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Thu Nov 10, 2022 KW Excerpt: Kaiser Watch November 10, 2022: Canalaska Uranium Ltd (CVV-V) Publisher: Kaiser Research Online Author: Copyright 2023 John A. Kaiser
(0:21:54): Where is Canalaska Uranium with its West McArthur emerging discovery?
Canlaska Uranium Ltd has an emerging uranium discovery at its 78.91% owned West McArthur project in Saskatchewan's Athabasca Basin. Since reporting the discovery hole last summer within the C10 South corridor 6 km SW of the 42 Zone where Canalaska has spent most of its effort during the past 5 years it has drilled 7 additional holes from 3 drill pads. The first 2 drill pads are near each so that the seciond rig could help sort out the geometry of the new zone within the basement at a depth of 800-1,000 m. The C10 South corridor has a SW strike and contains graphitic metasediments below the sandstone unconformity that dip to the SE. Hole #67, which assayed 9 m of 2.4% U3O8 within the basement, tested a part of the corridor where a north-south fault structure is present and which was the gateway for the hydrothermal activity that allowed the fluids to drop their uranium payload when they encountered the graphite.
3 of the holes encountered segments of uranium mineralization. Of these #72-3 drilled from the second drill pad had a 12.4 m interval with multiple sections of uranium mineralization including a 20 cm interval of massive pitchblende that will have a very high grade. The other 3 holes did not hit mineralization but did encounter bleaching and alteration. None of the holes have yet intersected the location where the basement hosted graphite bed encounters the basin sandstone, the so called unconformity target where one can hope for McArthur River scale volume and grade.
The last hole #73 was drilled from a pad 160 m NE of the original #67 fence. It was intended to hit the unconformity target but appears to have overshot it by 60 m. Canalaska plans to resume drilling in January with a rig that allows better control of directional drilling from pilot holes to test the 800-1,000 m depth of the emerging discovery at West McArthur. Canalaska has presented a $10 million budget to Cameco which has 30 days to decide if it will contribute or continue to dilute.
Last week Canalaska closed a $10 million flow-through financing first announced on October 6 as an $8 million financing. The regular flow-through was done at $0.52 per unit and the charity flow-through at $0.70. The unit included a 3 year half warrant at $0.75. $6.9 million was raised from the regular FT and $3.1 million from the charity FT. Flow-thru is both a blessing and a curse. It is a blessing because the company can raise capital at a premium to the market. But it is a curse because the purchasers tend to be interested only in the tax benefits and don't plan to hang around for a fundamental success outcome. So after the 4 month hold ends, which will be early March, the market will have to eat the flow-thru paper. Although Canalaska will resume drilling in January, it won't be reporting assays that elevate West McArthur from emerging to full-blown discovery that launches S-curve style speculation until Q2 of 2023.
West McArthur Emerging Discovery Drill Plan & Section
