CanAlaska Announces West McArthur JV Extends Uranium Targets in Latest Drill Program High-Grade Mineralization Intersected Including 1.62% eU 3 O 8 over 2.6 Metres Strong Alteration and Large Fault Structures Intersected 1.8 km Southwest Along "42 Zone"
CanAlaska Announces West McArthur JV
Extends Uranium Targets in Latest Drill
Program
High-Grade Mineralization Intersected Including 1.62% eU
3
O
8
over 2.6 Metres
Strong Alteration and Large Fault Structures Intersected 1.8 km Southwest Along "42 Zone"
Corridor
Joint Venture Doubles 2022 Exploration Program Budget to $5 Million
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2021) -
CanAlaska Uranium Ltd.
(TSXV:
CVV)
(OTCQB:
CVVUF)
(FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to
announce the successful completion of the 2021 drilling program at the West McArthur uranium project in
the Eastern Athabasca Basin, a joint venture with
Cameco Corporation
(TSX:
CCO
) (NYSE:
CCJ
)
("Cameco"). The objectives of the drill program were extension of the high-grade "42 Zone"
mineralization and evaluation of the southwestern extension of the "42 Zone" controlling structure along
the C10 conductive corridor. Program objectives were successfully met with the completion of the six
hole, 5,419 m drill program in early November. Initial probing results include a high-grade intersection of
1.62% eU
3
O
8
over 2.6 metres (m).
Based on the positive results of the program, a $5 million
exploration program in 2022 has been approved, double the 2021 budget. The 2021 program was
funded by CanAlaska, the project operator, increasing the Company's majority interest in the West
McArthur project to 75.55%.
At the "42 Zone", drilling intersected two zones of mineralization above the unconformity. The
two zones
of mineralization are contained within a strongly bleached lower sandstone column that has black sooty
pyrite, red hydrothermal hematite, and strong structurally-controlled clay alteration. Due to the strong clay
alteration and faulting, very poor core recovery was experienced. As a result, the Company is reporting
calibrated probe values
grading
0.17% eU
3
O
8
over 1.7 m from 760.9 m and 0.76% eU
3
O
8
over
10.0 m from 767.0 m, including 1.62% eU
3
O
8
over 2.6 m from 769.1 m. These intersections in
WMA063-1 have successfully extended the "42 Zone" by 35 metres to the west of previous
high-grade hole WMA055-2
.
Evaluation of the conductive corridor that hosts the controlling structure for the "42 Zone" mineralization
was also successful over the extension to the southwest during the 2021 drilling program. Two drill hole
fences, 700 m and 1,800 m to the southwest, evaluated the fault system in three new drill holes. Along
the conductive corridor, these drill holes confirmed that it is strongly altered, both in the basement and
sandstone.
West McArthur Project - 42 Zone Plan, Uranium Distribution
To view an enhanced version of this map, please visit:
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Drill hole WMA063-1, collared at an azimuth of 360˚ with a dip of -79.4˚ (Figure 1), intersected the two
zones of uranium mineralization above the unconformity (Table 1), 35 m to the west of drill hole
WMA055-2 in the Company's "42 Zone" area. WMA055-2, completed in 2019 at an azimuth of 358˚ with
a dip of -75.5˚, intersected 2.3% U
3
O
8
over 2.1 m, including 6.8% U
3
O
8
over 0.7 m.
Important to note
is that assay data for drillhole WMA055-2 upgraded calculated eU
3
O
8
values
in the highest grade
interval (see press release dated October 15
th
, 2019).
The new uranium intersection in WMA063-1 is contained within a strongly bleached lower sandstone
column that contains black sooty pyrite, red hydrothermal hematite, and strong structurally-controlled clay
alteration. Due to the strong clay alteration and faulting, very poor core recovery, approximately 5%, was
experienced over a 4.8 m interval from 767.6 - 772.4 m, within the highest grade interval of the
mineralized zone.
The new uranium intersection in WMA063-1 contains similar radiometric values as in WMA055-2 but
over a wider interval, as shown in the comparison of radiometric probe profiles (Figure 2). Geochemical
assays of the mineralization are pending for WMA063-1, however, due to the very poor core recovery,
will need to be supplemented with radiometric probing equivalents data to evaluate the grade and
thickness of this new mineralization which extends the "42 Zone".
Table 1 - Radiometric Uranium Equivalent Grades (eU
3
O
8
)
Drill Hole
From
To
Length (m)
Average
Grade
(%eU
3
O
8
)
Max Grade
(%eU
3
O
8
)
WMA063-1
760.9
762.6
1.7
0.17
0.35
WMA063-1
767.0
777.0
10.0
0.76
2.57
including
769.1
771.7
2.6
1.62
2.57
Figure 2 - Comparative downhole radiometric profiles from WMA063-1 and WMA055-2. Profiles
show similar radiometric values in WMA063-1 spread over a wider interval than WMA055-2.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2864/107782_c6b7664604c8abc8_002full.jpg
Evaluation of the conductive C10 corridor that hosts the controlling structure for the "42 Zone"
mineralization was also successful to the southwest during the 2021 drilling program. Wide re-activated
structural zones with strong associated alteration in drill hole fences 700 m and 1,800 m to the southwest
of the "42 Zone" were intersected during the program.
Figure 3 - Sandstone and basement alteration associated with a wide structural zone
1,800 m to the southwest of the "42 Zone".
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2864/107782_c6b7664604c8abc8_003full.jpg
WMA062 and wedge hole WMA062-1, collared at an azimuth of 320˚ with a dip of -65.4˚, 1,800 m to the
southwest of the "42 Zone", intersected the unconformity 40 m and 90 m northwest of WMA040 (Figure
3). The basal sandstone column along this fence is characterized by strong bleaching and limonite
alteration with structurally-controlled quartz dissolution and patches of grey sooty pyrite alteration, that
increase in width and intensity to the NW in WMA062-1. Several 10 - 20 m wide re-activated zones of
sandstone structure, characterized by broken core and poor recovery, are intersected throughout and
lead up to the fault zone that straddles the unconformity - basement contact in WMA062-1. The main fault
zone, which is 51 m wide at the unconformity in WMA062-1, is characterized by strongly disrupted
sandstone with broken to blocky core, locally preserved sandy-clay gouge, and pervasive strong
bedding- and fracture-controlled quartz dissolution causing very poor recovery (0 - 30%).
In the basement along this fence, the targeted fault zone is characterized by broken to blocky core with
re-activated chloritic clay gouges hosting angular clasts of wall rock and ductile shear fabrics. Within the
fault zone, the rock is strongly altered with hematite, chlorite, clay replacement, and bleaching. Pervasive
hydrothermal basement alteration continues at depth in both WMA062 and WMA062-1. WMA062-1 has
been left open for potential re-entry to test the extension of the alteration both into the basement and at
the unconformity.
WMA061, drilled at an azimuth of 298˚ with a dip of -72.8˚, 700 m to the southwest of the "42 Zone",
intersected the unconformity 70 m north-northwest of WMA049-1. WMA061 intersected a broad interval
of faults in the lower sandstone column associated with bleached sandstone, increased interstitial illitic
clay, patches of sooty pyrite, remobilized hematite, and structurally-controlled limonite and clay alteration.
The sandstone structure and alteration indicate that WMA061 intersected the unconformity
approximately 30 - 35 m north of the ideal target, leaving the target open on this fence.
CanAlaska VP Exploration, Nathan Bridge, comments,
"The CanAlaska team has successfully
executed again, completing the 2021 drilling program on time and within budget. I am encouraged by
the intersection of additional uranium mineralization along strike immediately to the west of the "42
Zone". Furthermore, the increased sandstone and basement alteration along the controlling structural
corridor 1,800 m to the southwest of the "42 Zone" continues to show the discovery potential for this
trend. Re-activated fault zones with the right intensity and style of associated alteration, known to host
uranium mineralization at the "42 Zone" and nearby Fox Lake deposit, are intersected along this trend
to the southwest. The Company looks forward to the next phase of exploration, with an approved 2022
budget, as we continue to test this highly prospective trend."
CanAlaska CEO, Cory Belyk, comments,
"Both objectives of the 2021 exploration program have been
met with this program. The further intersection of high-grade uranium mineralization at the "42 Zone"
highlights the continued potential of this area to produce a deposit of proper scale and grade for these
large unconformity deposits in the Basin. In addition, and importantly, this program has now outlined a
brand new area of exploration potential and focus immediately southwest of "42 Zone" that has the
CanAlaska team very excited about the next stage of exploration. This was an incredibly successful
drill program for the West McArthur project joint venture, and CanAlaska shareholders."
Geochemical assay results for the 2021 drilling program are pending.
2022 Program and Budget Approved
The Company is pleased to announce completion of the JV Technical and Management Committee
meetings in advance of the 2022 program. The JV has approved an increased budget for the 2022
program of $5 Million, which is double the 2021 approved budget. The 2022 program will focus on
continued testing of the 42 Zone area and the newly identified alteration and structure along the
immediate 2 km southwest extension. In addition, geophysics and drilling is planned in a regional
program along the remainder of the Grid 5 conductive corridor. CanAlaska will fully fund the 2022
program, further increasing it's majority ownership, as Cameco has elected to continue to dilute on the
project.
Use of Radiometric Equivalent Grades and Geochemical Sampling
During active exploration programs, following the completion of a drillhole, 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 is used for compositing and reporting the data. The equivalent
uranium grades 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.
Drill core samples have been 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:NHO
3
:HClO
4
) and partial digestion
(HNO
3
:HCl), boron by fusion, and U
3
O
8
wt% assay by ICP-OES using higher grade standards.
Radiometric assay samples are chosen based on radiometric equivalent uranium grades and
scintillometer (SPP2) peaks, and comprise 0.3 to 0.8 m continuous split-core samples over mineralized
intervals. Sandstone and basement geochemical composite samples are comprised of multiple equal
sized full core "pucks" spaced over the sample interval. The SRC is an ISO/IEC 17025/2005 and
Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and
repeats were 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.
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.
Other News
The Company reports the resignation of Mr. Simon Szeto from CanAlaska's Advisory Board and would
like to thank Simon for his past service to the Board of Directors.
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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