Canadian explorer CanAlaska Uranium (TSX-V:CVV) has intersected up to 11.62% uranium in the first step-out hole drilled into the Pike Zone, part of the West McArthur Joint Venture (JV) Project in the Athabasca Basin.
Hole WMA082-8 intersected 16.9m @ 6.87% uranium, including 9.3m @ 11.62% uranium. The hole was the second drilled into the Pike Zone, but the first step-out hole drilled to the east.
CEO Cory Belyk says upper basement uranium mineralisation of this style, width and grade is usually only observed in major Athabasca Basin unconformity and unconformity-related mineralising systems.
“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,” he says.
The ongoing summer drilling program is focusing on the continued delineation and expansion of the “ultra high-grade” Pike Zone uranium discovery, which remains open in all directions.
Drilling is following up previous intersections of 9.6m @ 14.9% uranium and 14.5m @ 9.9% uranium.
CanAlaska holds an 83.35% stake in the West McArthur JV with Cameco Corporation (NYSE:CCJ).
The project is located close to Cameco’s McArthur River mine, which CanAlaska says is the “world’s richest” uranium mine. McArthur River hosts reserves of over 265 million pounds of uranium at an average grade of 6.72%.
The company is sole-funding the 2024 drilling program, which comprises 9,000m, to increase its ownership in the project.
CanAlaska, which has a market capitalisation of C$110.3 million ($119.7 million), has an interest in around 500,000 hectares in the Athabasca Basin. The company also owns properties prospective for nickel, copper, gold and diamonds.
Write to Angela East at Mining.com.au
Images: CanAlaska Uranium
