The deal requires Purecore to commit $350,000 in cash, $700,000 in common shares, and $3,500,000 in exploration expenditures over three years to earn an initial 70% stake. The company retains a subsequent option to acquire the remaining 30% interest through an additional $6,000,000 investment in cash and shares. The agreement also includes a 2% net smelter return royalty, though Purecore holds the right to purchase half of that royalty for $1,000,000.
In section Releases
Purecore Metals Secures Option for Athabasca Basin Uranium Project
Purecore Metals has finalized an option agreement with Skyharbour Resources to acquire up to a 100% interest in the Yurchison uranium property. Located in Saskatchewan’s Athabasca Basin, the 35,029-hectare site represents a strategic expansion for Purecore as it targets rising global demand for nuclear energy.
Spanning 22 claims, the Yurchison property is situated 75 kilometres south of the Rabbit Lake operation. While historical exploration in the area yielded uranium values between 0.09% and 0.30% U3O8, the site has seen limited modern follow-up work since 2000. Purecore intends to leverage recent 2022 and 2023 geophysical survey data to explore basement-hosted uranium and potential copper-lead-zinc mineralization. The transaction remains subject to regulatory approval from the Canadian Securities Exchange.
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