Russell Lake is also next to Skyharbour’s flagship Moore project, which makes it especially attractive, the junior said.
“Uranium properties with the pedigree and prospectivity of Russell Lake are few and far between,” president and CEO Jordan Trimble said in the statement. “[It is in a] very strategic location, notable historical exploration and findings, as well as the numerous property-wide targets with the potential to generate new discoveries,” he said.
Under the terms of the agreement, Skyharbour can earn a 51% stake in Russell Lake via a cash payment of $500,000 and the issuance of 3.6 million shares, along with $5.7 million in exploration spend over three years.
An additional 19% may then be earned via a $1.6 million cash payment or the issuance of 2.2 million shares, and $6.4 million in exploration spend over two years.
Skyharbour can then earn the remaining 30% interest in the property by paying to Rio Tinto…
