CanAlaska Announces Discovery of Unconformity Uranium Mineralization at Pike Zone on West McArthur Project Unconformity-Hosted Mineralization Defined Over 160 Metres Length on Multiple Drill Fences; Remains Open Basement-Hosted Mineralization Expanded; New Target Areas Identified
CanAlaska Announces Discovery of
Unconformity Uranium Mineralization at Pike
Zone on West McArthur Project
Unconformity-Hosted Mineralization Defined Over 160 Metres Length on Multiple Drill Fences;
Remains Open
Basement-Hosted Mineralization Expanded; New Target Areas Identified
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV
)
(OTCQX:
CVVUF
) (
FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce successful
completion of the winter 2023 drilling program at the West McArthur project. The drill program is
highlighted by
WMA079 that intersected 2.3 metres at 0.58 %eU
3
O
8
and 3.9 metres at 1.39
%eU
3
O
8
, including 0.5 metres at 7.16 %eU
3
O
8
. During the program, uranium mineralization was
intersected in six of the nine drill holes completed with step out drill fences 100 and 160 metres northeast
of the original basement-hosted discovery and includes the first ever intersection of unconformity-
associated uranium mineralization at Pike Zone. The mineralization drilled to date at Pike Zone remains
open in all directions. The West McArthur project, a Joint Venture with Cameco Corporation, is operated
by CanAlaska that currently holds a 79.4% ownership in the project (Figure 1). CanAlaska is sole funding
the 2023 West McArthur program, further increasing its majority ownership in the project.
Figure 1 – West McArthur Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/164581_3c532825c4243ac3_002full.jpg
2023 West McArthur Winter Exploration Program Highlights
During the winter drill program, the Company was focused on drill testing unconformity targets in the
vicinity of the Pike Zone discovery as well as continued definition of the basement mineralization. The
2023 winter exploration program consisted of nine completed diamond drill holes totalling 7,072 metres,
of which six drill holes intersected significant uranium mineralization (Figure 2). Each of the holes
completed during the winter program intersected indicative alteration and structural disruption in the
lower sandstone and basement related to faulting along the C10S conductor corridor, which is a
structural bifurcation from the C10 corridor on the project. The C10 corridor is host to CanAlaska's
nearby 42 Zone and Cameco and Orano's Fox Lake uranium deposit.
Figure 2 – 2023 West McArthur Winter Drilling Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/164581_3c532825c4243ac3_003full.jpg
At the conclusion of the winter drill program, the Pike Zone basement mineralization has been expanded
and remains open in all directions.
Unconformity-associated uranium mineralization was discovered on two drill fences located over 160
metres to the northeast of the original Pike Zone discovery which is a very significant outcome from this
program. The presence of this unconformity mineralization indicates the potential for a very large
mineralizing event that is already generating significantly high-grade uranium mineralization in both the
basement and unconformity target areas. The mineralization at Pike zone remains open in all directions
(Figure 3). The mineralized intersections from the 2023 winter exploration drilling program are illustrated
in Figure 2 and summarized in Table 1.
High Priority Target Areas Identified
Results from the winter program indicate priority targets exist in the basement and at the unconformity at
Pike Zone. An inclined long section, Figure 3, shows the 2022 and 2023 mineralization intersections
projected onto target corridor plane of the basement rocks. In the basement, high priority targets are
located immediately northeast of the Pike Zone, down-dip of mineralization intersected at the
unconformity during the 2023 drill program. High priority unconformity-related targets exist along strike in
both directions of the Pike Zone area.
Figure 3 – 2023 West McArthur Pike Zone Inclined Long Section Showing Priority Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/164581_3c532825c4243ac3_006full.jpg
CanAlaska CEO, Cory Belyk, comments,
"The Pike Zone discovery continues to grow in size as we
complete further drilling indicating the potential for this to be a major discovery for CanAlaska and the
West McArthur joint venture. With a majority of the holes drilled in 2023 encountering mineralization
at the unconformity and within basement over considerable and continuous length, the Pike Zone is
displaying the critical characteristics of major mineralizing events commonly observed in the
Athabasca setting. The Pike Zone is open in all directions and the next phase of drilling scheduled for
later in the year will focus on expansion of the known mineralization. I remain very encouraged by the
continuity of the mineralization and associated intense alteration as well as the new targets that have
been identified from this program for our immediate follow-up."
Next Steps
A geophysical crew has begun a 3D DCIP Resistivity survey over the C10S conductive corridor which
hosts the Pike Zone. The corridor is interpreted to be over 15 kilometres in strike length and the
Company believes there are multiple opportunities for discovery around the Pike Zone and elsewhere
along this extensive corridor. The DCIP Resistivity program will map structure and associated alteration
intensity throughout the lower sandstone column above Pike Zone and along a large portion of the C10S
corridor. This information will prioritize drill testing of the unconformity target at Pike Zone and along the
C10S corridor. The survey is being completed by Dias Geophysical based out of Saskatoon,
Saskatchewan.
Assay samples for the 2023 drilling program have been submitted and results are pending. Based on
the results of the assays and the ongoing geophysical survey, the Company is planning additional drilling
in 2023.
Table 1 - 2023 West McArthur Winter Exploration Drilling Results
DDH
From
(m)
To
(m)
Length
(m)
3
Average Grade
(% eU
3
O
8
)
4
Maximum Grade
(% eU
3
O
8
)
4
WMA074-1
1
809.9
810.8
0.9
0.31
0.46
WMA075
1
793.1
795.1
2.0
0.37
0.87
WMA075-1
1
808.0
808.6
0.6
0.26
0.38
WMA076
1
789.1
791.1
2.0
0.13
0.27
WMA076
1
792.7
795.7
3.0
0.25
0.61
WMA076
1
809.2
809.8
0.6
0.19
0.32
WMA076
1
813.0
813.6
0.6
0.26
0.45
WMA079
1
853.7
856.0
2.3
0.58
1.86
WMA079
1
859.2
863.1
3.9
1.39
16.1
including
2
859.4
859.9
0.5
7.16
16.1
WMA080-1
1
900.3
900.7
0.4
0.48
0.96
WMA080-1
1
918.3
919.0
0.7
0.41
0.96
1
.
Intersection interval is composited above a cut-off grade of 0.1% eU
3
O
8
with a maximum of 1.0 m of internal dilution.
2
.
Intersection interval is composited above a cut-off grade of 2.0% eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which
have yet to be determined.
4
.
Radiometric equivalent ("eU
3
O
8
") derived from a calibrated gamma downhole probe.
Table 2 - 2023 West McArthur Winter Exploration Drill Collar Locations
Drill Hole
Easting
Northing
Elevation
(m A.S.L.)
Azimuth
(˚)
Dip
(˚)
EOH
(m)
Unconformity
Depth
(m)
WMA074
477237.0
6396515.0
599.3
335
-77.0
959
801.1
WMA074-1
477237.0
6396515.0
599.3
335
-77.0
950
796.1
WMA075
477364.0
6396604.0
603.4
320
-82.0
893
794.9
WMA075-1
477364.0
6396604.0
603.4
320
-82.0
887
787.9
WMA075-2
477364.0
6396604.0
603.4
320
-82.0
908
785.5
WMA076
477339.0
6396538.0
608.0
325
-76.1
893
799.7
WMA077
477345.0
6396515.0
608.0
277
-80.5
1052
787.4
WMA078
477358.7
6396536.5
606.0
301
-78.3
302
N/A
WMA079
477359.0
6396539.0
606.0
301
-80.5
902
803.3
WMA080-1
477345.7
6396518.0
606.0
280
-80.5
977
787.7
Notes: Easting and Northing coordinates are reported in UTM Zone 13N (NAD83 datum). EOH = end of hole. m A.S.L. = metres above sea level.
WMA078 was not completed due to excessive deviation. Holes with -1 and -2 represent wedge off cuts or directional steering at depth from pilot
holes.
Drill Hole Details
Three drill holes were completed to continue defining the dimensions and controls on the Pike Zone
basement mineralization. Drill hole WMA079 tested the Pike Zone between WMA070 and WMA072-3,
approximately 25 metres from the 2022 drill holes. WMA079 contained two basement-hosted uranium
mineralization intersections over a 7.1 metre wide zone, highlighted by 1.39 eU
3
O
8
over 3.9 metres,
including 7.16 eU
3
O
8
over 0.5 metres, expanding the known uranium mineralization. Drill hole WMA080-
1 tested the Pike Zone down dip of WMA067 by 22 metres and contained two basement uranium
mineralization intersections, expanding the known uranium mineralization.
Drill holes completed immediately up-dip of the Pike Zone at the unconformity in the WMA074 series
intersected multiple metre- to sub-metre scale fault zones hosted within a 90-metre wide strongly clay
and locally pyrite altered sandstone. The basement in these drill holes was strongly clay and chlorite
altered throughout with strong alteration penetrating over 130 metres vertically below the unconformity.
Multiple metre-scale fault zones were intersected throughout the basement that are associated with
complete clay replacement and core loss. Basement-hosted uranium mineralization was intersected in
WMA074-1 approximately 14 metres below the unconformity. The unconformity target remains
marginally tested in the vicinity of WMA074-1.
Four drill holes were completed within 160 metres from the immediate Pike Zone to test the potential for
unconformity-associated uranium mineralization. Drill hole WMA076 successfully intersected two
intervals of sandstone hosted uranium mineralization and two intervals of basement hosted uranium
mineralization (Table 1). The basal 100 metres of the sandstone column in WMA076 was strongly
bleached and altered with multiple fault zones and strong grey sulfide alteration in the lower 30 metres.
Within the sulfide altered interval, very poor core recovery (40 - 80%) due to strong quartz dissolution
related to faulting was encountered. Unconformity-associated uranium mineralization in WMA076 is
hosted within the faulted sandstone. The WMA075 series of drill holes, completed 160 metres along
strike to the northeast of the Pike Zone, contained strongly bleached and altered lower sandstone
column. In WMA075, unconformity-associated uranium mineralization is hosted within a faulted and clay
altered dark grey sulfide-rich sandstone. The basement in these drill holes contain a 20 - 40 metre wide
zone of chlorite and clay altered reactivated fault zone. WMA075-1 contained basement-hosted uranium
mineralization.
Geochemical Sampling Procedures and Use of Radiometric Equivalent Grades
All drill core samples from the 2023 winter program were shipped to the Saskatchewan Research
Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for
preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total
(HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U
3
O
8
wt% assay by ICP-OES
using higher grade standards. Assay samples are chosen based on downhole probing radiometric
equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay samples comprise 0.3 -
0.5 metre continuous split-core samples over the mineralized interval. The SRC is an ISO/IEC
17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard
reference materials, and repeats are inserted into the sample stream at regular intervals by CanAlaska
and the SRC in accordance with CanAlaska's quality assurance/quality control (QA/QC) procedures.
Geochemical assay data are subject to verification procedures by qualified persons employed by
CanAlaska prior to disclosure.
During active exploration programs, following the completion of a drill hole, the hole is radiometrically
logged using calibrated downhole GeoVista NGRS and TGGS (Triple GM) gamma probes which collect
continuous readings along the length of the drill hole. Preliminary radiometric equivalent uranium grades
("eU
3
O
8
") are then calculated from the downhole radiometric results. The probe is calibrated using an
algorithm calculated from the calibration of the probe at the Saskatchewan Research Council facility in
Saskatoon. A 0.1% eU
3
O
8
cut-off with a maximum internal dilution of 1 metre is used for compositing
and reporting the data. The equivalent uranium grades are preliminary and are subsequently reported as
definitive assay grades following sampling and chemical analysis of the mineralized drill core. In the
case where core recovery within a mineralized intersection is poor, radiometric grades are considered
to be more representative of the mineralized intersection and may be reported in the place of assay
grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons
employed by CanAlaska prior to disclosure.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not
represent true thicknesses, which have yet to be determined.
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, CEO, Exec VP and Director
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/164581