Skyharbour Resources Ltd. granted an option to partner Clean Commodities Corp. to acquire up to 70% stake on a portion of the Preston Lake uranium project in Saskatchewan.
The parties will negotiate a definitive deal by March 15, 2017, allowing Clean Commodities to acquire the 70% interest on a 52,428-hectare segment of the project, by spending up to C$8 million over six years.
The figure includes C$7 million for exploration and C$700,000 in cash payments, according to Skyharbour's Dec. 15 statement.
Upon completion, the parties will form a three-way joint venture owned 70% by Clean Commodities while the remaining 30% will be jointly split between Skyharbour and Clean Commodities.
The companies will retain the 50/50 ownership of the balance of the Preston uranium project consisting of 68,720 hectares of minerals claims.
The Preston project is near NexGen Energy Ltd.'s Rook 1 uranium property and its high-grade Arrow deposit, as well as Fission Uranium Corp.'s Patterson Lake South uranium property and its Triple R deposit.