11:33 AM EDT, 03/10/2025 (MT Newswires) -- Skyharbour Resources ( SYHBF ) on Monday said partner company Terra Clean Energy completed its first three drill holes at the South Falcon East Uranium Project which hosts the Fraser Lakes B Uranium Deposit.

The company said best results included 0.3% triuranium octoxide over 12 meters of core.

The program will continue in March and is expected to consist of over 2,000 meters of drilling. Skyharbour optioned the project to Terra, and if the 75% interest is earned, Terra will fund $10.5 million of exploration expenditures and pay Skyharbour $11.1 million, of which $6.5 million can be settled for Terra shares.

"We are extremely encouraged by the results of the first three drill holes as we continue to see mineralization in each of the holes as well as what we believe to be an expansion of the deposit to the North," Terra chief executive Greg Cameron said.

Skyharbour was last seen down $0.015 to $0.32 on the TSX Venture Exchange.

Price: 0.32, Change: -0.02, Percent Change: -4.48