CanAlaska - Cameco JV to Drill West McArthur Summer Drill Program Commences August 15 th Focus on High-Grade 42 Zone and 3 km Fault Extension Multiple Priority Targets to be Tested with 5,000 Metre Drill Program
CanAlaska - Cameco JV to Drill West
McArthur
Summer Drill Program Commences August 15
th
Focus on High-Grade 42 Zone and 3 km Fault Extension
Multiple Priority Targets to be Tested with 5,000 Metre Drill Program
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2021) -
CanAlaska Uranium Ltd. (TSXV:
CVV) (
OTCQB:
CVVUF) (
FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce West
McArthur JV management board approval of a 5,000 metre summer drill program at the West McArthur
uranium project in the eastern Athabasca Basin. The project is operated by CanAlaska and this program
is scheduled to begin on 15 August. CanAlaska holds a 74.06% ownership in the project and will fully
fund the exploration in 2021 to increase its interest.
Figure 1
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The West McArthur project "42 Zone" mineralization is located 12 kilometres west of Cameco and
Orano's McArthur River uranium mine, within the Grid 5 survey area. Drilling to date has discovered a
large sandstone alteration halo above high-grade uranium mineralization intercepted in replacement
zones at the unconformity. The first drilling of the season will continue to advance this discovery with the
next drill holes planned to intercept the southwestern extension of the main mineralized fault structure.
The northeastern extension of the 42 Zone fault is host to the nearby Fox Lake uranium deposit (68M
pounds U
3
O
8
@ 7.99%), which was discovered and announced by Cameco and Orano in 2016 (Figure
1). The southwestern extension of this fault has been recognized from field work and drill core relogging
by CanAlaska in 2020, and can be traced for at least three kilometres to the southwest of the 42 Zone
mineralization (Figure 2).
The extensive conductive corridor outlined by the geophysical imaging of Grid 5 is also shown in Figure
2, along with the key, wide-spaced, historical drillholes and intersections which allow interpretation of the
fault trace deep in the basement. These historical drill holes intersected hydrothermal alteration with
bleached zones and intervals of chlorite in the sandstone and basement. The drill intersections also
show re-activated semi-brittle fault zones that have coincident anomalous uranium values. Unlike the 42
Zone area, none of target areas A, B or C in Figure 2 have been drill-tested where the fault intersects the
unconformity. This will be the focus for drilling this season.
Figure 2
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CanAlaska CEO, Cory Belyk, comments,
"Recognition of the controlling fault system for three
kilometres immediately southwest of the Company's 42 Zone discovery in the Grid 5 area was a key
outcome from the 2020 work program. The team is excited to start this program, which will test these
structures at the unconformity. Renewed interest in nuclear as a source of carbon-free energy
continues to grow and support the need for new uranium discoveries and investment at West
McArthur."
Other News
The Company has just completed its field program on the West Athabasca Diamond project. The
Company is awaiting drill permitting for the Strong nickel project and has just received its drill permit for
the Hunter nickel project, both near Thompson, Manitoba. The Company's Manibridge nickel project is
currently under a new third-party Option Agreement.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in
approximately 214,000 hectares (530,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of
Uranium."
CanAlaska's strategic holdings have attracted major international mining companies.
CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the
Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the
world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold
and diamonds. For further information visit
www.canalaska.com
.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice
President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email:
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the future are forward-looking
statements.
These forward-looking statements involve numerous assumptions made by the Company
based on its experience, perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the circumstances. In addition, these
statements involve substantial known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other forward-looking statements will prove
inaccurate, certain of which are beyond the Company's control.
Readers should not place undue
reliance on forward-looking statements.
Except as required by law, the Company does not intend to
revise or update these forward-looking statements after the date hereof or revise them to reflect the
occurrence of future unanticipated events.
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