Impact: Very Positive
CanAlaska announced the completion of its nine hole (7,072m) winter 2023 drill program at the 79.4%-owned West McArthur JV with Cameco Corporation (TSX:CCO, Not Rated). Uranium was intersected in six holes, with step out fences 100m and 160m NE of the original basement-hosted discovery. Each hole intersected alteration and structural disruption in the lower sandstone and basement related to faulting along the C10S corridor. C10S is a splay off the C10 corridor which hosts CanAlaska’s 42 Zone and the 68M lb high grade (8%) Fox Lake deposit. The Pike Zone mineralization remains open in all directions within the basement and along the unconformity corridor. These results up to 1.39% over 3.9m are very positive and warrant further drilling. Basement-hosted uranium was extended up-dip. Also, for the first time, uranium was intersected within sandstone at the unconformity. It was targeted in the hope that mineralization would blowout in a more porous host rock. We believe this trend of rocks are structurally and chemically suitable for hosting uranium mineralization. The unconformity mineralization is open in all lateral directions. The basement rocks below the unconformity-hosted mineralization are also of interest. Directional drilling of daughter holes from parent holes help mitigate against the high cost and time associated with targeting the ~801m deep unconformity here. Continued exploration should allow CVV to start quantifying uranium for a potential mineral resource estimate.