- CanAlaska Uranium (TSXV:CVV) has announced its newly acquired North Millennium Project in the eastern Athabasca Basin has identified two new uranium targets
- The targets are seven kilometres from Cameco’s Millennium uranium deposit, which is hosted within the north-south trending host Assemblage basement metasediments
- These metasediments are hanging-wall to the “Mother Fault.”
- Previous genetic models of the Millennium uranium deposit have intercepted the Mother Fault to be the main conduit for ore-bearing fluids entering the basement rocks to form the deposit
- The company is also drilling on its West McArthuer joint venture project with Cameco
- Shares of CanAlaska are up 6.59 per cent to C$0.48 as of 11:10 a.m. EDT
CanAlaska Uranium (CVV) has announced it has identified two new uranium targets on its newly acquired Millennium project in the Eastern Athabasca Basin.
The targets were identified along a five-kilometre conductor corridor and are outlined by coincident magnetic breaks and electromagnetic conductor disruption.
This is roughly seven kilometres from Cameco Corporation’s uranium deposit which hosts 75.9 million pounds of uranium indicated at 2.39 per cent and 29 million pounds of uranium inferred at 3.19 per cent.
Uranium mineralization at Cameco’s Millenium deposit sits within the north-south trending Host Assemblage basement metasediments where the conductor corridor changes from north-south to northeast-southwest.
The Host Assemblage metasediments are hanging-wall to the “Mother Fault,” which is a 10-metre wide, north-south trending fault zone with a reverse sense of displacement.
The company said historic genetic models of the Millennium deposit have indicated that the Mother Fault is the main conduit for ore-bearing fluids entering the basement rocks that form the deposit.
Additionally, previous exploration on the North Millenium project has been limited to regional-scale airborne and ground-based electromagnetic surveys while no drill holes have been done yet on the project.
“Recognition of evidence that suggests the presence of the Millennium deposit’s controlling Mother Fault in association with more than five kilometres of untested conductor corridor on the North Millennium project is another example of the great work our geologists are doing to generate new projects and discovery opportunities for our shareholders,” Cory Belyk, CEO of CanAlaska, said in a press release.
The company is also drilling on its West McArthur joint venture project with Cameco Corporation.
CanAlaska Uranium is focused in Saskatchewan’s prolific Athabasca Basin where the company holds interests in roughly 214,000 hectares. In addition to its joint venture with Cameco, CanAslaka is also working with Dension in the Eastern Athabasca Basin.
The company holds properties that are prospective for nickel, copper, gold and diamonds.
Shares of CanAlaska are up 6.59 per cent to C$0.48 as of 11:10 a.m. EDT.
