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CanAlaska Uranium hails "significant uranium discovery" at West McArthur

Cameco is carrying out the work as part of an option to earn a 60% stake..

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West McArthur is a uranium project..

CanAlaska Uranium Ltd (CVE:CVV) announced a "significant" uranium discovery at the West McArthur uranium project, where drilling is being carried out by partner Cameco Corporation (TSX: CCO; NYSE: CCJ) .

The latter is doing the work as part of an option to earn a 60 % stake in the project.

The latest assays come from one hole -  WMA042 - which is testing a fault on what's called Grid 5.

The highlight is 1.34% eU3O8 (equivalent triuranium octoxide) over an intercept of 5.65 metres at a depth of between around 773 and 778 metres (m).

"I congratulate Cameco's team and their drill contractor for this significant uranium discovery on the West McArthur property. We all look forward to continuing successes," Canalaska president Peter Dasler said in today's statement.

A further drill hole is now underway, Canalaska added.

Cameco has paid CanAlaska an initial $725,000 and has the right to earn a first stage 30% interest for a $5mln exploration program within three years (it has spent $1.1 million to date) on two separate target areas -  Grid 1 and Grid 5.

Cameco will then have the right, after a $500,000 payment, to carry out a further $6.275mln on the project over the following three years to earn a further 30% interest and form a joint venture (jv) with CanAlaska.

Significantly, the property, which covers 35,830 hectares, is immediately next to Cameco's Fox Lake uranium discovery, which has reported inferred resources of around 68.1 million pounds based on 387,000 tonnes at 7.99% U3O8 (uranium).

Shares in CanAlaska in Toronto on Thursday raced up over 13% to 39 cents.

Quick facts: CanAlaska Uranium Ltd

Price: 0.2 CAD

TSX-V:CVV
Market: TSX-V
Market Cap: $11.52 m
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