CanAlaska Announces New Uranium Discoveries on Moon Lake South JV CanAlaska-Denison JV Intersects Two New Uranium Occurrences Within 5 km Long "CR3" Structural Corridor, West of Gryphon and Phoenix High priority follow-up targets defined around unconformity offsets and alteration
CanAlaska Announces New Uranium
Discoveries on Moon Lake South JV
CanAlaska-Denison JV Intersects Two New Uranium Occurrences Within 5 km Long "CR3"
Structural Corridor, West of Gryphon and Phoenix
High priority follow-up targets defined around unconformity offsets and alteration
Vancouver, British Columbia--(Newsfile Corp. - December 2, 2021) -
CanAlaska Uranium Ltd.
(TSXV:
CVV)
(OTCQB:
CVVUF
) (FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to
announce joint venture drilling by ("JV") partner Denison Mines Corp. ("Denison") has intersected
uranium mineralization in drillholes MS-21-02 and MS-21-06 at the Moon Lake South JV project. MS-21-
02 intersected 0.14% eU
3
O
8
over 0.2 metres above the unconformity and MS-21-06 intersected 0.12%
eU
3
O
8
over 0.2 metres below the unconformity. Denison operates the JV project, while CanAlaska,
which maintains a 25% ownership in the project, is funding the Company's share of the 2021 exploration
program.
Moon Lake South Project - Project Location
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The 2021 drilling program was focused on a 5-kilometre long conductive corridor known as the CR-3
conductor (Figure 2). This mineralized corridor is located approximately two kilometres west of the K-
trend, host to the Gryphon Deposit on Denison's adjacent Wheeler River property. The 2021 drilling
program consisted of 2,353 metres in four drillholes that successfully reached the target depth.
In 2016, as part of the project option from CanAlaska, Denison drilled one diamond drillhole (MS-16-01)
near the southern boundary of the Moon Lake South project.
The drillhole identified the first new zone of
mineralization on the CR3 corridor, with an intersection of fractured and friable sandstone with uranium
mineralization immediately at the unconformity (0.1% U
3
O
8
over 0.5 metres).
Moon Lake South Project - CR3 Conductor Drilling
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The first drillhole of the 2021 program, MS-21-02, tested a further target on the CR3 conductor
approximately 4 kilometres north of mineralized drillhole MS-16-01. This new drillhole intersected grey
sooty pyrite alteration in the lower sandstone column associated with a new zone of fracture-controlled
uranium mineralization
grading 0.14% eU
3
O
8
over 0.2 metres
immediately above the unconformity
from 488.5 - 488.7 metres. Below the unconformity, two graphitic packages were intersected with
several re-activated fault zones characterized by clay gouge, brecciation, and broken core.
Drillhole MS-
21-02 was drilled at an azimuth of 302˚ with a
dip of -79.4˚.
Drillhole MS-21-04, collared at the same location as MS-21-02 at an azimuth of 302˚ with a
dip of -70.5˚,
tested 70 metres northwest on section of MS-21-02 and intersected the up-dip projection of the
basement faults from MS-21-02 in the lower sandstone column. The faults are characterized by
desilicification and localized weak sooty pyrite in the sandstone, and bleaching, clay gouge, and
localized clay replacement in the basement. There are 10 metres of unconformity elevation offset
between the drillholes. The sandstone offset is interpreted to be related to reverse movement along the
graphitic faults in the basement. The main structure causing this unconformity offset is a high-priority
target for follow-up.
The last drillhole of the program, MS-21-06 tested the conductor approximately 1.2 kilometres north of
mineralized drillhole MS-16-01 and 2.7 kilometres south of mineralized drillhole MS-21-02.
The new hole
intersected basement-hosted uranium mineralization
grading 0.12% eU
3
O
8
over 0.2 metres
from
550.6 - 550.8 metres. MS-21-06 was drilled at an azimuth of 302˚ with a
dip of -75˚. The basement of
MS-21-06 consists of an 18-metre wide graphitic pelite that contains a 3 metre wide altered fault zone,
followed by granite with a narrow grey quartz-rich pegmatite that hosts the uranium mineralization. The
ideal target on this fence, where the graphitic basement with the altered fault zone contacts the
unconformity, remains untested.
Drillhole MS-21-03, drilled at an azimuth of 302˚ with a
dip of -74˚, is located 900 metres along strike to
the northeast of mineralized drillhole MS-21-02. MS-21-03 intersected a 25-metre wide graphitic
package 20 metres below the unconformity that contains a fault zone with one metre of associated clay
gouge. The ideal unconformity target lies approximately 50 metres northwest and has yet to be tested on
this fence.
With the intersection of uranium mineralization in both MS-21-02 and MS-21-06, the 2021 drilling
program has now confirmed uranium mineralization in three separate zones over a strike length of 4-
kilometres along the CR-3 conductor. Assay results for the 2021 drilling program are pending.
CanAlaska CEO, Cory Belyk, comments,
"This is an incredible result for the new Moon Lake South JV
and CanAlaska shareholders. The first drilling program under the new JV with Denison has located
the main structure and intersected more uranium mineralization. Multiple uranium showings have now
been discovered on this project, and the Company looks forward to the next phase of exploration to
further build upon this success."
Use of Radiometric Equivalent Grades
During active exploration programs, following the completion of a drillhole, the hole is radiometrically
logged using a calibrated downhole total gamma probe. Preliminary radiometric equivalent uranium
grades ("eU
3
O
8
") are then calculated using the downhole radiometric results from the calibrated gamma
probe. A 0.1% eU
3
O
8
cut-off is used for compositing and reporting the data. Equivalent uranium grades
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 less than 80%,
radiometric grades are considered to be more representative of the mineralized intersection and may
be reported in the place of assay grades. For results from Moon Lake South, Denison has performed
detailed QAQC and data verification, where possible, of all datasets. CanAlaska has performed
additional QAQC and data verification of the drilling data, including review of the QAQC methods and
review of downhole probe and equivalent uranium grade calculation.
Other News
The Company has recently terminated a Letter of Intent ("LOI") that was signed 3 September, 2021 with
Terra Uranium Pty Ltd. for an option to earn 20% interest in CanAlaska's 100%-owned Waterbury South
project near the Cigar Lake uranium mine. Negotiations under the LOIs on the Waterbury East and
McTavish projects, also with Terra Uranium Pty Ltd., are still active and are anticipated to be concluded
shortly.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: 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
"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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