CanAlaska Uranium (TSXV: CVV; US-OTC: CVVUF), operator of the West McArthur joint venture, reported high grade intersections from the latest drilling in the Pike zone. Geochemical assays returned 14.9% uranium oxide (U3O8) over 9.6 metres from 799 metres depth in hole WMA082-6 drilled over the winter.
CanAlaska holds an 83.35% interest in West McArthur, with Cameco (TSX: CCO; NYSE: CCJ) holding the balance in the JV, located on the eastern rim of Saskatchewan’s Athabasca Basin.
The CanAlaska team will now focus on the known zone of unconformity-associated high-grade uranium during the summer program, CEO Cory Belyk said.
“We remain confident Pike zone is a potential tier one mineralizing event based on proven grade and thickness of uranium intersected at the unconformity, associated deep basement mineralized roots, and structure and alteration features observed in core at Pike zone and elsewhere along the target corridor,” Belyk said. “Based on other eastern Athabasca Basin high-grade uranium deposit analogues such as McArthur River, Pike zone could be just one of several pearls on a string.”
The results from Pike come just three months after CanAlaska reported preliminary high grades from hole WMA082-4, where radiometric readings from a downhole gamma probe returned 13.8% uranium-equivalent over 16.8 metres from 797 metres depth, including 40.3% over 4.7 metres and 13.5% eU3O8 over 2.4 metres.
The high-grade intersection in hole WMA082-6 was part of a 11.1-metre intersection grading 12.9% U3O8.
Results from hole WMA082-4 included one main interval of 7.4% U3O8 over 19.5 metres, including 9.9% U3O8 over 14.5 metres.
Hole WMA082-2 intersected one interval of sandstone-hosted mineralization grading 1.5% U3O8 over 4.6 metres.
CanAlaska is planning a summer drill program at West McArthur expected to start early next month. Two rigs will conduct about 9,000 metres of drilling to be completed by September.
Shares in CanAlaska were down 1.6% to 62¢ apiece on Wednesday, valuing the company at $93.9 million. Its shares traded in a 52-week range of 29¢ and 79¢.
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