Skyharbour Resources signed a definitive option agreement on July 29, 2026 with Purecore Metals (CSE: PURE) for the Yurchison uranium project, located in northern Saskatchewan, Canada. The deal follows a non-binding letter of intent dated July 16 and allows Purecore to earn up to a 100% interest in the property, which comprises 22 mineral claims covering approximately 35,029 hectares in the Wollaston Domain, within the Athabasca Basin.
The agreement is structured in two stages. To earn an initial 70% interest, Purecore must pay Skyharbour C$350,000 in cash, issue shares worth C$700,000, and incur minimum exploration expenditures of C$3.5 million over three years. The remaining 30% can be earned through an additional C$3 million cash payment and an equivalent share issuance. Skyharbour retains a 2% net smelter return royalty in all scenarios.
Yurchison’s geographic location is among its key strengths. The property sits approximately 75 kilometres south of Cameco‘s Rabbit Lake operation, with Highway 905 running directly through the mineral claims — a meaningful logistical advantage for field exploration activities. Geologically, the site is dominated by Wollaston Supergroup metasedimentary gneisses, with pelitic-graphitic gneiss zones adjacent to Archean granitic rocks: a configuration widely recognized as favorable for uranium mineralization. Historical samples have returned uranium values ranging from 0.09% to 0.30% U3O8, with molybdenum concentrations between 2,500 and 6,400 ppm.
The deal reflects Skyharbour’s established operating model, which the company describes as a dual-track strategy: generating value through partnerships on non-core assets, while simultaneously advancing exploration at its flagship projects, Moore Lake and Russell Lake. Moore Lake, located 39 kilometres south of Cameco’s McArthur River mine, has returned grades of up to 6.0% U3O8 over 5.9 metres in the Maverick Zone. Optioning out Yurchison frees up capital to direct toward these priorities without significantly diluting shareholders. Skyharbour holds a total portfolio of 44 projects in the Athabasca Basin, covering more than 682,100 hectares.
For Purecore, this represents a direct entry into one of the world’s most prolific uranium districts, with existing infrastructure and a geological setting that has historically produced some of the richest uranium deposits on the planet. The uranium market is experiencing renewed momentum: growing demand for low-carbon electricity — driven in part by the rapid expansion of global digital infrastructure — supports the long-term outlook for advanced-stage exploration projects. Should Purecore’s planned exploration programs confirm the site’s potential, Yurchison could rapidly transition from a historical project to a development candidate, further strengthening both companies’ standing in the sector.
