CanAlaska Uranium Letter to Shareholders – August 2021
Dear Fellow Shareholders:
This past year has been a turning point for society and visions for the future. Global warming has continued to present catastrophic weather events causing severe floods, extreme drought, and wildfires around the globe. COVID-related lockdowns have given people time to contemplate their present and future environmental legacy, and energy supply options. The Untied States and Canadian governments have openly embraced nuclear power and specifically promoted the testing and development of small nuclear reactor (SMR) technology for broad civilian use. Public support for carbon-free energy, and specifically nuclear energy, has grown substantially in this time. With this support, increasing nuclear energy deployment will create a significant increase in the market for uranium.
Our exploration for uranium continued in Saskatchewan, and new targets along the along the “C10 corridor” on the West McArthur project were developed. New drill information allowed us to advance the 42 Zone discovery, and the extension of the targets associated with this high-grade mineralization. Late in the year we saw the first market surge for uranium equities, and our landholdings and results saw us quadruple our share price, and raise sufficient funding for new programs and growth opportunities in 2021.
In Manitoba, we continued to develop new sulphide nickel projects and firm up our exploration targets. We entered into two new exploration agreements for the projects which we had staked and later in the year we added more promising exploration properties. These projects are held at minimal cost, and we are optimistic that new joint ventures and discovery will come from these assets, for the significant benefit of our shareholders.
In March 2021, our winter drill team made a new uranium discovery at our 100%-owned Waterbury South project. The large alteration zone, and the polymetallic uranium mineralization encountered in the drillholes, have now vectored us into a significant target located just 10 km southeast of the world-class Cigar Lake (polymetallic) uranium mine and only 2 km off the Cigar Lake to McClean Lake mill ore haul road. This project is now primed for further discovery along a new 5 km length target corridor.
In May this year we started our succession campaign, with Cory Belyk taking over the Executive duties that I had for the past 17 years. Cory and I have known each other for a long time, and I have great respect for his business and technical acumen. We have worked shoulder to shoulder for the past 2 years, and together we will be advancing a number of new and existing ideas. Dr. Karl Schimann has also handed over exploration duties to Nathan Bridge. Nathan has become our new VP Exploration, and he brings experience, success and ideas generated from his discovery work on the nearby Fox Lake deposit, and his success at drilling the first highgrade
mineralized holes at the 42 Zone discovery. Nathan has two new senior geologists who are very experienced with uranium and nickel exploration in Saskatchewan and Manitoba. Karl will remain our key consultant developing ideas for exploration by our new team.
This month we have sent our new team into the field to follow-up on the past success at 42 Zone, and to explore new targets immediately to the south, which were identified from re-evaluation of the early drilling and geophysics along the C10 corridor. The team is lead by Cory Belyk and Nathan Bridge, and we hope that the drill program will give us success that we can advance in a larger winter program in early 2022.
Our existing large, and strategically positioned, West McArthur and Cree East uranium properties respectively have 20 and 15 years of exploration credits and are not a burden to us as we define the targets that we believe can provide us a Tier 1 uranium discovery. We have been patiently waiting for opportunities to move forward with exploration, always mindful of minimizing dilution to our shareholders. We can now see multiple reasons to bring our company to the forefront. Our new 42 Zone discovery at West McArthur, and our new polymetallic uranium discovery and target zone on the Waterbury South property, are strategically positioned to take full advantage of existing infrastructure and future uranium production needs. Cree East is an extensive property with a series of existing uranium targets discovered with $20M of Korean Sovereign funding. These targets have the fingerprints of a large mineralizing event like Cigar Lake or McArthur River, or our new discoveries at 42 Zone and Waterbury South, and are ready to be advanced with new partnerships.
Our aim is to build on our vast uranium and nickel property holdings, and provide a meaningful contribution to clean energy production, storage and delivery. At CanAlaska, we believe that we have multiple opportunities to make new uranium discoveries in the Athabasca region of Canada and new sulphide nickel discoveries in the Thompson Nickel Belt of Manitoba, Canada, and provide a profitable return for our shareholders. With outside project funding we protect CanAlaska shareholders from unnecessary financing and dilution, and still participate in new mineral discoveries made within our portfolio.
CanAlaska continues to be grateful for community support from the Fond Du Lac First Nation, the Black Lake First Nation, Hatchet Lake First Nation and English River First Nation in Saskatchewan. In Manitoba, the community of Lac Brochet is a key component to future success. We look forward to community support from Nelson House for our Ruttan and North Thompson area projects. These communities will be the first to provide labour and support for any new resource development.
Once again, I am personally grateful for the long-term support of our larger shareholder groups and individual investors as well as our core staff and contractors. If you have not already done so, please visit our website (www.canalaska.com) and opt-in to receive news releases to stay up to date on our activities. You can also follow us on Twitter to learn of developments in the uranium and nickel markets, and nuclear energy in general: https://twitter.com/CanAlaska.
Please contact us if you desire further information about recent developments.
CanAlaska Uranium Ltd.
Tel: +1.604.688.3211 Extension 138