Skyharbour Partner Company Terra Clean Energy Announces Fraser Lakes B Deposit Recognized by Government of Canada as Active Rare Earth Deposit
Executive Summary
- Terra Clean Energy confirmed significant light‑rare‑earth element (REE) potential at the Fraser Lakes B Deposit, complementing its uranium‑thorium mineralization.
- Under the existing option agreement, Terra will fund CAD $10.5 million of exploration expenditures and pay Skyharbour CAD $11.1 million in cash (with up to CAD $6.5 million payable via shares) if the 75 % earn‑in is achieved.
- The South Falcon East Project hosts an inferred uranium resource of 6.9 M lb U₃O₈ and 5.3 M lb ThO₂, with additional REE upside that could enhance project economics and strategic value.
Key Details
- Option Agreement Funding:
- Terra to fund CAD $10,500,000 of exploration costs on the South Falcon East Project.
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Cash payment to Skyharbour: CAD $11,100,000 (up to CAD $6,500,000 may be settled in shares).
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REE Highlights:
- Significant concentrations of La₂O₃, Ce₂O₃, Yb₂O₃ and Y₂O₃ identified in drilling and assay results.
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REEs are critical for automotive batteries, magnets, LEDs, lasers, medical applications, and other high‑tech industries.
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Uranium/Thorium Resource (Historical Inferred):
- 6.9 M lb U₃O₈ at an average grade of 0.03 % U₃O₈.
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5.3 M lb ThO₂ at an average grade of 0.023 % ThO₂.
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Project Scope:
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South Falcon East covers ~12,464 ha, located ~18 km south‑east of the Athabasca Basin and ~50 km east of the Key Lake mill.
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Qualified Person Review:
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Technical information reviewed and approved by Serdar Donmez, P.Geo., VP of Exploration, Skyharbour (NI 43‑101 compliant).
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Strategic Context:
- REE component adds strategic upside amid growing demand for light rare earths in clean‑energy technologies.
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Terra’s participation is supported by a Government of Canada NRC grant to the University of Saskatchewan for multiyear REE studies (March 2024).
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Partner Funding Summary (Company‑wide):
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Skyharbour has signed earn‑in option agreements totaling > $36 M in partner‑funded exploration, > $20 M in share issuances, and $14 M in cash payments, assuming full earn‑ins.
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Maps & References:
- Project claim map: https://skyharbourltd.com/_resources/maps/Sky_SouthFalconEast_20250109.jpg?v=1
- NRC REE information: https://natural-resources.canada.ca/.../rare-earth-elements-facts
Notable Quotes
- “With renewed interest in rare earth elements it is important that shareholders understand we are sitting on an active REE deposit,” – Greg Cameron, CEO, Terra Clean Energy.
- “We are excited to be involved in the expansion of Rare Earth Element deposit understanding and inventory in Canada,” – Trevor Perkins, Vice President of Exploration, Terra.