- CanAlaska Uranium (OTCQX: CVVUF) initiates first drill program at Constellation uranium project in Saskatchewan.
- The project is fully funded by Bayridge Resources, with a potential $5 million in exploration expenditures.
- Target Area B shows highest recorded uranium concentration of 488 ppm.
CanAlaska Uranium Ltd. (OTCQX: CVVUF) has launched a groundbreaking drill program at its Constellation uranium project situated in the Athabasca Basin of Saskatchewan. This marks the first-ever drilling effort on this project, located 60 kilometers south of the Key Lake Mine. The drilling initiative, funded by Bayridge Resources Corp under an option earn-in agreement, plans to cover 1,100-1,400 meters and consists of 3-4 drill holes.
The project was identified as a high-priority site following Versatile Time-Domain Electromagnetic (VTEM) surveys and ground prospecting, which uncovered significant uranium anomalies in multiple target areas. Notably, Target Area B revealed the highest concentration of uranium at 488 ppm, while Target Area A recorded up to 52.5 ppm.
With strong electromagnetic conductors conducive to basement-hosted uranium deposits, the Constellation project offers promising geological prospects. Bayridge Resources has the potential to invest up to $5 million in exploration expenditures, further cementing the strategic investment into what could become a vital resource for uranium deposits like those in Cameco's Eagle Point Mine and NexGen's Arrow deposits.
The planned drill program will leverage high-resolution airborne geophysical targets along with ground prospecting results, offering a comprehensive approach to discovering important uranium deposits in the region.
Cory Belyk, CEO of CanAlaska, expressed optimism about the project, highlighting its strategic location near existing infrastructure, which bolsters its potential for significant uranium discovery and development.
