Cameco begins drilling at West McArthur uranium project, Canada


CanAlaska Uranium's partner Cameco has started a drilling programme on the West McArthur uranium project in Athabasca Basin, Saskatchewan, Canada. 

Set to have simultaneous drilling on the two target areas Grid 1 and Grid 5, the programme will be carried out by a helicopter supported team based at Cameco's majority-owned McArthur River mine. 

The proposed drilling programme will use up to three drill-holes and one offcut totalling 3,400m.

CanAlaska Uranium president Peter Dasler said: "The detailed geophysical survey carried out in June by Cameco's team has now given us well-defined targets in two highly prospective areas of the West McArthur property.

"Both of the target areas appear to host large mineralising systems and it is encouraging to see the priority that Cameco's team has given this project during challenging times." 

"The detailed geophysical survey carried out in June by Cameco's team has now given us well-defined targets in two highly prospective areas of the West McArthur property."

Cameco is carrying out the current drilling programme as part of an option to earn a 60% interest in the West McArthur project. 

The company has paid an initial $725,000 to CanAlaska and has the right to earn a first stage 30% interest for a $5m exploration programme within three years on two separate target areas.

After making a $500,000 payment, Cameco will then have the right to perform a further $6.275m of work on the project over the subsequent three years to acquire a further 30% interest and form a joint venture (JV) with CanAlaska.

Covering 35,830ha and taking place 15km west of Cameco's majority-owned McArthur River uranium mine, the West McArthur Uranium project is located near the company's Fox Lake discovery.