CanAlaska assays confirm additional high-grade uranium at Pike Zone, West McArthur Project, Saskatchewan
CanAlaska Uranium Ltd. [TSXV: CVV; OTCQX: CVVUF; FSE: DH7] reported that it has received the remainder of the assay results from the summer 2024 drill program completed on the Pike Zone at the West McArthur Project, Saskatchewan.
Geochemical assay results confirm an additional high-grade composited unconformity-associated uranium intersection on L85E in WMA082-12 which intersected 17.0 metres at 10.81% U3O8, including 10.5 metres at 17.30% U3O8. In addition, geochemical assay results confirm multiple high-grade composited unconformity-associated uranium intersections on expansion drilling to the west on L0 and L15W.
Expansion drilling confirmation results are highlighted by WMA094-02 which intersected 6.5 metres at 10.05% U3O8, including 2.0 metres at 31.33% U3O8 and WMA094-01 which intersected 9.0 metres at 5.54% U3O8, including 3.6 metres at 12.60% U3O8. The West McArthur project, a Joint Venture with Cameco Corp. [TSX: CCO; NYSE: CCJ], is operated by CanAlaska that holds an 85.97% ownership in the project. CanAlaska is sole-funding the 2025 West McArthur program and will further increase its majority ownership in the project as a result.
CanAlaska CEO, Cory Belyk, comments, “Assay confirmation of the high-grade uranium mineralization drilled in the summer 2024 program should provide ample evidence to our shareholders that the CanAlaska team has a strong grasp on our radiometric equivalent grade calculations. Final assay results from the summer drill program provide continued confidence in our approach to distribute timely results to market from our high-grade Pike Zone discovery as the drilling programs progress. With three drills currently working, the CanAlaska team remains focused on definition and expansion of this new uranium discovery in the eastern Athabasca Basin located just 20 kilometres from the giant tier-1 McArthur River uranium mine.”
The 2024 summer drill program on the West McArthur project consisted of 12 unconformity tests at the Pike Zone, 11 of which contained uranium mineralization. The results of the summer drill program indicated a strike length of uranium mineralization along the unconformity target area of approximately 200 metres that remains open in all directions. Multiple drill fences within the unconformity target area defined a high-grade core that remains open and extends over 100 metres in strike length. The assay results received from the summer program to date confirm the high-grade radiometric equivalent grades previously reported on the project.
The ongoing 2025 West McArthur winter program is focused on continued expansion and delineation of the high-grade Pike Zone uranium discovery. The company recently announced results from the first five drillholes completed as part of the winter 2025 program which indicate high-grade uranium mineralization in all three target areas. The February results were highlighted by a step out to the east of the high-grade mineralization intersected during the 2024 exploration program which intersected 14.5 metres at 12.20% eU3O8, including 5.0 metres at 34.38% eU3O8 at the unconformity.
The ongoing winter drill program is planned to achieve an estimated 25 unconformity target intersections. The Company expects to complete the winter portion of the 2025 approved exploration program in April.
The Pike Zone discovery is located in the eastern Athabasca Basin, 20 km to the west of Cameco’s McArthur River mine site. Currently, three drills are active on the Pike Zone for the 2025 winter program.
With a project generator model, the company has built a large portfolio of uranium projects in the Athabasca Basin of Saskatchewan. CanAlaska owns numerous uranium properties, totaling approximately 500,000 hectares, with clearly defined targets in the Athabasca Basin covering both basement and unconformity uranium deposit potential.
The company has recently concentrated on the West McArthur high-grade uranium expansion with targets in 2024 leading to significant success at Pike Zone. Fully financed for the upcoming 2025 drill season, CanAlaska is focused on Tier 1 Uranium deposit discovery and delineation in a safe and secure jurisdiction.