CanAlaska Drills Elevated Radioactivity at Key Extension Project Multiple Graphitic Fault Structures with Hydrothermal Alteration Intersected 16 Kilometres of New Uranium Target Corridor Identified Drilling Continues at West McArthur JV and Moon Lake South Projects
CanAlaska Drills Elevated Radioactivity at Key
Extension Project
Multiple Graphitic Fault Structures with Hydrothermal Alteration Intersected
16 Kilometres of New Uranium Target Corridor Identified
Drilling Continues at West McArthur JV and Moon Lake South Projects
Vancouver, British Columbia--(Newsfile Corp. - April 4, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (
OTCQX:
CVVUF
) (FES:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce
successful completion of the 2023 drilling program at the Key Extension project (Figure 1). The program
focused on initial drill testing of newly defined targets generated through a series of geophysical
programs completed in 2022. The Company reports the objectives of the program were met, identifying
multiple graphitic packages with large reactivated and brecciated fault zones, associated hydrothermal
alteration, and elevated radioactivity.
Figure 1 – Key Extension Project Location
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The Key Extension project is located approximately 10 kilometres southwest of the Key Lake uranium
mine and mill near Highway 914. The 2023 drill program consisted of 2,239 metres in seven drill holes.
This program represents CanAlaska's first drill holes on the Key Extension project and significant results
were received in three main target areas (Figure 2).
Figure 2 – 2023 Drill Program Target Areas and Results
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Target Area 1
, three drill holes were completed, focusing on a large gravity low where the Key Lake fault
is interpreted to intersect a conductive package that marks the Wollaston-Mudjatik domain boundary.
Drill holes in target area one intersected features commonly associated with basement-hosted uranium
deposits, which include the presence of 20 - 40 metre wide stacked graphitic packages containing
multiple metre to sub-metre scale semi-brittle fault zones. The semi-brittle fault zones are characterized
by graphite-rich clay gouges and breccias associated with hydrothermal chlorite, clay, silicification, and
secondary hematite alteration in the structures and surrounding wall rocks (Figure 3). In addition, drill
hole KEY010, the last hole completed in the area, intersected a narrow interval of elevated radioactivity
over 30 centimetres, ranging from 100 to 320 cps (scintillometer CT007M) from 243.0 to 243.3 metres
(Figure 3). The elevated radioactivity is hosted in a sheared limonite, chlorite, and clay altered granite
immediately below the faulted and altered graphitic package.
Target Area 2
focused on testing the extension of Target Area 1 along the interpreted Wollaston-
Mudjatik domain boundary. Drill hole KEY012 intersected a 30 metre wide graphitic package with
several one to three metre wide semi-brittle fault zones. The fault zones, characterized by clay-rich fault
gouge, are associated with hydrothermal chlorite and secondary hematite alteration in the structures and
the surrounding wall rocks. KEY012 was approximately 2.6 kilometres along strike to the north of Target
Area 1 and represents the second location along the main Wollaston-Mudjatik domain boundary on the
project where graphitic host rocks were intersected in association with structures and hydrothermal
alteration.
Target Area 3
, two drill holes were completed and focused on a gravity low anomaly and
electromagnetic conductor along the interpreted Key Lake fault. Drill hole KEY011 collared immediately
into a 30 metre wide graphitic package which contained localized shearing and brecciation. Alteration
within the graphitic package consisted of weak hydrothermal chlorite and clay associated with the fault.
Based on the results of KEY011, it is interpreted the drill hole intersected the edge of the graphitic
package, likely overshooting the Key Lake fault. No large-scale structure was intersected in Target Area
3, however given the interpreted thickness of the graphitic package and the localized faulting intersected
near the base, the Company believes the main target exists immediately southeast of KEY011.
The 2023 drilling program successfully intersected graphitic host rocks showing evidence of multiple
post-Athabasca structural reactivation events, hydrothermal alteration, and elevated radioactivity. These
features are commonly associated with basement-hosted uranium deposits. Results of this inaugural drill
program indicate evidence for likely uranium-bearing hydrothermal fluids moving through the basement
rocks on the Key Extension project. Beyond follow-up of the significant early results from Target Area 1,
the Company believes more than 16 kilometres of untested target corridor have now been identified as
high priority for further drill testing.
Geochemical assay results for the 2023 winter drilling program are pending.
CanAlaska CEO, Cory Belyk, comments,
"I am very pleased with the outcome of this drill program. The
first drill holes completed on Key Extension have intersected all the indicators of uranium
mineralizing processes the team would have hoped to observe including large fault structures,
diagnostic hydrothermal alteration and uranium enrichment. This is a very significant outcome and
has the geologists encouraged they are on the right track to discovery. Key Extension is very well
positioned near the Key Lake mill complex and associated infrastructure in an area of the eastern
Athabasca Basin that needs to identify the next Tier 1 uranium deposit to supply clean carbon-free
energy to the world."
Figure 3 – Select Core Photographs For Target Area 1
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Table 1 - 2023 Winter Drill Hole Collar Summary
Drill Hole
Target Area
Easting
Northing
Elevation (m
A.S.L.)
Azimuth (˚)
Dip (˚)
EOH (m)
KEY006
N/A
443476
6334392
550
0
-90
164
KEY007
Area 1
441526
6331311
525
290
-60
392
KEY008
Area 1
441653
6331682
530
295
-60
416
KEY009
Area 3
443284
6332857
531
310
-70
305
KEY010
Area 1
441365
6331764
530
310
-65
323
KEY011
Area 3
444157
6333417
568
310
-70
266
KEY012
Area 2
442130
6334298
519
290
-60
275
Notes: Easting and Northing coordinates are reported in UTM Zone 13N (NAD83 datum). EOH = end of hole.
m A.S.L. = metres above sea level.
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 have been received by the Saskatchewan Research
Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan. The samples were shipped 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. Radiometric assay samples are chosen based on downhole
probing radiometric equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay
samples comprise 0.3 - 0.5 metre continuous split-core samples over the mineralized interval. A 0.1%
U
3
O
8
cut-off with a maximum internal dilution of 1 metre is used for compositing and reporting the data.
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. Geochemical assay data are subject to verification procedures by qualified
persons employed by CanAlaska prior to disclosure.
About the Key Extension Project
The Key Extension project is located approximately 10 kilometres south of the Athabasca Basin edge,
within the highly prospective Wollaston-Mudjatik Transition Zone. The Key Lake uranium deposits and
associated uranium zones are located approximately 10 kilometres from the northeastern project
boundary. The Key Lake deposits consisted of a series of east-northeast striking pods of high-grade
unconformity associated uranium mineralization, which have historically produced over 150 million lbs
U
3
O
8
from the Gaertner and Deilmann open pits. The Company is completing work on the Key Extension
project under an option agreement with Durama Enterprises Limited ("Durama"), a private company,
which has granted CanAlaska a right to earn up to 100% interest in the project.
Other News
The Company is drilling on its West McArthur project in the eastern Athabasca Basin. The 2023 West
McArthur drill program is focused on advancing the Company's new high-grade Pike Zone uranium
discovery.
The Company's Joint Venture partner, Denison Mines Corp., is drilling on the Company's 25%-owned
Moon Lake South project in the eastern Athabasca Basin.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: 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
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, Executive Vice President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
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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