CanAlaska Commences West McArthur Uranium Drilling Two Drills to Operate on Multiple Targets Initial Focus on High-Grade Uranium Intersections at 42 Zone Additional New Targets Identified With Latest Geophysical Program
CanAlaska Commences West McArthur
Uranium Drilling
Two Drills to Operate on Multiple Targets
Initial Focus on High-Grade Uranium Intersections at 42 Zone
Additional New Targets Identified With Latest Geophysical Program
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2022) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (OTCQB:
CVVUF
) (FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce its
mobilization of drill crews and equipment as part of the approved $5 million 2022 program on the West
McArthur uranium project in the eastern Athabasca Basin. The project is operated by CanAlaska.
CanAlaska holds a 76.51% ownership in the project and will fully fund the exploration in 2022 to increase
its interest in the Joint Venture.
Figure 1
– West McArthur Property Location Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_002full.jpg
The West McArthur project 42 Zone mineralization is located 12 kilometres west of Cameco and
Orano's McArthur River uranium mine, within the Grid 5 survey area. Drilling to date has discovered a
large sandstone alteration halo above high-grade uranium mineralization located at the unconformity.
The 42 Zone controlling structure is part of the C10 fault corridor. The C10 fault corridor hosts the nearby
Fox Lake uranium deposit to the northeast (68 M pounds U
3
O
8
@ 7.99%), discovered by Cameco and
Orano (Figure 1). During the 2021 drilling program, the Company successfully extended the 42 Zone
mineralization, which now has a length of 120 metres and is open in at least three directions.
Figure 2
– 42 Zone and Extension Drill Targets
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_005full.jpg
The primary goal of the 2022 drill program is continued expansion of the 42 Zone, both to the northeast
and southwest of the defined footprint (Figure 2). During the 2021 drilling program, the Company
identified a new high-grade intersection of 1.62% eU
3
O
8
over 2.6 metres (m) from 796.1 m within a 10
metre wide interval averaging 0.76% eU
3
O
8
(See Press Releases Dated April 14
th
, 2022).
Unfortunately, within the highest grade section of the mineralized zone in WMA063-1, strong clay
alteration and faulting resulted in very poor core recovery and only 5% of the core was recovered over a
5.0 metre sub-interval from 767.4 - 772.4 m. It is important to note that a 10 cm interval of core taken
from within the poor recovery zone returned an assay value of 3.01% U
3
O
8
. In addition, a large uranium
and associated pathfinder metal elements halo in the sandstone, typical of the 42 Zone area was
reported approximately 19 metres west of WMA063-1, in WMA065-1.
A second objective for the 2022 drill program is focused exploration of the 1.8 km 42 Zone Extension
target area to test the strong alteration, structure, and uranium geochemistry identified in the 2021 drilling
program (Figure 2). During the 2021 program, the Company identified anomalous uranium and copper
values associated with a large alteration halo and fault zone in the basal sandstone of WMA062 and
WMA062-1. The main fault zone, which is 51 metres wide at the unconformity in WMA062-1, is
characterized by strongly disrupted sandstone with re-activated sandy-clay gouge, structurally-controlled
quartz dissolution, grey sooty pyrite alteration, and pervasive strong bedding- and fracture-controlled
quartz dissolution causing very poor recovery (0 - 30%).
The basal sandstone associated with the fault
zone contains anomalous uranium (> 0.5 ppm uranium partial) up to 8.6 ppm, copper (>1.0 ppm copper
partial) up to 24.4 ppm, and boron (> 100 ppm boron total) up to 2,350 ppm that reach approximately
180 metres vertically above the unconformity. Below the unconformity and within the basement along this
drill fence, the targeted fault zone is strongly altered with hematite, chlorite, clay replacement, and
bleaching associated with re-activated chloritic clay gouges hosting angular clasts of wall rock and
ductile shear fabrics. Hydrothermal alteration extends over 50 metres into the basement of both
WMA062 and WMA062-1.
Figure 3
– 2022 TDEM Results Along C10 Conductive Corridor
To view an enhanced version of Figure 3, please visit:
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The third objective of this drill program is the testing of multiple new targets generated during the Time
Domain Electromagnetic (TDEM) survey completed in the winter of 2022 (Figure 3). The TDEM survey
confirmed the C10 conductive corridor extends over 7 km to the southwest of the 42 Zone with multiple
conductive responses interpreted to be associated with targeted graphitic units in the basement rocks
below the unconformity. The survey, coupled with historical geophysical data, has revealed an
interpreted folded package that incorporates compressional and extensional faulting along northwest-
southeast cross structures. Similarly oriented cross-cutting fault features have been mapped elsewhere
along the trend, specifically associated with the 42 Zone mineralization. In addition, cross-cutting faults
have been inferred along the C10 trend around the Fox Lake uranium deposit. Historical drill testing in
the priority target areas did not test the ideal location where the strongest geophysical anomalies
intersect the unconformity surface.
CanAlaska CEO, Cory Belyk, comments,
"In addition to the continued discovery of high-grade uranium
mineralization at the unconformity at 42 Zone and the recognition of several new priority target areas
immediately to the southwest of 42 Zone in 2021, the 2022 winter work has now defined several
additional and exciting new target areas along trend that were previously unknown. This new
information has significantly increased the West McArthur target inventory providing additional
discovery opportunity for our shareholders. With uranium market fundamentals continuing to
strengthen on a global scale and the urgent need for increased clean energy production, continued
advancement of the 42 Zone and these new targets is warranted for CanAlaska shareholders. The
2022 summer program is shaping up to be very significant for the company."
Other News
The Company will be participating in the Prospectors and Developers Association of Canada (PDAC)
convention from June 13
th
- 15
th
, 2022.
Please visit booth 2145
to speak with CanAlaska
representatives about our exciting project portfolio and opportunities for Joint Venture development.
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.
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