CanAlaska Signs LOI to Option Nickel Projects in Manitoba's Thompson Nickel Belt

CanAlaska Uranium Ltd. (TSXV: CVV; OTCQX: CVVUF; Frankfurt: DH7N) is a project generator positioned for discovery success in the Athabasca Basin, home to the world's richest uranium deposits. The company also holds properties prospective for nickel, copper, gold and diamonds. With strategic land holdings and joint ventures with major mining companies, CanAlaska aims to attract investment in mineral exploration.

CanAlaska has signed a letter of intent with Valterra Resource Corporation (TSXV: VQA) to option four nickel exploration projects in Manitoba's Thompson Nickel Belt. The projects total 30,283 hectares located just 30km from Vale's Thompson nickel operations and have seen limited modern exploration.

Under the agreement, Valterra can earn up to an 80% interest in the projects by making cash payments, share issuances, and completing staged exploration expenditures over five years. The first two stages allow Valterra to earn 70% interest for $2 million and $3.5 million in exploration spending respectively.

The properties are considered highly prospective as they host the same geological environment as Vale's world-class Thompson nickel mine. However, the CanAlaska tenure remains underexplored with no drilling since 2005. Previous surveys have outlined priority drill targets that could host large nickel deposits.

With new investment and drilling programs planned, CanAlaska's Manitoba nickel projects offer significant discovery potential. The deal allows CanAlaska to advance these assets while focusing resources on its core uranium projects.

For investors, this agreement validates the prospectivity of CanAlaska's properties in the Thompson Nickel Belt. With major exploration expenditures funded by Valterra, investors can watch for exciting drill results and potential nickel discoveries in a proven mining district.