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Cameco Commences Drilling at CanAlaska's West McArthur Project
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2016) - CanAlaska Uranium Ltd. (TSXV...
About this update from Cameco Corporation
[{"type":"text","content":"Cameco Commences Drilling at CanAlaska's West McArthur ProjectCameco focusing on Alteration Zone at Major Structural Break in C10 ConductorVancouver, British Columbia--(Newsfile Corp. - March 29, 2016) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) (“CanAlaska” or the “Company”) is pleased to announce that the first drill program has commenced on the West McArthur project (“Project”) under the option agreement with Cameco Corporation (TSX: CCO) (NYSE MKT: CCJ) (“Cameco”). The agreement enables Cameco to earn up to a 60% interest in the Project through total expenditures of $12.5 million consisting of cash payments to the Company and accelerating exploration programs, culminating in a joint venture.West McArthur Project Grid 5 Fox Lake ZoneTo view an enhanced version of this image, please visit:http://orders.newsfilecorp.com/files/2864/19849_enhanced.jpgThe drill program will test new uranium exploration targets on the Grid 5 target, which is believed to host the western continuation of the C10 conductor horizon being explored by Cameco nearby at Fox Lake. The drilling will commence in the vicinity of historic drill hole EL-007 which was drilled in 1989. This hole is located on CanAlaska’s West McArthur property near the northern flexure of the main Grid 5 conductor and shows strongly silicified and altered rock in the top 400 metres of the sandstone column. This alteration zone appears to be cut off by a fault, which may correlate with the structure controlling the Fox Lake high-grade uranium mineral trend CanAlaska president Peter Dasler comments, “We are very pleased with the immediate attention that Cameco has given our project. The previous work carried out at Grid 5 indicates there has been a significant amount of mineralized fluid flow above the unconformity. The experience of the Cameco geological team with their model of high-grade mineralization related to major conductors and cross faults in this area, has already produced one significant zone of high-grade uranium mineralization at Fox Lake. We are all hopeful that extending exploration from the Read Lake property onto the West McArthur property will find additional uranium and a much larger discovery.”The West McArthur Uranium Project covers 35,830 hectares (88,536 acres) co...