CanAlaska Begins Summer Drill Program at West McArthur JV Drill Program Focused on Expansion of Recent Ultra High-Grade Unconformity Mineralization at Pike Zone Management Representatives Attending Cormark Securities Inc. Energy Inflection Conference
CanAlaska Begins Summer Drill Program at
West McArthur JV
Drill Program Focused on Expansion of Recent Ultra High-Grade Unconformity Mineralization
at Pike Zone
Management Representatives Attending Cormark Securities Inc. Energy Inflection Conference
on June 19, 2024 in Toronto, Ontario
Saskatoon, Saskatchewan--(Newsfile Corp. - June 11, 2024) -
CanAlaska Uranium Ltd. (TSXV: CVV)
(OTCQX: CVVUF) (FSE:
DH7)
("CanAlaska" or the "Company") is pleased to announce mobilization
of the drill crews for the 2024 summer drill program on the West McArthur Joint Venture project (the
"Project") in the eastern Athabasca Basin as part of the approved $7.5 million 2024 program. Priority for
the summer drill program will be the continued delineation and expansion of the ultra high-grade Pike
Zone uranium discovery, following up two recent high-grade intersections in WMA082-6 (14.9% U
3
O
8
over 9.6 metres) and WMA082-4 (9.9% U
3
O
8
over 14.5 metres). 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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2024 Summer Drill Program
The summer drill program on the West McArthur project will consist of two diamond drills for
approximately 9,000 metres of planned drilling to achieve an estimated 10 to 14 unconformity target
intersections. The Company will continue to use downhole mud-motor deviation technology for increased
drilling efficiency and targeting ability.
Figure 2
– Pike Zone Summer Drilling Focus
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The focus for the summer drill program will be the continued delineation and expansion of the ultra high-
grade Pike Zone discovery at the unconformity (Figure 2). Currently, the Pike Zone is interpreted to
extend over approximately 150 metres at the unconformity, where recent high-grade uranium results
were confirmed (see Press Release dated May 29, 2024), and approximately 160 metres into the
basement along the controlling structure. The first drill tests of the summer program will evaluate the
extent of the high-grade unconformity-related mineralization intersected on the WMA082-4 and
WMA082-6 fence. Subsequent drill tests at the unconformity will move east and west of this high-grade
drill fence to evaluate the length of the high-grade mineralization (Figure 2). Currently, the ultra high-
grade unconformity target at the Pike Zone remains open in all directions.
In addition, the Company plans to continue testing the unconformity target areas in the immediate Pike
Zone area and along strike to the northeast and southwest for potential unconformity mineralization
extensions. Along trend, the C10 corridor is host to CanAlaska's 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 is sparsely tested both to the
southwest of Pike Zone and to the northeast between the Pike Zone and 42 Zone mineralization. Based
on the recent positive results and the proven uranium endowment of the C10 and C10S corridors, the
Company believes that significant potential for additional unconformity-related high-grade mineralization
exists.
The Company expects to complete the summer portion of the 2024 exploration program in September.
CanAlaska CEO, Cory Belyk, comments,
"After a brief pause in the 2024 drilling program and following
assay confirmation of the ultra high-grade uranium mineralization intersected during the winter
program, the CanAlaska team is eager to restart the expansion drilling program at Pike Zone. With
high-grade unconformity uranium mineralization open in all directions, there is every belief by the
team this discovery will continue to grow. A majority of the approved 2024 drilling program remains to
be completed and with continued success, this discovery could be an incredible turning point for
CanAlaska and its shareholders."
Other News
The Company will have management representatives at the Cormark Securities Inc. Energy Inflection
Conference on June 19, 2024 in Toronto, Ontario.
Technical 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
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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