CanAlaska Announces Start of Drill Program at Geikie Uranium Project Phase 2 Drill Program to Focus on High Priority Targets with Large Gravity Anomalies Mineralization Encountered in Drillhole GKI002 will be Followed Up
CanAlaska Announces Start of Drill Program
at Geikie Uranium Project
Phase 2 Drill Program to Focus on High Priority Targets with Large Gravity Anomalies
Mineralization Encountered in Drillhole GKI002 will be Followed Up
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2024) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(
OTCQX: CVVUF) (FSE:
DH7)
("CanAlaska" or the "Company") is pleased to announce
mobilization of the drill crews and equipment as part of the 2024 drill program on the Geikie uranium
project (the "Project") near the Athabasca Basin margin (Figure 1). The 2024 Geikie drill program will
focus on direct follow up targets associated with gravity lows adjacent to the alteration, uranium
mineralization, and pathfinder anomalism identified during the 2023 drill campaign and regional
exploration targets from the integration of high-resolution airborne geophysical data. The Geikie project
is currently being sole-funded by Basin Energy Limited (ASX: BSN). CanAlaska currently holds a 40%
ownership in the project.
Figure 1 – Geikie Project Location Map
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2024 Geikie Exploration Program
The planned 2,500 metre program will be split between direct follow up targets associated with gravity
lows adjacent to the alteration, uranium mineralization, and pathfinder anomalism identified during the
2023 drill campaign and regional exploration targets from the integration of high-resolution airborne
geophysical data (Figure 2). In September of 2023, the Company announced results from the maiden
drilling program on the Geikie project which were highlighted by
0.5 metres @ 0.27% U
3
O
8
in drillhole
GKI002 (see news release dated September 27, 2023). The 2023 drilling program also successfully
intersected graphitic host rocks with evidence of multiple episodes of post-Athabasca structural
reactivation events along north-south and northwest trending faults. Results confirmed the presence of
hydrothermal alteration systems hosted within a complex structural framework, which are leading
indicators in the formation of basement-hosted high-grade uranium deposits such as Eagle Point or
Arrow. In addition, the Company completed an Airborne Gravity Gradiometer ('AGG') survey that has
provided a series of high priority targets that warrant next phase drill testing. The AGG survey
successfully identified multiple gravity low targets within the Project, interpreted to be related to alteration
zones caused by fluids that are potentially related to mineralizing events.
The planned program will focus on direct follow up targets in the Preston Creek and Aero Lake target
areas. During the 2023 program, drilling in the Preston Creek target area, identified anomalous uranium
enrichment in a zone of structural disruption, where north to northwest trending faults intersect the
graphitic conductor trend. This target area is characterized by large, reactivated basement faults of up to
30 metres in width, consisting of clay gouge and breccias within variably graphitic pelitic host rocks.
Hydrothermal alteration enveloping the major fault zones consists of hematite, chlorite, clay, and
structurally-enhanced graphitic clays. Gravity low anomalies were highlighted by the Airborne Gravity
Gradiometer (AGG) survey at the intersection of major north to northwest trending faults, and a graphitic
conductor.
In the Aero Lake target area, direct follow up will focus on high-priority gravity anomalies adjacent to
GKI002 where the highest uranium value of the 2023 drill program was intersected.
In addition, regional first-pass exploration drill testing is planned for the 2024 program in the Hunter North
and Johnson Lake prospects which were developed from the integration of high-resolution airborne
radiometric, magnetic, electromagnetic and gravity data with geochemical sampling, structural mapping
and critical observations from the phase one drilling.
The 2024 program is intended to identify fertile fault structures in the key target areas on the Geikie
project. These fault zones can provide an ideal location for uranium mineralizing fluids to focus and
precipitate. This is evidenced by the nearby GMZ-ACKIO mineralized zone, owned by 92 Energy and
Baselode Energy, which is approximately 10 kilometres east of the Geikie project in a similar structural
target scenario.
Figure 2 – Geikie 2024 Drill Target Areas
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The Geikie project is currently being sole-funded by Basin Energy Limited (ASX: BSN) under an option
earn-in agreement with the Company.
CanAlaska CEO, Cory Belyk, comments,
"I am very pleased the Geikie project will be advanced with
phase 2 drilling in early 2024. The intersection of basement-hosted uranium mineralization in the
second drill hole completed on the project in 2023 highlights the potential of this project to deliver a
significant uranium discovery. CanAlaska shareholders can expect continued news flow from this
drilling program in the coming months."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately
500,000 hectares (1,235,000 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 Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for
this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium
Ltd., who has reviewed and approved its contents.
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:
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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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