11:17 AM EDT, 04/29/2025 (MT Newswires) -- Skyharbour Resources ( SYHBF ) on Tuesday said its partner company Terra Clean Energy announced a summer drill program at the South Falcon East Uranium Project in northern Saskatchewan which hosts the Fraser Lakes B Uranium Deposit.

A statement noted that Skyharbour optioned the project to Terra and if the 75% interest is earned, Terra will fund exploration expenditures totaling $10.5 million, as well as pay Skyharbour $11.1 million in cash of which $6.5 million can be settled for shares in the capital of Terra over the earn-in period.

The company expects the drill program to start in June and anticipates a budget of $2 million.

The company said that the drill program will be helicopter supported and will include seven to ten diamond drill holes targeting an area of around 120 meters to 150 meters north of drill holes SF0063, SF0065, SF0066 and SF0067 which were completed during the winter program..

"The Athabasca Basin is one of the world's foremost uranium basins accounting for some 20% of world uranium production," said Terra Clean Energy Chief Executive Greg Cameron. "It has been well explored and understood for many years attracting billions of dollars of investment. For these reasons and the fact that our VP Exploration has worked extensively in the basin and is excited about our findings that it is an immediate priority to follow up the very encouraging winter results this summer. Finding an unconformity, basement-hosted deposit like Eagle Point or Rough Rider would be company changing."

Skyharbour shares were last seen down $0.005 to $0.33 on the TSX Venture Exchange.

Price: 0.33, Change: -0.01, Percent Change: -1.49