CanAlaska Announces Termination of Cree East Option Agreement - Receives Cree East Project Back Unencumbered
CanAlaska Uranium (OTCQX:CVVUF) announced the termination of its option agreement with Nexus Uranium Corp., effective September 19, 2025. The agreement, originally signed in March 2024, would have allowed Nexus to earn up to 75% interest in the Cree East Project. As a result, CanAlaska retains 100% ownership of the project.
The Cree East Project, located 35 kilometers west of the Key Lake Mine and Mill complex in the southeastern Athabasca Basin, has seen over $20 million in historical exploration, including multiple geophysical surveys and 91 diamond drillholes since 2006. Under Nexus's brief tenure, $3.4 million was invested in exploration, leading to the identification of multiple new priority targets and positive drill results showing evidence of uranium-bearing hydrothermal fluids.
The company plans to continue advancing the project, which is strategically positioned to potentially supply uranium to the Key Lake Mill after McArthur River reserve depletion in approximately 15 years.
CanAlaska Uranium (OTCQX:CVVUF) ha annunciato la risoluzione del suo accordo di opzione con Nexus Uranium Corp., con effetto dal 19 settembre 2025. L'accordo, originariamente firmato nel marzo 2024, avrebbe consentito a Nexus di maturare fino al 75% di interesse nel Progetto Cree East. Di conseguenza, CanAlaska mantiene il 100% della proprietà del progetto.
Il Progetto Cree East, situato a 35 chilometri a ovest della Key Lake Mine e del complesso di impianti di lavorazione nel bacino sudorientale di Athabasca, ha registrato oltre 20 milioni di dollari in esplorazioni storiche, comprese numerose indagini geofisiche e 91 pozzi di trivellazione con diamante dal 2006. Durante il breve periodo di Nexus, sono stati investiti 3,4 milioni di dollari in esplorazione, portando all'identificazione di molte nuove priorità e a risultati di trivellazione positivi che mostrano prove di fluidi idrotermali contenenti uranio.
L'azienda intende continuare a far progredire il progetto, che è strategicamente posizionato per potenzialmente fornire uranio al Key Lake Mill dopo l’esaurimento delle riserve McArthur River tra circa 15 anni.
CanAlaska Uranium (OTCQX:CVVUF) anunció la terminación de su acuerdo de opción con Nexus Uranium Corp., con efecto a partir del 19 de septiembre de 2025. El acuerdo, firmado originalmente en marzo de 2024, habría permitido a Nexus ganar hasta un 75% de interés en el Proyecto Cree East. En consecuencia, CanAlaska conserva el 100% de la propiedad del proyecto.
El Proyecto Cree East, ubicado a 35 kilómetros al oeste de la Mina y el complejo de molienda de Key Lake, en la cuenca de Athabasca oriental, ha registrado más de 20 millones de dólares en exploración histórica, incluyendo múltiples levantamientos geofísicos y 91 sondajes con diamante desde 2006. Durante el breve mandato de Nexus, se invirtieron 3,4 millones de dólares en exploración, lo que llevó a la identificación de múltiples nuevos objetivos prioritarios y a resultados de perforación positivos que muestran evidencia de fluidos hidrotermales portadores de uranio.
La compañía planea continuar avanzando con el proyecto, que está estratégicamente ubicado para potencialmente suministrar uranio al Key Lake Mill tras el agotamiento de reservas de McArthur River en aproximadamente 15 años.
CanAlaska Uranium (OTCQX:CVVUF)가 Nexus Uranium Corp.와 맺은 옵션 계약을 2025년 9월 19일부로 해지했다고 발표했습니다. 2024년 3월에 체결된 이 계약은 Nexus가 Cree East 프로젝트에 최대 75%의 지분을 취득할 수 있도록 허용할 예정이었습니다. 그 결과 CanAlaska는 프로젝트의 100% 소유권을 보유하게 됩니다.
Cree East 프로젝트는 애서배스카 분지 남동부의 Key Lake 광산 및 제련 단지에서 서쪽으로 약 35km 떨어진 위치에 있으며, 역사적 탐사에 2천만 달러 이상가 집계되었고, 2006년 이후 다중 지구물리 조사와 다이아몬드 드릴홀 91개가 수행되었습니다. Nexus가 짧은 기간 동안 탐사에 340만 달러를 투자하여 다수의 새로운 우선 대상지와 가능한 우라늄 운반 유문을 보여주는 긍정적인 시추 결과를 확보했습니다.
회사는 McArthur River 매장 고갈 이후 약 15년 내에 Key Lake Mill에 우라늄을 공급할 수 있도록 전략적으로 위치한 프로젝트를 계속 발전시킬 계획입니다.
CanAlaska Uranium (OTCQX:CVVUF) a annoncé la résiliation de son accord d’option avec Nexus Uranium Corp., effective le 19 septembre 2025. L’accord, signé à l’origine en mars 2024, aurait permis à Nexus d’acquérir jusqu’à 75% d’intérêt dans le projet Cree East. En conséquence, CanAlaska conserve 100% de la propriété du projet.
Le projet Cree East, situé à 35 kilomètres à l’ouest de la mine de Key Lake et du complexe de broyage dans le bassin sud-est d’Athabasca, a enregistré plus de 20 millions de dollars d’exploration historique, comprenant de nombreuses levés géophysiques et 91 forages diamantaires depuis 2006. Sous la courte gestion de Nexus, 3,4 millions de dollars ont été investis dans l’exploration, menant à l’identification de plusieurs nouvelles cibles prioritaires et à des résultats de forage positifs montrant des preuves de fluides hydrothermaux porteurs d’uranium.
L’entreprise prévoit de continuer à faire progresser le projet, qui est stratégiquement positionné pour potentiellement approvisionner l’uranium au Key Lake Mill après l’épuisement des réserves de McArthur River dans environ 15 ans.
CanAlaska Uranium (OTCQX:CVVUF) gab die Beendigung seiner Optionsvereinbarung mit Nexus Uranium Corp. bekannt, wirksam ab dem 19. September 2025. Die Vereinbarung, ursprünglich im März 2024 unterzeichnet, hätte Nexus erlaubt, bis zu 75% des Interesses am Cree East Project zu erwerben. Folglich behält CanAlaska 100% Eigentum an dem Projekt.
Das Cree East-Projekt, etwa 35 Kilometer westlich des Key Lake Mine- und Verarbeitungskomplexes im östlichen Athabasca-Becken gelegen, verzeichnete über 20 Millionen Dollar an historischer Exploration, einschließlich mehrerer geophysikalischer Untersuchungen und 91 Diamantbohrungen seit 2006. Unter der kurze Amtszeit von Nexus wurden 3,4 Millionen Dollar investiert in Exploration, was zur Identifikation mehrerer neuer Priorität Zielen und positiver Bohrergebnisse führte, die Hinweise auf uranhaltige hydrothermale Fluide geben.
Das Unternehmen plant, das Projekt weiter voranzutreiben, das strategisch positioniert ist, um möglicherweise Uran an das Key Lake Mill zu liefern, nachdem die Reserven von McArthur River in ca. 15 Jahren erschöpft sind.
CanAlaska Uranium (OTCQX:CVVUF) أعلن إنهاء اتفاقية حق الخيار مع Nexus Uranium Corp.، نافذة اعتباراً من 19 سبتمبر 2025. تم توقيع الاتفاق في الأصل في مارس 2024، وكان من شأنه أن يسمح لـ Nexus باكتساب حتى 75% من مصلحة في مشروع Cree East. ونتيجة لذلك، تحتفظ CanAlaska بملكيتها الكاملة 100% للمشروع.
يقع مشروع Cree East على بُعد 35 كيلومتراً غرب من منجم Key Lake ومجمع التكسير في حوض أثاباسكا الجنوبي الشرقي، وقد شهد أكثر من 20 مليون دولار من الاستكشاف التاريخي، بما في ذلك عدة استطلاعات فيزيائية وهُ نوابب حفر ماسية 91 منذ 2006. خلال فترة Nexus القصيرة، تم استثمار 3.4 مليون دولار في الاستكشاف، مما أدى إلى تحديد قِِـلة نقاط هدف جديدة وأدلة نتائج حفر إيجابية تُظهر دلائل على سوائل هيدروحرارية حاملة لليورانيوم.
تخطط الشركة لمواصلة تقدم المشروع، الذي يتموضع بشكل استراتيجي لإمداد اليورانيوم المحتمل إلى مطحنة Key Lake بعد نفاد احتياطي McArthur River خلال نحو 15 عاماً.
CanAlaska Uranium (OTCQX:CVVUF) 宣布与 Nexus Uranium Corp. 的期权协议终止，生效日期为 2025 年 9 月 19 日。该协议最初于 2024 年 3 月签署，原本将允许 Nexus 在 Cree East 项目拥有最多 75% 的权益。因此 CanAlaska 将保留该项目的 100% 所有权。
Cree East 项目位于东南部 Athabasca 盆地 Key Lake 矿井及加工综合体以西约 35 公里处，历史探矿投资超过 两千万美元，自 2006 年起包括多次地球物理勘探和 91 个钻石钻孔。Nexus 在短暂任期内在勘探方面投资了 340 万美元，识别出多处新的优先目标，钻探结果也显示出含铀的热液流体的证据。
公司计划继续推进该项目，该项目在地理位置上具有战略意义，未来在 McArthur River 储量耗竭后大约 15 年内可能向 Key Lake 处理厂供应铀。
- Regained 100% ownership of Cree East Project without encumbrances
- $3.4M recent investment by Nexus generated new priority targets
- Strategic location 35km from Key Lake Mill, positioning for future ore supply
- Recent drilling identified uranium mineralization and significant structural features
- Project has $20M+ in historical exploration data
- Loss of potential development partner for the project
- Will need to fund future exploration independently
- 15-year timeline before potential Key Lake Mill supply opportunity
Alteration and Basement-Hosted Uranium Mineralization Associated with Graphitic Fault Zones Intersected
Saskatoon, Saskatchewan--(Newsfile Corp. - September 24, 2025) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") announces the termination, effective September 19, 2025, of an arm's length property option agreement (the "Agreement") with Nexus Uranium Corp. ("Nexus") dated March 18, 2024, that had allowed Nexus to earn up to a
Figure 1 – Project Location Map
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CanAlaska CEO, Cory Belyk, comments, "I am very pleased to have the Cree East project returned to CanAlaska shareholders unencumbered. The work completed on the project under the Nexus Uranium option agreement resulted in identification of multiple new priority target areas on a project that had sat dormant for over 10 years. With this new target inventory in hand and recent very positive drill results, the CanAlaska team is excited to get back on the ground with the next round of exploration to advance this project towards discovery. The Cree East project is uniquely situated just 35 kilometres from the Key Lake Uranium Mill that has a need for new tier 1 ore supply post-McArthur River reserve depletion in approximately 15 years. I would like to thank the Nexus Uranium team for their recent investment in Cree East."
Historically, the Cree East Project has had over
Figure 2 – Cree East Project Target Areas
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CanAlaska initiated the first drill program on the Cree East Project in over a decade in February 2025 (see News Release dated February 3, 2025). The 2025 drilling program on the Cree East Project, which was focused entirely on Target Area B, successfully intersected graphitic host rocks showing evidence of post-Athabasca structural reactivation events, hydrothermal alteration, and localized structurally-controlled uranium mineralization (see News Releases dated April 29, 2025, and July 24, 2025). During the drill program, the Company also identified significant structure and hydrothermal alteration in the lower sandstone column over approximately 450 metres of strike length. This lower sandstone alteration and structure is characterized by fault intervals that have broken and blocky core associated with strong bleaching, clay, and sooty pyrite that is similar in nature to those intersected on the Company's Pike Zone discovery on the West McArthur project (Figure 3). Results of the first drill program in over a decade on the Cree East Project indicate evidence of potential uranium-bearing hydrothermal fluids moving through Target Area B.
Figure 3 – Comparison of Alteration and Structure at Cree East to Pike Zone
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Moving forward, the Company is focused on continuing to advance the Cree East Project. During the historical data review and geophysical re-processing, the Company identified several additional target areas in conjunction with Target Area B, these include Areas A, I, and an untested conductor (Figure 2). These additional target areas are designed to test interpreted graphitic stratigraphy on both the footwall and hanging wall side of a large and rigid banded iron formation. The Company believes the competency contrast of graphitic stratigraphy against the large rigid banded iron formation creates the potential for post-Athabasca structural reactivation. This structural reactivation can create important conduits for the movement of uranium-bearing hydrothermal fluids that interact with graphitic structural zones.
Other News
The 2025 summer drill program on the West McArthur project is currently ongoing, with the Company working to achieve an estimated 15 to 20 additional unconformity target intersections along the C10S corridor. The summer program is focused on continued step outs along strike to evaluate for additional zones of uranium mineralization, extensions of the Pike Zone, and continuation of the hydrothermal alteration system. In addition, a secondary focus for the program is select infill targets within the currently understood footprint of the Pike Zone. The Company expects to complete the summer portion of the 2025 exploration program in the coming weeks.
About CanAlaska Uranium
CanAlaska is a leading explorer of uranium in the Athabasca Basin of Saskatchewan, Canada. With a project generator model, the Company has built a large portfolio of uranium projects in the Athabasca Basin. CanAlaska owns numerous uranium properties, totaling approximately 500,000 hectares, with clearly defined targets in the Athabasca Basin covering both basement and unconformity uranium deposit potential. The Company has recently concentrated on the West McArthur high-grade uranium expansion with targets in 2024 leading to significant success at Pike Zone. Fully financed for the upcoming 2025 drill season, CanAlaska is focused on uranium deposit discovery and delineation in a safe and secure jurisdiction. The Company has the right team in place with a track record of discovery and projects that are located next to critical mine and mill infrastructure.
The Company's head office is in Saskatoon, Saskatchewan, Canada with a satellite office in Vancouver, BC, Canada.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
| Cory Belyk, CEO and President | General Enquiry |
| Tel: +1.306.668.6900 | Tel: +1.306.668.6915 |
| Email: cbelyk@canalaska.com | 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. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. 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. Actual events or results may differ materially from those projected in the forward-looking statements and the Company cautions against placing undue reliance thereon. The Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/267692
FAQ
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