Friday, September 12, 2025

Latest

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.

READ: Market Movers: CanAlaska Jumps 43% After Reporting 4.7 Metre Interval Of 40.3% eU3O8 At West McArthur

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.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

CanAlaska Hits 5.0 Metres Of 34.38% eU3O8 At Pike Zone

CanAlaska Uranium (TSXV: CVV) has seen early success under its winter drill program launched last...

Wednesday, February 5, 2025, 07:55:33 AM

CanAlaska Announces $12.5 Million Exploration Program At West McArthur

CanAlaska Uranium (TSXV: CVV) is planning for a strong start to 2025, announcing this morning...

Tuesday, January 7, 2025, 08:16:23 AM

Market Movers: CanAlaska Jumps 43% After Reporting 4.7 Metre Interval Of 40.3% eU3O8 At West McArthur

CanAlaska Uranium (TSXV: CVV) is the hot ticket in the market today, with the equity...

Wednesday, February 28, 2024, 02:17:54 PM

CanAlaska Shares Jump on 21.6-Metre of 3.44% eU3O8 Intersect at Pike Zone

CanAlaska Uranium Ltd. (TSXV: CVV) has announced a significant uranium discovery at the Pike Zone...

Tuesday, July 9, 2024, 11:30:00 AM

CanAlaska Hits 11.62% eU3O8 Over 9.3 Metres In Athabasca Basin

CanAlaska Uranium (TSXV: CVV) has intersected high grade uranium mineralization at its West McArthur joint...

Tuesday, July 16, 2024, 08:17:19 AM