Skyharbour Resources Ltd.’s (TSXV: SYH | OTCQB: SYHBF | Frankfurt: SC1P) partner company Valor Resources Limited (ASX: VAL) has completed the third and final anniversary payment to Skyharbour under its earn-in option agreement at the Hook Lake Uranium Project in northern Saskatchewan, Canada.
“We are pleased to have completed this significant earn-in milestone at Hook Lake, which delivers Valor 80% ownership of a very attractive uranium asset located in one of the most prospective uranium exploration provinces globally,” said Valor’s executive chairman, George Bauk.
“This part of the Athabasca Basin is regarded as one of the top uranium exploration addresses in the world right now, thanks to the recent Gemini/92 Energy and ACKIO/Baselode Energy discoveries, located 30km north of Hook Lake.”
Valor has completed its exploration expenditure commitments under the earn-in, being C$3.5M over a three-year period. Following the drill campaign completed in 2022, together with the airborne gravity survey completed last year, Valor has met its exploration expenditure commitments under the agreement.
Furthermore, Valor has issued over 31.7M additional shares and made a C$75,000 cash payment to complete the third and final earn-in milestone. This brings the total cash payments to C$250,000 over three years and a total share issuance of 295,083,333 shares to Skyharbour from Valor.
Skyharbour CEO Jordan Trimble added, “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.”
For further information, please visit: www.skyharbourltd.com & www.valorresources.com.au
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