As per the deal, Skyharbour will pay $20,000 in cash and issue two million common shares, subject to a hold period of four months and one day from the date of issue.
Denison will retain a 2% net smelter return in the projects of which 1% may be purchased by Skyharbour for $1,000,000.
Way Lake Project is comprised of 21 contiguous claims totaling 90,892 hectares in east of the Key Lake mine.
It is said to host NI 43-101 compliant inferred mineral resource totaling 6.96 million pounds U3O8 and 5.34 million pounds ThO2 at Fraser Lakes Zone B. Over 20,000m in 105 holes has been drilled to date at the property.
Yurchison Lake project prospecting returned uranium in the range of 0.09% to 0.30% U3O8 and molybdenum (2,500ppm to 6,400ppm) in outcrop and float samples.
Skyharbour president and CEO Jordan Trimble said the acquisition of 100% interests in the sizeable Way Lake and Yurchison Lake Projects is a milestone for the company as it significantly enhances Skyharbour’s portfolio of Athabasca uranium projects.
"Skyharbour’s management believes this is a highly accretive deal for the Company’s shareholders as we add a resource to the asset portfolio, bolster our exposure to the east side of the Basin, and add projects with robust exploration upside potential to complement our Syndicate and Mann Lake projects," Trimble said.
