Market Herald logo

Subscribe

Be the first with the news that moves the market
  • CanAlaska Uranium (CVV) has curtailed winter drilling at its Waterbury uranium project
  • The company was only able to complete half of the planned winter program
  • Late permitting and warming weather conditions hampered activities
  • Three drill holes, were completed on the South claim, and none on the East claim
  • Shares of CanAlaska are up 6.67 per cent on the day, and trading at $0.64 at 1:32 pm ET

CanAlaska Uranium (CVV) has curtailed winter drilling at its Waterbury uranium project.

The project is composed of three separate groups of claims totalling 6,089 hectares in the Athabasca Basin.

The company was only able to complete half of the planned winter program.

Late permitting and warming weather conditions hampered activities.

Three drill holes, were completed on the South claim, and none on the East claim.

The focus was to test targets near previously drilled holes which showed significant alteration, uranium values and untested geophysical targets on both the East and South Waterbury claims.

The new drill fence only extends to a point under the abandoned historic Cameco drill hole. However, there was insufficient time available to drill a further hole to test the intersection of the basement structure with the unconformity, due to warming weather. The prime target for uranium mineralization is at the intersection of the basement structures with the unconformity, now determined to be just in front of the current drill fence.

Core samples were collected and sent to the Saskatchewan Research Council for geochemical analysis. Samples for clay analysis are currently being processed.

“The drill team has confirmed the geophysical interpretation of strongly altered basement and sandstone with underlying reactive graphitic sediments. These are a very encouraging features for us to focus our next drill program at Waterbury South. It is unfortunate that timing and weather did not allow further holes this season, however we have significantly upgraded the current target at Waterbury south, and look forward to getting another chance for discovery,” said CanAlaska President Peter Dasler.

CanAlaska Uranium holds interests in approximately 214,000 hectares in Canada’s Athabasca Basin and Wollaston area.

Shares of CanAlaska are up 6.67 per cent on the day, and trading at $0.64 at 1:32 pm ET.

More From The Market Herald
Superior Gold - Director, Michael Pesner.

" Superior Gold (TSXV:SGI) nominates new director

Superior Gold (SGI) has filed a management information circular for its annual general meeting.

" Sulliden Mining Capital (TSX:SMC) acquires securities of Xander Resources

Sulliden Mining Capital (SMC) acquired 7,142,857 units of Xander Resources in a private placement.

" Eastern Platinum (TSX:ELR) updates technical report on Crocodile River Mine

Eastern Platinum Limited (ELR) has filed a Technical Report on the Crocodile River Mine (CRM), North West Province in South Africa.