08:54 AM EST, 03/08/2024 (MT Newswires) -- Skyharbour Resources Ltd. ( SYHBF ) announced that its partner company, North Shore Uranium (NSU.V), has begun its drill program at the Falcon Property, located at the eastern margin of the Athabasca Basin in northern Saskatchewan.

North Shore is planning to drill three targets associated with electromagnetic (EM) conductors.

The drill program is being managed by TerraLogic Exploration Inc.

North Shore may acquire an initial 80% interest in the property by making cash and share payments and also by incurring up to $3.55 million in exploration expenditures on the property over a three-year period. Once North Shore has earned an initial 80% interest, it may acquire the remaining 20% interest within 90 business days by issuing $5 million worth of shares and paying $5 million cash to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.