Vancouver — CanAlaska Uranium (CVV-V, CVVUF-O) has optioned a 385-sq.-km land package, located on the northern rim of Saskatchewan’s Athabasca basin, from the Fond Du Lac Denesuline First Nation.
The agreement will see CanAlaska conduct uranium exploration on the ground, which hosts several uranium occurrences, including the Fond Du Lac de- posit discovered by Eldorado Nuclear in the 1970s. A historic resource of about 200,000 tonnes grading 0.25% U3O8 was reviewed at Fond Du Lac in 1982, about 1.1 million contained pounds U3O8. A higher-grade central core of mineralization (locally up to 5% U3O8) occurs in sandstones above the unconformity with a surrounding low-grade aureole.
CanAlaska can earn a 49% interest in mineral resources on the reserve lands by spending at least $2 million on exploration over four years. The company will also issue the First Nations group 300,000 shares and make cash payments of up to $130,000.
“This is the first time our First Nation has entered into a partnership with an exploration company for the purpose of developing the mineral potential of our lands,” said Chief Victor Fern of the Fond du Lac band and principal representative of the Fond du Lac Denesuline First Nation. “The opportunity enables us to participate in the growth of the uranium exploration industry and to develop the economic potential of both our human and mineral resources.”
The Fond Du Lac lands are adjacent to CanAlaska’s Helmer project area.
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