Hatchet Uranium Corp. Signs Agreements with Skyharbour Resources Ltd. on Five Uranium Projects Located Northeast of the Athabasca Basin, Saskatchewan
Hatchet Uranium Corp. Signs Agreements with Skyharbour Resources Ltd. on Five Uranium
Projects Located Northeast of the Athabasca Basin, Saskatchewan
Vancouver, British Columbia, November 04, 202 4 - ValOre Metals Corp. (“ValOre”; TSX ‐V: VO;
OTCQB: KVLQF; Frankfurt: KEQ0 ) today provided an update on developments concerning Hatchet
Uranium Corp. (“HUC”), in which ValOre currently holds a 67.5% ownership interest (CLICK HERE for
ValOre news release on May 29, 2024, for HUC incorporation transaction details)
Hatchet Uranium Corp has entered into agreements with Skyharbour Resources Ltd. (“Skyharbour”),
whereby HUC may acquire an 80% interest in Skyharbour’s 9,339 ha Highway Uranium Property (the
“Optioned Highway Property”) and a 100% interest, subject to a “claw-back” provision for Skyharbour, in
Skyharbour’s Genie, Usam and CBX/Shoe Uranium Projects (the “Purchased Properties”) totalling 66,358
ha, all located peripheral to the Athabasca Basin, in northern Saskatchewan, Canada.
Jim Paterson, Chairman and CEO of ValOre commented: “With this transaction, ValOre shareholders gain
growing exposure to the exciting Canadian uranium exploration sector through ValOre’s 67.5% ownership
interest in Hatchet Uranium Corp. (“HUC”). We are excited t hat HUC has formed a partnership with
Skyharbour Resources Ltd., a recognized leader in Canadian uranium exploration, and HUC has strong
support from the Canadian investment community to advance a growing portfolio of projects in one of the
best places in the world to conduct mineral exploration.”
HUC and Skyharbour Properties Summary table
Company Project Option /
Purchase Claims Hectare
Hatchet Uranium Corp. Hatchet Lake 6 13,711
Skyharbour Resources Ltd. Usam Purchase 12 40,041
Skyharbour Resources Ltd. CBX Purchase 7 8,777
Skyharbour Resources Ltd. Shoe Purchase 1 609
Skyharbour Resources Ltd. Genie Purchase 5 16,930
Skyharbour Resources Ltd. Highway Option 4 9,339
Total 35 89,407
Figure 1: Location Map of Hatchet Lake and Skyharbour’s optioned and purchased properties
Terms of the Optioned Highway Property
HUC may acquire an 80% interest in the Highway Property by (i) issuing common shares in the capital of
HUC (“Shares”) having an aggregate value of CAD $1,050,000; (ii) making cash payments totaling CAD
$245,000; and (iii) incurring an aggregate of CAD $2,050,000 in exploration expenditures over a three-year
period, as follows:
Date Cash Payments Exploration Expenditures Value of Shares Issued
On or before the first
anniversary of Closing $25,000 $250,000 $25,000(1)
On or before the second
anniversary of Closing $20,000 $300,000 $25,000(1)
On or before the third
anniversary of Closing $200,000 $1,500,000 $1,000,000(1)
TOTAL $245,000 $2,050,000 $1,050,000
(1) Deemed pricing of the Shares is based on the twenty (20) day volume-weighted average price on either
the TSX Venture Exchange or the Canadian Securities Exchange if HUC shall list its Shares for trading,
being the (“Deemed Price”) or the last sale price, if not listed on a stock exchange at the time of issuance.
If the issuance of Shares result in Skyharbour holding 10% or more of the outstanding common shares of
HUC, HUC will only issue that number of Shares that would result in Skyharbour receiving 9.9% of the post-
issuance issued and outstanding HUC share capital and HUC will pay cash in lieu for Shares not issued.
The obligations of HUC under the option agreement are subject to the following conditions (i) HUC
completing a financing for minimum gross proceeds of $1,500,000, (ii) the sale of the Genie, Usam and
CBX/Shoe Uranium Projects by Skyharbour to HUC, and (iii) HUC having listed the HUC Shares on the
TSX Venture Exchange or the Canadian Securities Exchange or having sold its interest to or combined
with a similarly listed issuer.
Skyharbour shall retain a 2% net smelter returns royalty from minerals mined and removed from the
Highway Property, of which HUC may purchase one-half, being 1%, at any time for CAD$1,000,000.
Highway Property Summary
The Highway Property comprises four (4) mineral claims covering approximately 9,339 hectares located
approximately 41 km south of Cameco Corporation’s formerly -producing Rabbit Lake Mine and 11 km
southwest of Uranium Energy Corp.’s West Bear U and Co- Ni Deposits. Highway 905 transects the
property, providing excellent access for exploration.
There has been limited recent exploration carried out on the project but there is the potential for high-grade
basement-hosted uranium mineralization. The Highway Property is underlain by Wollaston Supergroup
metasedimentary gneisses (pelitic to psammopelitic and psammitic to meta- arkosic) folded around and
overlying an Archean felsic gneiss dome which outcrops in the southwestern portion of the property and
covers a northeast trending antiformal fold nose. The Highway Property is located approximately 7 km east
of the present -day margin of the Athabasca Basin but the area is believed to have been covered by
Athabasca sandstone in the past.
Figure 2: Highway Property Location Map
Terms of the Purchased Properties
The Purchased Propert ies comprise twenty-five (25) mineral claims covering approximately 66,358
hectares. HUC may acquire a 100% interest in the Purchased Propert ies by, on the date of closing (the
“Closing Date”), paying Skyharbour $25,000 and issuing to Skyharbour such number of units in the capital
of HUC (“HUC Units”) equal to 9.9% of the issued and outstanding Shares immediately following issuance.
Each HUC Unit shall be comprised of one Share and one share purchase warrant, entitling Skyharbour to
purchase one additional Share for a period of three years at a price that is a 25% premium to the deemed
value of the Shares in both years 1 and 2, and then increases to a 50% premium to the issuance value of
the Shares in year 3.
Skyharbour shall retain a claw -back provision whereby, within 90 days after the 3 rd anniversary of the
Closing Date, Skyharbour may elect by written notice to HUC of its intention to purchase back a twenty-five
percent (25%) interest in the Purchased Property by, within 90 days of delivery of such notice, incurring
exploration expenditures or paying cash in lieu of to fund future exploration, equivalent to fifty percent (50%)
of the total amount that HUC had spent during the term that is three years from th e Closing Date in
exploration expenditures on the Purchased Property. If HUC has not incurred any exploration expenditures
during the three years following the closing date, then Skyharbour shall automatically receive the 25%
interest in the Property.
The obligation of HUC to acquire the Purchased Propert ies is subject to the following conditions (i) HUC
completing a financing for minimum gross proceeds of $1,500,000, (ii) the closing of the Option of the
Highway Uranium Property from Skyharbour to HUC, and (iii) HUC having listed the HUC Shares on the
TSX Venture Exchange or the Canadian Securities Exchange or having sold its interest to or combined
with a similarly listed issuer. If the conditions listed in items (i) and (iii) above are not completed w ithin 18
months, HUC’s right to acquire the Purchased Property will terminate. If, after 12 months, the conditions
listed in items (i) and (iii) above are not satisfied, HUC shall pay Skyharbour a monthly fee of $10,000 until
such conditions are satisfied or an aggregate of $60,000 has been paid, whichever occurs first.
Skyharbour shall also retain a 2% net smelter returns royalty from minerals mined and removed from the
Purchased Property, of which HUC may purchase one-half, being 1%, at any time for $2,000,000.
Genie Property Summary
The Genie property consists of five claims totalling 16,930 ha, located approximately 48 km northeast of
Cameco’s formerly-producing Eagle Point Uranium Mine (Rabbit Lake Operation) and 40 km north of
Wollaston Lake Post. The project is underlain by Wollaston Supergroup metasedimentary gneisses and
Archean granitoids, with prospective pelitic to psammopelitic gneisses (including graphitic varieties) and
several north- trending faults related to the Tabbernor fault system being mapped on the property. The
project lies outside the current extent of the Athabasca Basin, but is believed to have been overlain by now-
eroded Athabasca sandstones in the past and has the potential for high- grade basement -hosted and
unconformity-related uranium mineralization. The property is underlain by a series of linear magnetic highs
(interpreted as granitoids) and magnetic lows (interpreted as metasedimentary gneisses), cross -cut by a
highly magnetic northwest-trending Mackenzie Diabase dyke.
Previous work on the Genie project includes limited diamond drilling (three historical drill holes, of which
one was abandoned in overburden) and a variety of airborne and ground geophysical surveys, prospecting,
geological mapping, lake sediment and overb urden sampling, and soil sampling. Most of this exploration
work took place between 1966 to 1980, prior to the advent of modern geophysical methods and geological
models, but in 2014 part of the Genie property was covered by a helicopter -borne DIGHEM magnetic,
electromagnetic, and radiometric survey. The survey showed a strong central EM conductor following a
magnetically inferred contact on the two northeastern most claims, which is locally disrupted by several
moderately conductive N-S trending structural breaks, inferred to be faults. This strong conductor is highly
prospective for uranium mineralization, and drilling done in 1969 and 1971 has confirmed the presence of
graphitic and sulfide-containing pelitic gneisses on the property. Lake sediment samples also collected at
Genie during the 2014 exploration program, contained up to 63.3 ppm U, further showcasing the
prospectivity of the property.
Figure 3: Genie Property Location Map
Usam Property Summary
The Usam Project consists of twelve claims totalling 40,041 ha located approximately 16 km northeast of
Cameco’s Eagle Point Mine (Rabbit Lake Operation). The project has numerous EM conductors that are
associated with significant magnetic lows of the Wollaston Domain. While the project is outside the current
confines of the Athabasca Basin, the area was overlain by Athabasca sandstones historically. Basement
rocks on the property include Wollaston Supergroup metasediments and Archean granitoid gneisses, wi th
highly prospective pelitic to psammopelitic gneisses (including graphitic varieties) making up the largest
proportion of the basement rocks. Several north-trending faults related to the Tabbernor fault system cross-
cut the property.
Previous work on the project includes diamond drilling (12 holes), lake sediment sampling, soil sampling,
geological mapping, ground and airborne geophysics, marine seismic, prospecting, and other geochemical
sampling, the majority of which was done in the 1980’s and 1970’s. Modern exploration of the property has
been limited to geophysics and ground prospecting. As such there is a significant untested potential on the
project. Trenching on Cleveland Island uncovered up to 0.31% U3O8 in mineralized pegmatite, and diamond
drilling on Gilles Island intersected anomalous uranium, indicating that the basement rocks underling the
Usam property are fertile sources of uranium in addition to containing pegmatite- and granite-hosted U-Th-
REE mineralization. There are also several sedimentary-hosted base metals (i.e. Cu and Zn) showings on
the project and in the surrounding area, which show similarities to the sedimentary-hosted Cu mineralization
previously discovered by Rio Tinto and its partners at the Janice Lake Project further southwest in the
Wollaston Domain.
Figure 4 – Usam Property Location Map