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CanAlaska Uranium Ltd. (TSXV:CVV) announced that it has sold its C2 and C3 diamond claims in the Pikoo diamond-bearing district in Eastern Saskatchewan to Copper Reef Mining Corporation. The company also sold its ownership interest in the Rainbow Hill project in Alaska.
As quoted in the press release:
The two properties are located in the Pikoo diamond-bearing district in Eastern Saskatchewan, approximately 40 kilometers southeast of North Arrow Minerals Inc.’s Pikoo diamond discoveries. CanAlaska has interests in thirteen properties in the Pikoo diamond region. As the Company’s focus is uranium exploration, the sale of its diamond properties enables the monetization of non-core assets.
Terms of the sale include 1,000,000 shares of Copper Reef Mining (500,000 shares per claim block) payable on regulatory approval. CanAlaska will retain a 2.5% NSR over which Copper Reef has a Right of First Refusal. Copper Reef must complete 2 years of assessment work on the properties or issue 1,000,000 additional shares. CanAlaska will transfer title once shares are received.
The C2 and C3 claims contain a number of magnetic targets that could be caused by kimberlite intrusions. These excellent kimberlite-like magnetic targets occur in Archean basement rocks next to the Tabbenor Fault. Since overburden in the Pikoo area is quite thin, it has favourable conditions for till sampling, prospecting and drilling. Additionally, roads are conveniently located within 1-2 kilometres from the properties to provide inexpensive access.
The Company is also pleased to report the sale this month of its ownership interest in the Rainbow Hill project in Alaska to non-related private interests for a cash payment of US$50,000. This sale provides additional operating capabilities for CanAlaska.
Click here to read the CanAlaska Uranium Ltd. (TSXV:CVV) press release
Click here to see the CanAlaska Uranium Ltd. (TSXV:CVV) profile.