08:19 AM EST, 01/07/2025 (MT Newswires) -- CanAlaska Uranium ( CVVUF ) on Tuesday said it is preparing for winter drill programs at two of its projects in the southeastern Athabasca Basin and added that it is fully funded to complete its exploration programs in 2025.

The company said an approved $12.5 million exploration program on the West McArthur joint venture project with Cameco is scheduled to start in early January and will focus on continued expansion and delineation of the ultra-high-grade Pike Zone uranium discovery. CanAlaska is sole funding the 2025 West McArthur program and will further increase its majority ownership in the project as a result.

CanAlaska said a winter drill program is planned to start in the first quarter of 2025 for the Cree East uranium project which will focus on a series of high-priority exploration target areas that have been identified. The Cree East project is currently being sole-funded by Nexus Uranium ( GIDMF ) under an option earn-in agreement with CanAlaska that could see up to $19 million worth of exploration expenditures completed on the project.

The company added it was preparing several additional discovery opportunities within its 500,000-hectare eastern Athabasca-focused land portfolio.

"Our recently completed bought deal financing has CanAlaska fully funded to meet its objectives at Pike Zone in 2025. Market fundamentals remain very strong and now is the time for significant new uranium discoveries to fuel the future with clean baseload energy," said CanAlaska Uranium ( CVVUF ) Chief Executive Cory Belyk.

Shares of the company closed down $0.010 or 1%, to $0.73 on Monday on the TSX Venture Exchange.