CanAlaska’s Nebula property, totaling 14,854 ha, is located in the southeastern Athabasca Basin. The project is thirty kilometres south of the present-day Athabasca Basin edge and the Key Lake Mine and Mill complex along Highway 914. The project covers over 40 kilometres of the interpreted Key Lake structural corridor and associated conductors.
Historical exploration on the project consists of prospecting and geological mapping that were completed in conjunction with airborne radiometric, electromagnetic, and magnetic surveys. Historical prospecting in the region identified several uranium occurrences both on and proximal to the project, including the Karpinka Lake Boulder train that consists of 111 radioactive boulders, 81 of which returned grab sample results containing up to 0.39% U3O8.
In 2017, a VTEM Plus airborne geophysical survey was completed on the Project that, in conjunction with historical VTEM surveys, identified a series of conductors associated with an arcuate belt of meta-sedimentary rocks. Follow-up drilling was carried out in 2019, consisting of 1,300 metres in 8 drillholes. The drill program was highlighted by drillhole KL19-005 which intersected a 40 metre wide strongly graphitic, chlorite and clay altered fault zone that remains open along strike. Prior to this drill program, this 40-kilometre-long section of the Key Lake structural corridor has had limited drill testing.
The main target areas on the Nebula Project are centered around the 40-kilometre-long conductive structural corridor that extends from the Key Lake Mine and Mill complex, down through the Company’s Key Lake Extension and Voyager projects, and onto the Nebula Project. The Nebula Project is part of the Company’s strategy to increase its landholdings in the infrastructure-rich southeastern Athabasca Basin region. Land acquisitions in this part of the Athabasca Basin deliberately focus on staking or acquiring the interpreted structural corridors that are host to, or geologically similar to, the nearby Key Lake deposits, or corridors with Arrow or Eagle Point basement-hosted uranium potential. The Company is actively seeking joint-venture partners for its Nebula project.