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CanAlaska Uranium is a 'buy' at current levels, says Lundin

Elsewhere, CanAlaska is preparing to start a resistivity survey on its Moon South project..
CanAlaska Uranium Ltd is a 'buy' at current levels, says Lundin
Canada's Athabasca Basin region has been dubbed the "Saudi Arabia of Uranium"

CanAlaska Uranium Ltd (CVE:CVV) will see plenty of newsflow in 2017, says Brien Lundin, editor of the Gold Newsletter, who rates shares a 'buy'.

Canalaska is a prospect generator with uranium, diamond and base metal projects in and around Canada's Athabasca basin.

Its joint venturers include Cameco, which is putting together a drill program on the West McArthur uranium project, and Northern Uranium, which is doing the same at the NW Manitoba project, notes Lundin.

At West McArthur, project, operator Cameco has said that by April 30 this year, it expects to be able to provide the firm with a program and budget for summer drilling.

Elsewhere, Canalaska is preparing to start a resistivity survey on its Moon South project, where drilling is planned this summer.

Lundin also says Canalaska is poring over data left behind by its former joint venturer at the West Athabasca diamond project -  De Beers.

"The data should help Canalaska find another joint venturer to explore West Athabasca more thoroughly," he says.

CanAlaska stock is currently changing hands at 43 cents. Lundin previously said 'buy' in April last year when it was 51 cents and then six months later in October last year, when it was 80 cents.

"The company has a low cash burn rate and about $1.6-million in the bank. It is a buy at current levels," concludes Lundin.

Earlier this month, CanAlaska updated on drilling at its Nisku claims in Canada, where extensive mineralisation had been found, and  told investors it would not be proceeding with a previously announced placing.

It said this was due to market conditions and that it was adequately financed.

In February the group revealed plans to raise up to C$1.12mln via issuing up to two million units at a price of 56 cents each.

Proceeds, it said, would, be used for acquisitions and uranium and other mineral exploration in Saskatchewan, Manitoba and Alberta, as well as for general corporate purposes.

At the Nisku copper, zinc property, 7km east of CanAlaska’s North Ruttan copper-zinc property, four holes were completed at three sites to depths of 140 to 260 metres from surface. Drill assays are expected in May.

Canalaska holds interests for uranium in around 470,000 hectares (1.1 million acres) - one of the largest land positions in Canada's Athabasca basin region -  and which is dubbed the 'Saudi Arabia of uranium'.

Shares gained 10.47% on the day to $0.475.

---updates share price---

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