What’s going on with CanAlaska Uranium?
CanAlaska Uranium Ltd. (CVVUF) stock was trading lower after the Canadian mining company announced it discovered polymetallic mineralization at the unconformity on its Waterbury South uranium project. Shares of CVVUF were down 8.14% to $0.50 per share on Thursday afternoon.
The program tested targets near earlier drilled holes, and it showed major alteration and uranium values close to untested geophysical targets. CanAlaska’s project involved 1,347.5 meters of drilling in three drill holes.
What does this mean for CVVUF?
In WAT-009, one of the drilled holes, CanAlaska found a 3.3-meter zone of “intense clay alteration,” which contains significant polymetallic mineralization consisting of 0.5 meters with 405 ppm uranium, 2.42% nickel, 2.34% arsenic, 0.5% zinc, and 801 ppm cobalt. The company stated that “this mineralization association, or fingerprint, is directly reminiscent of metal associations at the nearby Cigar Lake ore body where similar values of nickel, arsenic and cobalt are known to exist with the high-grade uranium.”
"The results we have received from this drilling program have the fingerprints of a significant Cigar Lake style mineralizing system,” said CanAlaska CEO Cory Belyk. “It is a rare event to find this level of alteration at the unconformity, extending deep within the basement, associated with the metal enrichments we have encountered in WAT-009. Several of the largest known Athabasca unconformity uranium deposits have this polymetallic signature with nickel, arsenic and cobalt. This is an incredible discovery for our shareholders and our team with only the third CanAlaska drill hole on this project."
CVVUF has a Long-Term Technical Rank of 83. Find out what this means to you and get the rest of the rankings on CVVUF!
CanAlaska Uranium Ltd is engaged in the exploration of uranium, nickel and diamond properties. Its project portfolio includes West McArthur, Cree East, NW Manitoba, Athabasca Diamond, Waterbury, Moon, Collins Bay Extension, Mouse Mountain Cu-Au, Patterson, McTavish, Key Lake, Thompson Nickel Belt, Kasmere, and Ruttan area Cu-Zn Project.
