CanAlaska advances high-grade Uranium exploration at West McArthur and Key Lake

Yeah, so we've got two main project areas. One is obviously our West MacArthur joint venture with Cameco, what we're calling our Pike zone discovery where we've drilled grades as high as 85% uranium, which is exceptional.

All right, welcome back inside our Proactive News room and joining me now is Corey Bellac. He is the CEO of Canalaska Uranium. And Corey, it's good to see you. How are you?

I'm great, Steve. Uh it's it's fantastic time to be in the uranium space, fantastic time to be with Canalaska and it's a real pleasure talking about it today with you.

Yeah, I'm excited to learn a bit more about the company and the and the projects you have working and the two areas you're working in. So, uh first, maybe give me a bit of background on Canalaska.

Well, Canalaska is a junior explorer. Market cap somewhere around 80 to 100 million depending on the day, but we're very focused in the Athabasca basin in Saskatchewan, looking for these tier one very high-grade uranium deposits like a cigar, like a McArthur, perhaps Next Gen's Arrow. Our focus really is in the Athabasca basin, really is in the southeastern Athabasca basin right around the critical minor mill infrastructure like the Key Lake Mill that has a clear need for future production in the 2040s. So, we're looking for uh for that tier one type asset in that part of the world. And uh we've been drilling some exceptional grades in the past couple of years and uh it's it's looking great.

Yeah, so you you're kind of working in two different areas uh there. So maybe talk to me a bit about the the the the projects and and the areas you are.

Yeah, so we've got two main project areas. One is obviously our West MacArthur joint venture with Cameco, what we're calling our Pike zone discovery where we've drilled grades as high as 85% uranium, which is exceptional. You only see those at Cigar Lake, McArthur River, perhaps the best parts of Next Gen's Arrow. Uh it is truly special. Everything we see there looks correct and we've been very busy this last summer sort of moving through the process of both some infill work and also some extension drilling, looking for that next pearl. These things always occur in these pearls, very high-grade small footprint zones of mineralization like MacArthur River. and that's exactly what we've been focused on this summer at West MacArthur. We've been really moving through that process of looking for the next pearl and and we'll be updating the market soon on that. And uh more importantly, right now we're currently drilling at our key Lake projects just south of the Key Lake. Again, these are grass roots, but they have all the ingredients, the right structure, the alteration, the right rocks. We've got to find out where that uranium is sitting down there. So, we have some great things going on, sort of a two-prong front, both West MacArthur and uh and our 100% owned project South of Key Lake. So it's a fantastic summer for us.

Yeah, are you are are you looking at a specific area on on Key Lake? Is it is it something you're focusing on and and is it is it a widespread area that you're on?

Yeah, so beyond West MacArthur, uh we have started exploring south of Key Lake. We've spent the last five years assembling an incredible land package down there, focused on the right rocks, really untouched by drilling historically. Um it's a fantastic place to go out and seek that next discovery. So, we are focused down there, sort of a two-prong effort, both West MacArthur and South of Key Lake. So South of Key Lake is important for us. And those are all 100% owned. First touches with the drill. Um just a fantastic place to work and we're looking forward to making a discovery down there too. We hope.

Yeah, so, so give us an idea about the the next three to six months. What are sort of the some of the things that you're focusing on? Obviously drilling is is something that you're focusing on, but what give me some thoughts on on the company moving forward.

Well, over the next three months or so, we're going to have assays coming in from the summer work, both at West MacArthur and South of Key Lake. So look forward to results from that. Also program wrap-up. We're just wrapping up the West MacArthur joint venture right now. Uh we are currently drilling for probably another four weeks at the key projects south of Key Lake. So we got a lot of news flow coming in the next three to three to four months as we move into Q1 of 2024. Beyond that, we'll be ramping up again for a busy 2024 in the West MacArthur area and probably south of Key Lake as well. So, you know, investors can expect a very busy year for us coming up. So, fantastic. and we're finishing the year with about 20 million in the treasury. So we're well financed for everything we want to do in 2024.

Absolutely. And and lastly, I just want to ask you, you mentioned, you talked a bit about the uranium market itself. Talk to me a little bit about about where it's at, but really where you see it going and and the need.

Yeah, I was at the WNA uh a few weeks ago. Um that's the big meeting for the nuclear space in London each year and and uh you know, it's moving from ambition to action. and that was sort of their call sign for the for the conference. And I think what we're seeing now is the action starting to play out, whether that's building new new power plants, new jurisdictions like Africa coming into play now and being discussed. Um and really having companies and uh utilities work together, work together to really turn that ambition into the action. And I think that's that's sort of been out there for a while, but now I think we're starting to see it. And I think what that means is that we're going to need more uranium assets to produce the fuel that's going to feed that infrastructure. And that's where Canalaska comes in. So I think it's a fantastic time in the nuclear space. Still very early stage specifically for junior explorers. Um they're going to rebound here quickly as that price of uranium continues to move up, which it continues to move up modestly, which is which is a fantastic outcome for us.

Absolutely. That's what you're looking for. Hey, Cory, thanks so much. Really good update. Uh good to see you as well and we look forward to following the story, okay?

Well, thank you, Steve. It's uh it's been a great chat. So, thanks, thanks a lot.

All right, there's Corey Bellac, the CEO of Canalaska Uranium.