Exploration in the vicinity of the largest & richest uranium mines in the world
CanAlaska Uranium is focusing on a series of uranium discoveries on its West McArthur project in Canada’s Athabasca Basin. Further, the Company operates a Joint Venture project with Cameco Corp. Ten reconnaissance drill holes, spaced over 1.7km, identified multiple uranium zones and targets. Moreover, capping these targets is one of the largest mineralized alteration halos in the eastern Athabasca and at Grid 5 they now have evidence for multiple mineralized horizons. In fact, drilling in summer 2019 focused on the center of this large target and produced multiple uranium intersections leading to high-grade mineralization (7.95% U3O8) in the final drill hole of the season. A well-defined, 700 metre long target is the focus of the next phase of exploration with winter and summer drilling planned.
“There are 400 nuclear power plants around the world. Long term supply is critical. We need to find more uranium to supply those reactors.”, says President and CEO, Peter Dasler.
West McArther Project
The West McArther Project is located in the Athabasca Basin in Saskatchewan. It lies between 6 and 30 km west of the producing McArthur River mine. Cameco’s new Fox Lake deposit is located immediately east of the property which was staked by CanAlaska in 2004 and optioned in April 2007 to Mitsubishi Development Pty Ltd., a subsidiary of Mitsubishi Corporation of Japan. In addition, in January 2016, CanAlaska Uranium Ltd bought Mitsubishi’s 50% interest to hold 100% in the West McArthur property. Also, under an option agreement with Cameco signed in February 2016, drilling confirmed a new zone of high grade uranium mineralization at Grid 5. Markedly, in late 2018 CanAlaska resumed Operatorship, with Cameco as a 30% JV partner.
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