- CanAlaska Uranium (TSXV:CVV) has mobilized crews for the summer exploration drill program at its West McArthur project
- The team received assay results from the winter drill program, a high-grade intersection graded 2.80 per cent U3O8 over 2.6 metres, including a sub-interval of 20.20 per cent U3O8 over 0.3 of a metre
- The two-drill summer program is part of the $10 million program on the West McArthur Joint Venture and will be focused on the immediate Pike Zone area
- CanAlaska Uranium Ltd. opened trading at $0.33 per share
CanAlaska Uranium (TSXV:CVV) has mobilized crews for the summer exploration drill program at its West McArthur project.
The team also reported it has received assay results from the 2023 winter drill program at the project. Geochemical assay results are highlighted by drill hole WMA079 that returned a high-grade intersection grading 2.80 per cent U3O8 over 2.6 metres, including a sub-interval of 20.20 per cent U3O8 over 0.3 of a metre. The assay results confirm uranium mineralization intersected in six of the nine drill holes completed during the winter program, including several intersections of unconformity-associated uranium mineralization at Pike Zone.
During the winter drill program, the Pike Zone basement mineralization was expanded and remains open in all directions.
In a news release, CanAlaska CEO Cory Belyk called this assay confirmation of uranium grades from the winter drilling program “very encouraging.”
“With the Pike Zone now returning indications of significant uranium mineralization over more than 160 metres’ length in the basement and at the unconformity, and remaining open in multiple directions, the CanAlaska team is excited to get back to West McArthur to further expand the mineralization footprint of this potential major discovery,” Belyk said. “As we anticipated, the recent resistivity survey is highlighting the immense discovery potential of the C10S mineralized corridor with discrete targets on equivalent scale to other major unconformity uranium deposits such as Fox Lake and Phoenix. A new target area located just 1.8 kilometres from Pike Zone is extremely compelling and well within the length extent of a McArthur River or Cigar Lake deposit analogue.”
Drill crews and geological staff have been sent to the project to conduct the summer exploration program. The two-drill summer program is part of the $10 million program on the West McArthur Joint Venture and will be focused on the immediate Pike Zone area. This includes continued expansion of basement-hosted high-grade uranium mineralization as well as continued unconformity target testing.
The West McArthur project, a Joint Venture with Cameco Corp. (TSX:CCO), is operated by CanAlaska, which currently holds 79.4 per cent ownership in the project. The company is fully funded to complete its 2023 exploration programs with $18 million in cash on hand. CanAlaska will fund the 2023 West McArthur program entirely, further increasing its majority ownership in the project.
CanAlaska Uranium Ltd. is engaged in the exploration of uranium, nickel and diamond properties. It holds interests in 3,000 square kilometres in the Athabasca Basin.
CanAlaska Uranium Ltd. opened trading at $0.33 per share.
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