CanAlaska Options Off Two Properties For $10 Million In Exploration Spend, Plus Cash And Shares
CanAlaska Uranium (TSXV: CVV) continues to option off certain of its properties found within the Athabasca Basin of Saskatchewan. The latest projects to be optioned out include the Waterbury East and Constellation projects.
The Waterbury East project, comprising 10 claims that cover 1,337 hectares, is found 25 kilometres to the northeast of the Cigar Lake mine. A 7.0 kilometre long conductivity corridor has been identified on the property via a VTEM survey. The property has been optioned out under a three stage option agreement, outlined as follows:
- Initial 40% interest: $265,000 in cash, $370,000 in common shares, and $1.5 million in exploration expenditures within the initial 18 months.
- Additional 20% interest: $220,000 in cash, $385,000 in common shares, $1.5 million in additional exploration expenditures within 12 months.
- Additional 20% interest: $275,000 in cash, $550,000 in common shares, $2.0 million in additional exploration expenditures within 12 months.
The Constellation project meanwhile is found in the southeastern portion of the Athabasca Basin, 60 kilometres to the south of the current Basin’s edge. The project consists of 11,142 hectares contained within 13 mineral claims. Grab samples collected at the project have assayed as high as 4.60% U3O8, while there is said to be over 18 kilometres of untested prospective target area.
Constellation has also been optioned off under a three stage agreement, which comprises of the following:
- Initial 40% interest: $225,000 in cash, $315,000 in common shares, and $1.5 million in exploration expenditures within the initial 18 months.
- Additional 20% interest: $165,000 in cash, $290,000 in common shares, $1.5 million in additional exploration expenditures within 12 months.
- Additional 20% interest: $210,000 in cash, $415,000 in common shares, $2.0 million in additional exploration expenditures within 12 months.
Both projects have been optioned out to Bayridge Resources Corp, who will be the operator of both projects.
READ: Nexus Uranium To Earn Up To 75% Interest In Cree East Property Under $32 Million Option Agreement
“Bringing substantial exploration investment into the Waterbury East and Constellation projects is another significant milestone for CanAlaska and its shareholders. This spend commitment by Bayridge will allow for definition and advancement of multiple priority exploration targets in two large eastern Athabasca Basin projects both located close to uranium mining and milling infrastructure,” commented Cory Belyk, CEO of CanAlaska.
CanAlaska Uranium last traded at $0.64 on the TSX Venture.
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