CanAlaska - Denison Mines JV to Drill Moon Lake South Summer Drill Program Commences September 10 th Focus on 5 km Long Conductor Corridor with Unconformity Mineralization Multiple Priority Targets to be Tested with 2,400 Metre Drill Program
CanAlaska - Denison Mines JV to Drill Moon
Lake South
Summer Drill Program Commences September 10
th
Focus on 5 km Long Conductor Corridor with Unconformity Mineralization
Multiple Priority Targets to be Tested with 2,400 Metre Drill Program
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2021) -
CanAlaska Uranium Ltd.
(TSXV:
CVV) (
OTCQB:
CVVUF) (
FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to
announce JV partner Denison Mines Corp. ("Denison") will be starting a 2,400 metre summer drilling
program at the Moon Lake South JV project (Figure 1). The project is operated by Denison and the
2021 drilling program is scheduled to begin around September 10
th
. CanAlaska holds a 25% ownership
in the project and will fund the Company's share of the 2021 exploration program.
Figure 1
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In January 2016, Denison entered into an option agreement with CanAlaska to earn a 75% interest in the
Moon Lake South project. The project contains a 5 km long conductor corridor known as the CR-3
conductor (Figure 2), which is located approximately two kilometres west of the K-trend, host to the
Gryphon Deposit on Denison's adjacent Wheeler River property.
Denison drilled one diamond drillhole (MS-16-01) near the southern boundary of the Moon Lake South
project and confirmed the location of a new uranium target. The hole intersected an interval of fractured
and friable sandstone with uranium mineralization immediately at the unconformity (0.1% U
3
O
8
over 0.5
m). Associated with the uranium mineralization is alteration in the lower sandstone column consisting of
increased bleaching, desilicification, and dark grey pyrite. Additionally, in the basement of MS-16-01, a
0.8 metre-wide graphitic fault zone with evidence for reverse movement was intersected approximately
10 metres below the unconformity. The up-dip projection of this fault to the ideal target at the
unconformity is expected to be one of the priority targets for this drill program.
In 2017, as follow-up to the positive results in MS-16-01, Denison completed a Titan 24 DC-IP resistivity
survey over the conductor corridor and successfully mapped the extension of the trend for five kilometres
to the northeast. Denison further advanced the project in 2020, completing a SWML (Stepwise Moving
Loop) Electromagnetic (EM) survey that successfully outlined multiple untested EM targets with
associated resistivity anomalies, or 'bright-spots', along the CR-3 conductor trend. These EM bright-
spots are potentially indicative of basement alteration associated with uranium mineralizing processes
similar to the Arrow or Eagle Point uranium deposits. The 2021 summer drill program will evaluate four
of the highest priority targets identified from these surveys (Figure 2).
Figure 2
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CanAlaska CEO, Cory Belyk, comments,
"The Moon Lake South project offers an intriguing set of
targets that have been developed over the last number of years by our new JV partner, Denison. This
program will drill-test priority targets along a mineralized corridor in the heart of the eastern Athabasca
Basin offering CanAlaska shareholders multiple opportunities for discovery. We look forward to
working with Denison to move this project forward."
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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