CanAlaska Assays Return 25.4% U3O8 at West McArthur New Assays Confirm High-Grade Uranium in Several Drill Holes from Summer Program and Continuity of Discovery Additional Highlights Include 3.98% U 3 O 8 over 2.3 metres and 0.84% U
CanAlaska Assays Return 25.4% U3O8 at West
McArthur
New Assays Confirm High-Grade Uranium in Several Drill Holes from Summer Program and
Continuity of Discovery
Additional Highlights Include 3.98% U
3
O
8
over 2.3 metres and 0.84% U
3
O
8
over 5.0 metres
Joint Venture Approves $10 Million Program and Budget for 2023
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2022) -
CanAlaska Uranium Ltd.
(TSXV:
CVV
) (
OTCQX:
CVVUF
) (FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to
announce that it has received assay results from the remaining drillholes completed during the 2022
program at the West McArthur project in the Athabasca Basin (Figure 1). The new geochemical assay
results indicate multiple high-grade intersections over a 12.6 metre wide zone in WMA072-3, highlighted
by 3.98% U
3
O
8
over 2.3 metres from 845.9 to 848.2 metres, which contains a sub-interval of
25.40%
U
3
O
8
over 0.3 metres
from 846.4 to 846.7 metres. Additionally, WMA070 returned 0.84% U
3
O
8
over
5.0 metres from 808.5 to 813.5 metres. These new results complement the previously reported high-
grade intersection of 2.4% U
3
O
8
over 9.0 metres in WMA067 and provide a compelling target where the
mineralized structure intersects the unconformity. The West McArthur project, a Joint Venture with
Cameco Corporation, is operated by CanAlaska who currently holds a 79.3% ownership in the project.
Figure 1 – West McArthur Property Location Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/144433_3a953295345ebae7_002full.jpg
The Company recently completed its drill program on the West McArthur project (see press release
dated September 29
th
, 2022). The majority of the drill program was focused on high-grade basement-
hosted uranium mineralization discovered in drillhole WMA067 (see press release dated July 15
th
,
2022). WMA067 is located 6 kilometres along strike on the C10 South (C10S) conductive corridor and
southwest of the Company's 42 Zone mineralization. As part of the discovery follow-up, eight drill tests
were completed on the same fence or along strike of the WMA067 discovery hole. High-grade uranium
mineralization has now been confirmed by assay in four drillholes in the discovery area at various
elevations throughout the 40 to 50 metre wide graphitic horizon (Figure 2).
Figure 2 – Drill Hole Locations and Follow-Up Target Areas WMA067 Discovery
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/144433_3a953295345ebae7_004full.jpg
Next Steps
The Company believes that it has successfully identified the orientation of the controlling structure for the
basement-hosted uranium mineralization as part of a larger fault system. The ideal target, where this
controlling-structure, the larger fault system, and the 40 to 50 metre wide graphitic horizon intersect the
unconformity, has not been drill-tested and remains a high-priority target for the next drilling program.
Unconformity targeting will focus both in the discovery fence area and along strike including where
WMA073 intersected a 40 metre wide strongly altered sandstone-hosted structure 200 metres above
the unconformity. The broad sandstone fault is associated with anomalous pathfinder elements including
uranium (1.17 ppm partial), copper (4.07 ppm partial), boron (1560 ppm total), and arsenic (3.46 ppm
partial). In addition, the assay results confirm the high-grade basement-hosted nature of the uranium
mineralization and suggest additional basement-hosted potential exists along strike of the discovery
fence (Figure 2).
A formal 2023 exploration program and budget for $10 million has been approved by the Joint Venture.
Figure 3 – Close up Photograph of High-Grade Basement Mineralization in WMA072-3
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2864/144433_canalaskafigure3.jpg
Mineralization Details
Multiple intervals of metre to sub-metre scale high-grade uranium mineralization were confirmed in
WMA067, WMA067-4, WMA070, and WMA072-3 (Table 1). The uranium mineralization is
characterized by massive to semi-massive, vein-controlled, and foliation-controlled pitchblende with
variable amounts of yellow to orange uranium secondaries (Figure 3). The main controlling structure is
hosted within a wide, faulted graphitic package that contains both foliation-parallel and cross-cutting
faults. The basement rocks around the mineralized intervals are altered with clay, chlorite, hematite, and
carbonate. To date, mineralization has been intersected between 20 and 100 metres vertically below the
unconformity.
CanAlaska CEO, Cory Belyk, comments,
"To intersect uranium mineralization up to 25% U
3
O
8
composite grade is a huge accomplishment for the team. The summer program clearly highlights the
potential of this new discovery to host very high-grade uranium and when coupled with the drill-
intersected structure and alteration in both the sandstone and basement, this new discovery truly
appears to be a potential tier 1 mineralizing event. This is exactly what the CanAlaska team felt the
project could deliver to shareholders and the next drilling program will focus on building upon this
initial success. The program and budget for 2023 has been doubled based on these results and in the
context of a continued strengthening of the uranium market fundamentals. We believe the timing
could not be more perfect to move this new discovery forward."
Table 1 - 2022 Summer Program Uranium Intersections Assay Results
DDH
From
(m)
To
(m)
Length
(m)
6
Average Grade
(% U
3
O
8
)
Maximum Grade
(% U
3
O
8
)
WMA067
1,2
906.5
915.5
9.0
2.4
6.06
Including
3
906.5
912.5
6.0
3.5
6.06
WMA067-4
1,2
887
888
1.0
0.89
1.68
WMA070
2
,4
808.5
813.5
5.0
0.84
4.90
Including
3
810.5
811.0
0.5
4.90
4.90
WMA072-3
2
,5
845.9
848.2
2.3
3.98
25.40
Including
3
846.4
846.7
0.3
25.40
25.40
WMA072-3
2
,5
850.2
850.7
0.5
0.45
0.90
WMA072-3
2
,5
853.7
856.5
2.8
0.57
1.82
WMA072-3
3,5
858.0
858.5
0.5
2.69
2.69
1
.
WMA067 and WMA067-4 were drilled at an azimuth of 325˚ with an inclination of -75.7˚, collared at 477,282 mE / 6,396,397 mN, 604 m
A.S.L. (UTM NAD83 Z13N).
2
.
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.
3
.
Intersection interval is composited above a cut-off grade of 2.0% U
3
O
8
with a maximum of 1.0 m of internal dilution.
4
.
WMA070 was drilled at an azimuth of 322˚ with an inclination of -82.0˚, collared at 477,258 mE / 6,396,517 mN, 599 m A.S.L. (UTM NAD83
Z13N).
5
.
WMA072-3 was drilled at an azimuth of 313˚ with an inclination of -82.0˚, collared at 477,256 mE / 6,396,520 mN, 599 m A.S.L. (UTM NAD83
Z13N).
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.
Geochemical Sampling Procedures
All drill core samples from the 2022 summer program were shipped to 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. Radiometric assay samples are chosen based on downhole probing radiometric equivalent
uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay samples comprise 0.3 - 0.5 metre
continuous split-core samples over the mineralized interval. A 0.1% U
3
O
8
cut-off with a maximum internal
dilution of 1 metre is used for compositing and reporting the data. 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.
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
CanAlaska will be attending and presenting at The Northern Miner Canadian Mining Symposium in
London on November 28
th
.
Canadian Mining Symposium 2022 - The Northern Miner Symposiums
CanAlaska will also be attending and presenting at the Mines and Money London "Resourcing
Tomorrow" event from November 29
th
to December 1
st
. Visit our team and learn more about the
Athabasca Basin's most recent high-grade uranium discovery and our 2023 exploration plans.
Mines
and Money London | 29 November - 1 December 2022 | Europe's largest mining investment event
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: 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.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/144433