CanAlaska Commences Drill Program at Waterbury South Property 4,000 m program focused on extension of polymetallic uranium, nickel, zinc, cobalt mineralization Shallow depth targets 10 km southeast of Cigar Lake uranium mine
CanAlaska Commences Drill Program at
Waterbury South Property
4,000 m program focused on extension of polymetallic uranium, nickel, zinc, cobalt
mineralization
Shallow depth targets 10 km southeast of Cigar Lake uranium mine
Similarities to the Cigar Lake polymetallic uranium deposit
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2022) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(OTCQB:
CVVUF)
(FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce the
commencement of a 4,000 m, winter drill program at the Waterbury South uranium project in the
northeastern Athabasca Basin. The project is located approximately 10 km southeast of the Cigar Lake
uranium mine and is 100% owned and operated by CanAlaska. The drill program will focus on the
extension of polymetallic unconformity uranium mineralization associated with nickel, arsenic, cobalt, and
zinc, intersected during the previous 2021 winter drill program (see News Release dated June 17,
2021).
Waterbury South Project Location
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2864/109957_5490e8bd7463284f_001full.jpg
During the 2021 drill program, the Company completed three drillholes for a total of 1,347.5 m. Results
of this program highlighted sandstone alteration and structure indicative of a mineralizing uranium event
along the drill fence containing WAT-008 and WAT-009 which were drilled near failed Cameco drill hole
SOD-253 (Figure 2).
Waterbury 2022 Drill Project
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2864/109957_5490e8bd7463284f_002full.jpg
WAT-008 intersected a pyrite-rich zone associated with a fault in the mid-sandstone column well above
the unconformity, followed by a thick graphitic unit in the basement which was the target for WAT-009.
WAT-009 intersected bleaching throughout the lower 100 m of the sandstone column that increases in
intensity near the unconformity where a 3.3 m wide interval of intense clay alteration with associated
sooty pyrite, nickel-sulfides, and chlorite straddles the unconformity. The strongly altered lower sandstone
column is associated with polymetallic uranium mineralization characterized by 0.5 m with 405 ppm
uranium, 2.42 % nickel, 2.34 % arsenic, 0.5 % zinc, and 801 ppm cobalt from 349 - 349.5 m (see News
Release dated June 17, 2021). In the upper basement of WAT-009, 20 m below the unconformity, a
seven-metre-long structure of broken rock with intense clay and hematite alteration was intersected. The
basement below this structure consists of several intervals of clay and chlorite altered graphitic pelite
with well-developed re-activated semi-brittle fault zones that show evidence for strong fluid-rock
interaction and represent targets at the unconformity that have not yet been drilled.
The Company has started mobilization to the field with 6 to 8 drillholes planned for the winter program.
Equipment is currently being moved into site and drilling is expected to begin next week. The first
drillholes will focus on following up the encouraging results in WAT-009.
CanAlaska VP Exploration, Nathan Bridge, comments,
"The results from the 2021 drilling program on
the Waterbury South project have set us up for a much larger program in 2022, effectively doubling
the meterage from the previous campaign. The polymetallic unconformity uranium mineralization with
associated nickel, arsenic, cobalt, and zinc in WAT-009 is reminiscent of metal associations
documented at the nearby Cigar Lake deposit. In addition, nickel-sulfide zonation along the margins
of high-grade uranium deposits has been well documented in several other high-grade unconformity
uranium deposits in the Athabasca Basin, including Fox Lake, Hurricane, Key Lake, and Midwest.
This metal zonation provides the team with vectors in the system and has us excited to begin testing
our follow-up drill targets in the 2022 program."
CanAlaska CEO, Cory Belyk, comments,
"The Company and the team are excited to get this program
underway for CanAlaska shareholders. The alteration and mineralization similarities to other known
tier 1 uranium deposits in the eastern Athabasca Basin is striking and must be paid attention to, which
is why we have chosen to start the 2022 drilling campaign on the Waterbury South project.
We look
forward to the months ahead as we move this program forward."
Other News
The Company has mobilized to its West McArthur project to begin a 200 line-km Stepwise Moving Loop
Time Domain Electromagnetic Survey (TDEM). The geophysical survey is part of the approved 2022
exploration program, budgeted at $5 Million. The goal of the TDEM survey is to outline and prioritize drill
targets along the remainder of the Grid 5 conductive corridor southwest of the strong alteration and fault
structures intersected during the recently completed 2021 exploration program. The Company
anticipates the program will take approximately two months to complete and targets from the survey will
be ready for drill testing during the upcoming summer exploration program.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: 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., P.Geo.
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/109957