The Waterbury project is composed of 3 separate groups of claims totaling 6089 hectares, located 12 kilometres east from the Cigar Lake Deposit and 10 kilometres south of the Midwest mine. The NW claim was sold to Cameco in 2016; CanAlaska retains a royalty. The remaining two claims have a combined area of 2,325 hectares.
Within the project area, Athabasca sandstones and conglomerates overlie a basement of Wollaston supercrustals (psammites, pelites, graphitic pelites and calcsilicates) that in turn overlie Archean granitic gneisses. Depths to the unconformity are between 200-500 metres, becoming deeper to the west.
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The project area was explored by SMDC and COGEMA who performed geochemical surveys, airborne and ground based geophysical surveys. However a large portion of the property overlies Waterbury Lake which, though on trend between the Cigar Lake and Midwest deposits, has never been explored.
Significant exploration targets exist on all 3 claim blocks. Initial drilling has been carried out on the eastern claim block. Further drilling is warranted in this area, as alteration and uranium mineralization in the drill holes indicate a nearby target. CanAlaska work culminated between the years 2006 and 2008 including GEOTEM and airborne magnetic surveys that covered the entire property. There is local VTEM surveying, as well as ground UTEM, magnetometer and resistivity-IP surveying. These surveys have defined anomalous zones within the sandstone associated with basement conductors. The Eastern block has seen resistivity and MaxMin surveys and a 6 diamond drill holes. There is clay alteration with elevated uranium and other trace elements in the northern drill holes.
The potential of this project is for unconformity style Uranium mineralization of both the Simple (Low REE, basement hosted) and the Complex (High REE, Sandstone hosted) types of Uranium deposits. In November, 2010, CanAlaska provided a NI 43-101 technical summary report for the Waterbury Uranium Project, the report summarizes the work that has been completed and recommends:
- Four drill holes testing Fixed Loop EM and/or resistivity anomalies on the North West block
- Three drill holes testing VTEM and magnetic anomalies on the North East block
- Five drill holes testing GEOTEM and/or resistivity anomalies on the South Block