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CanAlaska Completes Key Uranium Project Agreement
Targets Follow 10km Section of Key Lake Fault Key Lake Mill Nearby with Deposits Host to 1...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Completes Key Uranium Project AgreementTargets Follow 10km Section of Key Lake FaultKey Lake Mill Nearby with Deposits Host to 150 Million lbs Uranium Vancouver, British Columbia--(Newsfile Corp. - October 6, 2021) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) (\"CanAlaska\" or the \"Company\") is pleased to announce it has signed the Property Option Agreement (the \"POA\") with Durama Enterprises Limited (\"Durama\"), a private company, which allows CanAlaska to earn up to 100% interest in Durama's 17,665 hectare Key Extension Project in the Southeast Athabasca Basin region, adjacent to the Key Lake mine and uranium milling complex (the \"Project\") (Figure 1). Figure 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/2864/98728_97a0027714731a93_001full.jpgThe Company can earn up to a 100% interest in the Project by undertaking work and payments in a single stage over a four year period. In order to meet conditions of the four year earn-in, CanAlaska will make total cash payments of $50,000, issue 300,000 common shares in the Company subject to approval of the TSX Venture Exchange, and complete work totalling $850,000 as outlined in Table 1. In addition, a 1.5% Net Smelter Return (NSR) royalty will be granted to Durama to complete the earn-in. CanAlaska will retain the right to bring in third-party funding and parties to complete the option requirements. Table 1: Summary of Option Requirements   Earned Interest (%) Cash ($) Shares (#) Work Commitment ($) Timeline (mo.) Year 1 0 $5,000 0 0* 12 Year 2 0 $10,000 50,000 $0 12 Year 3 0 $15,000 100,000 $0 12 Year 4 100 $20,000 150,000 $850,000 12 Total 100 $50,000 300,000 $850,000 48  *Work must cover minimum assessment costsThe Key Extension Project lands cover the highly prospective Wollaston-Mudjatik transition zone (WMTZ) in the Southeastern Athabasca Basin (Figure 2). The Project lands have been explored with historical regional and project scale ground and airborne geophysical surveys, with additional focused prospecting programs targeting lake sediment and boulder anomalies. Figure 2To view an enhanced version of Figure 2, please visit:https://orders.newsfilecorp.com/files/2864/98728_97a0027714731a93_003full.jpgThe Project lands have undergone minimal drill testing despite the prolonged regional ex...