CanAlaska Options Additional Claims for Diamond Exploration

CanAlaska Uranium (TSXV:CV) reports that it has optioned two claim groups for diamond exploration to Fjordland Exploration (TSXV:FEX).
As quoted in the press release:

The two claims comprising 449 hectares and 2045 hectares respectively, were recently staked by the Company, and are located east of the claims CanAlaska optioned to De Beers Canada Inc. in the Northwestern Athabasca Basin, Saskatchewan (see May 18, 2016 news release). The option deals with De Beers and Fjordland collectively comprise eighty-four (84) kimberlite-style targets.
The claims optioned to Fjordland cover anomalous magnetic response targets identified on the Saskatchewan’s Governments airborne magnetics survey completed in 2011. Claim MC00004307 has two prominent magnetic targets. Claim MC00004306 has seven prominent targets.
For a 100% interest in the claims, CanAlaska will receive a cash payment of $50,000 of which $5,000 has been received, and the balance payable on the anniversary date of the Agreement. Fjordland will also issue to CanAlaska 4 million shares on TSX Venture Exchange approval. CanAlaska reserves a 4% Gross Overriding Royalty (“GOR”) for diamonds and a 2% Net Smelter Returns Royalty (“NSR”) for other minerals. Fjordland has the priority right to purchase up to a 2% GOR for $500,000 for each 0.5% GOR thereby reducing CanAlaska’s GOR to 2%. Aggregate work commitments are $100,000 by December 31, 2017; not less than 40% of expenditures shall qualify as allowable assessment work. The terms of the Agreement are subject to approval of the TSX Venture Exchange.

Click here to read the full press release.