CanAlaska Uranium (TSXV: CVV; OTCQX: CVVUF) has announced a discovery at the Pike zone of its West McArthur joint venture project with Cameco (TSX: CCO; NYSE: CCJ) in Saskatchewan’s eastern Athabasca Basin.
Drillhole WMA082-8 revealed an intersection of 6.87% radiometric equivalent uranium oxide (eU3O8) over 16.9 metres, including a high-grade core of 11.62% eU3O8 over 9.3 metres, CanAlaska said on Tuesday. The find is a milestone as the first hole to extend drilling to the zone’s east, it said in a release.
“For the team, this is a clear indication they are on the right path to successfully expanding the Pike zone ultra high-grade uranium footprint during the summer program,” CanAlaska CEO Cory Belyk said.
The summer drilling campaign aims to further delineate and expand this high grade uranium discovery both at the unconformity and within the upper basement, the company said. CanAlaska holds 83.35% of the project, operates it and is funding this year’s West McArthur exploration program.
The company plans to drill about 9,000 metres this summer, targeting 10 to 14 unconformity intersections with two diamond drills.
Shares in CanAlaska closed 4.4% higher on Tuesday in Toronto at 71¢ apiece, valuing the company at $110.7 million. They’ve traded in a 52-week range of 30¢ to 79¢.
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