Canadian uranium developers Skyharbour Resources and Purecore Metals have entered into a definitive option agreement whereby Purecore may earn up to 100% of the Yurchison property, in Saskatchewan.

The Yurchison property comprises 22 claims over an area of 35 029 ha.

Notably, the property is located 75 km south of uranium miner Cameco's Rabbit Lake operation.

Historical drilling on the Yurchison property has intercepted uranium grades of between 0.09% and 0.30% and molybdenum values of between 2 500 and 6 400 parts per million.

The property is prospective for uranium, uranium/thorium/rare earth elements and copper/lead/zinc mineralisation.

Most work on the project was completed before 2000, with the last modern works having been airborne electromagnetic and radiometric surveys in 2022 and 2023.

In terms of the agreement, Purecore will pay Skyharbour C$350 000 in cash and $700 000 in shares, as well as spend $3.5-million on exploration over three years toward a 70% interest.

Thereafter, a one-time cash and share payment of $6-million can secure Purecore's 100% interest in Yurchison, with Skyharbour retaining a royalty.

"We are very pleased to sign this new option agreement as we continue to execute on our dual-pronged corporate strategy by unlocking value at our Athabasca basin project portfolio through strategic partnerships and prospect generation, as well as focused mineral exploration at our core assets of Moore and Russell.

"We are looking forward to working with Purecore and its capable management team as they advance the Yurchison project over the coming years with a considerable amount of exploration planned as well as cash and share payments to Skyharbour. The project is ripe for new potential discoveries and updates will be forthcoming on exploration plans at Yurchison which will complement our ongoing 2026 drill campaigns at various other projects in our portfolio," says Skyharbour CEO and president Jordan Trimble.

In turn, Purecore president and CEO Peter Berdusco says global electricity demand is accelerating as AI, data centres and broader electrification place increasing pressure on the power grid, with nuclear energy expected to play an increasingly important role in meeting this demand. "Yurchison gives us meaningful exposure to this powerful energy transition through a large, accessible and underexplored uranium property in the world's premier uranium jurisdiction - the Athabasca basin."