CanAlaska Confirms Uranium Mineralization of 0.27% U3O8 on Geikie Project Assay Results Confirm Uranium Enrichment in Multiple Drillholes Falcon Airborne Gravity Survey Completed; Final Results Pending
CanAlaska Confirms Uranium Mineralization
of 0.27% U3O8 on Geikie Project
Assay Results Confirm Uranium Enrichment in Multiple Drillholes
Falcon Airborne Gravity Survey Completed; Final Results Pending
Vancouver, British Columbia--(Newsfile Corp. - September 27, 2023) -
CanAlaska Uranium Ltd.
(TSXV:
CVV)
(
OTCQX:
CVVUF)
(FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to
announce that it has received assay results from the 2023 exploration program on the Geikie project (the
"Project") located near the Athabasca Basin margin (Figure 1). Assay results confirm uranium
mineralization and enrichment associated with hydrothermal alteration and structure. The program is
highlighted by
0.5 metres @ 0.27% U
3
O
8
from 185.0 metres in drillhole GKI002
. The program
focused on a 15-kilometre-long northeast trending conductor system with high-priority structural targets.
The Geikie project is approximately 10 kilometres east of the Athabasca Basin margin and 10
kilometres west of Highway 905. The 2023 drill program consisted of 2,217 metres in eight drill holes,
representing CanAlaska's first drill holes on its 40%-owned Geikie project.
Figure 1 – Geikie Project Location
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2023 Drill Program Geochemical Assay Results
Assay results from the 2023 drill program on the Geikie project confirm uranium mineralization in the
Aero Lake target area, which is located at the southern end of the 15-kilometre-long conductor trend.
GKI 002 intersected 0.27% U
3
O
8
over 0.5 metres from 185.0 metres to 185.5 metres. In addition,
GKI002 intersected hydrothermal alteration associated with large-scale reactivated fault zones.
Figure 2 – Geikie Project Target Corridor Locations
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Assay results also confirm uranium enrichment in drillholes completed in the Preston Creek target area,
located at the northeastern end of the 15-kilometre-long conductor trend. GKI005 intersected three
intervals of uranium enrichment, most notably 0.06% U
3
O
8
from 255.3 metres to 255.6 metres,
associated with a sheared graphitic pelite (Table 1). GKI008 intersected two intervals of uranium
enrichment, including 2.5 metres at 0.02 %U
3
O
8
from 27.8 metres to 30.3 metres (Table 1). Drillholes in
the Preston Creek target area were drilled in a zone of structural disruption, where a north to north-
northwest trending fault transects the conductor trend. Each drill hole in this target area intersected
reactivated basement faults of up to 30 metres in width, consisting of clay gouge and breccias within
variably graphitic pelitic host rocks. Hydrothermal alteration enveloping the major fault zones consisted of
hematite, chlorite, clay, and structurally-enhanced graphitic clays. Within the fault zones, the alteration
intensifies and locally overprints the original host.
The 2023 drilling program successfully intersected graphitic host rocks with large reactivated and
brecciated fault zones, associated with hydrothermal alteration, uranium mineralization, and uranium
enrichment. The drill program confirmed the presence of hydrothermal alteration systems within a
complex structural framework at Geikie, features which are commonly associated with basement-hosted
high-grade uranium deposits elsewhere in the Athabasca Basin. Results of this first drill program will
allow for refinement of the exploration model on the Geikie project to advance the most prospective
portions of the multiple target corridors. Early results from the Preston Creek target area indicate the 15-
kilometre-long structural corridor represents a high-priority area for further drill testing.
Falcon Airborne Gravity Gradiometer Survey Completed
The Company is pleased to report that the detailed fixed-wing Falcon Airborne Gravity Gradiometer
(AGG) survey on the Geikie project has been completed. The survey consisted of approximately 1,800
line-kilometres of airborne surveying at 200 m spacing across the majority of the Geikie project. The
purpose of the AGG survey, a demonstrated successful technique in identifying uranium alteration
systems in the Athabasca Basin, is to identify potential target areas of enhanced basement alteration
associated with previously interpreted and drill defined structural corridors. The exploration potential of
the current targets and the broader Geikie project is highlighted through the styles and significance of
alteration observed in drilling at the Preston Creek and Aero Lake Prospects.
Once processing has been finalized, the AGG survey results will be combined with existing high-
resolution airborne geophysical data sets previously collected, including electromagnetics, radiometrics,
magnetics, and the recent drill hole information, to validate existing targets and generate additional
targets for future drill programs. The Company is actively planning a drill program for 2024 on the Geikie
project. 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,
"Confirmation of the presence of uranium mineralization and
enrichment in at least two target areas on the Geikie project is a fantastic outcome from this first
drilling program by CanAlaska and Basin Energy. The team looks forward to final processing of the
gravity data that will undoubtedly provide added target inventory for this very large and prospective
project area for the next phase of drilling scheduled for 2024. These are exceptional results at this
early stage of project evaluation and is a testament to the project generating prowess of the
CanAlaska technical team."
Table 1 - 2023 Geikie Exploration Drilling Results
DDH
From
(m)
To
(m)
Length
(m)
6
Average Grade
(% U
3
O
8
)
Maximum Grade
(% U
3
O
8
)
GKI002
1,
3
185.0
185.5
0.5
0.27
0.27
GKI005
2,4
199.7
200.0
0.3
0.02
0.02
GKI005
2,4
231.6
232.1
0.5
0.01
0.01
GKI005
2,4
255.3
255.6
0.3
0.06
0.06
GKI008
2,5
27.8
30.3
2.5
0.02
0.03
GKI008
2,5
76.4
76.7
0.3
0.07
0.07
1
.
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.
2
.
Intersection interval is composited above a cut-off grade of 0.01% U
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
GKI002 was drilled at an azimuth of 128˚ with an inclination of -50˚, collared at 545,821 mE / 6,366,173 mN, 446 m A.S.L. (UTM NAD83
Z13N).
4
.
GKI005 was drilled at an azimuth of 122˚ with an inclination of -45˚, collared at 551,424 mE / 6,373,287 mN, 436.7 m A.S.L. (UTM NAD83
Z13N).
5
.
GKI008 was drilled at an azimuth of 100˚ with an inclination of -45˚, collared at 551,245 mE / 6,372,646 mN, 433.6 m A.S.L. (UTM NAD83
Z13N).
6
.
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.
Geochemical Sampling Procedures
All drill core samples from the 2023 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. 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 Geikie 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.
Other News
The Company is currently drilling at its West McArthur and Moon Lake South uranium projects in the
eastern Athabasca Basin, advancing two new high-grade uranium discoveries.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) 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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