CanAlaska Uranium (TSXV:CVV) Chief Peter Dasler tells me he's about to become a ten year overnight success.
That's how long he's been at the helm of tiny CanAlaska, which has potential exposure to multiple uranium and diamond discoveries. The company maintains one of the largest land positions in Saskatchewan's Athabasca Basin, and among the tightest share structures on the TSXV.
CanAlaska has a roughly $10.5 million market cap with about $1 million in cash, trading at less than 30% of its pre-Fukushima nuclear disaster value.
CanAlaska is jockeying to be the next NexGen or Fission, two nearby uranium successes, both with market caps over $500 million from their first discoveries.
Cameco, Canada’s largest uranium producer, is helping CanAlaska by funding a $12.5 million work program at the West McArthur property (Cameco can earn 60%), adjacent to Cameco’s recently announced high-grade Fox Lake uranium discovery. CanAlaska and Cameco are currently finalizing details of a summer drill program.
That’s not CanAlaska’s only option for a uranium discovery. Denison Mines has hit uranium with the first hole at CanAlaska’s Moon South property in their recent Winter program (Denison can earn up to 70% of Moon South). Dasler is expecting additional drilling to be carried out, possibly this summer.
CanAlaska also has the NW Manitoba project, where Chuck Fipke’s Northern Uranium is spending $11.6 million at a promising target to warm up to 80% of the project. “The initial drill holes last summer drilled into a large uranium bearing system,” Dasler says, noting it is one of four targets in the immediate area of Maguire Lake. The NW Manitoba project is interesting for having high-grade uranium boulders at surface and some of the highest radon-in-water results seen in Canadian uranium exploration. Dasler says “this is another Patterson Lake in waiting.”
The diamond story you may have heard about from John Kaiser and Allan Barry Laboucan. CanAlaska has staked 75 Kimberlite targets within 17,000 hectares of claims in Northern Saskatchewan. The targets are discrete magnetic anomalies identified in a 2011 geophysical survey by the Saskatchewan Government. CanAlaska’s VP of Exploration Karl Schimann and geophysicist Jules Lajoie have identified further targets and CanAlaska has staked an additional 63,000 hectares of claims.
CanAlaska needs to determine if the diamond targets are indeed kimberlites and then,if they are diamondiferous. Dasler says he’s looking for a partner to help fund a summer indicator minerals sampling program, with subsequent drilling of the targets.
This week Stornoway Diamonds announced a new kimberlite field discovery in Quebec and the company has seen a significant move in its share price in recent weeks.
“There appears to be great opportunities for more diamond discoveries,” stated Dasler.
Meet Dasler and John Gomez, Corporate Development at CanAlaska tomorrow and Sunday at the Metals Investor Forum at the Rosewood Hotel Georgia in Vancouver. Dasler is presenting at 10:40AM.
"We are making a big comeback and it's just getting started," Dasler says.
Full disclosure, CanAlaska was a CEO.CA sponsor in Q1 2016. We appreciate their support!
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