Skyharbour Teams Up with Rio Tinto, Achieving Majority Stake at Russell Lake Uranium Project – A New Chapter in Athabasca Basin!

Skyharbour Resources Ltd. recently completed acquiring the majority earn-in and forming a joint partnership with global mining heavyweights, Rio Tinto. This collaboration is set for the exploration and development of the uranium-rich site located at Russell Lake in the Athabasca Basin. This watershed movement hopes to bring about significant advancements in the uranium industry. The negotiated terms between Skyharbour and Rio Tinto detail that the latter can earn a 70% stake at this uranium project by incurring CAD$7.5M in project expenditure over a spread of six years and payments of CAD$725,000 in cash. Upon reaching this threshold, a Joint Venture (JV) would automatically be formed between the two firms for the further development of the Russell Lake project. The Russell Lake Project, strategically located in the exploration-friendly Athabasca Basin, comprises of 13 mineral claims spanning over 25,842 hectares of uranium-fertile lands. With preliminary geophysical and geological investigations indicating high prospects for uranium findings, the mining giants are all set to kick start massive exploration and mining activities. Lengthy airborne surveys and ongoing research have helped delineate a 15-kilometer long conductive system at the Russell Lake uranium project site. The site also boasts a strong structural complexity and promising geochemical values. The close proximity of the Russell Lake project to several high-grade uranium deposits adds significant value and potential to the project. The joint venture between Skyharbour and Rio Tinto marks a significant milestone, not only for the two involved entities but also for the uranium industry at large. This noteworthy partnership is expected to leverage the technological and infrastructural prowess of Rio Tinto, coupled with Skyharbour’s focused expertise in uranium explorations. Rio Tinto, being a global mining giant, brings credible experience, advanced technology, and substantial financial muscle to expedite and scale the Russell Lake project. Whereas, Skyharbour holds a prominent position as a uranium explorer in the Athabasca Basin, with a deep understanding of the uranium market conditions and technical nuances of uranium exploration fitting perfectly into this collaborative framework. Skyharbour’s successful fulfillment of its earn-in obligations has set the path for the Rio Tinto-Skyharbour joint venture – a formidable union aimed to accelerate uranium exploration in the Athabasca Basin. The implementation of Rio Tinto’s exploration techniques and strategies along with Skyharbour’s specialized uranium expertise sets a promising stage for future uranium explorations. The subsequent operations under the JV will likely adopt a