Firm Ready To Drill For Uranium On Reserve

Firm Ready To Drill For Uranium On Reserve

Thursday, June 26, 2008 at 15:33

 

 

CanAlaska Uranium has announced it will begin drilling on the Fond du Lac reserve.

 

The company was granted a work permit earlier this week by Indian Affairs and has received the consent of chief and council.

 

Drilling will initially target the area surrounding the Fond du Lac uranium deposit, as well as test for structural events and mineralization.

 

Company vice-president Emile Fung says they will give the band 51 per cent of the uranium deposit once it’s found.

 

Fung says while the band doesn’t have mineral rights, the company forced the issue — and as a result, the Crown granted exploration rights in recognition of their agreement.

 

Fung maintains the environmental impact of the exploration will be very small.

 

He adds a one-million-pound deposit of uranium was discovered there years ago and his company is hopeful of finding more.

 

Fung notes if a deposit is found, it could be five or ten years before it can be mined.