CanAlaska Uranium Ltd. has signed a letter of intent with Fjordland Exploration Inc. that gives Fjordland the right to earn up to an 80% stake in CanAlaska’s 100%-owned North Thompson Nickel Project in Manitoba.
Canalaska said the project contains a series of high-grade nickel drill intersections from historical work that warrant follow-up with modern geophysics and drilling.
The Mel deposit, with an Indicated plus Inferred Resource of 5.3 million tonnes, grading 0.87% nickel, occurs 3 km east of the Hunter claims and the structure hosting the Mel deposit extends onto the project.
Under the terms of the agreement, Fjordland can earn its interest by incurring exploration expenditures that total $9 million, issuing 8.5 million shares and making cash payments of $150,000.
If you do the numbers on in it they pay a total of $9.66M for the 80%. That values the deposit at a little over $12M. The resource is only a fraction of what CZN's is. It is only a matter of time before the spotlight gets shun on CZN.
It has JORC resource, high grade shallow shoots of nickel and copper and relatively untested surface deposits. Hopefully they don't give away the lion's share and I trust that Terry is a bit more experienced than that in extracting value.
Values CZN deposit at above $20Miln on a comparison IMHO.
CZN Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
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