Impact: Positive
CanAlaska provided an exploration update for its 25%-owned Moon Lake South uranium project, currently being advanced under a 25/75 JV between CanAlaska and Denison Mines (TSX:DML, Not Rated). Drilling has intersected two new uranium occurrences along the CR3 structural corridor, west of Denison’s Gryphon and Phoenix deposits at Wheeler River. CanAlaska also announced that the LOI to vend out a 20% interest in its Waterbury South project was terminated, although we view this news positively as recent nearby discoveries have arguably made Waterbury South more valuable than it was previously. We believe the latest drill results from Moon Lake South reiterate CanAlaska’s ability, as a project generator, to add value by vending out assets to quality partners while retaining its exposure to exploration upside.
