Nice timing, bros.
After the close of business on the Friday before Christmas weekend, CanAlaska (CVV.V) decided to let the market know, ‘hey guys, DeBeers thinks our West Athabasca project is crap and handed it back to us with a big ‘rejected’ stamp across it.’
Of course, CanAlaska’s framing of this is, ‘hey, we have loads of other land and not much of it is like this plot, which DeBeers clearly thought was the pick of the litter or they wouldn’t have bothered with it, so hooray! And, of course, the timing of the news is TOTALLY coincidental.’
Canalaska Uranium has received notice from De Beers for the termination of the West Athabasca project option. De Beers’ exploration team has interpreted the 85 large magnetic anomalies scattered across the claims to be most likely associated with magnetic minerals within organic material in the overburden.
[..]
It is highly unusual to encounter such magnetic material in organic overburden. Samples from this material were sent to Saskatchewan Research Council (SRC) and McMaster University for analysis and review. There is some scientific literature that details bacterial production of magnetic material under certain conditions.
Translated: They wanted magnetic rock, and they got magnetic peat.
But never mind, says CanAlaska, who really should just say “oh crap, that sucks,” but would see their stock crater to half a cent if they did. Instead, they’re taking the ‘we got other land’ option.
CanAlaska President Peter Dasler commented, “I am very pleased with the excellent relationship we have developed with De Beers through this project.”
“The Western Athabasca merits exploration for diamonds and we will now concentrate on evaluating several of the more interesting magnetic anomalies within the remaining 78 targets that CanAlaska does not believe are related to magnetic organic material.”
The series of positive and negative (reverse) magnetic responses that are evident from the recent airborne surveys on our nearby properties, specifically West Carswell and Alberta, would not be caused by similar organic material.
“CanAlaska is currently marketing its Alberta property to third parties to explore for diamonds, and with the return of 100% of the West Athabasca project, we expect that there will be parties that will wish to help us test the remaining targets.”
