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CanAlaska Uranium Ltd

CanAlaska Uranium lifted as Denison readies drillbit for Moon South

Denison put out its plans for summer exploration at the basin today.

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An initial hole drilled at Moon South last year hit 0.1% U3O8 (uranium) over 0.5 metres

CanAlaska Uranium Ltd (CVE:CVV) had positive news on Tuesday for the Moon South property (Moon) in Athabasca where Denison Mines is readying the drillbit.

Denison put out its plans for summer exploration at the basin in a statement today.

In all, 2,220m metres are planned in four holes to test targets along the CR-3 trend at Crawford Lake and the contiguous Moon South property.

The trend is believed to have a  strike length of 9km and thus far only seven holes have been sunk there.

An initial hole drilled at Moon South last year on the CR-3 trend, near Moon South's southern boundary, hit 0.1% U3O8 (uranium) over 0.5 metres

This project is comprised of two claim blocks.

Moon South consists in one claim of 2,716 hectares and Moon North  is two contiguous claims covering 360.2 hectares. The Moon property lies around midway between the McArthur River and Key Lake mines.

Denison recently earned a 51% interest in moon South after carrying out $200,000 of exploration over two years, and now it aims to earn a further 24% through further exploration worth $500,000.

The option agreement struck between the two includes provisions to form a joint venture and a 2% NSR (net smelter royalty), which will be automatically granted if either party's interest goes below 10%.

Canalaska shares rose 5.56% on the day in Toronto, to stand at 38 cents.

Quick facts: CanAlaska Uranium Ltd

Price: $0.23

Market: TSX-V
Market Cap: $10.68 m
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