CanAlaska Uranium (CVE:CVV, OTCMKTS:CVVUF), an exploration stage company, said it has been informed by Makena Resources that drilling crews are on site, and drilling is about to commence at the Patterson West project.
CanAlaska also announced that the current financing initiative announced October 28 has been postponed, pending further corporate developments and market support.
Drilling will test an intense 1.5 kilometers by 0.5 kilometers gravity anomaly situated along a major geological domain boundary, the Vancouver, British Columbia-based company said in a statement on Friday.
Patterson West is located adjacent to the PLS claims of Fission Uranium, and 10 kilometers northwest of their Triple R deposit.
CanAlaska owns a 100% interest in three properties in the southwest region of the Athabasca Basin.
Shares rose 5% to $0.105 at 12:14 p.m. in Toronto. The stock is down 30% this year.