CanAlaska Partner to Spend AUD$5M for 60% of Two Uranium Projects in the Athabasca Basin

CanAlaska Partner to Spend AUD$5M for 60% of Two Uranium Projects in the Athabasca Basin

Terra Uranium has Staged Option to Earn up to 80% Interest in McTavish and Waterbury East Projects, subject to Resource definition

Focus on High-Grade Eastern Athabasca Uranium Discovery

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has entered into Purchase Option Agreements ("POA") with Terra Uranium Limited ("Terra"), an Australian public limited corporation, and Terra's wholly-owned Canadian subsidiary Terra Uranium Canada Limited, to allow Terra to earn up to an 80% interest in CanAlaska's 100%-owned Waterbury East and McTavish projects. These projects total 4,202.21 hectares in the Eastern Athabasca Basin in Saskatchewan, Canada (the "Projects") (Figure 1).

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2864/110736_36f00999b477fa03_001.jpg

Figure 1: McTavish and Waterbury East Project Locations

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2864/110736_36f00999b477fa03_001full.jpg

Waterbury East and McTavish Projects

Terra may earn up to an 80% interest in each of the Waterbury East and McTavish projects by undertaking work, milestone payments to CanAlaska and resource definition in three defined earn-in stages on each project as set out below:

  • Terra may earn an initial 40% interest ("40% Option") in each of the projects by paying the Company AUD$37,500 cash per project and issuing 9% worth of ordinary shares in Terra's capital structure as at listing on the Australian Securities Exchange ("ASX") by March 31, 2022 per project.
  • Terra may earn an additional 20% interest ("60% Option") in each of the projects by paying a further AUD$200,000 per project and incurring AUD$2,500,000 in exploration expenditures within 18 months of the ASX listing date per project.
  • Terra may earn an additional 20% interest ("80% Option") in the projects by delivering and filing a JORC compliant resource of at least 30,000,000 pounds U3O8 on any of the Waterbury East or McTavish claims, and granting to the Company a 2.25% net smelter returns (NSR) royalty on all products derived from any of the claims, within 36 months of the ASX listing date.

CanAlaska will be Operator of the projects through the 60% Option threshold and charge an operator fee to Terra.

The POA envisages conversion to a Joint Venture. Under the terms of the POA, after successful completion of either of the 40% Option or 60% Option stages of the agreement, and where Terra elects to not enter the next respective option stage as applicable, or on successful completion of the 80% Option stage, a joint venture will be formed and the parties will co-contribute on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. If either party dilutes to a 10% interest, the diluting party will automatically forfeit its interest in the respective project and in lieu thereof will be granted a 2.0% net smelter returns (NSR) royalty on the respective project. If the 80% Option NSR of 2.25% had been previously granted to CanAlaska, CanAlaska would not be entitled to this 2.0% NSR provision on dilution to 10% interest.

An area of mutual interest has been established that extends two kilometres from the boundary of the claims.

Under the terms of the POA, if the Conditions Precedent are not met or if Terra elects to terminate prior to exercise of the 40% Option, a break fee of AUD$12,500 per project is due to CanAlaska.

First Programs

The parties have established a Joint Technical Operating Committee ("JTOC") under the terms of the POA to discuss exploration and development strategies, review and comment on programs and budgets submitted by the Operator, review the progress and results of activities conducted under the current programs and to discuss other issues in respect to the properties. The final binding decision with respect to establishing Programs to be carried out by the Operator (including any changes or amendments to Programs) shall be made by Terra Uranium. The preliminary work programs and budgets for each project have been laid out for the next 2 years. Once the 40% Option threshold has been met, it is anticipated the first exploration programs under the POA with Terra will be conducted in early 2022.

About Terra Uranium Ltd and Terra Uranium Canada Limited

Terra Uranium Ltd is an Australian public limited corporation that is in the process of undergoing an initial public offering and concurrent listing on the Australian Securities Exchange ("ASX"). The POA agreements are subject to a number of Conditions Precedent, including that Terra has received conditional approval from the ASX to be listed on the ASX and raising sufficient funds to carry out the programs

Terra Uranium Canada Limited is a wholly-owned Canadian subsidiary of Terra Uranium Ltd, incorporated in Saskatchewan, Canada.

CanAlaska CEO, Cory Belyk, comments, "Completion of the definitive agreements with Terra Uranium represents significant funding for exploration on the highly prospective Waterbury East and McTavish projects in the Eastern Athabasca Basin, without dilution of CanAlaska shareholders interest in our core properties. We look forward to working closely with Terra and its management team toward a common goal of tier 1 uranium deposit discovery."

Other News

The Company has just commenced drilling on its 100% owned Waterbury South project and is currently undertaking a detailed Stepwise Moving Loop Time Domain Electromagnetic (TDEM) Survey on its West McArthur project, in advance of the planned summer drill program.

About CanAlaska Uranium 

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd. 

Contacts:

Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110736

News Provided by Newsfile via QuoteMedia

CVV:CA
The Conversation (0)
CanAlaska Announces Senior Management Change

CanAlaska Announces Senior Management Change

Misty Urbatsch, Vice-President Corporate Development, Resigns Position to Focus on Core Nickel Corp

Appointed to Advisory Board of CanAlaska

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Increases Private Placement Financing to $12 Million

CanAlaska Increases Private Placement Financing to $12 Million

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") announces that further to its news release of November 20, 2023, due to increased demand, it is increasing the total gross amount to be raised under its non-brokered private placement to $12 million (the "Offering"). The Offering will be comprised of a combination of: (i) non-flow-through units (the "NFT Units") to be sold at a price of $0.36 per NFT Unit; (ii) flow-through units of the Company (each, a "FT Unit") to be sold at a price of $0.425 per FT Unit; and (iii) flow-through units to be sold to charitable purchasers (each, a "Charity FT Unit") to be sold at a price of $0.5575 per Charity FT Unit.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Announces up to $7.5 Million Private Placement Financing

CanAlaska Announces up to $7.5 Million Private Placement Financing

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") announces that it proposes to undertake a non-brokered private placement of securities to raise total gross proceeds of up to $7.5 million (the "Offering"). The Offering will be comprised of a combination of: (i) non-flow-through units (the "NFT Units") to be sold at a price of $0.36 per NFT Unit; (ii) flow-through units of the Company (each, a "FT Unit") to be sold at a price of $0.425 per FT Unit; and (iii) flow-through units to be sold to charitable purchasers (each, a "Charity FT Unit") to be sold at a price of $0.5575 per Charity FT Unit.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Reports Large Gravity Targets Identified at Geikie Project in Athabasca Basin

CanAlaska Reports Large Gravity Targets Identified at Geikie Project in Athabasca Basin

Airborne Gravity Survey Highlights Numerous Targets Coincident with Regional Fault Structures and Mineralization

Winter Drilling Program Planned for Q1 2024

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Uranium Ltd. and Core Nickel Corp. Announce Closing of Spin-Out Plan of Arrangement

CanAlaska Uranium Ltd. and Core Nickel Corp. Announce Closing of Spin-Out Plan of Arrangement

 

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") and Core Nickel Corp. ("Core Nickel") are pleased to announce that further to CanAlaska's press releases dated September 5, 2023 and October 26, 2023, the plan of arrangement spin-out transaction (the "Arrangement") has closed effective November 10, 2023 (the "Effective Date").

 

Completion of the Arrangement, as set forth in the arrangement agreement dated September 1, 2023 (the "Arrangement Agreement"), entered into between the CanAlaska and Core Nickel, was approved by the shareholders of CanAlaska (the "CanAlaska Shareholders") on October 25, 2023; by a Final Order granted by the Supreme Court of British Columbia on October 31, 2023, in accordance with Part 9 of the Business Corporations Act (British Columbia), and accepted by the TSX Venture Exchange (the "TSXV").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Terra Clean Energy President and CEO Greg Cameron.

Terra Clean Energy Ramps Up Summer Drilling Plans, Eyes Resource Update

Terra Clean Energy (CSE:TCEC,OTCQB:TCEFF,FWB:C9O0) President and CEO Greg Cameron outlines the company's upcoming summer drill program at the South Falcon East uranium project, building on strong results from a winter campaign at the Fraser Lakes B deposit.

“The plan is to get up to 2,500 meters back into this new area of interest. Hopefully drill into what we're defining as an unconformity basement-hosted uranium deposit with significantly higher grade than we currently have,” he said.

“We would have the ability to update that resource report in some fashion, maybe early 2026 or mid-2026, so those are the two key catalysts. But it's all about drilling and adding pounds to the current resource and, more importantly, significantly enhancing that grade which we think we have," Cameron added.

Keep reading...Show less
Placement Shares Issued & Drilling Approval Expected August

Placement Shares Issued & Drilling Approval Expected August

GTI Energy (GTR:AU) has announced Placement Shares Issued & Drilling Approval Expected August

Download the PDF here.

Yellow uranium rock on dark stones with ASX logo in the corner.

Top 3 ASX Uranium Stocks of 2025

Uranium broke out in 2024, with the spot price rising to a 17 year high of US$106 per pound early in the year. Despite a pullback to about US$78, uranium is still more than 40 percent higher than it was two years ago.

Although the market is dealing with ample supply and uncertain demand in 2025, experts are predicting a bright future as countries around the world pursue energy security goals.

Against that backdrop, ASX-listed uranium companies have been making moves in 2025.

Keep reading...Show less
North Shore Uranium (TSXV:NSU)

North Shore Uranium Engages Investing News Network

North Shore Uranium Ltd. (TSX-V:NSU) ("North Shore" or the "Company") is pleased to announce that it has entered into an advertising and investor awareness campaign agreement (the "INN Agreement") with Dig Media Inc. dba Investing News Network ("INN").

INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007 at www.investingnews.com. On July 4, 2025, the Company entered into the INN Agreement. The INN Agreement will be for a three-month term, with three equal payments of $2,750 that will be paid at the beginning of each month, totaling $8,250 (GST excluded). The INN Agreement will not automatically renew. INN will provide advertising to increase awareness of the Company with the first campaign commenced on July 4, 2025. INN does not provide Investor Relations or Market Making services. INN currently holds no common shares in the Company. INN and the Company are unrelated and unaffiliated entities.

Keep reading...Show less
Canadian and Saskatchewan flags waving under a clear blue sky.

15 Uranium Companies Exploring Canada's Athabasca Basin

Uranium market watchers know that Canada’s Athabasca Basin is among the world’s richest uranium jurisdictions and hosts several of the highest-grade uranium deposits on the planet.

Spanning close to 100,000 square kilometers of the Canadian Shield of Northern Saskatchewan and Alberta, the Athabasca Basin is a major contributor to Canada’s status as the second largest uranium producer and the third largest country by uranium reserves.

Unsurprisingly, the region is home to the world’s largest uranium mine, Cigar Lake. The mine reports average grades of 14.69 percent U3O8 and accounts for 14 percent of global uranium production.

Keep reading...Show less

Latest Press Releases

Related News

×