CanAlaska reports exceptional uranium grades at Cameco JV

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Site of nan West McArthur property. Credit: CanAlaska

Mining news - CanAlaska Uranium (TSXV: CVV) says “rare” caller drill results thief grow nan Pike area astatine its West McArthur associated task uranium task pinch Cameco (TSX: CCO; NYSE: CCJ) successful bluish Saskatchewan. The shares jumped.

Drill spread WMA082-4 astatine nan eastbound Athabasca Basin tract intersected 13.8% uranium equivalent (eU3O8) complete 16.8 metres, including 40.3% over 4.7 metres and 13.5% eU3O8 over 2.4 metres at nan Pike zone, nan institution said successful a merchandise connected Wednesday.

Shares successful CanAlaska Uranium roseate 34% to C$0.61 apiece successful Toronto connected Wednesday morning, valuing nan institution astatine C$90.1 million.

“It is highly uncommon to intersect uranium mineralization of this people and width anyplace successful nan world, including nan Athabasca basin,” CanAlaska CEO Cory Belyk said successful nan release. “Since first find successful 2022, nan CanAlaska squad has believed Pike area had nan imaginable for Cigar- and McArthur River-like uranium grades and thickness based connected anterior drilling results.”

Cameco’s Cigar Lake and McArthur River-Key Lake uranium mines successful Canada’s globally-important region for nan dense metallic to make atomic substance are among nan highest people and largest successful nan country. Interest successful uranium projects is accelerating arsenic uranium has much than doubled successful value to $102 per lb complete nan past 12 months.

Project generator

CanAlaska, which calls itself a task generator, owns 83.4% of nan West McArthur task while Cameco has nan rest. CanAlaska holds interests successful 5,000 sq. km of nan Athabasca Basin, besides including nan Moon Lake South task owned with Denison Mines (TSX: DML; NYSE: DNN).

Winter drilling astatine West McArthur will proceed seeking to grow nan Pike area find and on onslaught unconformity testing to nan northeast and southwest, nan institution said. CanAlaska unsocial is paying for this year’s exploration programme astatine nan task arsenic it increases its mostly ownership, it said.

The little sandstone file of drill spread WMA082-4 contains respective responsibility zones of quartz dissolution and clay-filled breccias extending complete 80 metres supra nan uranium mineralization, nan institution said. The drill spread is astir 30 metres on onslaught to nan northeast of drill spread WMA082-2, which intersected 1.03% U3O8 over 6.3 metres, including a sub-interval of 2.82% U3O8 over 1.9 metres arsenic reported successful January. The unconformity target astatine Pike area remains unfastened successful each directions astir WMA082-4, it said.

The tract is characterized by monolithic to semi-massive, blebby, disseminated, clay-hosted and fracture-controlled uranium mineralization associated pinch yellowish and orangish uranium secondaries wherever nan Athabasca sandstone and nan underlying basement rocks meet, CanAlaska said.

“The geologists person been laser focused connected determining nan geological controls successful a clear and methodical approach,” Belyk said. “Tier 1 uranium deposits ever hap arsenic ‘pearls connected a string’ and we person now recovered a pearl.”

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