CanAlaska's West McArthur results 'highly impressive'...
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In completing the C$5 million 2022 drilling programme, the company has reported three additional drillholes with elevated radioactivity, highlighted by a 12.4 metre intersection that contains multiple metre to sub-metre scale intervals.
There was a peak reading of greating than 65,500cps in one of the holes.
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"Geochemical assays results from the summer drill programme, outside of the previously reported high-grade intersection of 2.4% U3O8 over 9 metres from 906.5 metres in WMA067, are pending," the company said.
The programme consisted of 10,632 metres over 11 completed drill target tests.
Red Cloud Securities mining analyst David Talbot said that the new results confirm that the WMA067 discovery hole was not a one-off, and that mineralisation hoisted in graphitic pelite is getting shallower as pelite is tested up dip.
"We believe the contact between porous sandstones and basement rocks at the unconformity could demonstrate a blowout of mineralisation during the upcoming drill programme expected in January," he said.
"Now that the controlling structure has been identified, future drilling may yield even better and more efficient results," he said.
Talbot also noted that the preliminary 2023 budget is double that of the C$5 million 2022 budget.
CanAlaska, which holds 78.91% ownership of the project, submitted the budget to the joint venture - which is with Cameco.
"We believe ongoing exploration success could continue to attract interest in the company's stock. Although initial results were highly impressive, this set of assays leaves us anxious for more follow-up work," Talbot said.
CanAlaska's share price fell 9% day on day to C$0.455 on 29 September. It has seen a 52-week high/ low of C$0.81/ C$0.265.
The company has a market capitalisation of C$46.4 million.