SASKATCHEWAN - Vancouver's CanAlaska Uranium and Saskatoon's Cameco Corp. have formed the West McArthur joint venture and agreed on a $2.4-million exploration budget for 2019. CanAlaska will be the operator and 70% owner.
Next year's work will focus on extending the footprint of the three discovery holes in 2017 and 2018. They define a halo of uranium mineralization in the sandstone. The halo measures about 1,300 metres in length and extends over 700 metres above the unconformity. Mineralized zones were confirmed at and above the unconformity. The best result from the discovery holes was 1.51% uranium oxide over 5.5 metres.
CanAlaska says that $25 million has already been spent at the West McArthur property. The location - being west of the prolific McArthur River mine and Cameco's newly discovered Fox Lake deposit - is promising. The property extends over 36,000 hectares.
This story first appeared on Canadian Mining Journal