January 23, 2024
CanAlaska Uranium Ltd. (TSXV:CVV, BUY (S), David A. Talbot) and F3 Uranium Corp. (TSXV:FUU, BUY (S), C$0.60 target, David A. Talbot) announced the signing of a property swap agreement as per which CanAlaska is to receive the 14,854 ha Nebula property (formerly called Hobo Lake) in the southeastern Athabasca Basin, and F3 is to receive the 3,015 ha Patterson West property located just 7.5km to the south of its JR zone discovery. Each party will retain a 2.5% NSR royalty on the property being sold by them. The Nebula property is located 25km south of the Athabasca Basin margin over the prospective Mudjatik-Wollaston domain contact in the Key Extension corridor, which also passes through CanAlaska’s proximal Key Lake Extension and Voyager projects. Nebula’s acquisition is consistent with CanAlaska’s strategy of increasing its landholdings in the infrastructure-rich southeastern Athabasca Region. Limited drill testing of conductors identified by airborne geophysical surveys has identified strongly altered fault zone. Initial work is expected to include property-wide compilation of historical data to generate target areas for immediate exploration and drill testing. The Patterson West property is contiguous to F3’s Broach Lake property, into which it will be incorporated. The combined property, together with the PLN and Minto properties will collectively become the PLN project, which will be subjected to F3’s singular focus following its spin-out of 14 other properties into F4 Uranium Corp. (read note). We view this agreement positively for both companies as each company releases a non-core property and acquires a property which brings with it significant operational synergies in prospective domains. Additionally, this swap deal is also to help connect claims from one project to another – which helps spread assessment (spending) credits from one to another to keep the claims in good standing with the government. Read here and here
Company Specific Disclosure Details
CanAlaska Uranium Ltd. – TSXV:CVV – 3,8
F3 Uranium Corp. – TSXV:FUU – 1,2,3
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