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CanAlaska Signs Letter Of Intent On Cree East Project
Nexus has Staged Option to Earn up to 75% Interest in the Cree East Property for $19M Exploration...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Signs Letter Of Intent On Cree East ProjectNexus has Staged Option to Earn up to 75% Interest in the Cree East Property for $19M Exploration SpendFocus on Numerous Tier 1 Eastern Athabasca Basement and Unconformity Uranium TargetsVancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) (\"CanAlaska\" or the \"Company\") is pleased to announce that is has entered into a Letter of Intent (\"LOI\"), dated January 19, 2024 with Nexus Uranium Corp. (\"Nexus\") to allow Nexus to earn up to a 75% interest in the Cree East Project (the \"Project\") in the Athabasca Basin, Saskatchewan (Figure 1). The Cree East Project is located in the southeastern Athabasca Basin and covers 57,752 hectares. The Project is located 35 kilometres west of the Key Lake Mine and Mill Complex.Figure 1 – Cree East Project LocationTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2864/195157_0c111d89d40b0936_002full.jpgNexus may earn up to a 75% interest in the Project by undertaking work and payments in three defined earn-in stages. Nexus may earn an initial 40% interest (Stage 1) in the Project by paying the Company $750,000 cash in tranches over 12 months, issuing $3,000,000 of common shares of Nexus in tranches over 12 months and incurring $5,500,000 in exploration expenditures on the Project and paying other costs related thereto within 18 months of the date of the definitive agreement (the \"Agreement Date\"). Nexus may earn an additional 20% interest for a total 60% interest (Stage 2) in the Project by paying to the Company a further $1,000,000 cash and issuing an additional $3,000,000 Nexus common shares concurrent with providing notice that it wishes to proceed with the Stage 2 earn-in, and by incurring a further $6,500,000 in exploration expenditures on the Project and paying other costs related thereto within 24 months of commencing the Stage 2 earn in (approximately 3.5 years after the Agreement Date). Nexus may earn an additional 15% interest for a total 75% interest (Stage 3) in the Project by paying to the Company a further $1,250,000 cash and issuing an additional $4,000,000 Nexus common shares concurrent with providing notice that it wishes to proceed with the Stage 3 earn-in, and by incurring an additi...