Kodiak has been granted an option by the company to acquire an initial 50% interest in the project for $4m in exploration, $600,000 of which is to be completed before June, 2010. Additional interests can be earned by Kodiak, with further work programs or the definition of uranium resources on the project.
CanAlaska’s McTavish project consists of three separate claim groups totaling 16,385 hectares. One claim group is wholly-enclosed by Kodiak’s West Millennium project, and shows a strong airborne geophysical anomaly related to conductive rock units, or sandstone alteration. The other two parcels are intimately intertwined with West Millennium.
UTEM data shows that the conductors drilled by Kodiak this past winter at West Millennium extend onto the McTavish property and appear to intensify.
ZTEM survey data also defines two other high-magnitude conductors on the McTavish project, both of which are untested by drilling. The combined West Millennium-McTavish property package comprises nearly 380km(2) in the heart of the Athabasca basin, only 3km west of Cameco’s Millennium deposit (47M pounds U(3)O(8) with an average grade of 4.5% U(3)O(8)).
Kodiak’s drill camp is currently operational, and the first drilling equipment has now arrived on the project, for the commencement of a 6,000mt drill program on CanAlaska’s and Kodiak’s claims. The first drill target is located on the D1 conductor on CanAlaska’s claims #S111151 and S111152, where previous airborne surveys have indicated a structurally-controlled alteration zone.
