CanAlaska Approves Moon Lake South JV Supplemental Budget Priority Geophysical Targets Identified During Winter Exploration Program Drill Program Planned to Commence in September
CanAlaska Approves Moon Lake South JV
Supplemental Budget
Priority Geophysical Targets Identified During Winter Exploration Program
Drill Program Planned to Commence in September
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2024) - CanAlaska Uranium Ltd. (TSXV:
CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to report that the
Moon Lake South Joint Venture ("MLSJV") has approved a supplemental 2024 exploration budget. The
supplemental budget will be used to complete a fall drill program that will test newly identified
conductivity anomalies along the mineralized CR-3 Corridor. The CR-3 corridor is host to high-grade
uranium mineralization discovered in 2023 in drill hole MS-23-10A (2.46% U
3
O
8
over 8.0 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 2024 exploration program.
Figure 1 – Moon Lake South Project Location
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CanAlaska CEO, Cory Belyk, comments,
"I am very pleased with results from the winter geophysical
program that have highlighted additional untested targets in the vicinity of high-grade mineralization
intersected in 2023. The CR-3 corridor is already host to a significant number of mineralized drillholes
which highlight its discovery potential. I congratulate our partner, Denison, for outlining additional
priority targets and bringing this supplemental budget to the JV for consideration and approval.
CanAlaska and its shareholders can look forward to continued news flow from the Moon Lake South
JV in the fall."
Figure 2 – Fall Drill Program Target Area Along CR-3 Corridor
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2024 Moon Lake South Fall Exploration Program
A Stepwise Moving Loop Electromagnetic survey was completed during the winter exploration program
that revealed a series of strong conductivity anomalies along the western edge of the CR-3 Corridor on
the Moon Lake South property (Figure 2). The CR-3 corridor is host to high-grade perched uranium
mineralization discovered in 2023 in drill hole MS-23-10A which 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.
Previous exploration programs on the Project have confirmed uranium mineralization in multiple
showings over a strike length of approximately four kilometres along the CR-3 target corridor. The
MLSJV has approved an increase to the 2024 exploration budget to include a supplemental 2024 fall
drill program. The approved supplemental program is expected to start in September and consist of
three drillholes for a total of up to 1,800 metres.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) is a Canadian based
exploration company and holds interest in approximately 500,000 hectares (1,235,000 acres) in
Canada's Athabasca Basin focused on exploration and discovery of high-grade unconformity uranium
deposits. The Company is actively advancing the Pike Zone discovery - a new high-grade uranium
discovery on its West McArthur Joint Venture project in the eastern Athabasca Basin. In addition, the
Company has several other uranium-focused exploration programs. CanAlaska deploys a hybrid project
generator model, focusing on the acquisition and sale of prospective projects, while also executing
exploration programs on CanAlaska's most strategic land holdings. The Company's extensive portfolio
has attracted international mining companies, including Cameco Corporation and Denison Mines as
active partners. CanAlaska is led by an experienced team of professionals with a proven track record of
discovery.
The Company's head office is in Saskatoon, Saskatchewan, Canada with a satellite office in Vancouver,
BC, Canada. 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: +1.306.668.6900
Email:
General Enquiry
Tel: +1.306.668.6915
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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