Skyharbour Resources will enter into a uranium-dedicated partnership with Athabasca Nuclear, Noka Resources and Lucky Strike Resources to explore and develop a 287,130 hectare uranium project base, the Western Athabasca Syndicate Project (WASP).
As per the terms of the agreement, Skyharbour, Athabasca Nuclear, Noka and Lucky Strike will secure an option to own 25% of the project through cash payments, share payments and facilitating exploration expenditures over the two-year earn-in term of the agreement.
The venture has outlined an investment of $6m for exploration on the project over the next two years. The companies are expected to complete a minimum of $3m of work by 30 September 2014, while the remaining $3m to be spent by 30 September 2015.
Skyharbour president and CEO Jordan Trimble said that the definitive agreement marks the formulation of four-company syndicate to develop largest uranium project.
"Lucky Strike, Noka and Athabasca Nuclear are value-add partners for Skyharbour as they bring with them strong technical expertise, proven management teams and financial capital to help create synergies both in the field and corporately," added Trimble.
Comprising of properties located in all directions around Patterson Lake South (PLS) uranium discovery, the WASP is intended to become the largest mineral claim position of the Western Athabasca Basin under control of a single group.
