SMM: following the signing of a letter of intent in February, CanAlaska Uranium (TSXV:CVV and Fjordland Exploration (TSXV:FEX signed an options agreement this week that gives the latter an 80 per cent stake in CanAlaska's North Thompson, a nickel item in Canada's Manitoba province.
The company involved in the deal said that to continue, the buyer would have to bear $9 million in exploration costs and issue 8.5 million shares in ordinary FEX. Other considerations include the payment of a feasibility bonus, which requires Fjordland to issue 10 million common shares upon completion of the active feasibility study.
Job commitments and payments will be completed in the three defined income phases. In the first and second phases of the option agreement, CanAlaska will charge a fee as the project operator.
The North Thompson mining area, about 25 kilometers from the city of Thompson, contains a series of advanced nickel drills from historical work that need to be followed up by modern geophysics and drilling. According to CanAlaska, there are many untested targets.
It is reported that the Thompson nickel ore belt is the fifth largest nickel sulfide belt in the world. Based on the reserves of nickel resources, there have been more than 18 nickel deposits and more than 5 billion pounds of nickel production since 1959. The largest deposit is the Thompson main deposit, estimated at 150 million tons, with an average nickel grade of 2.3%. The northern Thompson project covers most of the northern and northwestern extensions of the belt.
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