- CanAlaska Uranium (CVV) has mobilized drill crews and equipment on the West McArthur Joint Venture project in the eastern Athabasca Basin
- The focus will be on advancing the company’s new high-grade Pike Zone uranium discovery
- The first will target a controlling structure within a 40-to-50-metre-wide graphitic horizon, which has not been drill-tested
- CanAlaska Uranium Ltd. (CVV) is up 3.53 per cent, trading at $0.44 per share as of noon ET
CanAlaska Uranium (CVV) has mobilized drill crews and equipment on the West McArthur Joint Venture project in the eastern Athabasca Basin.
As part of the $10 million 2023 program, the focus will be on advancing the company’s new high-grade Pike Zone uranium discovery with two drills already on-scene. Unconformity target tests at the pike zone are a priority for the first drill holes.
The first will target a controlling structure within a 40-to-50-metre-wide graphitic horizon, which has not been drill-tested.
CanAlaska’s CEO, Cory Belyk, explained that preparations are underway for the company’s first drilling program on the Key Extension project, where drill targets have been identified that closely resemble those associated with basement-hosted uranium mineralization such as the Arrow deposit under NexGen Energy (TSX:NXE) and Cameco Corp.’s (TSX:CCO) Eagle Point uranium deposit.
“The first quarter of 2023 will have a lot of news flow for CanAlaska and its shareholders from two diamond drilling programs in the eastern Athabasca Basin, one of which is focussed on high-grade uranium mineralization expansion.”
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.
The company expects to complete the winter portion of the 2023 exploration program in early April. Immediately after that, the team is planning a regional DCIP Resistivity survey over the conductive corridor which hosts the Pike Zone.
CanAlaska Uranium Ltd. is engaged in the exploration of uranium, nickel, and diamond properties. It holds interests in approximately 300,000 hectares (750,000 acres) in Canada’s Athabasca Basin.
CanAlaska Uranium Ltd. (CVV) is up 3.53 per cent, trading at $0.44 per share as of noon ET.
