CanAlaska Acquires New Project Along Prolific Mineralized Corridor In Eastern Athabasca Basin 25 Kilometres of Roughrider Mineralized Corridor Staked Highly Anomalous Lake Sediment Sample Identified Meet Management at the Vancouver Resource Investment Conference
CanAlaska Acquires New Project Along
Prolific Mineralized Corridor In Eastern
Athabasca Basin
25 Kilometres of Roughrider Mineralized Corridor Staked
Highly Anomalous Lake Sediment Sample Identified
Meet Management at the Vancouver Resource Investment Conference
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(OTCQX:
CVVUF
) (FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to announce the
Company's newly acquired Frontier project, totalling 15,929 hectares, in the northeastern Athabasca
Basin. The Frontier project is located approximately 30 kilometres northeast of the McClean Lake mill
complex and Roughrider uranium deposit, and 35 kilometres north of Cameco's Eagle Point uranium
mine (Figure 1).
Figure 1 – Frontier Project Location
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/151657_eae1af7a54c32af4_002full.jpg
The Frontier project is located five kilometres northeast of the present-day Athabasca Basin edge.
Compilation work on the project has highlighted a prominent 25-kilometre-long northeast trending
magnetic low corridor. This regional-scale corridor, which continues off property to the southwest, hosts
multiple uranium deposits and showings, including Roughrider, Midwest, J Zone, Dawn Lake, Moonlight,
Osprey, and the McClean Lake mine (mined-out Jeb deposit) and mill complex. This regional-scale
corridor is termed here as the Roughrider Mineralized Corridor ("RMC"). Within the Frontier project the
RMC is bound by magnetic high bodies to the east and west that are interpreted to represent Archean
domes, providing a suitable and favourable geological scenario for the formation of large fault structures.
Figure 2 – Exploration Target Corridor Frontier Project
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/151657_eae1af7a54c32af4_004full.jpg
A major northeast trending structure has been mapped along the western margin of the magnetic low
corridor that is cross-cut by multiple north-south trending magnetic structure lineaments (Figure 2).
Southwest of the property, this same lineament is associated with a large jog in the Athabasca Basin
edge that is interpreted to represent structural offset. The interplay between structures along long linear
magnetic low corridors is typical of many unconformity uranium deposits in the Athabasca Basin and
allows for the creation of structural traps for potential uranium deposition. As a result, the Company
believes this section of the RMC represents a key underexplored target area for basement-type uranium
mineralization.
The Frontier project has undergone very limited historical exploration. Gulf Minerals Company completed
an airborne radiometric survey, followed by prospecting and mapping in the 1960's. Airborne
radiometric, magnetic, and electromagnetic surveys were flown in the 1970's by Gulf Minerals Company
and Canadian Superior Exploration Ltd. These surveys were followed by ground-based prospecting,
mapping, lake sediment and boulder sampling, and VLF-EM surveying. In the early 1990's, as part of a
regional lake-sediment sampling program, the Geological Survey of Canada collected a sample on
Point Lake which returned 34.7 ppm uranium associated with elevated cobalt, copper, molybdenum, and
nickel. In 2007, Hathor Exploration Ltd., discoverer of the nearby basement-hosted Roughrider uranium
deposit, conducted a detailed aeromagnetic survey that covered the entire Frontier property and a small
VTEM (Versatile Time Domain Electromagnetics) survey and lake sediment sampling program that
covered only the very southern portion. The Frontier property has no known drillholes completed within its
boundaries.
The Company believes the next steps for the Frontier project include property-wide modern high-
resolution airborne radiometric, VTEM, and gravity surveys followed by ground-based prospecting. This
combination of geophysical techniques is well suited toward identification of basement-hosted uranium
targets for follow-up drilling programs. The Company is completing further compilation work on the newly
acquired Frontier project and is actively seeking Joint Venture partners to move the project forward.
CanAlaska CEO, Cory Belyk, comments,
"This is a very exciting new project generated by our talented
geologists along one of the most important mineralized corridors in the eastern Athabasca Basin near
critical milling infrastructure. The Roughrider uranium deposit discovery was one of the most
important in the last uranium cycle anywhere in the world reigniting interest in the northeastern area of
the Basin. The Frontier project is a geological extension of the Roughrider Mineralized Corridor and
has never had modern survey methods applied toward basement-hosted uranium deposit discovery.
Congratulations to the CanAlaska team for recognizing this opportunity at the entry to the next
uranium bull market which we believe is upon us. The timing could not be better for our shareholders
as the team applies its project generation methodology to create an incredible discovery opportunity
in the Saudi Arabia of Uranium."
Other News
The Company is drilling on its West McArthur project in the eastern Athabasca Basin. The 2023 West
McArthur drill program is focused on advancing the Company's new high-grade Pike Zone uranium
discovery. The primary goals for the winter drill program are the Pike Zone unconformity target and
continued definition of the dimensions and controls of the Pike Zone basement mineralization.
In addition, the Company is preparing for its first drilling program on the Key Extension project, located in
the southeastern Athabasca Basin region near the Key Lake mine and mill complex. The 2023 Key
Extension drill program, planned to begin in February, will focus on exploration of newly defined targets
generated through a series of geophysical programs completed in 2022.
The Company will be attending the Vancouver Resource Investment Conference ("VRIC") on January
29
th
and 30
th
in Vancouver, BC and will have representatives at booth #435.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in
approximately 300,000 hectares (750,000 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
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, Executive Vice-President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email:
General Enquiry
Tel: +1.604.688.3211
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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https://www.newsfilecorp.com/release/151657