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CanAlaska Uranium Ltd. (TSXV:CVV) – Huge Grade Spike at Pike as Massive Uranium Hit at Unconformity

Impact: Very Positive

CanAlaska reported results from the first winter hole WMA082-4, completed at the Pike zone of its 83.35%-owned West McArthur JV with Cameco (TSX:CCO, Not Rated) in the eastern Athabasca Basin. The hole returned ultra-high grades of 13.75% eU3O8 over 16.8m, including 40.30% eU3O8 over 4.7m at the unconformity. In our view, these are spectacular results that are quite rare even in the Athabasca Basin. This is the first ultra-high-grade intercept at the unconformity at Pike as management tracks the previous basement discovery up-dip. The system looks huge with alteration up to 80m above and 100m below the unconformity, and it is so strong at the unconformity that the actual sandstone-basement contact has been obliterated. With indications of such heavy mineralizing events, we anticipate further intersections at both the unconformity and within the basement. CanAlaska Uranium remains one of our top uranium exploration picks.

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