CanAlaska Begins 2024 Drill Program at West McArthur JV Two Drills Focused on Expansion and Extension of High-Grade Pike Zone CanAlaska Assays Confirm High-Grade Uranium Intersections from Fall Drill Program
CanAlaska Begins 2024 Drill Program at West
McArthur JV
Two Drills Focused on Expansion and Extension of High-Grade Pike Zone
CanAlaska Assays Confirm High-Grade Uranium Intersections from Fall Drill Program
Vancouver, British Columbia--(Newsfile Corp. - January 18, 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 $7.5 million 2024 program on the West
McArthur Joint Venture project (the "Project") in the eastern Athabasca Basin. The 2024 West McArthur
drill program will focus on continued expansion of the Pike Zone discovery and along strike unconformity
testing to the northeast and southwest. The Company is also pleased to report that it has received assay
results from the 2023 fall drill program at the West McArthur project. Geochemical assay results are
highlighted by drill hole WMA082-2 in the Pike Zone which returned a high-grade intersection grading
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. The West
McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska. CanAlaska
currently holds an 83.29% ownership in the project.
Figure 1
– West McArthur Project Location
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2024 West McArthur Exploration Program
For the winter exploration season, the Company will have two drills active on the West McArthur project.
Results from the recently completed drill programs indicate that priority targets exist both at the Pike
Zone and as unconformity and basement extensions along the C10 South target corridor. At the Pike
Zone, the drill program will focus on continued expansion of basement mineralization along the
controlling fault structure, to the southwest where mineralization remains open, and to the northeast
below the unconformity mineralization intersected in 2023 (Figure 2).
Figure 2
– West McArthur Project Pike Zone Target Areas
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In addition, the Company plans to continue testing the unconformity target areas both in the immediate
Pike Zone area and along strike to the northeast and southwest as potential unconformity extensions.
The Company has completed additional processing of the recent 3D DCIP Resistivity survey in
conjunction with the 2022 SWML TDEM data. Results from the joint processing have highlighted at least
two large priority target areas, both southwest and northeast, along the C10S corridor (Figure 3). In
these target areas, the conductivity iso-surface has breached the unconformity contact into the lower part
of the sandstone column. This conductivity breach into the lower sandstone may represent structural
disruption and clay alteration related to the movement of uranium mineralizing fluids. The C10 corridor is
host to CanAlaska's nearby 42 Zone discovery, as well as Cameco and Orano's high-grade Fox Lake
uranium deposit (68.1 million pounds uranium at 7.99% U
3
O
8
average grade
1 (refer to "References" below)
).
The 15-kilometre-long C10S corridor remains completely untested to the southwest of Pike Zone and
only sparsely tested to the northeast between the Pike Zone and 42 Zone mineralization. Based on the
positive 2023 drill program results and the uranium fertility of the C10-C10S corridor, the Company
believes significant potential for unconformity-related mineralization exists at Pike Zone and nearby
along the C10 South corridor.
Figure 3
– Pike Zone Extension Target Areas to Northeast and Southwest
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The Company expects to complete the winter portion of the 2024 exploration program in April.
CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in
the Project.
CanAlaska CEO, Cory Belyk, comments,
"I am very pleased with the results of the 2023 drilling
program. Last year, the Pike Zone was expanded and extended in the basement and at the
unconformity with connected mineralization now extending at least 160 meters along the unconformity
and at least 160 meters down-plunge into the basement rocks. This discovery is proving to be part of a
very large mineralizing event, the extents of which are not yet known. Drilling in 2024 will work toward
continued expansion of Pike Zone. In addition, final processing of our geophysics data has located
two untested, prominent, and large target features, like 'pearls on a string', along the unconformity
near Pike Zone. These priority targets will also be drill-tested in 2024. With the uranium price now
above $100 per pound, results from West McArthur in 2024 could be a game-changer for our
shareholders."
2023 West McArthur Fall Exploration Program Assay Results
In November of 2023, the Company announced continued expansion of the Pike Zone, where high-
grade, basement-hosted uranium mineralization was extended in the upper basement and has now been
confirmed over 160 metres into the basement along the controlling fault structures (see news release
dated November 7, 2023). Geochemical assay results received confirm the presence of uranium
mineralization (Table 1). These results are highlighted by WMA082-2 which returned a high-grade
intersection grading 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 immediately below the unconformity (Figure 2).
Table 1 - 2023 West McArthur Fall Geochemical Assay Intersections
DDH
From
(m)
To
(m)
Length
(m)
4
Average Grade
(% U
3
O
8
)
Maximum Grade
(% U
3
O
8
)
WMA082
2
838.5
839.0
0.5
0.43
0.43
WMA082-2
2
805.6
805.9
0.3
0.13
0.13
WMA082-2
2
809.3
815.6
6.3
1.03
4.41
Including
3
813.2
815.1
1.9
2.82
4.41
WMA082-2
2
831.4
831.7
0.3
0.34
0.34
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 1.0% U
3
O
8
with a maximum of 1.0 m of internal dilution.
4
.
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.
Table 2 - 2023 West McArthur Fall Exploration Drill Collar Locations
Drill Hole
Easting
Northing
Elevation (m
A.S.L.)
Azimuth (˚)
Dip (˚)
EOH (m)
Unconformity
Depth
(m)
WMA081
478980
6397786
593
304
-80.0
953
799.0
WMA082
477345
6396525
605
295
-79.3
935
794.6
WMA082-1
477345
6396525
605
295
-79.3
938
796.6
WMA082-2
477345
6396525
605
295
-79.3
974
805.9
WMA082-3
477345
6396525
605
295
-79.3
863
808.4
WMA083
478954
6397883
593
310
-79.0
971
801.5
WMA084
477458
6396612
607
302
-79.0
911
793.3
WMA085
477980
6396811
597
310
-68.0
974
850.9
Notes: Easting and Northing coordinates are reported in UTM Zone 13N (NAD83 datum). EOH = end of hole. m A.S.L. = metres above sea level.
Other News
The Company will be attending the Vancouver Resource Investment Conference ("VRIC") on January
21
st
and 22
nd
in Vancouver, BC and will have representatives at booth #635.
VRIC - 2024
Geochemical Sampling Procedures, Analysis, and Data Verification
All drill core samples from the 2023 fall 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 - 0.5 metre
continuous half-core split samples over the mineralized interval. One half of the split sample is retained
and the other sent to the SRC for analysis. 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. For results from the
West McArthur project, a qualified person employed by CanAlaska has performed detailed QAQC and
data verification, were possible, of all datasets 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.
References
1
.
Refer to:
https://www.cameco.com/invest/overview/reserves-resources/inferred
for information on the Fox Lake uranium deposit.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately
350,000 hectares (865,000 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:
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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https://www.newsfilecorp.com/release/194658