CanAlaska Announces Mobilization To Moon Lake South For Drill Program Program is Focused on Testing Extensions of New High-Grade Uranium Mineralization Two Drill Program Continues at Pike Zone Discovery on West McArthur JV Project
CanAlaska Announces Mobilization To Moon
Lake South For Drill Program
Program is Focused on Testing Extensions of New High-Grade Uranium Mineralization
Two Drill Program Continues at Pike Zone Discovery on West McArthur JV Project
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2023) -
CanAlaska Uranium Ltd.
(TSXV:
CVV)
(
OTCQX:
CVVUF)
(FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to
announce mobilization of the crews for a supplemental exploration drilling program by the Moon Lake
South Joint Venture ("MLSJV") at its Moon Lake South project (the "Project"). The Company recently
reported the MLSJV doubled the 2023 exploration budget with the addition of this supplemental drill
program focussed on testing for extensions of high-grade uranium mineralization intersected during the
winter program. Geochemical assay results from the winter drill program's MS-23-10A returned a high-
grade intersection of
2.46% U
3
O
8
over 8.0 metres, including 3.71% U
3
O
8
over 4.5 metres
. The
MLSJV is 75%-owned and operated by Denison Mines Corp. ("Denison"), and CanAlaska holds a 25%
ownership (Figure 1). CanAlaska is funding the Company's share of the 2023 exploration programs.
Figure 1 – Moon Lake South Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/181042_5ae897fd3422c95d_002full.jpg
The supplemental drill program is expected to consist of 4 to 8 drillholes for a total of up to 4,400 metres.
The program will focus on testing the northeast strike extension of the high-grade perched uranium
mineralization intersected in MS-23-10A. Drill hole MS-23-10A intersected
2.46% U
3
O
8
over 8.0
metres, including 3.71% U
3
O
8
over 4.5 metres
, approximately 30 metres above the unconformity
(Figure 2). The mineralization in MS-23-10A represents the highest-grade mineralized intersection
drilled to date along the CR-3 conductor on the Moon Lake South project. Given the limited number of
drill holes completed on the project to date, the mineralization discovered in MS-23-10A remains open in
multiple directions. The winter exploration program results, combined with previous drill programs, have
confirmed uranium mineralization in multiple zones over a strike length of four kilometres along the CR-3
target corridor. The high-grade mineralization remains open along strike for at least 1.2 kilometres to the
northeast, representing a high priority target corridor for the supplemental drill program.
Figure 2 – Core Photograph of MS-23-10A Uranium Mineralization
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/181042_5ae897fd3422c95d_004full.jpg
CanAlaska CEO, Cory Belyk, comments,
"The CanAlaska team is very excited to be back drilling this
high-grade mineralization with our partner, Denison. Mineralization of this magnitude located well
above the unconformity is very rare without significant root zones of mineralization at the unconformity
contact below. This contact will be a priority target for follow-up as part of this program. The uranium
price continues to climb to new recent highs making the timing of this supplemental drilling program a
significant opportunity for CanAlaska's shareholders to benefit from this discovery."
Other News
The Company is currently drilling at its West McArthur uranium project in the Eastern
Athabasca Basin.
The primary objective of the drill program is advancing the Pike Zone discovery,
including continued focus on expansion of basement-hosted high-grade uranium mineralization as well
as continued unconformity target testing.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in
approximately 350,000 hectares (865,000 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
.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
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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