At the Yurchison Lake Project, prospecting near old trenches returned significant uranium (0.09% to 0.30% U3O8) and molybdenum (2,500 ppm to 6,400 ppm) mineralization in both outcrop and float samples
Two holes drilled beneath the historic 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
Rio Tinto has entered into $30 million, seven year, option agreement with Forum Energy Metals Corp. to acquire an 80 per cent stake in their Janice Lake property (Janice Lake is on strike to the southwest of Yurchison)
In November 2021, Skyharbour signed an option agreement with Medaro Mining Corp, which provides Medaro an earn-in option to acquire an initial 70% interest and up to a 100% interest in the Yurchison Uranium Property
Medaro may acquire an initial 70% interest by issuing common shares of Medaro having an aggregate value of CAD $3,000,000; making cash payments of CAD $800,000; and incurring CAD $5,000,000 in exploration expenditures on the Property over a three year period
Medaro recently completed an airborne geophysical survey at its Yurchison Uranium Property. A total of 1,424 line kilometres of survey was completed at 50 metres line spacing using an AS 350 BA + helicopter
The Yurchison Project consists of 13 claims totalling 57,407 ha in the Wollaston Domain of northern Saskatchewan, Canada. This contiguous set of claims covers an extensive package of Wollaston Supergroup metasediments in an area known for its base metal potential. The northeastern half of the project falls within the Courtenay Lake-Cairns Lake fold belt, which contains numerous Pb-Zn-Ag showings while the remainder is along trend to the north-northeast of the Janice Lake Cu deposit and numerous other base metal showings in the “Wollaston Copperbelt”. Access to the area is enhanced by Highway 905 which transects the property near Courtney Lake. A planned all-weather road between Highway 905 and the communities of Wollaston Lake and Hatchet Lake is proposed adjacent to the northeastern section of the claims. It is unknown when the project will be completed, but once in place it will significantly improve logistics for the project. Grid power is used to service a motel, restaurant and gas bar is located at km 147 of Highway 905, a few km north of Courtenay Lake.
Rio Tinto has entered into a $30 million, seven year, option agreement with Forum Energy Metals Corp. to acquire an 80 percent stake in their Janice Lake property which is on strike to the southwest of Yurchison.
Option Agreement with Medaro Mining Corp:
In November 2021, Skyharbour signed an option agreement with Medaro Mining Corp. which provides Medaro an earn-in option to acquire an initial 70% interest and up to a 100% interest in the Yurchison Uranium Property.
Pursuant to the Agreement, Medaro may acquire an initial 70% interest in the Property by (i) issuing common shares of Medaro 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:
|Date||Cash Payments (CAD $)||Exploration Expenditures (CAD $)||Value of Medaro Shares Issued (CAD $)|
|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 on 11 of the 12 claims with Medaro holding a buyback option whereby Medaro can purchase one percent of the NSR for CAD $1 million. A separate NSR of two percent on the other claim is payable to a third party (payable pro-rata based on ownership interest in the Property).
There is a significant amount of historical work on the property and surrounding areas, mainly focused on the eastern claims, including 23 underground surveys (diamond drilling, sampling and relogging of historical holes, and Wacker drill overburden till sampling) and various prospecting and geophysical programs. Some areas of the property such as the George Lake Zone have seen more extensive drilling, but in most areas, drilling has been limited with little or no follow-up. The majority of the work on this property was completed prior to 2000, with only a nominal amount (25 drill holes, 4 ground geophysical surveys, 4 airborne surveys) completed in the last 20 years. Previous showings/deposits in the area include several Pb-Zn, U, Mo, and/or Cu occurrences, for which there are more than 60 records in the Saskatchewan Mineral Deposits Index, the most significant of which include the George Lake Zn-Pb deposit (adjacent to the Skyharbour claims, SMDI 0663), and the Joannie Showing, just south of the Compulsion River. The most recent drilling in the Yurchison Project area was completed in 2008 by Golden Arch Resources/101083503 Saskatchewan Ltd. In the Wakefield and Brakewell Lakes area, and by JNR Resources Inc. in the Courtenay / Yurchison Lake area. The 2008 drilling by Golden Arch Resources / 101083503 Saskatchewan Ltd. confirmed the presence of zinc and lead mineralization at the George Lake Zinc zone and correlated well with Falconbridge’s previous drilling results. Additionally, there is a small volcanic-hosted copper showing near Courtenay Lake
Recommended Future Work Programs:
Recommendations for future work include a reassessment of historical till geochemistry and relogging of available historical drill core to better understand the stratigraphy and its relationship to the sulphide mineralization and the mineralizing systems. Modern geophysical techniques should also be employed in order to look for signatures related to known mineralization. This work should be followed up by systematic geological mapping, geochemical sampling and prospecting program. A systematic diamond drilling program should be undertaken on priority targets on the property.