CanAlaska Uranium Ltd. (CVV) GOES FOR THE BLING – Do circles mean diamonds? Do discrete anomalies mean diamonds? Do things southeast of down-ice trends mean diamonds? Perhaps, perhaps not; but CanAlaska wants to find a partner who will spend lots of money to find out if they do. Bully for them.
Peter Dasler’s Canalaska Uranium decides diamonds may be in the future of the company and has staked an assemblage of grassroots claims in the Athabasca Basin where there has been no known kimberlite exploration in the past.
Some would ask why a Uranium explorer would all of a sudden set out on a diamond excursion, especially a grassroots one to boot; and in a region not known for diamonds. He has to be a mad man right? Maybe, maybe not. Perhaps too be a real explorationist? More likely.
What is clear here, is that Dasler and his company are following a CanAlaska tradition of acquiring prospective ground and then bringing in a partner to spend the partner’s funds on the risky proposition of finding out if any of the 75 targets contain any ‘Bling’ or not. This is the Canalaska concept, which was coined many years ago by Dasler’s predecessor and Howe Street legend Harry Barr. It is a concept that proved highly successful for Barr in his 1999 River Valley Platinum/Palladium Play in Ontario. Barr was able to run with that successful and profitable story for many years and along the way make a lot of money for his investors and himself.
Back to the ‘Bling’. What we at like about the CanAlaska’s initiative here is that this is exactly the kind of activity that is going to play a key role in bringing the Junior Mining Industry back from the abyss. This is how discoveries are made; not by reintroducing time and time again, the same old dirt that has been drilled so often it begins to resemble a practice range for aeration equipment.
The market reacted to CanAlaska’s new diamond venture today by trading off $0.005 on little volume. We’ll call it a neutral reaction, as investors today are mentally intolerant of what the industry was built on – discoveries. The company has only about 22 million shares out and cash in the bank. Why not stake the prospective ground at mere staking costs and bring in a well-funded partner to assess it – if you think you can do it? Again, this is what the junior mining and exploration business is all about. CanAlaska’s peers should be paying attention here and dismantling their clone factories.
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