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CanAlaska Uranium (TSX-V: CVV) (OTCQX: CVVUF) has begun mobilizing its field team, drill crew and equipment to it’s 60%-owned Geikie uranium project in Canada’s Athabasca Basin, an area that currently supplies about 20% of the world’s uranium.
The program, the company said, will be focused on testing shallow, high-priority targets that have been compiled from recent high-resolution airborne radiometric, magnetic, and electromagnetic surveys in combination with prospecting, structural mapping and historical data review.
The initial drill program is planned for 2,000 metres, consisting of eight drill holes with proposed depths around 250 metres each.
“From inception of the project through to this first drilling program, the company has been diligent with its methodical approach to exploration and developing very high-quality targets for testing,” chief executive officer Cory Belyk said in the statement.
CanAlaska will initially focus on a 15-km-long area with three high-priority targets: Preston Creek, Hourglass Lake and Aero Lake.
The Vancouver-based company holds interests in about 300,000 hectares (750,000 acres) located in Saskatchewan’s eastern Athabasca Basin. The miner is working with Cameco and Denison at two of its properties.
It also holds properties prospective for nickel, copper, gold and diamonds.
Canada is the world’s second-largest uranium producer as well as one of the few offering reactor technology and related services.
CanAlaska also announced that it intends to spin out five nickel projects into a subsidiary called Core Nickel, which would then be publicly listed.
The projects are Halfway Lake, Resting Lake, Hunter, Odei River and Mel, are all located in Manitoba’s Thompson nickel belt.
The move would need to be approved by shareholders, and is subject to regulatory approvals as well as financing availability.
