Location and Ownership
This project is located in the Athabasca Basin in Saskatchewan and lies between 6 and 30 km west of the producing McArthur River mine (225.5 million pounds U3O8 grading 13.5% U3O8 per tonne produced from 2000 to 2012). Cameco's new Fox Lake deposit (68.1 million lbs at a grade of 7.99% U3O8) is located immediately east of the property which was staked by CanAlaska in 2004 and optioned in April 2007 to Mitsubishi Development Pty Ltd., a subsidiary of Mitsubishi Corporation of Japan. In January 2016, CanAlaska Uranium Ltd bought Mitsubishi's 50% interest to hold 100% in the West McArthur property. Under an option agreement with Cameco signed in February 2016, drilling confirmed a new zone of high grade uranium mineralization at Grid 5. In late 2018 CanAlaska resumed Operatorship, with Cameco as a 30% JV partner.
Basement rocks comprising Archean granitoids and Lower Proterozoic (Trans Hudson) Wollaston and Mudjatik group metamorphic rocks. These metamorphic rocks are composed of supracrustal rocks (psammites, pelites and minor greenstones) and associated intrusions. These are overlain by an estimated 600 to 850 metres of flat-lying Athabasca sandstones and conglomerates.
Prior work by Kerr Addison, Cogema, and Cameco includes airborne and ground geophysics, lithogeochemical surveys and lake sediment surveys covering more than half of the property which are documented in some 61 assessment reports. Several EM conductors are present, some of which have been drilled on adjoining ground. CanAlaska has used GIS in compiling these existing datasets and has assimilated them to create a powerful exploration tool.
From 2005 to 2012, numerous airborne and ground geophysical surveys were carried out to locate targets for drilling. Eight main target areas have been defined, of which four have been drilled. Alteration zones and mineralization were located in all four. Grid 1 and grid 5 obtained the best results. Grid 5 is located on the East of the project and the grid 5 basement conductor appears to be a continuation of the C10 conductor along which in Cameco's Fox Lake deposit is located. Alteration observed in grid 5 drill holes are similar to those described in these assessment reports. Drilling by Cameco started on grid5 in late March 2016, following the structure hosting the Fox Lake deposit, and a new zone of high grade uranium mineralization was discovered in August 2017. There are multiple targets within the grid 5 area ready for further drill testing.
The Qualified Person for this overview is Peter Dasler. More detailed exploration information is available in the attached exploration news releases