- CanAlaska (CVV) deals Manibridge Nickel Project in Thompson nickel belt Manitoba
- D Block Discoveries have a staged option to earn up to 100 per cent interest; CanAlaska to be the initial project operator
- If DBD elects not to enter the final stage, a joint venture will be formed
- Mining occurred to a depth of 300 metres, and the mine infrastructure has since been reclaimed
- In 2007, Crowflight Minerals Inc. and Pure Nickel formed a 50-50 per cent joint venture to explore the Manibridge claims
- CanAlaska Uranium Ltd. (CVV) is down 3.64 per cent and is trading at C$0.53 at 12:36 pm ET
CanAlaska Uranium Ltd. (CVV) has entered into a letter of intent with D Block Discoveries Inc.
It allows DBD to earn up to 100 percent interest in CanAlaska's 100 percent-owned 4,368-hectare Manibridge Nickel Project in Manitoba, Canada.
DBD may earn an additional 21 per cent interest in the project by paying to CanAlaska a further C$50,000 cash, issue a further 1,500,000 common shares in DBD, and incur an additional C$1,500,000 in exploration expenditures on the Project within 12 months of entering the Stage 2 option.
DBD may earn an additional 30 per cent interest in the Project by paying to the Company a further C$100,000 cash, issue a further 5 million common shares in DBD, and incur an additional C$2,000,000 in exploration expenditures the Project within 24 months of entering the Stage 3 option.
If DBD elects not to enter the final stage, a joint venture will be formed, and the parties will either co-contribute on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula.
During Stage 1 and Stage 2 of the option agreement, CanAlaska will be the project operator.
The second hole of the program intersected the fringes of what would become the Manibridge Mine.
Sulphide nickel mineralization is hosted within an elongate, folded ultramafic body that extends for at least 3.2 kilometres with nickel-bearing sulphide mineralization throughout.
Mining occurred to a depth of 300 metres, and the mine infrastructure has since been reclaimed.
In 2007, Crowflight Minerals Inc. and Pure Nickel formed a 50-50 per cent joint venture to explore the Manibridge claims.
The 2008 exploration program intersected two new zones of nickel mineralization within 400 metres of the Manibridge deposit. Further drilling confirmed the extension of the mineralization below the mine workings.
In 2019, an 800-metre drill program completed by CanAlaska 2.5 kilometres north along the mine trend intersected a broad fold structure that included multiple high-grade nickel assays up to 12.06 per cent nickel.
CanAlaska president Peter Dasler comments,
"CanAlaska is pleased to be able to work with D-Block's entrepreneurial group, and management is looking forward to operating the next exploration programs and discoveries at Manibridge; as well as being exposed to the new company's other exploration interests."
CanAlaska is currently conducting drilling at its 100 per cent owned Waterbury Uranium project in the Athabasca Basin near the Cigar Lake uranium mine.
CanAlaska Uranium holds interests in approximately 214,000 hectares (530,000 acres) in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies.
CanAlaska Uranium Ltd. (CVV) is down 3.64 per cent and is trading at C$0.53 at 12:36 pm ET.