of both small and large public companies. Besides a strong technical background, he has extensive experience on the corporate and capital markets side of the industry. He has served on board committees including Audit, Compensation, Corporate Governance and Environment, Health and Safety committees. His public company experience covers commodities including oil and gas, base metals, gold, diamonds, uranium, potash and rare earths.
Some highlights of Mr. Billingsley’s career include leading the team that put Saskatchewan’s largest gold mine into production, still producing after 29 years; discovering several diamond-bearing kimberlites in Saskatchewan, one of which has now completed final feasibility; playing a major role in taking a junior potash company public, that was subsequently purchased by BHP; and establishing one of the first companies to recognize the importance of developing rare earth projects outside of China including downstream capacity.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization at the Maverick Zone with drill results returning up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour has signed option agreements with Orano Canada Inc. and Azincourt Energy whereby Orano and Azincourt can earn in up to 70% of the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and Azincourt shares. Preston is a large, geologically prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. The Company also owns a 100% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade uranium mineralization was recently discovered. Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
President and CEO
For further information contact myself or:
Corporate Development and Communications
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
EPH European Property Holdings Limited (EPH) - Third Quarter 2020 Financial Update25.11.2020 19:00:00 CET | Press release
25 November 2020, Road Town, Tortola, BVI BUSINESS HIGHLIGHTS In Q3 2020 the Company continued to expand its activity to Europe and diversify its portfolio to ensure long-term capital preservation. Following this strategy, in July 2020, the Company acquired 100% of interest in the entity holding a hotel property in Salzgasse 4 in Dresden, Germany. The property is located in the historic centre of Dresden, very close to the main city attractions and Dresden Airport. It comprises an area of 15,550 sqm. with a total of 180 rooms, 46 underground parking spaces, a spa, restaurant, 261 sqm. of retail space and meeting rooms for up to 230 people. The property and is occupied by 4-star Hotel Innside Dresden of Melia Hotels & Resorts Group. The current lease runs till December 2029. The Company’s rental properties continue generating sufficient cash to cover the Company’s operating expenses, service the debt and partially finance its new acquisitions.The Company successfully continued sales of
REPURCHASE OF SHARES25.11.2020 18:15:00 CET | Press release
REPURCHASE OF SHARES Amsterdam, the Netherlands - Flow Traders N.V. (“Flow Traders”) (Euronext: FLOW) has repurchased 53,298 of its own shares in the period from 19 November 2020 up to and including 25 November 2020 at an average price of €26.43. As announced on 11 November 2020, these repurchases are being made in order to satisfy the requirements of various employee incentive plans. The consideration of this purchase was €1.4 million. The total number of shares purchased under this programme to date is 186,430 shares at an average price of €26.66 for a total consideration of €5.0 million. 1,417,599 shares were held in treasury as at 25 November 2020. Contact Details Flow Traders N.V. Jonathan Berger / Investor Relations Officer Phone: +31 20 7996799 Email: firstname.lastname@example.org About Flow Traders Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (ETPs), now expandin
Auction details government bonds25.11.2020 16:20:00 CET | Press release
Auction date December 2, 2020 Maturity date Loan ISIN code Coupon Issue volume, SEK million 2023-11-13 1057 SE00048690711.500% 1,500 2031-05-12 1062 SE0013935319 0.125% 3,500 Settlement date December 4, 2020 Bids have to be entered by 11.00 on December 2, 2020 Bid only through dealers approved by the Swedish National Debt Office For more information, please contact: The funding desk + 46 8 613 4780 FO@riksgalden.se
SEK TENDER OPERATION ANNOUNCEMENT FOR ONWARD LENDING25.11.2020 16:20:00 CET | Press release
Bid date, 2020-11-27Bid Submission Date2020-11-27Bid times10.30-11.00 (CET/CEST) on the Bid dateOffered Amount50 billion SEKMaximum Permitted Bid Volume12.5 billion SEK from an individual bidderSettlement Date2020-12-01Minimum Permitted Bid Volume10 million SEK per bidFinal Repayment Date2024-12-02Maximum Allocation25 per cent of Offered AmountAllocation TimeNo later than 11.30 (CET/CEST) on the Bid dateRepayment Date2021-12-01Option Repayment Date 12022-12-01Option Repayment Date 22023-12-01Interest rateThe Riksbank´s applicable repo rateAdditional interest rate0.10 per centConfirmation of bids to email@example.com Stockholm, 2020-11-25 This is a translation of the special terms and conditions published on riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail.
Maha Energy AB (publ) (“Maha” or the “Company”) announce Total Depth (TD) reached on Tie South (7-TIE-2D-BA) and logging results.25.11.2020 16:00:00 CET | Press release
The Company is pleased to provide the following Operational Update from its operations in Brazil. Tie-2 (Tie Field) The Tie-2 development well (7-TIE-2D-BA) reached a Total Depth of 2,195 m. on November 21. Both productive target formations were intersected. Electric logging has been completed and the well is now being prepared for production. Electric logging and drilling results confirmed the productive Agua Grande (AG) and Sergi formations are likely to be oil bearing. Indications are that both productive formations are above the Oil Water Contact and Tie-2 marks a new structural high in the Tie field with the top of its AG reservoir being 2 metres higher than the TIE-1 well (Attic well). The AG yielded 23 m. gross reservoir sand with an interpreted net productive thickness of 13 m. The Sergi yielded 17 m. gross reservoir sand with a net productive thickness of 7 m. Operations are now underway to complete the AG and Sergi formations and place 7-TIE-2D-BA on production. The informati
Klövern divests 12 properties in Malmö, Lund, Norrköping and Västerås for SEK 610 million25.11.2020 15:00:00 CET | Press release
Klövern has signed contracts with Mileway to divest 12 properties for a total underlying property value of SEK 610 million. The properties, which are located in Malmö, Lund, Norrköping and Västerås, have a lettable area of approximately 120,700 sq.m. and primarily consist of warehouse/logistics premises. The rental value amounts to SEK 61 million and the economic occupancy rate amounts to 82 per cent. ”This divestment is yet another step in the streamlining of Klövern as we free up capital for other investments in our more prioritized segments”, says Peeter Kinnunen, Head of Transactions at Klövern. Transfer of possession is planned to be on 15 January 2021. The divestment encompasses the following properties: Malmö: Kullen 1, Fältsippan 8, Krukskärvan 9, Stiglädret 10 and Ventilen 4 Lund: Annedal 9, Kvartsen 6 and Trumlan 1 Norrköping: Malmen 5, Silvret 2 and Slakthuset 14 Västerås: Friledningen 18 Klövern AB (publ) For additional information, please contact: Rutger Arnhult, CEO, +46