CanAlaska Uranium Ltd. (TSX-V: CVV) continues to hit exceptionally high-grade uranium mineralization beneath the topsoil at its West McArthur joint venture site. Grades this high are seldom ever found outside of the Athabasca Basin.
Assays completed Wednesday on core samples drilled during this year’s winter months most notably yielded an impressive 14.9 per cent yellowcake uranium (U3O8) over 9.6 metres. Moreover, 9.9 per cent U3O8 over 14.5 metres was also intercepted. The core samples were pulled from the property’s Pike Zone and sent to the Saskatchewan Research Council’s geoanalytical laboratories for examination.
CanAlaska holds an 83.3 per cent stake in the project while Cameco Corporation (TSX: CCO) owns the remainder. It sits on the eastern side of the jurisdiction with the prolific Cigar Lake and McArthur River mines.
“Based on other eastern Athabasca Basin high-grade uranium deposit analogues such as McArthur River, the Pike Zone could be just one of several pearls on a string,” CanAlaska CEO Cory Belyk said. A new 9,000-metre drill program aimed at enhancing the company’s geological knowledge at the operation will commence in June.
The news follows high-grade assays in February from West McArthur, described by the company at the time as “extremely rare.” A favourable 13.75 per cent U3O8 equivalent was drilled throughout a 16.8 metre stretch. “Phenomenal!” Belyk said this week.
In the latest RCTV segment, @CanAlaska Cory Belyk, provided highlights of #drilling results at the ultra-grade Pike Zone #uranium discovery, recent staking in the #AthabascaBasin and how $CVV is continuing to build shareholder value.
Watch the full video: https://t.co/WG3doVXBw9 pic.twitter.com/c3a7FYWnfy
— Red Cloud FS (@RedCloudFS) May 29, 2024
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Saskatchewan Mining Week highlights province’s exceptional uranium industry
“Critical Careers for Critical Minerals,” including uranium, is this year’s theme. The annual celebration of Saskatchewan’s mining industry started on May 26 and will conclude on Saturday.
“Saskatchewan Mining Week provides an opportunity to celebrate the achievements and contributions of the exploration and mining industry to the economic growth of Saskatchewan,” Nathaniel Huckabay, Chair of the Saskatchewan Mining Association, said on Monday.
It is safe to say that uranium is one of the province’s most valuable commodities. Northern Saskatchewan has the largest high-grade uranium deposits in the entire world.
Multiple factors, such as clean energy ambitions among world governments, have made the element increasingly important for the province and Canada abroad. Uranium contributes about C$440 million to the nation’s gross domestic product annually and several analysts have predicted that number will only increase.
Companies like CanAlaska, ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U), NexGen Energy Ltd. (TSX: NXE) and several others have been working to capitalize on current bull market conditions by identifying new deposits to develop.
NexGen’s Rook I project, the richest resource on the western side of the jurisdiction, is expected to produce about one-fifth of the uranium needed to fulfil global requirements alone. The company has predicted a 127 per cent increase in uranium demand by the end of the decade. It also anticipates a 200 per cent spike by 2040.
ATHA Energy is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
