CanAlaska Commences Airborne Gravity Survey at Geikie Project in Athabasca Basin Falcon Airborne Survey to Extend Existing Targets and Generate New Targets for Drilling Two Drill Program Underway at Pike Zone Discovery on West McArthur JV Project
CanAlaska Commences Airborne Gravity
Survey at Geikie Project in Athabasca Basin
Falcon Airborne Survey to Extend Existing Targets and Generate New Targets for Drilling
Two Drill Program Underway at Pike Zone Discovery on West McArthur JV Project
Vancouver, British Columbia
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(Newsfile Corp.
-
August 22, 2023)
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CanAlaska Uranium Ltd. (TSXV:
CVV)
(
OTCQX: CVVUF) (FSE:
DH7N)
("CanAlaska or the "Company") is pleased to announ
ce it has
commenced a detailed fixed
-
wing Falcon Airborne Gravity Gradiometer (AGG) survey on its Geikie
uranium project (the "Project") near the Athabasca Basin margin (Figure 1). The survey consists of
1,838 line
-
kilometres of airborne surveying at 200 m
spacing across the majority of the Geikie project
(Figure 2). The purpose of the AGG survey is to identify potential target areas of enhanced basement
alteration associated with previously interpreted and drill defined structural corridors.
Figure 1
–
Geikie Project Location
To view an enhanced version of this graphic, please visit:
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The Company recently announced results from the 2023 summer drill program representing
CanAlaska's first drill holes on the Geikie p
roject. The drill program was focused on a 15
-
kilometre
-
long conductive structural corridor with three main target areas. Results from the program confirmed
the presence of hydrothermal alteration systems hosted within a complex structural framework at
Gei
kie which is important in the formation of basement
-
hosted high
-
grade uranium deposits.
Drillholes intersected graphitic host rocks, showing evidence of multiple post
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Athabasca structural
reactivation events along north
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south and northwest trending faults,
hydrothermal alteration, and
elevated radioactivity.
Early results from the Preston Creek and Aero target areas, specifically the hydrothermal alteration
associated with structures, suggest that AGG surveying is an optimal geophysical tool to refine futu
re
drill targets. The AGG survey is designed to identify potential target areas where basement alteration
intensifies adjacent to and within drill confirmed and regional interpreted structures. AGG surveys are
focused on identifying gravity lows which are
interpreted to be caused by hydrothermal fluids altering
basement rocks to clay. The survey method is a proven effective tool in the exploration for basement
-
hosted high
-
grade uranium deposits in the Athabasca Basin, specifically in areas where no
Athabasc
a sandstone cover is present. Gravity surveys have been successfully used 10 kilometres
west of the Geikie project on the GMZ / ACKIO discovery, which is associated with a well
-
defined
gravity low anomaly.
Once completed, the AGG survey results will be co
mbined with additional high
-
resolution airborne
geophysical data sets previously collected, including electromagnetics, radiometrics, and magnetics
to validate existing targets and generate additional targets for future drill programs.
The AGG survey is be
ing conducted by Xcalibur Multiphysics of Mississauga, Ontario. The Geikie
project is currently being sole
-
funded by Basin Energy Limited (ASX: BSN) under an option earn
-
in
agreement with the Company.
CanAlaska CEO, Cory Belyk, comments,
"I am very please
d with the teams focus on developing
additional high priority drill targets on the Geikie project through completion of this critical gravity
survey program. Results from this work will add immense value for optimizing future drill program
targeting across
this very large and underexplored project area that lies near the heart of the 'Saudi
Arabia of Uranium', the eastern Athabasca Basin."
Other News
The Company has started drilling at its West McArthur uranium project in the Eastern
Athabasca Basin.
The p
rimary objective of the drill program is advancing the Pike Zone discovery,
including continued focus on expansion of basement
-
hosted high
-
grade uranium mineralization as
well as continued unconformity target testing. In addition, the Company has identifie
d a series of high
-
priority resistivity drill targets along the C10S mineralized corridor, the most compelling located
approximately 1.8 kilometres northeast of the high
-
grade Pike Zone uranium discovery.
Figure 2
–
Planned Airborne Gravity Survey Area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/177992_5f64f62d84b0a998_004full.jpg
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FS: DH7N) holds i
nterests 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 Deni
son 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 dia
monds. 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
"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 Compa
ny
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.