CanAlaska Uranium Ltd. reports developments tied to uranium exploration in Saskatchewan's Athabasca Basin. The company uses a project generator model and holds a portfolio of uranium properties targeting basement-hosted and unconformity-related deposits.
Recurring updates cover drilling and assay results at the West McArthur project and Pike Zone, geophysical and drill programs at projects such as Waterbury South, Nebula and Key Extension, exploration agreements with local communities, joint venture activity and board governance changes.
CanAlaska Uranium has reported exceptional results from its winter diamond drill program at the Pike Zone on the West McArthur Joint Venture Project. The highlight is drillhole WMA076-01, which intersected 14.5 metres at 12.20% eU3O8, including 5.0 metres at 34.38% eU3O8, expanding the ultra high-grade footprint by at least 15 metres to the east.
The company is operating three active drills at the Pike Zone, with one focused on eastern step-outs, another on western delineation, and a third evaluating mineralization continuity between high-grade pods. Notable results include WMA094-04 intersecting 4.9 metres at 3.04% eU3O8 and WMA082-16 hitting 4.2 metres at 1.81% eU3O8.
CanAlaska holds an 85.97% ownership in the Project and is sole-funding the 2025 program, which aims to achieve approximately 25 unconformity target intersections. The mineralization remains open on strike, and the project location is 20 km west of Cameco's McArthur River mine site.
CanAlaska Uranium (TSXV: CVV) has initiated its 2025 winter drilling program at the Cree East project, located 35 kilometers northwest of the Key Lake Mine and Mill Complex in the southeastern Athabasca Basin. The program, funded by Nexus Uranium Corp, marks the first drilling at the site in over a decade.
The project will employ one diamond drill to test 6-8 high-priority targets, with initial focus on Target Area B, where previous drilling revealed significant clay alteration, pyrite alteration, and uranium enrichment. The program, expected to last 8-10 weeks, will also explore Areas A, I, and an untested conductor.
The Cree East project has previously seen over $20 million in exploration activity, including multiple geophysical surveys and 91 diamond drillholes since 2006. Under the current agreement, Nexus Uranium could invest up to $19 million in exploration expenditures.
CanAlaska Uranium (CVVUF) has announced aggressive exploration plans for 2025, featuring a $12.5 million drill program at the West McArthur Joint Venture project, focusing on the Pike Zone uranium discovery. The program, starting in January 2025, will deploy three drill rigs for delineation and expansion of the ultra high-grade uranium mineralization.
The Pike Zone's summer 2024 program yielded impressive results, with 11 out of 12 drill holes intersecting uranium mineralization along a 200-meter strike length that remains open in all directions. The company will also conduct exploration at the Cree East uranium project, which is being sole-funded by Nexus Uranium Corp under an option earn-in agreement worth up to $19 million.
CanAlaska currently holds an 85.79% ownership in the West McArthur project and will increase its stake through sole-funding the 2025 program. The company is fully funded to complete its planned exploration programs in 2025.
CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) reports high-grade uranium assay results from the Pike Zone at its West McArthur Joint Venture project. Key findings include:
- WMA082-11: 6.47% U3O8 over 25.8 metres, including 22.78% U3O8 over 4.0 metres
- WMA082-8: 7.63% U3O8 over 16.2 metres, including 17.31% U3O8 over 6.1 metres
- WMA082-7: 6.22% U3O8 over 11.4 metres, including 11.40% U3O8 over 5.6 metres
- Maximum grade: 69.10% U3O8
The summer drill program revealed a 200-metre strike length of uranium mineralization along the unconformity, remaining open in all directions. CanAlaska CEO Cory Belyk notes that Pike Zone is positioning itself as a possible world-class uranium discovery, located just 12 kilometres from the McArthur River uranium mine. The company is planning its 2025 exploration program to further develop this discovery.
CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has signed an exploration agreement with English River First Nation (ERFN) to strengthen their relationship. This agreement demonstrates CanAlaska's commitment to building a sustainable future for the company and nearby communities in Saskatchewan's Athabasca Basin, where it holds extensive land holdings of approximately 500,000 hectares.
The agreement is founded on ERFN's commitment to protecting their home while ensuring ethical resource harvesting. Chief Alfred Dawatsare of ERFN expressed pleasure in solidifying the relationship with CanAlaska, looking forward to mutual respect and prosperity. Cory Belyk, CEO of CanAlaska, emphasized the value of partnering with ERFN for their exploration activities in Saskatchewan and contributing to their land stewardship.
CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) announces the start of a 2,100 metre drill program at the Waterbury East uranium project in the northeastern Athabasca Basin. The program, fully funded by Bayridge Resources Corp. under an option agreement, will focus on newly developed high-resolution airborne geophysical targets and follow-up on historical drilling results.
Key points:
- 4 to 6 drill holes planned
- Target areas based on historical results and new VTEM survey data
- Project located 25 km northeast of Cigar Lake Mine
- VTEM interpretation suggests historical drilling may have missed conductive targets
CEO Cory Belyk expresses optimism about the project's potential, citing strong market fundamentals for uranium and the project's proximity to existing mining infrastructure.
CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has reported high-grade uranium mineralization from its summer diamond drill program at the Pike Zone on the West McArthur Joint Venture project. Key highlights include:
- Drillhole WMA094-2: 3.88% eU3O8 over 13.2 metres, including 23.22% eU3O8 over 2.0 metres
- Drillhole WMA094-1: 3.41% eU3O8 over 9.9 metres, including 8.08% eU3O8 over 3.7 metres
These new drillholes expand the high-grade footprint at Pike Zone over 100 metres at the unconformity. The summer program consisted of 15 unconformity tests, with 12 at Pike Zone, 11 of which contained uranium mineralization. Results indicate a strike length of uranium mineralization along the unconformity target area of approximately 200 metres, remaining open in all directions.
CanAlaska holds an 83.35% ownership in the West McArthur project, which is a Joint Venture with Cameco The company is sole-funding the 2024 program, further increasing its majority ownership.
CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has issued an early warning report regarding its acquisition of shares in Nexus Uranium Corp. (CSE: NEXU). On September 20, 2024, NEXU issued 3,042,123 common shares to CanAlaska as partial consideration for the Cree East property option agreement dated March 18, 2024. Prior to this acquisition, CanAlaska owned 2,091,269 NEXU shares (6.8% of outstanding shares). After the acquisition, CanAlaska now owns 5,133,392 NEXU shares, representing approximately 15.3% of outstanding NEXU shares on a non-diluted basis.
CanAlaska states that the acquired shares are held for investment purposes only. The company may acquire additional NEXU shares or dispose of them through market or private transactions in the future. Interested parties can obtain a copy of the early warning report from SEDAR+ or by contacting CanAlaska directly.
CanAlaska Uranium (OTCQX: CVVUF) has announced significant results from its summer diamond drill program at the Pike Zone within the West McArthur Joint Venture project. Highlighted drillholes include WMA082-12, which intersected 13.61% eU3O8 over 10.9 metres, and WMA082-11, which intersected 4.77% eU3O8 over 25.9 metres. These results indicate high-grade unconformity-associated uranium mineralization, confirming potential extensions of the Pike Zone. CanAlaska, holding 83.35% ownership of the project, continues to sole-fund the 2024 program, which aims to delineate and expand uranium discoveries. The company anticipates completing the summer exploration by September, with further results pending. CEO Cory Belyk highlighted the tier 1 potential of the Pike Zone amid an improving uranium market, underscoring the zone's prolific nature and its alignment with nearby high-grade deposits.
CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has successfully closed its fully-subscribed non-brokered private placement, raising $4,999,999.55 in gross proceeds. The company issued 7,692,307 common shares as part of the offering, which was initially announced on September 6, 2024. CanAlaska paid $249,999.98 in finder's fees related to the transaction. All shares issued are subject to a hold period ending January 14, 2025, in compliance with applicable securities laws and TSX Venture Exchange policies. This financing strengthens CanAlaska's financial position, potentially supporting future exploration and development activities in the uranium sector.