Mr. Chris England, President of WestCan Uranium Corp., is pleased to announce that the Company has started mobilizing for a two hole drill program on the Key Lake Uranium Property which consists of five claims lying between 5 and 23 kilometres from the formerly producing Key Lake Uranium Mine, in the Athabasca Basin of Northern Saskatchewan. The mine produced over 200 million pounds of U3O8 before its closure in 1997.
Two targets have been identified from an interpretation carried out under the supervision of CanAlaska Uranium Ltd of Vancouver, British Columbia, the project's operator, and Dr. Colin Bowdidge Ph.D., P. Geo., a director of WestCan and project manager for the Company's Saskatchewan holdings. Maxwell Modeling of the VTEM anomalies has produced results showing the southern target zone sits on a conductor entering the property at its southern tip, curving eastwards and leaving the property 1.5 km further north.
The northern target is a conductor within a magnetic low in the core of what has been mapped by previous workers as an Archean dome. It is striking NE-SW, more or less in the same direction as the Key Lake Mine structure. Previously, five short vertical holes were drilled in the vicinity, but were not deep enough to reach the target identified from the VTEM survey. The Maxwell Modeling puts the top of the plates at about 300 metres in depth and they have a dip of approximately 20 degrees to the SE. The two holes are proposed to test this northern target. Access to the drilling area is from Highway 914, along old drill roads.
The property is under option from CanAlaska Uranium Corp. Under the terms of the Agreement, WestCan will pay to CanAlaska, a total of $100,000 (Cdn); issue 300,000 shares and commit to $2 million (Cdn) in expenditures on the claims in exchange for receiving a 50% interest in the Project. The commitments are to be staged over a 3 year period. CanAlaska will also receive a 3% net smelter royalty. -- www.cnxmarketlink.com
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