CanAlaska Uranium has been marshalling their uranium operations up in Canada’s extremely rich Athabasca Basin region for quite some time now and has managed to build up a considerable land position that continues to grow with carefully-chosen additions like today’s announcement that the company has acquired a three-claim, roughly 16.5k acre site in the Patterson Lake area of the western Athabasca.
The company has put some $85M to date into their extensive holdings exploring for uranium and today is sitting on one of the most impressive land positions in the entire region at over 2.1M acres. With some of the best technical people in the field today at its disposal, CanAlaska was eager to snap up these claims, originally staked out during the new map-based claim staking in December of last year and the company has already begun engaging potential JV partner deals as exploration plans are drawn up.
This is another solid move for the company’s regional strategy and the newly acquired acreage stands up rather well next to larger projects in the portfolio, like the flagship Cree East project in the southeastern Athabasca, a 138.2k-acre beauty being pursued via strategic partnership with a major Korean energy consortium. There have been recent uranium discoveries at shallow depths on the newly acquired claims, and CanAlaska will be chomping at the bit to land a JV partner and proceed with more in-depth exploration.
The company has also shored-up/finalized the maintenance budgets for Cree and their West McArthur Project, a high-potential project with a 100M lbs minimum target that sits just west of Cameco’s producing McArthur River mine (436M lbs U3O8 at a 25% grade), arguably the richest uranium mine on earth. The company is currently fielding a participating interest offering on the Cree and West McArthur projects via KPMG Transaction Advisory Services, Hong Kong, and with a minimum target between the two sites of some 150M lbs of U3O8, it won’t be long before appropriate relationships are established, especially considering how hungry China is for nuclear energy inputs.
With 16 plants online and another 30 under construction as of the end of last year in China alone, the future for that global uranium market is extremely bullish, due in large part to the exceptionally green environmental footprint achieved when facilities are properly maintained. Russia is also moving steadily forward with new facilities and has targeted a 50% increase by 2020, creating favorable, broader end markets for developers like CanAlaska. Then of course we have domestic consumption as well, which alone can eat up more than developers like CanAlaska are able produce, especially as we run out of down-blended Russian nuke fuel from the Megatons to Megawatts Program that ends this year (which will now require an additional 10.6k tonnes or so of U3O8 to be mined for domestic reactor consumption).
President of CVVUF, Peter Dasler, happily invites shareholders and participants to attend the highly-influential Cambridge House Investment conference in Vancouver this January 20-21 at the Vancouver Convention Centre (General Admission is free and you can go here for tickets/details). Venue-goers can check out CanAlaska at booth 1314, as well as sit in on the corporate presentation Sunday (Jan 20), at 4:10pm that will cover the company’s recent activities. The conference is a huge event for the sector and many industry top guns will be on hand over the weekend, so it should be a big coup for CanAlska going in with these new, highly-prospective acquisitions to talk about.
For more information on CanAlaska Uranium, visit www.CanAlaska.com
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