CanAlaska Assays Confirm High-Grade Uranium at Pike Zone on West McArthur Joint Venture Drillhole WMA082-6 Intersected 9.6 metres at 14.9% U 3 O 8 and Drillhole WMA082-4 Intersected 14.5 metres at 9.9% U 3 O 8 Management Attending Investor Clubhouse at the RBC Open June 1, 2024
CanAlaska Assays Confirm High-Grade
Uranium at Pike Zone on West McArthur Joint
Venture
Drillhole WMA082-6 Intersected 9.6 metres at 14.9% U
3
O
8
and Drillhole WMA082-4 Intersected
14.5 metres at 9.9% U
3
O
8
Management Attending Investor Clubhouse at the RBC Open June 1, 2024
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(OTCQX: CVVUF) (FSE:
DH7)
("CanAlaska" or the "Company") is pleased to report that it has
received assay results from the drillholes completed on the Pike Zone during the winter of 2024.
Geochemical assay results confirm composited high-grade intersections highlighted by WMA082-6
grading
14.9% U
3
O
8
over 9.6 metres
, and WMA082-4 grading
9.9% U
3
O
8
over 14.5 metres
. Drilling
at the Pike Zone was completed as part of the ongoing winter exploration program on the West McArthur
Joint Venture project (the "Project") in the eastern Athabasca Basin. The West McArthur project, a Joint
Venture with Cameco Corporation, is operated by CanAlaska that holds an 83.35% ownership in the
Project (Figure 1). CanAlaska is sole-funding the 2024 West McArthur program, further increasing its
majority ownership in the Project.
Figure 1 – West McArthur Project Location
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CanAlaska CEO, Cory Belyk, comments,
"Assay confirmation of the very high-grade uranium
mineralization encountered at Pike Zone in the winter program is a critical step in evaluating the next
steps for the project and the joint venture. The CanAlaska team will focus on expanding the known
zone of unconformity-associated high-grade uranium during the upcoming summer drilling program
scheduled to commence in early June. We remain confident Pike Zone is a potential tier one
mineralizing event based on proven grade and thickness of uranium intersected at the unconformity,
associated deep basement mineralized roots, and structure and alteration features observed in core
at Pike Zone and elsewhere along the target corridor. Based on other eastern Athabasca Basin high-
grade uranium deposit analogues such as McArthur River, Pike Zone could be just one of several
pearls on a string."
2024 Winter Drill Program
The Company is pleased to announce completion of the 2024 winter drill program on the West McArthur
project. The 2024 winter program was focused on continued expansion of the Pike Zone discovery and
along strike unconformity testing to the northeast and southwest of the Pike Zone. During the drill
program, eight unconformity target tests were completed for a total of 6,201 metres. All three drillholes
(WMA082-4, WMA082-5, WMA082-6) completed on the Pike Zone intersected uranium mineralization.
The mineralization in drillholes WMA082-4 and WMA082-6 represent the highest-grade mineralized
intersections drilled to date on the West McArthur project.
Figure 2 – Pike Zone Winter 2024 Mineralized Drillhole Locations
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Geochemical assay results confirm that drillhole WMA082-4 intersected one main composited interval of
7.4% U
3
O
8
over 19.5 metres, including 9.9% U
3
O
8
over 14.5 metres, followed by several additional
mineralization intervals down hole (Table 1). The mineralization in WMA082-4 is characterized by
massive to semi-massive, blebby, disseminated, clay-hosted, and fracture-controlled uranium
mineralization associated with yellow and orange uranium secondaries at the contact between the
Athabasca sandstone and the underlying basement rocks. The mineralized intervals are hosted within a
broad zone of intense clay and chlorite alteration, resulting in complete replacement of the original rock
fabric and textures. Intervals of no core recovery, due to poor ground conditions, were intersected within
the WMA082-4 mineralized intersection. In intervals of no core recovery, downhole radiometric
equivalent uranium grades, calculated based on an updated radiometric equivalent grade curve that has
been correlated against geochemical assay results obtained during the winter drill program, are inserted
in place of missing core and reported as part of the larger composited interval (Table 1).
Geochemical assay results confirm that drillhole WMA082-6 intersected one main composited interval of
12.9% U
3
O
8
over 11.1 metres, including 14.9% U
3
O
8
over 9.6 metres, followed by an additional
mineralized interval down hole (Table 2). The mineralization in WMA082-6 is hosted directly at the
unconformity contact between the Athabasca sandstone and the underlying basement rocks and is
characterized by massive to semi-massive and nodular uranium mineralization associated with yellow
and orange uranium secondaries and hematite alteration. Uranium mineralization continues into the
basement rocks of WMA082-6 and is characterized by nodular, disseminated, clay-hosted, foliation-
controlled, and fracture-controlled veinlets of uranium mineralization associated with localized pale-
yellow uranium secondaries and strong basement alteration. One interval of no core recovery was
intersected within the WMA082-6 mineralized intersection. In this interval of no core recovery, downhole
radiometric equivalent uranium grades, calculated based on an updated radiometric equivalent grade
curve that has been correlated against geochemical assay results obtained during the winter drill
program, are inserted in place of missing core and reported as part of the larger composited interval
(Table 2).
Geochemical assay results confirm that drillhole WMA082-5 intersected one interval of sandstone-
hosted uranium mineralization grading 1.5% U
3
O
8
over 4.6 metres (Table 3). The mineralization in
WMA082-5 is located directly above the unconformity contact between the Athabasca sandstone and
underlying basement rocks. The mineralization in WMA082-5 is characterized by disseminated and
nodular uranium mineralization hosted within a dark grey to black sulfide- and clay-altered sandstone
column with localized intervals of lost core due to high rock friability. The basement of WMA082-5
immediately below the unconformity is strongly clay and chlorite altered, resulting in replacement of the
original rock fabric textures. One interval of no core recovery was intersected within the WMA082-5
mineralized intersection. In this interval of no core recovery, downhole radiometric equivalent uranium
grades, calculated based on an updated radiometric equivalent grade curve that has been correlated
against geochemical assay results obtained during the winter drill program, are inserted in place of
missing core and reported as part of the larger composited interval (Table 3).
This most recent drill fence on the Pike Zone is located approximately 30 metres along strike to the
northeast of high-grade uranium mineralization intersected in WMA082-2, which intersected 1.03%
U
3
O
8
over 6.3 metres, including a sub-interval of 2.82% U
3
O
8
over 1.9 metres (see News Release dated
January 18, 2024). Currently, the unconformity target at the Pike Zone remains open in all directions
around WMA082-4, WMA082-5, and WMA082-6 (Figure 2).
2024 Summer Drill Program and Next Steps
The Company is actively planning the 2024 summer drill program on the West McArthur project. The drill
program is expected to start in early June and will consist of two diamond drills targeting approximately
9,000 metres of additional diamond drilling. The program is expected to be completed by September.
In addition, the Company has retained the services of Understood Mineral Resources Ltd ("Understood")
of Saskatoon. With the assistance of Understood, the Company has generated an updated radiometric
probe equivalent grade curve utilizing the geochemical assay confirmed intersections from the Pike
Zone. This updated radiometric probe equivalent curve, which factors in the ultra high-grades intersected
during the winter drill program, will allow for better defined equivalent uranium calculations of potential
future high-grade intersections. Understood will also be providing the Company with geostatistical-
based resource modelling services in preparation for a potential future resource calculation on the Pike
Zone.
Table 1 - WMA082-4 Intersections with Geochemical Assay and Radiometric Equivalent
Intervals
WMA082-4 Intervals
1
From
(m)
To
(m)
Length
(m)
7
Average Grade
(% U
3
O
8
)
(% eU
3
O
8
)
8
796.5
797.0
0.5
0.20
Interval 1
(2)
797.0
797.3
0.3
1.4
797.3
799.0
1.7
2.1
799.0
802.2
3.2
30.9
802.2
803.0
0.8
3.6
803.0
808.5
5.5
3.6
808.5
809.5
1.0
9.8
809.5
812.5
3.0
2.4
812.5
814.0
1.5
0.9
814.0
816.0
2.0
0.2
Composited Interval 1
(2,3)
796.5
816.0
19.5
7.4
Including
(4)
797.0
797.3
0.3
1.4
Including
(3,5)
798.5
813.0
14.5
9.9
Interval 2
(6)
822.6
827.5
4.9
0.9
Including
(4)
822.6
823.9
1.3
1.9
Including
(4)
824.7
825.2
0.5
2.3
Interval 3
(6)
829.6
831.6
2.0
0.4
1
.
WMA082-4 was drilled at an azimuth of 295˚ with an inclination of -79.3˚, collared at 477,345 mE / 6,396,525 mN, 605 m A.S.L. (UTM
NAD83 Z13N).
2
.
Intersection interval is composited above a cut-off grade of 0.1% U
3
O
8
/ eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
Composited intervals contain geochemical assay where core was recovered, and downhole radiometric equivalent uranium grades are
inserted in place of missing core intervals.
4
.
Intersection interval is composited above a cut-off grade of 1.0% U
3
O
8
with a maximum of 1.0 m of internal dilution.
5
.
Intersection interval is composited above a cut-off grade of 1.0% U
3
O
8
/ eU
3
O
8
with a maximum of 1.0 m of internal dilution.
6
.
Intersection interval is composited above a cut-off grade of 0.1% U
3
O
8
with a maximum of 1.0 m of internal dilution.
7
.
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.
8
.
Radiometric equivalent ("eU
3
O
8
") derived from a calibrated downhole gamma probe. No core was recovered within these intervals and
downhole radiometric equivalent uranium grades are inserted in place of missing core intervals.
Table 2 - WMA082-6 Intersections with Geochemical Assay and Radiometric Equivalent
Intervals
WMA082-6 Intervals
1
From
(m)
To
(m)
Length
(m)
6
Average Grade
(% U
3
O
8
)
(% eU
3
O
8
)
7
Interval 1
(2)
798.0
800.5
2.5
16.7
800.5
809.1
8.6
11.9
Composited Interval 1
(2,3)
798.0
809.1
11.1
12.9
Including
(4)
798.9
808.5
9.6
14.9
Interval 2
(5)
815.9
816.6
0.7
0.7
1
.
WMA082-6 was drilled at an azimuth of 295˚ with an inclination of -79.3˚, collared at 477,345 mE / 6,396,525 mN, 605 m A.S.L. (UTM
NAD83 Z13N).
2
.
Intersection interval is composited above a cut-off grade of 0.1% U
3
O
8
/ eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
Composited intervals contain geochemical assay where core was recovered, and downhole radiometric equivalent uranium grades are
inserted in place of missing core intervals.
4
.
Intersection interval is composited above a cut-off grade of 1.0% U
3
O
8
/ eU
3
O
8
with a maximum of 1.0 m of internal dilution.
5
.
Intersection interval is composited above a cut-off grade of 0.1% U
3
O
8
with a maximum of 1.0 m of internal dilution.
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 downhole gamma probe. No core was recovered within these intervals and
downhole radiometric equivalent uranium grades are inserted in place of missing core intervals.
Table 3 - WMA082-5 Intersections with Geochemical Assay and Radiometric Equivalent
Intervals
WMA082-5 Intervals
1
From
(m)
To
(m)
Length
(m)
5
Average Grade
(% U
3
O
8
)
(% eU
3
O
8
)
6
Interval 1
(2)
804.3
805.0
0.7
0.15
805.0
808.9
3.9
1.7
Composited Interval 1
(2,3)
804.3
808.9
4.6
1.5
Including
(4)
806.4
808.4
2.0
3.2
1
.
WMA082-5 was drilled at an azimuth of 295˚ with an inclination of -79.3˚, collared at 477,345 mE / 6,396,525 mN, 605 m A.S.L. (UTM
NAD83 Z13N).
2
.
Intersection interval is composited above a cut-off grade of 0.1% U
3
O
8
/ eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
Composited intervals contain geochemical assay where core was recovered, and downhole radiometric equivalent uranium grades are
inserted in place of missing core intervals.
4
.
Intersection interval is composited above a cut-off grade of 1.0% U
3
O
8
with a maximum of 1.0 m of internal dilution.
5
.
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.
6
.
Radiometric equivalent ("eU
3
O
8
") derived from a calibrated downhole gamma probe. No core was recovered within these intervals and
downhole radiometric equivalent uranium grades are inserted in place of missing core intervals.
Other News
The Company will have management representatives at the Investor Clubhouse at the RBC Open on
June 1, 2024 in Hamilton, Ontario.
Geochemical Sampling Procedures and Use of Radiometric Equivalent Grades
All drill core samples from the 2024 program were 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:NHO3:HClO4) and
partial digestion (HNO3:HCl), boron by fusion, and U
3
O
8
wt% assay by ICP-OES using higher grade
standards. Assay samples are chosen based on downhole probing radiometric equivalent uranium
grades and scintillometer (SPP2 or CT007-M) peaks. Assay sample intervals comprise 0.3 - 0.8 metre
continuous half-core split samples over the mineralized interval. Select density samples, comprising 0.1
metre continuous whole core samples that are subsequently split and assayed, may be taken within the
mineralized interval. With all assay samples, one half of the split sample is retained and the other sent to
the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified
analytical laboratory. Blanks, standard reference materials, and repeats are 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. Geochemical assay data are subject to verification
procedures by qualified persons employed by CanAlaska prior to disclosure.
During active exploration programs drillholes are radiometrically logged using calibrated downhole
GeoVista NGRS and TGGS (Triple GM) gamma probes which collect continuous readings along the
length of the drillhole. 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 and from the
comparison of probe results against geochemical analyses. At extremely high radiometric equivalent
uranium grades, downhole gamma probes may become saturated, resulting in the probe being
overwhelmed, which in turn can create difficulties in accurately determining extremely high-grade
radiometric equivalent uranium grades. The equivalent uranium grades are 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 or non-
existent, 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.
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.
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 on the West McArthur JV project and Denison on the Moon Lake South
JV project 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: +1.306.668.6900
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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