CanAlaska-Northern Uranium Project Could Host Unconformity-style Deposit
CanAlaska Uranium served up some positive news about its 50-percent-owned North West Manitoba project on Wednesday. It said that drilling undertaken by its joint venture partner, Northern Uranium, shows the area has the potential to host a substantial unconformity-style uranium deposit.
Given the amount of work that goes into first locating and then testing uranium deposits, it is always exciting when a company comes up with promising results. What's more, finding a deposit located close to the surface is usually worth buzzing about.CanAlaska Uranium (TSXV: CVV) served up some positive news about its 50-percent-owned North West Manitoba project on Wednesday, announcing that drilling undertaken by its joint venture partner, Northern Uranium (TSXV:UNO), shows the area has the potential to host a substantial unconformity-style uranium deposit. The results show elevated radioactivity in the area and have allowed the company to outline drill targets that will be the focus of a summer drill program that is expected to start early next month. The news has been a long time coming, as CanAlaska first explored the area from 2005 up until 2007, when community consultation with the province of Manitoba put the project on hold. Work continued in March 2012, when it received new work permits and commenced ground geophysical surveys. The company's results from various tests piqued the interest of Northern Uranium, which earned its 50 percent of the project following an agreement to put $3.2 million towards further testing. Northern Uranium has taken over work at the property, completing ground gravity surveys, an AlphaTrack radon cup survey on land, a RadonEx radon-in-water survey and drilling 20 rotary air-blast drill holes and 10 diamond drill holes. "Northern Uranium has now established that the Maguire drill targets are substantial in size and intensity of alteration. Indications of uranium are now being seen in multiple drill holes, the intense zones of clay-hematite alteration within the geophysical targets are providing a strong vector to additional and potentially more massive uranium mineralization," CanAlaska President and CEO Peter Dasler said.