CanAlaska holds a 25% ownership in the Moon Lake South JV operated by our partner Denison Mines Corporation. The property is host to a five km long Northeast trending conductive corridor known as the CR-3 conductor. The CR-3 conductor is located two kilometres west of the K-trend, host to the Gryphon Deposit on Denison’s adjacent Wheeler River property. Drill programs in 2016 and 2021 identified uranium mineralization along the CR-3 conductor trend in three drillholes. In the winter of 2023, the Company announced a new discovery in MS-23-10A, which contained 8.0 metres at 2.46% U3O8, including 4.5 metres at 3.71% U3O8. The MS-23-10A mineralized intersection remains open for 1,200 metres to the northeast.
The Moon Lake South JV has doubled the 2023 exploration budget with the approval of a newly planned supplemental drill program for the fall of 2023.