Business
CanAlaska Announces Termination of Cree East Option Agreement - Receives Cree East Project Back Unencumbered
$3.4M Investment by Nexus Uranium Generated and Advanced Multiple New Priority Targets Alterat...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Announces Termination of Cree East Option Agreement - Receives Cree East Project Back Unencumbered$3.4M Investment by Nexus Uranium Generated and Advanced Multiple New Priority TargetsAlteration and Basement-Hosted Uranium Mineralization Associated with Graphitic Fault Zones IntersectedSaskatoon, Saskatchewan--(Newsfile Corp. - September 24, 2025) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) (\"CanAlaska\" or the \"Company\") announces the termination, effective September 19, 2025, of an arm's length property option agreement (the \"Agreement\") with Nexus Uranium Corp. (\"Nexus\") dated March 18, 2024, that had allowed Nexus to earn up to a 75% interest in the Cree East Project. As a result of the termination of the Agreement, CanAlaska retains 100% ownership and receives the Cree East Project back fully unencumbered. The Company is currently working on exploration plans to move the Cree East Project forward towards discovery, building upon the recently completed 2025 winter drill program. The Cree East Project is strategically located in the southeastern Athabasca Basin, approximately 35 kilometres west of the Key Lake Mine and Mill complex (Figure 1). Figure 1 – Project Location MapTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2864/267692_166b3203341d29a3_002full.jpgCanAlaska CEO, Cory Belyk, comments, \"I am very pleased to have the Cree East project returned to CanAlaska shareholders unencumbered. The work completed on the project under the Nexus Uranium option agreement resulted in identification of multiple new priority target areas on a project that had sat dormant for over 10 years. With this new target inventory in hand and recent very positive drill results, the CanAlaska team is excited to get back on the ground with the next round of exploration to advance this project towards discovery. The Cree East project is uniquely situated just 35 kilometres from the Key Lake Uranium Mill that has a need for new tier 1 ore supply post-McArthur River reserve depletion in approximately 15 years. I would like to thank the Nexus Uranium team for their recent investment in Cree East.\" Historically, the Cree East Project has had over $20 million in exploration activity consisting of multiple geophysical surveys and 91 diamond drillholes ...