CanAlaska Announces Termination of Cree East Option Agreement - Receives Cree East Project Back Unencumbered $3.4M Investment by Nexus Uranium Generated and Advanced Multiple New Priority Targets Alteration and Basement-Hosted Uranium Mineralization Associated with Graphitic Fault Zones
CanAlaska Announces Termination of Cree
East Option Agreement - Receives Cree East
Project Back Unencumbered
$3.4M Investment by Nexus Uranium Generated and Advanced Multiple New Priority Targets
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 75% interest in the Cree East Project. As a result of the termination of the Agreement,
CanAlaska retains 100% ownership and receives the Cree East Project back fully unencumbered. The
Company is currently working on exploration plans to move the Cree East Project forward towards
discovery, building upon the recently completed 2025 winter drill program. The Cree East Project is
strategically located in the southeastern Athabasca Basin, approximately 35 kilometres west of the Key
Lake Mine and Mill complex (Figure 1).
Figure 1 – Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/267692_166b3203341d29a3_002full.jpg
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 $20 million in exploration activity consisting of multiple
geophysical surveys and 91 diamond drillholes completed by CanAlaska since 2006. During the term of
the Agreement, as operator of the Cree East Project, CanAlaska leveraged this large historical data set,
reviewing the historical diamond drilling work and re-processing the historical geophysical surveys, to
successfully generate a series of newly-identified high-priority targets on the Cree East Project (Figure
2).
Figure 2 – Cree East Project Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/267692_166b3203341d29a3_004full.jpg
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
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/267692_166b3203341d29a3_006full.jpg
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:
Email:
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