CVV:CC - CanAlaska Uranium: Powered Up to Meet Rising Uranium Demand

2024-03-27 17:08:02 ET

More uranium is key in moving away from fossil fuels and towards electrification

CanAlaska Uranium has extensive land holdings and success identifying uranium exploration targets in the Athabasca Basin. This area is, in fact, dubbed the “Saudi Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining companies. The company is currently working with Cameco and Denison at two of its properties in the Eastern Athabasca Basin. Moreover, CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The company also holds properties prospective for nickel, copper, gold and diamonds.

There is demand for uranium to supply nuclear power plants, which are currently being built. CanAlaska has a strong and experienced exploration team focused primarily on uranium in the Athabasca Basin Project. The company's key project, West McArthur, is a joint venture with Cameco. Additionally, West McArthur is host to high grade uranium discovery drill holes. "Whether you're talking about small modular reactors or large scale reactors, it comes down to diminishing uranium supply, " says President and CEO, Peter Dasler.

More about West McArthur

This project sits in the Athabasca Basin in Saskatchewan and lies between 6 and 30 km west of the producing McArthur River mine (225.5 million pounds U3O8 grading 13.5% U3O8 per tonne produced from 2000 to 2012). Cameco’s new Fox Lake deposit (68.1 million lbs at a grade of 7.99% U3O8) is located immediately east of the property which was staked by CanAlaska in 2004 and optioned in April 2007 to Mitsubishi Development Pty Ltd., a subsidiary of Mitsubishi Corporation of Japan. In January 2016, CanAlaska Uranium Ltd bought Mitsubishi’s 50% interest to hold 100% in the West McArthur property. Furthermore, under an option agreement with Cameco signed in February 2016, drilling confirmed a new zone of high grade uranium mineralization at Grid 5. In late 2018 CanAlaska resumed Operatorship, with Cameco as a 30% JV partner.

Prior work by Kerr Addison, Cogema, and Cameco includes airborne and ground geophysics, lithogeochemical surveys and lake sediment surveys covering more than half of the property which are documented in some 61 assessment reports. Several EM conductors are present, some of which have been drilled on adjoining ground. CanAlaska has used GIS in compiling these existing datasets and has assimilated them to create a powerful exploration tool.

For more information on CanAlaska Uranium Ltd. (TSX.V: CVV, OTCQB: CVVUF) please fill out the form below.