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Skyharbour Signs Option Agreement with Medaro Mining Corp to Option the Yurchison Uranium Project

VANCOUVER, British Columbia, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”), is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Medaro Mining Corp. (CSE: MEDA) (“Medaro" or the “Optionee”) which provides Medaro an earn-in option to acquire an initial 70% interest and up to a 100% interest in the Yurchison Uranium Property located in the Wollaston Domain of Northern Saskatchewan, Canada (the “Property”). The Property contains twelve (12) mineral claims, comprising approximately 55,934 hectares.

Location Map of Yurchison Project:

Yurchison Uranium Project:

Historical prospecting near old trenches returned significant uranium (ranging from 0.09% to 0.30% U3O8) and molybdenum (ranging from 2,500 ppm to 6,400 ppm Mo) mineralization in both outcrop and float samples. Two historical holes drilled beneath the trenches returned highly anomalous molybdenum values, up to 3,750 ppm and anomalous uranium values up to 240 ppm. The Property boasts strong discovery potential for both basement hosted uranium mineralization as well as copper, zinc, and molybdenum mineralization. Regionally, Rio Tinto entered into a $30 million, seven-year, option agreement with Forum Energy Metals Corp. to acquire an 80% stake in their Janice Lake property which is located on-strike to the southwest of the Property.

The Option Agreement:

Pursuant to the Agreement, Medaro may acquire an initial 70% interest in the Property by (i) issuing common shares of Medaro (“Shares”) having an aggregate value of CAD $3,000,000; (ii) making aggregate cash payments of CAD $800,000; and (iii) incurring an aggregate of CAD $5,000,000 in exploration expenditures on the Property over a three year period.

Schedule to earn an initial 70% interest:

DateCash Payments
(CAD $)
Expenditures (CAD $)
Value of Medaro Shares
Issued (CAD $)
On Closing$150,000$0$500,000
On or before the first anniversary of Closing$150,000$500,000$500,000
On or before the second anniversary of Closing$250,000$1,500,000$1,000,000
On or before the third anniversary of Closing$250,000$3,000,000$1,000,000

Once Medaro has earned an initial 70% interest in the Property, Medaro may acquire the remaining 30% interest in the Property, within 30 business days of earning the initial 70% interest, by (i) issuing Shares having a value of CAD $7,500,000, and (ii) making a cash payment of CAD $7,500,000.

Skyharbour will retain a NSR of two percent (2%) on 11 of the 12 claims with Medaro holding a buyback option whereby Medaro can purchase one percent (1%) of the NSR for CAD $1 million. A separate NSR of two percent (2%) on the other claim is payable to a third party (payable pro-rata based on ownership interest in the Property).

Jordan Trimble, President and CEO of Skyharbour, stated: “We look forward to working with the Medaro team at the Yurchison Project having just signed this Option Agreement. With another accretive property transaction announced, we continue to execute on our business model by adding value to our project base in the Athabasca Basin through strategic partnerships and prospect generation, as well as focused mineral exploration at our flagship Moore Uranium Project. News will be forthcoming on exploration plans at Yurchison and Medaro is well positioned to advance the Project with a strong management and technical team as well as a healthy treasury.”

Qualified Person:

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 Medaro:

Medaro Mining is a lithium and uranium exploration company based in Vancouver, BC, which holds options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Cyr South lithium property located in James Bay, Quebec, and the Yurchison uranium property in Northern Saskatchewan. The Company is also involved in the development and commercialization of a new process to extract lithium from spodumene concentrate through its Global Lithium Extraction Technologies joint venture.

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