CanAlaska Uranium shores up Pike zone with more high grade hits in Athabasca

CanAlaska Uranium (TSXV: CVV; US-OTC: CVVUF) posted new “ultra high-grade" drill results from its Athabasca basin joint venture with Cameco (TSX: CCO; NYSE: CCJ) that strengthen its Pike discovery, made in 2022. Company shares gained 7.6%.

Highlights at the Pike zone of the West McArthur project in northern Saskatchewan show drill hole WMA082-11 on target L85E cut 25.8 metres grading 6.47% uranium oxide (U₃O₈) including 4 metres at 22.78% U₃O₈, CanAlaska said on Thursday.

Drill hole WMA082-8 returned 16.2 metres grading 7.63% U₃O₈, including 6.1 metres at 17.31% U₃O₈. On target L70E, drill hole WMA082-7 cut 11.4 metres at 6.22% U₃O₈, including 5.6 metres grading 11.4% U₃O₈.

The results from the drilling this summer follow 9.3% U₃O₈ over 16.2 metres from 797 metres depth in hole WMA082-12 reported last month. And there was the discovery in July showing 9.3 metres grading 11.62% radiometric equivalent U₃O₈ in hole WMA082-8. Cormark Securities has compared CanAlaska’s results to potential for “pearls on a string.”

The company found uranium mineralization in 11 of 12 unconformity tests at Pike this summer. The results indicate a strike length of about 200 metres including a high-grade area of 100 metres that remain open in all directions, it said. CanAlaska, which holds 83% of the project, is paying for this year’s exploration to increase its stake.

“Pike zone is starting to position itself into a possible world-class uranium discovery located just 12 km from the giant McArthur River uranium mine,” CanAlaska CEO Cory Belyk in a release. “Pike zone is growing rapidly in its footprint.”