Skyharbour Resources announces that it has signed a definitive agreement to sell its 24.5% interest in the Baird Gold Project to TomaGold Corp.
OREANDA-NEWS. Skyharbour Resources Ltd. SYH)">(TSX-V:SYH) (OTC Grey:SYHBF) (the “Company”) announces that it has signed a definitive agreement to sell its 24.5% interest in the Baird Gold Project to TomaGold Corp. (TSX-V:LOT). In consideration for the property interest, TomaGold will issue 600,000 common shares to Skyharbour. The Baird property is owned by operator Goldcorp (51%) and New Gold (24.5%) and lies in the central Red Lake gold belt six kilometres north of the Madsen Mine and fourteen kilometres southwest of the Goldcorp Red Lake Mine.
Jordan Trimble, President and CEO of Skyharbour, stated: “This divestiture of a non-core, legacy property interest is consistent with Skyharbour’s goal of building a preeminent uranium exploration and development company. Furthermore, our shareholdings in TomaGold will give us investment exposure to the strong portfolio of gold projects as well as the dynamic management and technical team at TomaGold. We are rapidly advancing our portfolio of uranium projects in the Basin, and we are in the planning stages of an initial drill program at the recently optioned Moore Lake uranium project from Denison Mines.”
The closing of the acquisition by TomaGold is subject to standard conditions, including regulatory and TSX Venture Exchange approval. A cash finder’s fee will be paid in conjunction with this sale.
Skyharbour recently announced an option to acquire 100% of the Moore Lake uranium project from Denison Mines. The 35,705 hectare Moore Lake Project is an advanced uranium exploration property strategically located in the eastern portion of the Athabasca Basin region, which is known for its large scale and high grade uranium deposits and producing uranium mines. Previous exploration efforts on the property discovered high-grade uranium mineralization highlighted by drill hole ML-61, which intersected 4.03% eU3O8 over 10 metres at the Maverick Zone. The depth to the unconformity on the property is relatively shallow and significant additional discovery potential remains over several conductive trends. Denison is now a large, strategic shareholder of Skyharbour and David Cates, Denison President and CEO, has joined Skyharbour’s Board of Directors. The Company is currently planning an initial drill program at the flagship Moore Lake project with details and news forthcoming.
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 five drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines to acquire 100% of the Moore Lake Uranium Project which is located 20 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River mine. Moore Lake is an advanced stage uranium exploration property with over $30 million in historical exploration, 370 drill holes, and a high-grade zone known as the Maverick Zone with drill results including 4.03% e U3O8 over 10 metres at a depth of 265 metres. The Company owns a 100% interest in the Falcon Point (formerly Way Lake) Uranium Project on the eastern perimeter of the Basin which hosts an 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%.