Skyharbour partner Terra Clean Energy to drill South Falcon East Uranium Project, Saskatchewan
Skyharbour Resources Ltd. [TSXV: SYH; OTCQX: SYHBF; Frankfurt: SC1P] reported that partner Terra Clean Energy Corp. [CSE: TCEC; OTCQB: TCEFF, FSE: T1KC] (previously Tisdale Clean Energy) has announced the execution of an Exploration Agreement with the English River First Nation.
The agreement strengthens their relationship and allows for access to the ancestral lands of The English River First Nation on which the South Falcon East Property lies, which hosts the Fraser Lakes B uranium deposit, Saskatchewan. Skyharbour optioned the project to Terra and under the option agreement assuming the 75% interest is earned, Terra will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Terra over the five-year earn-in period.
Terra has received permits from the Saskatchewan Ministry of Environment to conduct its winter exploration program on the South Falcon East Property. These permits allow access to the project lands for three years to conduct exploration activities including, but not limited to, geophysical surveys and diamond drilling. The South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine, approximately 7 km north of the powerline servicing the Key Lake operation.
The winter 2025 drilling program is in the final planning and scheduling phase. While the Fraser Lakes B uranium deposit will remain a primary focus of early efforts on the property, Terra has ample additional drill-ready targets along the Way Lake conductor at South Falcon East. This includes the T-Bone Lake area, just north of Fraser Lakes B.
The upcoming field program is anticipated to start in late January to early February and will be executed by Terralogic Exploration Inc. under the supervision of Laura Tennent, Project Manager with TerraLogic Exploration and C. Trevor Perkins, consulting geologist for Terra Clean Energy Corp. The expected budget for this program is anticipated to be $1.5 million funded by Terra as the operator.
The South Falcon East Project is a uranium exploration project in the southeast Athabasca Basin and covers approximately 12,464 hectares. It lies 18 km outside the Athabasca Basin, approximately 50 km east of the Key Lake Mine. Historical exploration at the South Falcon East Project identified an area of U-Th-REE mineralization at the Fraser Lakes Zone B over an area comprising 1.5 km by 0.5 km along an antiformal fold nose cut by an east-west dextral ductile-brittle cross-structure adjacent to a 65 km long EM conductor.
As “people of the river” (Des Nëdhë́’iné), the English River First Nation is dedicated to the stewardship of the land and the education of future generations. ERFN is guided by the knowledge of their Elders, the traditions of their ancestors, and the ambitions of their future generations, while being a respected partner in relations with industries, governments, and organizations.
Terra Clean Energy (formerly Tisdale Clean Energy Corp) is currently developing the South Falcon East uranium project, which holds a 6.96M pounds inferred uranium resource within the Fraser Lakes B uranium/thorium deposit, located in the Athabasca Basin region.
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with interest in 29 projects, 10 of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land.