Skyharbour and Orano Kick Off Exciting 2024 Exploration Adventure at the Prestigious Preston Uranium Project!

SkyHarbour Resources Ltd., which represents the next generation of uranium and thorium companies in Canada, along with JV partner Orano Canada, has announced the commencement of their 2024 exploration program at the Preston Uranium project. Located in the western Athabasca Basin, near NexGen Energy Ltd’s high-grade Arrow deposit and Fission Uranium’s Triple R deposit, this exploration is set to be a significant move in the field of energy generation mineral exploration.

The duo companies, SkyHarbour and Orano, have entered into a definitive agreement that sets the terms for Orano’s earn-in of up to 70% of the total property for a total expenditure of CAD 8,000,000. The transaction also includes up to CAD 700,000 in cash payments over a span of six years. A first-year firm commitment from Orano of CAD 1,000,000 in exploration expenditures bolsters the earnest nature of this venture.

The joint venture (JV) agreement involves a two-phase exploration plan. Phase one includes a significant geophysical survey as well as the drill testing of high-priority targets. The detailed ground-based gravity surveys and drone airborne magnetic surveys of this phase are designed to refine existing targets for the upcoming drill program planned for later this year.

Post the geophysical survey, phase two of the plan will commence. This phase involves a follow-up diamond drilling program on the identified high-priority targets to better understand the uranium mineralization processes at Preston. The aim of this drill program is to test the depth extensions of the known uranium showings and to potentially discover new zones of uranium mineralization.

Developments at the Preston Uranium Project underscore a continued interest in uranium and thorium-based power generation. Uranium and thorium are considered more sustainable choices for nuclear power generation than other options, such as plutonium, due to their abundance and lower environmental impact.

In addition, these developments solidify the positive relationship between the two significant companies, thereby emphasizing their commitment to progress in the uranium and thorium sector. SkyHarbour Resources Ltd., known for its portfolio of high-quality, exploration-stage uranium projects, and Orano Canada, with its extensive experience in uranium mining, processing, and related technologies, have proved to be pioneers in the industry with their collaborative efforts in projects like that of the Preston Uranium Project.

Moreover, the strategic location of the Preston Uranium project in the western Athabasca Basin, leading to its proximity to other high-grade uranium deposits, highlights the project’s potential for success. Being close to NexGen Energy Ltd’s high-grade Arrow deposit and Fission Uranium’s Triple R deposit, it brings a promising surge of discoveries in the future.

In conclusion, SkyHarbour’s team has employed a cost-effective dual-pronged strategy that is designed to maximise shareholder value by executing a focused, project generator model for its core projects and monetizing its non-core properties via strategic partnerships. This alliance with Orano and the commencement of 2024 exploration at Preston Uranium project fuel a promising journey for the global energy sector in a significant and sustainable way.