Waterbury project is composed of 3 separate groups of claims located 12 kilometres east from the Cigar Lake Deposit and 10 kilometres south of the Midwest mine.

Geology

Undeformed Athabasca sandstones and conglomerates overlie a basement of Wollaston supercrustals (psammites, pelites, graphitic pelites and calcsilicates) that in turn overlie Archean granitic gneisses. Depths to the unconformity are between 200 -- 500 metres, becoming deeper to the west.

Exploration

The project area has been extensively explored by SMDC and Cogema among others, who have performed geochemical surveys, airborne and ground based geophysical surveys. CanAlaska has carried out ground geophysical surveys to complement its recent airborne VTEM surveys.

Potential

Significant exploration targets exist on all 3 claim blocks. Initial drilling has been carried out on the eastern claim block. Further drilling is warranted in this area, as alteration and uranium mineralization in the drill holes indicate a nearby target.

The potential of this project is for unconformity style Uranium mineralization of both the Simple (Low REE, basement hosted) and the Complex (High REE, Sandstone hosted) types of Uranium deposits. Moreover, a large portion of the property overlies Waterbury Lake which, though on trend between the Cigar Lake and Midwest deposits, has never been explored.