CanAlaska Announces $12.5 Million Exploration Program At West McArthur
CanAlaska Uranium (TSXV: CVV) is planning for a strong start to 2025, announcing this morning two major exploration programs across its properties.
The exploration campaigns are headlined by a planned program at the West McArthur joint venture with Cameco, where CanAlaska has indicated it will conduct a $12.5 million exploration program this year. The program, which is to start in early January, is expected to increase the firms ownership in the project from the current 85.79% interest as a result of being self-funded.
Exploration at West McArthur is to build on last years discoveries at the Pike Zone where 11 intersections of uranium mineralization occurred. Three drills are to be active on the zone this month, in an attempt to expand the current 200 metre strike length of the target area. A ground based electromagnetic survey is also to occur at the C10S corridor in an effort to investigate possible extensions.
“The results from the West McArthur Joint Venture and the Pike Zone discovery in 2024 were exceptional and I am pleased with the planned drilling program designed by the CanAlaska team to delineate and extend the ultra high-grade Pike Zone in early 2025. In addition, I am excited to report to our shareholders that CanAlaska has an opportunity to significantly increase its joint venture ownership in this impressive discovery through sole-funded exploration which provides a unique circumstance to build incredible value for our shareholders in the eastern Athabasca Basin’s newest high-grade uranium discovery,” commented Cory Belyk, CEO of CanAlaska.
The exploration program is said to be fully funded.
A separate exploration program is planned at the Cree East project in the southeast of the Athabasca Basin. Exploration will focus on three high priority areas, where a winter drill program is expected to start in the first quarter. Several targets are said to have been identified for a multi-phase program, which is being sole-funded by Nexus Uranium.
CanAlaska Uranium last traded at $0.73 on the TSX Venture.
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