Canalaska Urnium Stock Price, News & Analysis

CanAlaska Uranium has initiated its 2024 summer drill program at the West McArthur Joint Venture project, located in the eastern Athabasca Basin. The program, funded with $7.5 million, aims to expand the ultra high-grade Pike Zone uranium discovery. Recent intersections showed 14.9% U3O8 over 9.6 meters and 9.9% U3O8 over 14.5 meters. The project, a joint venture with Cameco, is primarily operated and funded by CanAlaska, which holds an 83.35% stake. The summer program will involve 9,000 meters of diamond drilling, targeting 10-14 unconformity intersections. CanAlaska also plans to explore additional targets in the vicinity.

The company aims to finish this phase by September 2024. Additionally, CanAlaska management will attend the Cormark Securities Energy Inflection Conference on June 19, 2024, in Toronto.

CanAlaska Uranium has reported results from its 2024 winter drill programs on the Geikie and Moon Lake South Projects. The Geikie Project revealed extensive hydrothermal alteration and structures linked to a large gravity anomaly at Preston Creek, with significant findings in holes GKI-010, GKI-014, and GKI-016. The Moon Lake South Project, a joint venture with Denison Mines, found additional uranium mineralization in three of the eight drill holes, notably MS-24-23, MS-24-25, and MS-24-27. These findings suggest potential for high-grade uranium deposits, with further exploration warranted. Geochemical assay results for both projects are pending.

CanAlaska has announced high-grade uranium assay results from its Pike Zone at the West McArthur Joint Venture, confirming significant intersections from the winter drilling program. Drillhole WMA082-6 showed 14.9% U3O8 over 9.6 meters, and WMA082-4 exhibited 9.9% U3O8 over 14.5 meters. The project, in collaboration with Cameco, is mainly funded by CanAlaska, which holds an 83.35% stake. Geochemical assays validate these results, which are important for future exploration and potential resource calculations. The summer drilling program is set to begin in June 2024, targeting additional high-grade zones.

CanAlaska Uranium announced that its partner, Bayridge Resources, has initiated exploration programs on the Constellation and Waterbury East projects in the Athabasca Basin. These projects use VTEM surveys to identify uranium targets. The Waterbury East Project covers 1,337 hectares, while the Constellation Project spans 11,142 hectares. These surveys will help delineate basement conductors and structural zones, which are important for future drilling. The initiative aligns with CanAlaska's strategic goals to advance uranium exploration, supported by rising uranium prices and increasing demand for clean energy.

CanAlaska Uranium has initiated high-resolution helicopter-supported airborne surveys on its Key Extension, Enterprise, Voyager, and Nebula projects near the Key Lake Uranium Mine and Mill. The surveys aim to identify basement conductors, refine areas of interest, and map the structural setting for future drill targets. These surveys are important in the Company's exploration strategy for basement-hosted uranium deposits in the southeastern Athabasca Basin region. CanAlaska CEO, Cory Belyk, highlights the importance of these assets in the Key Lake area and the potential for uranium discovery amidst strong market fundamentals and nuclear energy demand.