CanAlaska Announces Moon Lake South JV Intersects High-Grade Unconformity Uranium Mineralization
CanAlaska Announces Moon Lake South JV
Intersects High-Grade Unconformity Uranium
Mineralization
Drillhole MS-23-10A Drills 8.7 Metres @ 1.38% eU
3
O
8
Mineralization Open Minimum 1.2 Kilometres Along Uranium-Rich Target Corridor
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV
)
(OTCQX:
CVVUF
) (FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to report that drill
hole MS-23-10A has intersected
1.38% eU
3
O
8
over 8.7 metres, including 2.88% eU
3
O
8
over 3.1
metres
, as part of the recently completed winter exploration program at the Moon Lake South property.
Uranium mineralization was encountered in four of the six drill holes completed during the winter. The
objective of the 2023 winter drill program was to further evaluate the uranium mineralization identified in
2021. Results of the winter exploration program, combined with previous drill programs, has now
confirmed uranium mineralization in multiple zones over a strike length of 4-kilometres along
the CR-3 target corridor
. The Moon Lake South JV Project is operated by Denison Mines Corp.
("Denison") and CanAlaska holds a 25% ownership in the project (Figure 1). CanAlaska is funding the
Company's share of the 2023 exploration program.
Figure 1
–
Moon Lake South JV Project Location
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/162954_1dde4b4cf40dfbb3_002full.jpg
2023 Moon Lake South Winter Exploration Program Highlights
Drill hole MS-23-10A was completed approximately 50 metres southeast of MS-16-01 and intersected
several zones of uranium mineralization (Table 1). The most significant intersection in MS-23-10A
consists of a broad zone of unconformity-associated uranium mineralization grading
1.38% eU
3
O
8
over
8.7 metres, including 2.88% eU
3
O
8
over 3.1 metres
, approximately 30 metres above the
unconformity. The mineralization in MS-23-10A represents the best mineralized intersection drilled to
date along the CR-3 conductor on the Moon Lake South project. Given the limited number of drill holes
completed during the winter program, the mineralization discovered in MS-23-10A remains open in
multiple directions for future follow-up.
Figure 2 –
Target Corridor of 2023 Moon Lake South Drill Program
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/162954_1dde4b4cf40dfbb3_004full.jpg
Overall, the 2023 winter exploration program consisted of six completed diamond drill holes totalling
3,301 metres, of which four drill holes contained uranium mineralization, one of which had high-grade.
Each of the holes completed during the winter program intersected indicative alteration and structural
disruption in the lower sandstone column related to faulting along the CR-3 target corridor. At the
conclusion of the winter drill program,
the mineralization intersected on the southern portion of the
CR-3 corridor remains open along strike for at least 1.2 kilometres to the northeast
. The
mineralized intersections from the 2023 winter exploration drilling program are illustrated in Figure 2 and
summarized in Table 1 below.
Table 1 - 2023 Moon Lake South Winter Exploration Drilling Results
DDH
From (m)
To (m)
Length (m)
6
Average Grade (% eU
3
O
8
)
7
MS-23-09
1,2
408.45
408.65
0.2
0.06
MS-23-09
1,2
451.45
451.95
0.5
0.12
MS-23-10A
2,3
417.75
426.45
8.7
1.38
Including
4
421.45
424.55
3.1
2.88
MS-23-10A
2,3
430.85
432.05
1.2
0.07
MS-23-10AD1
2,3
441.05
441.35
0.3
0.07
MS-23-11
2,5
450.75
450.95
0.2
0.07
1
.
MS-23-09 was drilled at an azimuth of 311˚ with an inclination of -80˚, collared at 466605.8 mE / 6366792.8 mN, 518.7 m A.S.L. (UTM NAD83
Z13N).
2
.
Intersection interval is composited above a cut-off grade of 0.05% eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
MS-23-10A and MS-23-10AD1 were drilled at an azimuth of 311˚ with an inclination of -81.5˚, collared at 466620.0 mE / 6366779.4 mN, 518.5
m A.S.L. (UTM NAD83 Z13N).
4
.
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.
5
.
MS-23-11 was drilled at an azimuth of 309˚ with an inclination of -81.5˚, collared at 466606.4 mE / 6366770.1 mN, 518.6 m A.S.L. (UTM
NAD83 Z13N).
6
.
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.
7
.
Radiometric equivalent ("eU
3
O
8
") derived from a calibrated gamma downhole probe.
CanAlaska CEO, Cory Belyk, comments,
"The third drilling program on the Moon Lake South JV
project has intersected a new and wide zone of high-grade uranium mineralization in the heart of the
eastern Athabasca Basin, near critical mine and mill infrastructure. This is an incredible result for the
Moon Lake South Joint Venture and CanAlaska shareholders. Early drill results of this magnitude are
very rarely encountered and speak to the technical expertise of the teams guiding the joint venture.
CanAlaska looks forward to participating with Denison in the advancement of this new discovery of
high-grade uranium mineralization.
"CanAlaska now has multiple uranium discoveries on multiple exploration projects in what is a
strengthening uranium market. The time for critical mineral discovery is now and CanAlaska's
Athabasca Basin uranium portfolio is delivering new discoveries."
Radiometric Equivalent Grades, Sampling, Analysis and Data Verification
Denison is the operator of the Moon South Joint Venture and uses radiometric equivalent-grades to
report exploration results prior to the receipt of chemical assays. For results from the Moon Lake Joint
Venture, Denison has performed QAQC and data verification, where possible, of all datasets. According
to Denison's procedure, following the completion of a drill hole, the hole is radiometrically logged using a
downhole gamma probe, which collects continuous readings of radioactivity along the length of the drill
hole. Probe results are then calibrated using an algorithm calculated from the comparison of probe
results against geochemical analyses in the area. The gamma-log results provide an immediate
radiometric equivalent uranium value (eU
3
O
8
%) for the hole, which, except in very high-grade zones, is
reasonably accurate. Typically, eU
3
O
8
is reported as a preliminary result and subsequent definitive
assay grades are reported following sampling and chemical analysis of the mineralized drill core.
CanAlaska has performed QAQC and data verification prior to disclosure.
According to Denison's procedure, assay sample intervals are generally 50 centimetres long, except
where higher or lower-grade mineralization boundaries fall within the interval. In that case, two 25
centimetre samples are collected. Flank samples of 1.0 metre are always collected where mineralization
is located. Systematic geochemistry samples are collected every 10 metres down the hole.
According to Denison's procedure, all assayed core is split in half, with one half retained and the other
sent to the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon for analysis. Control
samples are routinely assayed with each batch of core samples analyzed.
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.
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