April 5, 2016 - Kaiser Report - Arctic Star Exploration Corp.

Transcription

Kaiser Research Online - KRO Profile - Canalaska Uranium Ltd (CVV-V) - Tue Apr 5, 2016
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KRO Profile
KRO Company Profile
Canalaska Uranium Ltd (CVV-V)
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IPV
Canalaska Uranium Inc is undertaking uranium exploration on a portfolio of 100%-owned and optioned projects focused on Canada's Athabasca
Basin, where it controls one of the largest land positions in the region, comprising over 1,000,000 hectares. Among Canalaska's joint ventures
partners are Mitsubishi Development Pty, a consortium of Korean companies, and East Resources Inc. of China. Canalaska is led by CEO Peter
Dasler.
Trade Date
Volume
High
Low
Close
Chg
Status
April 4, 2016
236,500
$0.47
$0.38
$0.40
($0.08)
Trading
Basic Info
Listed On:
TSX Venture: CVV
6/21/1994
Sector:
Resource
Issued:
22,068,000
10/31/2015
Story Type:
Mineral Exploration
Diluted:
26,194,000
JK Owns:
No
Insider Stake:
Peter G. Dasler (CEO), Thomas Jr Graham
(Chair), Harry Chan (CFO), Karl Schimann
3%
9/24/2015
Tel:
( 604) 688 3211
Working Capital:
$1,476,000
10/31/2015
Email:
info@canalaska.com
Market Cap:
$8,827,200
Web Site:
www.canalaska.com
Cash Breakup:
Key People
(VP EX)
Address
625 Howe St Ste 1020, Vancouver, BC,
V6C 2T6, Canada
$0.05
per sh
Corporate Change History
#Old for
New
Nov 8, 2010
Jun 21, 2011
Reverse Split
New Exchange
10:1
1:1
Last
Price
$0.14
$0.68
Listing
Dec 30, 2013
New Exchange
Listing
1:1
$0.11
Prior Name
Subsequent Name
Canalaska Uranium Ltd (CVV-
T)
T)
V)
T)
T)
V)
Ranking within Company's Price Range based Group
http://www.kaiserresearch.com/s4/CompanyProfile.asp?ReportID=61549&_Type=KRO-Profile&_Title=Canalaska-Uranium-Ltd-CVV-V[4/05/16 3:33:19 PM]
Details
All KRO as of Apr 4, 2016
Price Range:
Group Median
$0.30-$0.49
Price Group Total:
96
67,795,485
22,068,000
83.3%
Working Cap:
$1,408,620
$1,476,000
51.0%
Price Group Total:
Group Median
$0.30-$0.49
69
Percentile
Issued:
TSXV KRO as of Apr 4, 2016
Price Range:
Company
Company
Percentile
Issued:
52,843,525
22,068,000
78.3%
Working Cap:
$1,118,672
$1,476,000
58.0%
Score
67.2%
Score
68.1%
Group figures exclude delisted and suspended companies. The higher the company percentile the better, based on the assumptions that the lowest
issued shares and highest working capital are best. The score is the average of the percentiles. A percentile is that percentage of a group that a
member ranks higher than. Note that issued and WC reflect latest financials.
Recommendation Status as of March 16, 2016
Canalaska Uranium Ltd was on the short list for the 2016 Bottom-Fish Edition but did not make the cut because its main Athabasca Basin
uranium projects were stalled due to waning interest from the junior's Asian partners after considerable expenditure with no discovery, and its
$800,000 treasury was too low to fund any meaningful Athabasca Basin exploration. In the case of the West McArthur project Mitsubishi (50%) funded
most of the $17 million spent mainly in the Grid 1 area, and in the case of Cree East a Korean consortium led by KORES spent $19 million to earn
50%. Although Chuck Fipke's Northern Uranium Corp had decided to spend another $5.6 million to boost its interest in the Northwest Manitoba
uranium project, the resulting 20% interest for Canalaska was not hope-inspiring given Fipke's track record since discovering Ekati. Although $800,000
working capital, only 26.2 million fully diluted since a 10:1 rollback in November 2010, and vested interests in strategic uranium prospects should have
qualified Canalaska as a bottom-fish buy recommendation, I felt the uranium exploration story launched in 2005 as the uranium bubble got underway
had pretty much exhausted itself and that Canalaska was destined to spin its wheels in a rut as its Asian partners slunk away. So why did I on
February 19, 2016 add Canalaska Uranium Ltd to the 2016 Bottom-Fish Edition as a buy in the $0.10-$0.19 range?
On February 18, 2016 Canalaska announced that it had staked claims covering 75 magnetic anomalies it interpreted as potential kimberlite pipes
in the northwestern part of the Athabasca Basin. This area south of Lake Athabasca and north of the Carswell Structure (some say a meteor impact
site, others say an ancient basement "pop-up" feature) is the least interesting from a uranium perspective because the unconformity sits under about
1,500-2,000 m of sandstone, too deep for any alteration chimneys to be discernible at the surface, and beyond the reach of geophysical surveys
seeking conductive graphite beds that are the theoretical host for the Athabasca Basin's high grade uranium deposits such as the world class
McArthur River deposit. It is a uranium exploration dead zone. In 2011 the Saskatchewan Geological Survey conducted a 400 m spaced airborne
magnetic survey whose results were published in 2012. Nobody took much notice, but Canalaska's Peter Dasler and Karl Schimann, not having much
to do after Fukushima crimped the spending activity of Canalaska's Asian partners, pulled the dataset and crunched it to see if anything encouraging
for uranium targets was present. They were disappointed, but noted a cluster of discrete near-surface magnetic anomalies that made no sense given
the monotonous nature of the basin's Proterozoic sandstone cover. The only plausible explanation was an igneous intrusion, and the only intrusion
that would create such a circular magnetic feature would be a kimberlite style intrusion.
Dasler and Schimann meditated on this oddity for a couple of years, but in mid 2015 decided to stake postage stamp claims over each of the 75
magnetic anomalies they had identified. Canada's staking system requires the owner to spend assessment work on the claims, which, even though it
might all have been focused on a skinny vein in a tiny area, can be allocated to all contiguous claims. Recognizing the high risk nature of this diamond
hypothesis, and how the Canalaska shareholder base might not be thrilled about a diversion of capital from uranium into diamond exploration,
management also staked strings of single claims that connect the postage stamps so that the claim map looks like a bunch of hydra in a petri dish
viewed through a microscope. This allows focused exploration on a single target to keep all the "connected" targets alive. It would have cost a fortune
in the old physical post staking days, but in the modern era of map-staking it was just an exercise in mouse-clicking. When I saw this cluster of targets
spread out within a 100 km by 50 km area I was stunned, especially after I realized that this portion of the Athabasca Basin is underlain by the
Archean aged Rae craton which is known to host diamondiferous kimberlites. Could it be that a random government funded data gathering exercise
had generated the tell-tale signs of a kimberlite cluster that a junior terrified by the bear market afflicting the resource sector since 2011 took the
trouble to investigate and spent not easily replaceable capital to stake? Was this the serendipity event that periodically hauls the Canadian juniors out
of deep slumps?
The northern prairies have had a number of diamond exploration waves, of which the most recent is the Pikoo area in the northern part of the
Saskatchewan Craton where North Arrow Minerals Ltd discovered dykes that appear to have high grade diamond potential of 100 cpht plus
based on micro diamond size distribution curves. But the Pikoo dykes have limited tonnage potential, and until somebody finds a larger high grade
body, this area is largely a science project. That may change if another bottom-fish called Alto Ventures Ltd turns several circular geophysical
anomalies associated with nearby diamond indicator minerals into kimberlite discoveries. In the central part of the Saskatchewan Craton we have the
Fort a la Corne field of large low grade kimberlites apparently erupted into a submarine environment that are covered by several hundrd metres of
unconsolidated sediments. What is intriguing about the FALC kimberlites controlled by Shore Gold Inc is the high upper limit of the carat value
modeled by WWW which also assigns a base case value in the upper half of the range. This suggests the presence of large, high quality diamonds of
the sort that have been infrequent in major Canadian diamond mines such as Ekati, Diavik and Victor. In northern Alberta we have the Buffalo Hills
cluster of weakly diamondiferous kimberlites that Ashton found on the basis of magnetic anomalies initially spotted by a petroleum geologist. That
spurred an area play in the 1998-2001 period that fizzled when mini bulk sampling delivered very low grades. Another cluster of barren kimberlites
was found to the east in the Birch Mountain area. But what tweaked the interest of Dasler and Schimann was a regional till sampling program which
yielded kimberlite indicator minerals north of Fort McMurray whose source has never been resolved and which was never pushed beyond the Carswell
structure into the area of the Athabasca Kimberlite play. The kimberlite indicator mineral hits are more than 100 km down-ice from the Athabasca
Kimberlite project which sits on an Archean Craton that is much more prospective for diamonds than whatever underlies the Buffalo Hills and Birch
Mountain kimberlite clusters.
At this point we do not know if Canalaska's magnetic targets are actually kimberlites, and while the down ice indicator minerals apparently signal some
diamond potential, confirmation that the "kimberlites" are indeed diamondiferous is even more speculative, let alone economically diamondiferous.
Canalaska will have to wait until summer to collect till samples, ground truth the targets to see if they outrcrop as was the case in the Buffalo Hills, and
conduct detailed geophysical surveys before drilling any targets in late fall or next winter. But the intrusions that make up these targets do represent
meaningful tonnage, with few alternative explanations, so if indeed Canalaska has snagged most of a new diamondiferous kimberlite field, a major
exploration play will emerge. I use the word "most" because not everybody believes that the 400 m spacing of the geophysical grid flown by the SGS
had sufficient resolution to highlight all kimberlite targets. While the sandstone is magnetically quiet, a magnetic geophysical anomaly merely
measures relative magnetic difference. A kimberlite pipe need not have a prominent magnetic signature that shows up on a 400 m grid survey. More
subtle magnetic signatures might only show up on a survey flown on 100 metre lines. On March 16, 2016 Fjordland Explorations Inc announced
that it had staked 26,223 hectares in the same area as Canalaska's claims on the premise that Canalaska did not get it all. I contacted Fjordland's
CEO Dick (DA) Atkinson and discovered that Fjordland's claims surround Canalaska's "postage stamp" claims. The rationale is that any field of
kimberlites will have clusters of closely spaced kimberlites, of which the Renard and Gahcho Kue clusters are good examples. A staking strategy that
places just enough claims to cover distinct magnetic anomalies could miss nearby kimberlites with geophysical signatures that do not show up on the
scale of the government survey. The snapshot below from the Saskatchewan MARS claims system enhanced by Canalaska's Karl Schimann shows
the extent of current area play staking.
At this stage of the Athabasca Kimberlite play Fjordland's Dick Atkinson is grasping at straws, but the situation reminds me in many ways of 1992
when Dia Met Minerals announced that it had discovered a diamondiferous kimberlite at Point Lake in a god-forsaken part of the Northwest Territories
called the Slave Craton where very few juniors had ever dared to tread and which a Canadian subsidiary of De Beers called Monopros had sampled
without any luck that led to a kimberlite discovery. At the time the juniors were stuck in a bad bear market, a bear market so bad my brokerage firm
employer decided a window office was wasted space when occupied by research analysts and moved the research department into a windowless
former storage space in the middle of our floor. Although we knew nothing about diamonds, my research associate Andrew Muir and I recognized that
the Dia Met discovery was significant, and initiated detailed coverage of the emerging area play. Chris Jennings helped us up the learning curve with
his collection of diamond slides he had assembled during his career as a diamond explorer (yes, the old fashioned physical kind). We adopted the
simple premise that Fipke did not "get it all", and focused on a rag-tag bunch of juniors with names like Aber, Commonwealth, Southernera, Tyler,
Fibre-Klad, Kettle River, Dentonia, Horseshoe, Almaden, Williams Creek and Troymin and recommended clients build a portfolio of these juniors
surrounding Dia Met on the speculation that important pipes would be found outside the Dia Met-BHP property boundaries. In 1993 this prediction
became reality, and proximity juniors which increased ten-fold from pennies during 1992, increased another 10-20 fold in 1993. I remember one of the
banker partners hustling back an forth between his window office and the trading desk with blue buy tickets muttering over and over again
"unbelievable". By 1994 the research department had been moved into a windowed corner office. That this could ever repeat itself today seems
unbelievable to me.
But what really triggered this flashback memory was my conversation with Dick Atkinson, now in his seventies, who was a big star in past decades. He
decided to become CEO of Fjordland a couple years ago when Tom Schroeter retired after a valiant exploration effort to discover new copper-gold
deposits in British Columbia. Atkinson, who steered Fjordland into a potential revival of the South Voisey's Bay nickel play, quickly discovered that this
bear market was the mother of all bear markets that humbled all superstars without infinitely deep pockets to self fund a junior. When I spoke with him
he was sitting in Fjordland's new office, a windowless former storage space in an office floor whose window offices were occupied by juniors that
generally still had positive working capital. He had decorated the walls with his art collection; Andrew and I decorated our walls in 1992 with maps.
Atkinson lamented that he would have staked more ground, but there was not enough money, and he was having trouble in light of his two cent stock
price persuading the holders of five cent warrants to exercise them. For now he owns 100% and has not resorted to a DHK style syndicate. It may be
that a year from now Peter Dasler has demonstrated his targets to be nothing more than another field of barren kimberlites, in which case this will be
nothing more than a sad anecdote. However, I mention this story because it has a textbook resemblance to other great discovery stories that erupted
from a bear market abyss with the help of desperate entrepreneurs as was the case with the Lac de Gras diamond play.
The Athabasca Kimberlite play is a free lunch for bottom-fishers who own Canalaska Uranium Ltd because the junior's more obvious upside resides in
the potential of its West McArthur uranium play. On January 21, 2016 Canalaska announced that it had a deal to purchase Mitsubishi's 50% stake
in West McArthur for $600,000 cash and a 1% royalty. That was not an overly promising development, because it depleted Canalaska's treasury and
signaled a loss of confidence in West McArthur by the Japanese partner. But on February 24, 2016 Canalaska announced that Cameco was
optioning 60% of West McArthur which requires it to pay $725,000 up front and spend $5 million over 3 years with $1 million guaranteed in 2016 to
earn 30%, and another $6,275,000 over an additional 3 years to earn 60%. Cameco's interest is clearly in the Grid 5 area into which the C conductor
with which its Fox Lake deposit is associated projects. However, the deal does require Cameco within two years to drill two deep holes in the Grid 1
area where Canalaska and Mitsubishi spent most of the $17 million sunk into West McArthur (see SVH Tracker - March 4, 2016 for a more
detailed discussion). Cameco has earmarked $7 million for its Fox Lake deposit (386,700 tonnes of 7.99% U3O8) in 2016 which it views as a
candidate for "top tier" development status. The grade is high enough, but the deposit needs more tonnage. The deal with Canalaska gives Cameco
free rein to chase the Fox Lake system along the C Conductor in the direction of the West McArthur project which it now has tied up for 60%. A hole
about which nothing has been disclosed was drilled within 500 metres of the property boundary. Previous holes by Canalaska and Mitsubishi near the
C Conductor failed to intersect uranium mineralization, but did indicate the presence of a major hydrothermal system. Thrust faulting in the area has
created a confusing geological picture which is best left sorted out with somebody else's money, in this case Cameco whose technical team probably
better than any other knows how to follow the uranium "threads" once they come into view. Cameco is expected to start a drill program shortly. With
only 26.2 million shares fully diluted and a stock price of $0.32 the market is assigning a value $21 million to the 40% net West McArthur play, and
only $8.4 million the Athabasca Kimberlite play. Canalasaka looks very ripe to deliver the 500% plus gain expected for a member
of the 2016 Kaiser Bottom-Fish Editon. It will take at least six months for the diamond play to reach a tipping point, but the West McArthur
tipping point that justifies a Spec Value Hunter buy recommendation could be within reach in 4-8 weeks. One should keep in mind that a discovery
comparable to McArthur River in grade and tonnage would be worth billions.
KRO 2016 Bottom-Fish Edition
Initiated:
Closed:
Initial Recommendation
Current Recommendation Status
New BF Buy $0.10-$0.19
New BF Buy $0.10-$0.19
Feb 19, 2016
Initial Position:
Net Proceeds:
6,061
High:
$0.52
215%
3/18/2016
$0
Low:
$0.15
-9%
2/19/2016
Buy Range:
Date
Price
2/19/2016
$0.17
Gain/Loss:
Recommendation
New BF Buy $0.10-$0.19
142%
Last:
Action
Buy 5,263 @ $0.19
$0.40
Net
Cash
$0
142.42%
Net
Stock
5,263
Charts & Financing Activity
Gain
-13%
4/4/2016
New Status
New BF Buy $0.10-$0.19
Most recent 43-101 resource estimate Prior resource estimate PEA PFS FS/BFS/DFS
Private Placement Key
less than $500,000
$1,000,000 - $2,000,000
$5,000,000 - $10,000,000
$20,000,000 - $50,000,000
$500,000 - $1,000,000
$2,000,000 - $5,000,000
$10,000,000 - $20,000,000
over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date
Company
Type
Quantity
Price
FT
Units
Amount
Jan 15, 2002
CanAlaska Ventures Ltd
PP
2,000,000
$0.10
Units
$200,000
Nov 11, 2002
Canalaska Ventures Ltd
PP
1,000,000
$0.10
Units
$100,000
Dec 23, 2002
PP
466,667
$0.15
Units
$70,000
Sep 12, 2003
PP
1,500,000
$0.10
Units
$150,000
Oct 6, 2003
PP
3,500,000
$0.10
Units
$350,000
Nov 11, 2003
PP
2,000,000
$0.23
Units
$460,000
Dec 23, 2003
PP
2,142,858
$0.35
FT
Units
$750,000
Jan 6, 2004
PP
2,142,858
$0.35
FT
Units
$750,000
Feb 2, 2004
PP
2,000,000
$0.35
Units
$700,000
Nov 29, 2004
PP
3,300,000
$0.30
Units
$990,000
Dec 21, 2004
PP
4,000,000
$0.30
Units
$1,200,000
Broker
Dec 22, 2004
PP
1,387,500
$0.40
FT
Units
$555,000
Jan 20, 2005
PP
2,362,500
$0.40
Units
$945,000
Jul 7, 2005
PP
3,000,000
$0.32
FT
$960,000
Sep 6, 2005
PP
3,125,000
$0.40
FT
$1,250,000
Sep 6, 2005
PP
435,000
$0.35
Units
$152,250
Sep 21, 2005
PP
3,231,500
$0.35
Units
$1,131,025
Sep 23, 2005
PP
535,000
$0.35
Units
$187,250
Dec 19, 2005
PP
1,353,791
$0.37
Units
$500,903
Dec 19, 2005
PP
5,000,000
$0.40
Mar 15, 2006
PP
7,425,374
$0.42
Apr 13, 2006
PP
4,893,000
$0.55
Oct 27, 2006
Canalaska Uranium Ltd
PP
7,470,331
$0.45
Dec 12, 2006
PP
4,000,000
Mar 6, 2007
PP
Sep 25, 2007
Oct 31, 2007
FT
$2,000,000
Units
$3,118,657
FT
Units
$2,691,150
FT
Units
$3,361,649
$0.52
Units
$2,080,000
6,944,444
$0.72
Units
$5,000,000
PP
1,111,111
$0.45
FT
Units
$500,000
PP
7,660,877
$0.47
FT
Units
$3,600,612
Oct 31, 2007
PP
7,629,968
$0.38
Units
$2,899,388
May 9, 2008
PP
9,452,060
$0.34
FT
Units
$3,213,700
May 28, 2008
PP
1,470,600
$0.34
FT
Units
$500,004
Aug 12, 2009
CanAlaska Uranium Ltd
PP
5,826,764
$0.17
FT
Units
$990,550
Nov 3, 2009
PP
11,904,428
$0.21
FT
Units
$2,499,930
Nov 30, 2009
PP
2,380,000
$0.21
FT
Units
$499,800
Dec 21, 2009
PP
14,496,300
$0.21
FT
Units
$3,044,223
Dec 21, 2009
PP
10,897,571
$0.18
Units
$1,907,075
Dec 30, 2010
PP
446,167
$1.60
Units
$713,867
Dec 30, 2010
PP
1,721,708
$1.60
Units
$2,754,733
May 30, 2011
PP
418,141
$1.13
FT
FT
$472,499
Capital
Financials Dated: October 31, 2015
Reporting Period: 6 months
Assets
Cash Equivalents:
Receivables etc:
Current Assets:
Long Term Assets:
Total Assets:
Year End: 04/30
Liabilities
$1,171,000
$413,000
$1,584,000
$976,000
$2,560,000
Current Liabilities:
Currency: CAD
Income
$108,000
Operating Revenues:
$0
Tangible LT Debt:
$0
Operating Cash Costs:
$0
Intangible LT Debt:
$0
Operating Cash Flow:
$0
Operating Non-Cash Costs:
$0
Miscellaneous Revenue:
$0
Total Liabilities:
Share Capital:
Shareholder Deficit:
$108,000
$73,205,000
($70,753,000)
Cash Expenses:
Non-Cash Expenses:
$953,000
$37,000
Working Capital:
Monthly Overhead:
Net Shareholder Equity:
$1,476,000
$2,452,000
$158,833
Total Expenses:
$990,000
Overall Cash Flow:
($953,000)
Net Income (Loss):
($990,000)
Note:
Structure & People
Directors, Officers and Employees:
Other Insiders:
Past Reported Shareholders:
Related Party
Occupation
Related
Since
Geologist
1/1/2004
Businessman
3/25/2008
Thomas Jr Graham
Diplomat
9/19/2007
Jean-Luc Roy
Geologist
1/1/2007
Karl Schimann
Geologist
9/27/2013
Lawyer
1/7/2014
Accountant
1/1/2015
Geologist
Peter G. Dasler
Insider
986,030
4.5%
AGM: September 24, 2015
0
0.0%
People Tree Available
1,656,833
N/A
Director
Officer
Capacity
%
286,538
1.3%
0
0.0%
20,000
0.1%
0
0.0%
423,375
1.9%
0
0.0%
CFO
0
0.0%
1/1/2012
Advisory Board
0
0.0%
Nana Lampton
1/1/2012
Advisory Board
0
0.0%
Simon Szeto
1/3/2013
Advisory Board
0
0.0%
9/24/2015
Corporate
0
0.0%
0
0.0%
Victor Fern
Kathleen K. Townsend
Harry Chan
Daniel L. G. Faure
Dianne M. Szigety
Administrator
CEO & President
Ownership
Chairman
VP Exploration
Secretary
Past Reported Shareholders - Current Ownership Status unknown
Joseph Bowes
Accountant
10/19/2009
CFO
John Clemens
Broker (Pro)
12/30/2010
Placee
20,000
0.1%
Richard M. Cohen
Broker (Pro)
8/12/2009
Placee
75,000
0.3%
Olav Langelaar
Broker (Pro)
8/12/2009
Placee
40,000
0.2%
Fund
9/23/2009
1,132,352
5.1%
Ravensden Asset Management Inc.
Manager
Active Index Memberships
Membership Start Date:
February 19, 2016
Start Price:
KRO 2016 Bottom-Fish Index:
$0.17
Membership Start Date:
November 8, 2010
Start Price:
$1.48
KRO Uranium Exploration Junior Index: Includes companies which have made uranium exploration their primary focus, and which have not
acquired a project with a historical resource, and have not yet reported a resource estimate for an exploration play. Index members which
subsequently acquire a project with a resource or report a resource for a new discovery will be added to the Uranium Pounds in the Ground Index, but
will also remain an active member if te Uranium Exploration Juniors Index.
Risk Analysis
Click here to view IPV Report
Key to Understanding the Spec Value Hunter Tables
Flagship Play
Secondary Plays
Other Plays
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the
rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the
company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream
target is what a project would be worth in discounted cash flow terms once in production.
Fair Speculative Value -
Poor Speculative Value Note:
Good Speculative Value -
narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Active Company Projects
Project
West McArthur
Country
Canada
Region
Athabasca
Net
Interest
40% TC
Basin
Athabasca
Canada
Kimberlite Project
Cree East
Athabasca
$100
UPV
$500
$26
$2000
Target
Metals
Uranium
Deposit
Style
Unconformity
style
100% WI
1-Grassroots
$10
Diamond
50% WI
3-Discovery
$21
Uranium
Basin
Canada
Athabasca
Canada
Athabasca
Delineation
25% WI
Basin
NW Manitoba
2-Target
IPV
$
MM
Drilling
Basin
Moon South
Stage
Canada
Manitoba
2-Target
style
$42
Uranium
Drilling
20% TC
2-Target
Unconformity
Unconformity
style
$52
Drilling
Uranium
Unconformity
style
Patterson West
Canada
Saskatchewan
50% TC
2-Target
$21
Uranium
Drilling
Carswell
Canada
Athabasca
Unconformity
style
100% WI
1-Grassroots
$10
Uranium
Unconformity
Basin
Grease River
Canada
Saskatchewan
100% WI
1-Grassroots
$10
Uranium
Intrusive
Helmer
Canada
Athabasca
100% WI
1-Grassroots
$10
Uranium
Unconformity
Basin
Hodgson
Canada
style
Athabasca
100% WI
1-Grassroots
$10
Uranium
Basin
Kasmere
Canada
style
Athabasca
100% WI
1-Grassroots
$10
Uranium
Basin
Moon North
Canada
Canada
Wollaston
Unconformity
style
Athabasca
100% WI
1-Grassroots
$10
Uranium
Basin
North East
Unconformity
Unconformity
style
Athabasca
5% TC
1-Grassroots
$210
Basin
Uranium
Unconformity
Rare-Earth-
style
Metals
Patterson East
Canada
Saskatchewan
100% WI
1-Grassroots
$10
Uranium
Unconformity
style
Patterson North
Canada
Saskatchewan
100% WI
1-Grassroots
$10
Uranium
Unconformity
style
Poplar
Canada
Athabasca
5% FC
1-Grassroots
$210
Uranium
Basin
Ruttan
Canada
Unconformity
style
Manitoba
100% WI
1-Grassroots
$10
Gold Copper
VMS
Zinc
Waterbury Lake
Canada
Athabasca
100% WI
1-Grassroots
$10
Uranium
Basin
Unconformity
style
Company Projects
West McArthur Project
West McArthur
Canada
Net Interest: 40% TC
Ownership Terms: CanAlaska entered into an option agreement with Mitsubishi Development Pty
Vested: Yes
Ltd. (MDP) where MDP may acquire a 50% ownership interest in the West McArthur Project by
Uncapped NSR/GOR: 1.00%
expending a minimum Cdn$11.0 million in cash and exploration payments to CanAlaska over a 3½ -year
SK
Athabasca Basin
35,830 ha
period. Upon MDP fulfilling its exploration commitments under the Option Agreement, the parties will
enter into a 50/50 joint venture. On Jan 21, 2016 Canalaska acquired Mitsubishi's 50% for $600,000 and
a 1% NSR.Feb 24, 2016 deal optioning 60% to Cameco for $725,000 cash upfront plus $5 million
exploration over 3 years to earn 30%, then pay $500,000 plus another $6,275,000 exploration over 3
years to earn 60%. $1 million is required in the first year, and 2 deep holes must be drilled in the Grid 1
area within 2 years.
Target Metals: Uranium
Model: Unconformity style
Implied Project Value
JK Dream Target
$26,194,000
Not Rated
$100 million
Stage: 2-Target Drilling
$500 million
$2 billion
Speculative Value
Athabasca Kimberlite Project Project
Athabasca Kimberlite
Canada
SK
Athabasca Basin
Project
0 ha
Net Interest: 100% WI
Ownership Terms: Acquired by staking.
Vested: Yes
Target Metals: Diamond
Model:
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Notes on Athabasca Kimberlite Project Project
Canalaska staked 75 discrete circular magnetic anomalies that showed up in a 2011 geophysical survey flown by the Saskatchewan Geological
Survey in an area north of the Carswell Structure (a meteor impact site) that was beyond the limit of the Saskatchewan Kimberlite Indicator Mineral
sampling.
Cree East Project
Cree East
Canada
Ownership Terms: n December, 2007 CanAlaska entered in a joint venture whereby a Korean
Vested: Yes
consortium omprising Hanwha Corporation, Korea Electric Power Corporation, Korea Resources
Corporation and SK Energy Co. Ltd may earn a 50% interest in the Cree East Project by investing
SK
Athabasca Basin
56,000 ha
Cdn$19.0 mil. towards exploration, an amount which has been fully expended.
JK Dream Target
$20,955,200
Not Rated
Stage: 3-Discovery Delineation
$100 million
$500 million
$2 billion
Speculative Value
Moon South Project
Moon South
Canada
Ownership Terms: Optioned Jan 5, 2016 to Denison Mines for $200,000 epxloration over 2 years to
Vested: Yes
earn 51%, and another $500,000 to earn 75%. If either party gets diluted below 10% the interest
converts into a 2% NSR that can be bought for $500.000 by the other party.
SK
Athabasca Basin
JK Dream Target
$41,910,400
Not Rated
$100 million
2,716 ha
$500 million
$2 billion
Speculative Value
NW Manitoba Project
NW Manitoba
Canada
Ownership Terms: September 2013 option for NEX-listed MPVC Inc (now Northern Ursnium Corp)
Vested: Yes
to acquire an 80% interest by carrying out an $11.6-million three-stage exploration program. The first
stage allows MPVC to obtain a 50-per-cent interest by making a cash payment of $35,000, and by
MB
Manitoba
143,603 ha
issuing 4.5 million common shares and 2.25 million common share purchase warrants and completing a
minimum of $3.2-million exploration expenditures on the property by 2015. The second stage allows
MPVC to increase its interest in the project to 70 per cent by issuing a further 2.5 million common shares
and 1.25 million common share purchase warrants, and spending a further $2.8-million on exploration
expenditures. The third and final stage allows MPVC to increase its interest to 80 per cent by issuing a
further five million common shares and 2.5 million common share purchase warrants, and spending a
further $5.6-million on exploration expenditures. A royalty provision is also included in the agreement.
This provision allows either company to acquire a 2-per-cent yellowcake royalty if either participating
interest in the joint venture is diluted below 15 per cent, then such party's interest will automatically
convert to a 2-per-cent royalty on uranium oxide or any other minerals mined and sold from the project,
and the joint venture shall be terminated.
JK Dream Target
$52,388,000
Not Rated
$100 million
$500 million
$2 billion
Speculative Value
Milestone Timeline
Program
Target Testing
Start
End
2014 Q2 Mid May
2014 Q2 Mid May
Milestone
Drilling begins with two rigs. A rotary air blast drill rig is focused on rapidly
testing shallow targets while diamond drilling is testing the Maguire Lake
focus area, targeting geophysical and geochemical anomalies.
Target Testing
2014 Q3 Late
2014 Q3 Late
Fall 2014 drilling begins, testing high-priority land based targets on the
August
August
Maguire Lake focus area. A rotary air blast drill is being used to locate the
bedrock source of the exceptionally anomalous radon results returned
from the AlphaTrack survey.
Patterson West Project
Patterson West
Canada
Ownership Terms: 3 claim groups acquired by staking. August 2013 agreement for Makena
Vested: Yes
Resources Inc to acquire 50% for $25,000 within three business days of exchange approval, with
additional cash payments of $25,000 due Dec. 31, 2013, $25,000 due June 1, 2014, and $25,000 due
SK
Saskatchewan
6,687 ha
June 1, 2015. Makena is required to issue one million common shares within three business days of
TSX approval; an additional 750,000 common shares on June 1, 2014; and 750,000 common shares on
June 1, 2015. Makena is also required to issue one million share purchase warrants within three
business days of TSX approval. Makena will need to perform $75,000 in work commitments by Dec. 31,
2013; an additional $225,000 by Sept. 30, 2014; $400,000 by Sept. 30, 2015; and $700,000 by Sept. 30,
2016.
JK Dream Target
$20,955,200
Not Rated
$100 million
$500 million
$2 billion
Speculative Value
Notes on Patterson West Project
The West block straddles the Athabasca Basin edge and the basement is at 130 to 200m, below Cretaceous and Recent sediments. The Eastern
Block is within the Basin; unconformity is at 350 to 400m. The Northern block is also within the Basin with unconformity at 180 to 350m.
Carswell Project
Carswell
Canada
Ownership Terms: Acquired by staking.
SK
Athabasca Basin
1,723 ha
Vested: Yes
Model: Unconformity
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Notes on Carswell Project
The claims were acquired in August 2014. The area was part of ground held by, and explored, by Amok Ltd in the 1960's to 1990's. There is only one
historical drill hole on the property, CAR-311, consisting of steeply dipping, interlayered altered basement and sandstone, with Cluff Breccia dykes.
Several uranium showings also occur on or near the property, mostly of radioactive pegmatoid boulders.
Grease River Project
Grease River
Canada
SK
Saskatchewan
16,145 ha
Ownership Terms:
Vested: Yes
Model: Intrusive
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Notes on Grease River Project
The Grease River project of 15 claims is located 50 kilometres north west of the community of Black Lake. Access is by air, year round, and by winter
roads. The project covers 70,084 ha in three non contiguous claim blocks that extend from Bulyea River, north of Fond du Lac, to Marytnuik Lake,
north of Stony Rapids, and covers four geological domains. During the late 1960's and late 1970's extensive regional prospecting and airborne
geophysical work was carried out by the Canadian government on the project area. A very strong halo of uranium mineralization is evident from lake
sediment surveys, and very high uranium - thorium background is recognized along the contacts of major structural zones. CanAlaska has spent
approximately $2.7-million on exploration of the property since 2006, and has discovered 24 uranium occurrences, one rare earth element occurrence
and one occurrence of REE plus uranium mineralization. The highest analytical result encountered from surface sample analysis on the property was
550,600 parts per million (55.06 per cent) U3O8. Westcan believes that the Shearika Ridge uranium occurrences show similarity to the famous
Ressing deposit in Namibia, which has been mined continuously since 1976 and has produced a total of 215 million pounds of U3O8 to the end of
2009. The planned program for 2010 at Shearika Ridge is to map the zone in detail, then to put down a series of 200 m deep diamond drill holes to
determine the average grade of the main alaskite sills. Drilling in 2010 failed to intersect high grade uranium.
Helmer Project
Helmer
Canada
Ownership Terms:
SK
Athabasca Basin
51,531 ha
Vested: Yes
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Notes on Helmer Project
The project has been explored by Shell and Famok during the 1970's and early 1980's, when numerous geophysical and geochemical surveys were
performed. During this time, two uraniferous boulder trains were located within the project area with grades of 2.4% and 2.2% U3O8.
Hodgson Project
Hodgson
Canada
Ownership Terms:
SK
Athabasca Basin
11,492 ha
Vested: Yes
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Kasmere Project
Kasmere
Canada
Ownership Terms:
SK
Athabasca Basin
Vested: Yes
Stage: 1-Grassroots
0 ha
JK Dream Target
$10,477,600
Not Rated
$100 million
$500 million
$2 billion
Speculative Value
Moon North Project
Moon North
Canada
Ownership Terms:
SK
Athabasca Basin
360 ha
Vested: Yes
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
North East Wollaston Project
North East Wollaston
Canada
Net Interest: 5% TC
Ownership Terms: December 2008 memorandum of understanding with East Nickel Mining Inc.
Vested: Yes
(ERI) where ERI may earn a 40% interest in the project by undertaking a minimum of 100,000 metres of
diamond drilling within five years. ERI may earn a 70% interest in the project by undertaking a minimum
SK
Athabasca Basin
0 ha
of 50,000 metres of diamond drilling, successfully completing a feasibility study for a minimum economic
reserve of 15 million pounds U(3)O8 and fully financing the costs of mine construction. ERI may earn an
80-per-cent interest in the project by undertaking a minimum of 50,000 metres of diamond drilling,
successfully completing a feasibility study for a minimum economic reserve of 35 million pounds U(3)O8
and fully financing the costs of mine construction. ERI may also earn an additional 15-per-cent interest
in the project to hold a cumulative 95-per-cent ownership by granting to CanAlaska a 5-per-cent gross
revenue royalty from the production and sale of minerals.
Target Metals: Uranium Rare-Earth-Metals
JK Dream Target
$209,552,000
Not Rated
$100 million
$500 million
Stage: 1-Grassroots
$2 billion
Speculative Value
Patterson East Project
Patterson East
Canada
Ownership Terms: April 2013 agreement for Ashburton to earn 50% from Canalaska for $25,000
Vested: Yes
cash, 2.5 million shares, share purchase warrants to CanAlaska in the amount of one million shares of
Ashburton stock exercisable at a price of 10 cents per share, and cumulative expenditures in the amount
SK
Saskatchewan
2,999 ha
of $1.4-million over a three-year period.
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Notes on Patterson East Project
Patterson West (2,999 hectares) borders the Patterson Lake South property of Alpha Minerals/Fission Energy and is located eight kilometres
northwest of the Patterson Lake South uranium discovery. A historical drill hole indicates the basement to the Athabasca sandstones is at a depth of
only 154 metres in the centre of the Patterson West property. Most of the project area has been covered by a recent VTEM survey, the remainder was
covered by a 1978 airborne electromagnetic equivalent to INPUT. Two basement conductors have been interpreted from the EM surveys, one of which
is adjacent to a marked magnetic lineament, suggesting a distinct structure.
Patterson North Project
Patterson North
Canada
Ownership Terms: April 2013 agreement for Ashburton to earn 50% from Canalaska for $25,000
Vested: Yes
cash, 2.5 million shares, share purchase warrants to CanAlaska in the amount of one million shares of
Ashburton stock exercisable at a price of 10 cents per share, and cumulative expenditures in the amount
SK
Saskatchewan
2,537 ha
of $1.4-million over a three-year period.
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Notes on Patterson North Project
Patterson North (2,537 hectares) is located eight kilometres north of the Patterson Lake South property of Alpha Minerals/Fission Energy. Based on
neighbouring historical drill hole data, depth to basement unconformity has been estimated in the order of 300 metres. The project area has been
covered by a MEGATEM survey. The residual magnetic map indicates the property is located over the boundary of the Talston and Clearwater
domain. Magnetic lineaments suggest northwest-southeast and northeast-southwest structures. The EM response shows a major conductor striking
from the northeast toward the property. It is possible that this structure may extend into the property.
Poplar Project
Poplar
Canada
Net Interest: 5% FC
Ownership Terms: June 2009 memorandum of understanding where East Resources Inc may earn
Vested: Yes
a 40-per-cent interest in the Poplar project by undertaking a minimum of 100,000 metres of diamond
drilling within five years. ERI may earn a 70-per-cent interest in the project by undertaking a minimum of
SK
Athabasca Basin
26,824 ha
50,000 metres of diamond drilling, successfully completing a feasibility study for a minimum economic
reserve of 15 million pounds U3O8 and fully financing the costs of mine construction. ERI may earn an
80-per-cent interest in the project by undertaking a minimum of 50,000 metres of diamond drilling,
successfully completing a feasibility study for a minimum economic reserve of 35 million pounds U3O8
and fully financing the costs of mine construction. ERI may also earn an additional 15-per-cent interest
in the project to hold a cumulative 95-per-cent ownership by granting to CanAlaska a 5-per-cent gross
revenue royalty from the production and sale of minerals.
JK Dream Target
$209,552,000
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Ruttan Project
Ruttan
Canada
Ownership Terms: Acquired by staking in June 2012.
MB
Manitoba
11,563 ha
Vested: Yes
Target Metals: Gold Copper Zinc
Model: VMS
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Waterbury Lake Project
Waterbury Lake
Canada
Ownership Terms: 3 claim blocks, 75% optioned to Northwestern Mineral Ventures, which can
Vested: Yes
acquire a 50% interest by paying $150,000, issuing 300,000 shares, and spending $2,000,000 on
exploration. NWT can increase its interest incrementally up to 75% by completing a feasibilty study. NMV
SK
Athabasca Basin
dropped option.
6,089 ha
JK Dream Target
$10,477,600
Not Rated
$100 million
Stage: 1-Grassroots
$500 million
$2 billion
Speculative Value
Company Related KRO Comments
Mar 16, 2016
Bottom-Fish Comment: Recommendation Strategy for Canalaska Uranium Inc
Mar 4, 2016
SVH Tracker: Uravan decides to be aggressive about marketing Outer Ring for a farmout
Nov 18, 1998
Report Sept-Oct 1998: Intl Canalaska Res Ltd - 1998 Annual Review
Dec 1, 1997
Report Sept-Dec 1997: Intl Canalaska Res Ltd - 1998 Bottom-Fish 100
Dec 1, 1997
Report Sept-Dec 1997: Intl Canalaska Res Ltd - 1997 Annual Review
Oct 10, 1997
Tracker 1997-38: Canalaska - Eastern Deeps Extension play still alive in ninth inning
Aug 21, 1997
Tracker 1997-23: Canalaska - Wow, the rock type changed!
Aug 14, 1997
Tracker 1997-19: Canalaska - Labrador deep drilling & reacquisition of Kilometre 88 concession
Dec 23, 1996
Report Nov-Dec 1996: Intl Canalaska Res Ltd = 1997 Bottom-Fish 100
Company News Releases
Mar 29, 2016
Cameco Commences Drilling at CanAlaska's West McArthur Project Cameco focusing on Alteration Zone at Major Structural
Break in C10 Conductor
Feb 24, 2016
Cameco Options CanAlaska Property Adjacent to Read Lake Property host to the High Grade Fox Lake Uranium Discovery;
Cameco can Earn 60% in $12.5 Million West McArthur Deal;
Feb 18, 2016
Stakes Kimberlite Targets in Western Athabasca
Jan 29, 2016
Drilling Identifies Uranium on Prospect Bordering Fission's Patterson Discovery
Jan 25, 2016
Drilling to Commence by Denison on CanAlaska's Moon Claim
Jan 21, 2016
CanAlaska and MC Resources Canada Ltd. Agree on West McArthur Uranium Project Buyout
Jan 5, 2016
CanAlaska Options Uranium Property to Denison Mines
Dec 14, 2015
MakenaIntersects Uranium on Athabasca Drill Program
Nov 27, 2015
Drilling to Commence at Patterson West, Current Financing Postponed
Oct 28, 2015
Extension Of Financing And Attendance At New Orleans Investment Show
Sep 25, 2015
Results Of Annual General Meeting Of Shareholders
Sep 23, 2015
Amended: $5.6 Million Exploration Program Planned to Follow up Manitoba Uranium Discovery
Sep 15, 2015
Financing and AGM
Aug 24, 2015
Northern Uranium Intersects Two Highest Gamma Radiation Drill Results to Date
Jul 2, 2015
Northern Uranium Drill Hole MG15DD 0016 Intersects Highest Gamma Radiation Results To Date
Jun 19, 2015
Property Asset or Share Purchase Agreement, Property Asset or Share Disposition Agreement
Jun 17, 2015
Northern Uranium Commences Summer Drill Program at NW Manitoba
Jun 15, 2015
CanAlaska Receives Bayswater Shares And NSR For Collins Bay Option
Jun 12, 2015
CanAlaska Receives Bayswater Shares and NSR for Collins Bay Option China's Nu Nova Energy to Purchase property
May 13, 2015
Drilling at Maguire Confirms Large Alteration System Drilling to Continue in June with Two Diamond Rigs
May 8, 2015
Intention To Deregister From Reporting Requirements In USA
May 1, 2015
Sells Two Diamond Prospects in Pikoo Region and Alaska Gold Subsidiary
Apr 22, 2015
Significant Uranium Mineralization Intersected at NW Manitoba
Apr 13, 2015
Strong Gravity Anomaly Discovered At Patterson West Uranium Project
Apr 7, 2015
Pacific Road Resources Funds Maintains Interest in Reno Creek Project Through Reno Creek Holdings
Mar 2, 2015
on Multiple Projects
Feb 4, 2015
Awaiting Results from Partner Funded Exploration Programs
Dec 23, 2014
Northern Uranium Issues 2,500,000 Common Shares to CanAlaska
Dec 15, 2014
Northern Uranium earns 50% interest in NW Manitoba; CanAlaska grants options
Dec 12, 2014
Northern Uranium Earns 50% in North West Manitoba Project
Dec 12, 2014
Northern Uranium Earns 50% In North West Manitoba Project
Nov 19, 2014
Grants Incentive Stock Options
Nov 10, 2014
Correction of Stock Option Exercise Price
Nov 7, 2014
Grants Incentive Stock Options
Nov 3, 2014
Removed from BCSC Delinquent Filer List - 2014/10/24 OT Filings
Sep 23, 2014
Results of the Annual General Meeting of Shareholders
Sep 2, 2014
Launches Trading on OTCQB
Aug 27, 2014
Northern Uranium Commences Drill Program
Jun 30, 2014
Kasmere South Uranium Project Sale Completed
Jun 20, 2014
Receives final RadonEx Results and Prepares Summer Drill Program for its Northwest Manitoba Uranium Project
Jun 18, 2014
Cree East Project Drill Target Extended: Drill Ready
Jun 3, 2014
MPVC Drill Update At Its Northwest Manitoba Uranium Project
Jun 3, 2014
MPVC Drill Update At Its Northwest Manitoba Uranium Project
May 22, 2014
MPVC's Second Drill Arrives at NW Manitoba Uranium Project
May 14, 2014
MPVC Commences Drilling at NW Manitoba Uranium Project
Apr 9, 2014
Strongly Anomalous Radon Results Received From MPVC NW Manitoba Project
Apr 1, 2014
Kasmere Sales Agreement
Jan 7, 2014
Appoints Honorable Kathleen Kennedy Townsend as Director
Dec 27, 2013
New Listing Shares, Correction
Dec 27, 2013
CanAlaska Winter Budgets and Shareholder Update
Dec 27, 2013
Bulletin 2013 1371
Dec 24, 2013
New Listing Shares
Dec 24, 2013
Delisting Review
Dec 2, 2013
Bulletin 2013 1248 Trader Note
Nov 29, 2013
TSX Delisting Review CanAlaska Uranium Ltd. (CVV)
Nov 8, 2013
MPVC Updates On Technical Report For Northwest Manitoba Property
Nov 5, 2013
Confirms Application to List on the TSX Venture Exchange; Grant of Incentive Stock Options
Nov 1, 2013
43 101 Filing And Shareholder Update
Nov 1, 2013
Delisting Review
Nov 1, 2013
TSX Delisting Review CanAlaska Uranium Ltd.
Oct 4, 2013
MPVC Signs Option Agreement With Canalaska Uranium To Acquire Up To 80% Interest In Northwest Manitoba Uranium
Property
Oct 2, 2013
Results of the Annual General and Special Meeting Of Shareholders
Sep 26, 2013
NW Manitoba Uranium Property Agreement
Sep 26, 2013
IIROC Trading Halt Re CanAlaska Uranium Ltd. Pending News
Sep 20, 2013
Property Update
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April 5, 2016 - Kaiser Report - Arctic Star Exploration Corp.

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