Purecore Metals (CSE:PURE) has firmed up its agreement to option up to 100% of the Yurchison Uranium Project in Saskatchewan, Canada, held by Skyharbour Resources (TSX-V:SYH).
The property covers 22 claims for approximately 35,029 hectares in the Athabasca Basin. It is situated approximately 75km south of Cameco’s (TSX:CCO) Rabbit Lake operation.
The property area had seen extensive periods of exploration activity, including multiple surveys, prospecting, and geological sampling. Most of the drilling occurred in the 1960s and 1980s, with additional work completed in the mid-1990s and into the 2000s.
During that time, most of the uranium exploration occurred on the western side of the property, while the eastern side focused on SEDEX-style lead-zinc mineralisation.
Based on the past work, Purecore believes the site has strong discovery potential for both basement-hosted uranium mineralisation as well as copper, zinc, and molybdenum mineralisation.
Prospecting near old trenches returned uranium (0.09–0.30% U3O8) and molybdenum (2,500–6,400 parts per million) mineralisation in both outcrop and float samples, according to the company.
Under the option agreement, Purecore may acquire an initial 70% interest in the project by paying Skyharbour a total of C$350,000 ($355,500) in cash, issuing C$700,000 in shares, and spending at least C$3.5 million on exploration.
To earn the remaining 30%, the company must pay an additional C$3 million in cash and another C$3 million in shares. Skyharbour will retain a 2% net smelter return royalty on the project.
Purecore Metals is focused on advancing the materials that power modern energy systems and emerging technologies.
Skyharbour Resources holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin.
Write to Jackson Chen at Mining.com.au
Image: Skyharbour Resources
