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CanAlaska Completes Key Extension Uranium Project Earn-In to Consolidate 100% Ownership
Geochemical Assay Results Confirm Uranium Enrichment Present in Faults Geikie Uranium Project ...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Completes Key Extension Uranium Project Earn-In to Consolidate 100% OwnershipGeochemical Assay Results Confirm Uranium Enrichment Present in FaultsGeikie Uranium Project Advancing to Stage 3 of Earn-In AgreementVancouver, British Columbia--(Newsfile Corp. - August 29, 2023) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) (\"CanAlaska or the \"Company\") is pleased to announce it has met the terms of the Property Option Agreement (\"POA\") with Durama Enterprises Limited (\"Durama\"), and has obtained 100% ownership of the Key Extension project (the \"Project\"). The project, consisting of 13,707 hectares, is located in the Southeastern Athabasca Basin, approximately 10 kilometres southwest of the Key Lake uranium mine and mill near Highway 914 (Figure 1). The Company is also pleased to announce that it has received assay results from the 2023 winter exploration program, which confirm uranium enrichment associated with hydrothermal alteration and structure. Figure 1 – Enterprise Project Location  To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2864/178772_dd8216eac4ec8bb7_002full.jpg100% Ownership of Key Extension ProjectThe Company earned 100% interest in the Project by undertaking work and payments in a single stage. The Company made total cash payments of $50,000, issued 300,000 common shares in the Company with the approval of the TSX Venture Exchange, and completed work totalling a minimum of $850,000. As part of the transaction, the Company granted a 1.5% Net Smelter Return (NSR) royalty to Durama. Two adjacent pre-existing CanAlaska mineral claims have been added to the Key Extension project to create a contiguous 13,707-hectare block only 10 kilometres southwest of the Key Lake uranium mine and mill.The Company completed a ground-based geophysical survey in the winter of 2022 that identified multiple large gravity low features associated with interpreted structural corridors. A property-wide high-resolution airborne radiometric and magnetic survey identified magnetic lineaments associated with the gravity anomalies. Seven drillholes totalling 2,239 metres were completed during the winter of 2023. Significant outcomes from the drilling program included: identification of multiple graphitic rock units with large reactivated and b...