Skyharbour Enters Property Sale Agreement with Cosa

Skyharbour Resources Ltd. and Cosa Resources Corp. reached a property purchase and sale agreement on July 26^th, 2024. According to the announcement, Skyharbour will sell Cosa two mining claims totaling over 6,049 hectares.

These two claims are situated in Saskatchewan, around 22 km south of the Key Lake Mill, and comprise a minor fraction of Skyharbour’s Karin Property. In exchange for the claims, Cosa will give Skyharbour 250,000 common shares of Cosa's stock. Skyharbour first obtained the claims through inexpensive internet staking. The Company still owns five additional nearby claims that together make up the 19,116-acre new Karin Project.

Karin Uranium Project:

The original Karin Project had seven claims totaling 25,165 hectares in the Highrock Lake region, including the two aforementioned claims. The Wollaston Group metasedimentary gneisses, which are mostly psammitic to meta-arkosic in composition, underlie the project. Localized prospective pelitic to psammopelitic gneisses can be found in fold noses. The project has the potential to hold both pegmatite-hosted and unconformity-related uranium mineralization.

Between the late 1960s and the early 1980s, the Karin project saw some exploration through airborne EM, magnetic and radiometric surveys, radon surveys, prospecting, geological mapping, lake water and sediment samples, and a small amount of diamond drilling.

Wollaston Supergroup meta-arkose and semipelitic to pelitic gneisses, amphibolite, and pegmatite to granodiorite, as well as localized hematite, chlorite, epidote, and/or goethite alteration, was intersected by five drill holes that were successfully drilled on the Karin project.

While some of the property’s stronger EM conductors and radon anomalies were the focus of the drilling on the Karin project, additional investigation was not done on several other past EM abnormalities. Since this study was conducted before contemporary geophysics and uranium exploration models were developed, there is a good chance that more potential sites on the Karin project remain unexplored.

Limited prospecting in 2008 was the sole recent exploration conducted on the property; this resulted in the finding of a pegmatite outcrop with results of 181 ppm U, 205 ppm Nb, and 39 ppm Ta (SMDI 5179). Apart from that, the Karin project has not been investigated since the 1980s and offers potential for uranium deposits associated with intrusive types and unconformities as well as intrusive-related rare earth elements.

Acquisition Details

As payment for the two claims, Skyharbour will get 250,000 Cosa shares. In compliance with relevant securities regulations, half of the Consideration Shares will be subject to a statutory hold period of four months and one day, and the other half will be subject to a voluntary hold period of six months. The Agreement is still pending TSX Venture Exchange approval, and there are no underlying royalties on the claims.