CanAlaska Uranium (TSXV: CVV) has launched a small drill program at their Key Extension project, found in the southeastern portion of the Athabasca Basin of Saskatchewan. Found roughly 15 kilometres to the south of the Key Lake Mine and Mill, the program aims to test magnetic corridors that are believed to extend from the mining complex.
The winter drill program has been designed to drill test high priority targets following a geophysical program recently completed on the Key Extension property. A single drill rig is expected to drill between eight and twelve holes on the property, targeting a series of long-linear magnetic low corridors that are associated with conductivity high corridors extending from the direction of the Key Lake Mine and Mill.
Four key targets are said to have been identified for the exploration program, including up-ice of the Orchid Lake Boulder Field, a 10 kilometre long western conductive trend, and a five kilometre long eastern conductive trend. A handful of drill holes also intend to follow up on historic drilling completed in 2007, one hole of which notably intersected 487.3 ppm uranium over 0.15 metres from a depth of 184.7 metres.
“This region has not been extensively explored for basement-hosted uranium deposits and early results from CanAlaska’s first drill program in 2023 were very encouraging. Armed with new data, I look forward to results from drill testing of these high priority targets. The uranium market continues to strengthen with uranium spot price near US$100 per pound. The time is now for discovery of the next high-grade uranium deposit in the southeastern Athabasca Basin,” commented Cory Belyk, CEO of CanAlaska, on the program.
CanAlaska Uranium last traded at $0.88 on the TSX Venture.
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