CanAlaska Intersects 13.61% eU3O8 over 10.9 metres at Pike Zone Ultra High-Grade Unconformity-Hosted Uranium Mineralization Is Within Zone of 9.30% eU 3 O 8 over 16.2 metres Multiple Ultra High-Grade Uranium Intersections on Adjacent Section Confirm Pike Zone
CanAlaska Intersects 13.61% eU3O8 over 10.9
metres at Pike Zone
Ultra High-Grade Unconformity-Hosted Uranium Mineralization Is Within Zone of 9.30% eU
3
O
8
over 16.2 metres
Multiple Ultra High-Grade Uranium Intersections on Adjacent Section Confirm Pike Zone
Extension; Target Remains Open
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2024) -
CanAlaska Uranium Ltd.
(TSXV: CVV)
(
OTCQX: CVVUF) (FSE:
DH7)
("
CanAlaska
" or the "
Company
") is pleased to provide
an update on the summer diamond drill program at the Pike Zone on the West McArthur Joint Venture
project (the "Project") in the eastern Athabasca Basin. Multiple drillholes, highlighted by WMA082-12
which intersected 9.30% eU
3
O
8
over 16.2 metres,
including 13.61% eU
3
O
8
over 10.9 metres
and
WMA082-11 which intersected 4.77% eU
3
O
8
over 25.9 metres,
including 6.30% eU
3
O
8
over 16.3
metres
have confirmed high-grade unconformity-associated uranium mineralization along the first step
out drill fence to the east. These drillholes, combined with previously reported WMA082-8 which
intersected 6.87% eU
3
O
8
over 16.9 metres,
including 11.62% eU
3
O
8
over 9.3 metres
in the
basement, indicate the potential for significant extensions of high-grade uranium mineralization at the
Pike Zone. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by
CanAlaska that holds an 83.35% ownership in the Project (Figure 1). CanAlaska is sole-funding the
2024 West McArthur program, further increasing its majority ownership in the Project.
Figure 1 – West McArthur Project Location
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CanAlaska CEO, Cory Belyk, comments,
"The continued intersection of ultra high-grade uranium
mineralization at Pike Zone this summer is an amazing result for CanAlaska, our shareholders, and
the Joint Venture. Unconformity mineralization is now repeatable along strike from the original
discovery holes and remains open in all directions including within the basement rocks below the
unconformity. The results of the summer program clearly indicate the tier 1 potential of the Pike Zone
along what is fast becoming a very prolific uranium mineralizing corridor which already includes the
high-grade Fox Lake uranium deposit. I look forward to announcement of further drill results from the
summer program in the context of an improving uranium market and return of investor interest."
Figure 2 – L85E Drill Fence Results
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L85E Summary
Drillholes reported within this release, combined with previously reported drillhole WMA082-8 (See
News Release Dated July 16
th
, 2024), represent drilling to date along a new section (L85E) stepping out
to the east at the Pike Zone. WMA082-11 and WMA082-12 extend the ultra high-grade unconformity-
associated uranium mineralization from the L70E fence (WMA082-4/-5/-6/-7) to the east. WMA082-9,
WMA082-14, and WMA082-8 extend the high-grade basement-hosted uranium mineralization down into
the basement along the controlling structures. WMA082-13 overshot the basement wedge due to a
significant unconformity elevation difference of approximately 15 metres caused by fault offset along the
C10S corridor. This structural offset is indicative of post-Athabasca Basin re-activation along the C10S
corridor and represents an important control for fluid movement and trap for mineralization along the
unconformity. The ultra high-grade unconformity target at the Pike Zone remains open.
Table 1 - Radiometric Equivalent Uranium Grades
DDH
From
(m)
To
(m)
Length
(m)
4
Average Grade
(% eU
3
O
8
)
5
WMA082-9
1,2
799.6
800.5
0.9
0.23
WMA082-9
1,2
810.1
810.4
0.3
0.14
WMA082-9
1,2
816.0
818.3
2.3
0.99
including
3
817.2
817.6
0.4
2.59
WMA082-9
1,2
822.6
825.3
2.7
0.90
including
3
823.0
823.5
0.5
2.96
WMA082-9
1,2
826.6
827.3
0.7
0.13
WMA082-9
1,2
844.4
846.2
1.8
0.26
WMA082-11
1,2
795.9
821.8
25.9
4.77
including
3
796.9
813.2
16.3
6.30
including
3
814.5
818.4
3.9
3.79
including
3
820.2
821.3
1.1
3.40
WMA082-12
1,2
797.0
813.2
16.2
9.30
including
3
801.1
812.0
10.9
13.61
WMA082-14
1,2
838.8
840.4
1.6
1.45
including
3
839.2
839.8
0.6
3.17
WMA082-14
1,2
843.3
846.8
3.5
1.12
including
3
843.7
844.2
0.5
4.28
WMA082-14
1,2
848.0
848.6
0.6
0.37
WMA082-14
1,2
878.9
880.4
1.5
0.35
1
.
WMA082-9, WMA082-11, WMA082-12, and WMA082-14 were all drilled at an azimuth of 295˚ with an inclination of -79.3˚, collared at
477,345 mE / 6,396,525 mN, 605 m A.S.L. (UTM NAD83 Z13N) as daughter holes from WMA082.
2
.
Intersection interval is composited above a cut-off grade of 0.1% eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
Intersection interval is composited above a cut-off grade of 2.0% eU
3
O
8
with a maximum of 1.0 m of internal dilution.
4
.
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.
5
.
Radiometric equivalent ("eU
3
O
8
") derived from a calibrated gamma downhole probe.
Drillhole Details:
WMA082-9:
The lower sandstone column of WMA082-9 is strongly bleached with limonite alteration
extending over 60 metres above the unconformity. Within the lower sandstone column, multiple metre-
scale fault zones were intersected and are characterized by broken and blocky core, zones of quartz
dissolution, hydrothermal dravitic breccias, and clay gouge that are locally associated with grey sooty
pyrite alteration. One interval of unconformity-associated uranium mineralization was intersected within
the grey altered sandstone (Figure 2; Table 1). The unconformity contact between the Athabasca
sandstone and underlying basement rocks is interpreted to be at 801.7 metres down hole. Several
intervals of basement-hosted uranium mineralization were intersected throughout the graphitic pelitic
rocks (Figure 2; Table 1). These zones are characterized by structurally controlled, disseminated, and
foliation-controlled uranium mineralization. The basement is strongly clay and chlorite altered as a broad
halo around the basement-hosted uranium mineralization with multiple re-activated fault zones throughout
the interval.
Figure 3 – WMA082-12 Core Photograph
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WMA082-11:
The lower sandstone column of WMA082-11 is strongly bleached with limonite alteration
extending over 80 metres above the unconformity. Within the lower sandstone column, multiple metre-
scale fault zones were intersected and are characterized by broken and blocky core, zones of quartz
dissolution, large hydrothermal dravitic breccias, and clay gouge. The unconformity contact between the
Athabasca sandstone and underlying basement rocks is interpreted to be at approximately 803.0
metres down hole. WMA082-11 contains one main interval of unconformity-associated uranium
mineralization characterized by massive to semi-massive mineralization associated with strong sooty
pyrite, dark red hematite, and intense grey clay replacement alteration immediately around the
unconformity contact (Figure 2; Table 1). The lower portion of the unconformity-associated uranium
mineralization is structurally controlled, with localized intervals of semi-massive, blebby, and foliation-
controlled mineralization within the graphitic pelite rocks (Figure 2; Table 1). Within the mineralized
interval, isolated intervals of core loss were recorded due to intense alteration and quartz dissolution.
The basement is strongly clay and chlorite altered as a broad halo around the high-grade uranium
mineralization with multiple re-activated fault zones throughout the interval.
WMA082-12:
The lower sandstone column of WMA082-12 is strongly bleached with limonite alteration
extending over 100 metres above the unconformity. Within the lower sandstone column, multiple metre-
scale fault zones were intersected and are characterized by broken and blocky core, zones of quartz
dissolution, large hydrothermal dravitic breccias, and clay gouge. The unconformity contact between the
Athabasca sandstone and underlying basement rocks is interpreted to be at approximately 803.0
metres down hole. WMA082-12 contains one main interval of unconformity-associated uranium
mineralization characterized by massive to semi-massive, blebby, disseminated, and structurally
controlled mineralization associated with strong sooty pyrite, bright red hematite, and intense grey clay
replacement alteration immediately around the unconformity contact (Figure 2; Figure 3; Table 1). Within
the mineralized interval, isolated intervals of core loss were recorded due to intense alteration and quartz
dissolution. The basement is strongly clay and chlorite altered as a broad halo around the high-grade
uranium mineralization with multiple re-activated fault zones throughout the interval.
WMA082-13:
The lower sandstone column of WMA082-13 is strongly bleached with limonite alteration
extending over 100 metres above the unconformity. Within the lower sandstone column, multiple metre-
scale fault zones were intersected and are characterized by broken and blocky core, zones of quartz
dissolution, large hydrothermal dravitic breccias, and clay gouge. In the lower sandstone column, these
fault zones are associated with strong grey sooty pyrite alteration. The unconformity contact between the
Athabasca sandstone and underlying basement rocks is interpreted to be at approximately 821.8
metres down hole. The upper basement of WMA082-13 is clay and chlorite altered. WMA082-13
overshot the basement wedge due to a significant unconformity elevation difference of approximately 15
metres caused by the controlling structures along C10S corridor.
WMA082-14:
The lower sandstone column of WMA082-9 is strongly bleached with limonite alteration
extending over 30 metres above the unconformity. Within the altered lower sandstone column, metre-
scale fault zones are concentrated around the unconformity and are characterized by broken and blocky
core with associated quartz dissolution and clay gouge that contain grey sooty pyrite alteration. The
unconformity contact between the Athabasca sandstone and underlying basement rocks is interpreted to
be at 797.8 metres down hole. Several intervals of basement-hosted uranium mineralization were
intersected throughout the graphitic pelite rocks (Figure 2; Table 1). These zones are characterized by
structurally controlled, disseminated, and foliation-controlled uranium mineralization. The basement is
clay and chlorite altered as a broad halo around the basement-hosted uranium mineralization with
multiple re-activated fault zones throughout the interval.
Summer Drill Program
The summer drill program on the West McArthur project is currently ongoing and the Company is on
track to achieve approximately 15 unconformity target intersections. The Company is continuing to use
downhole mud-motor deviation technology for increased drilling efficiency and targeting capability. The
primary objective for the summer drilling program is delineation and expansion of the ultra high-grade
Pike Zone uranium discovery at the unconformity and within the upper basement. A secondary objective
is Pike Zone extension testing along the C10S corridor searching for additional zones of ultra high-grade
uranium mineralization.
The Company expects to complete the summer portion of the 2024 exploration program in September.
Geochemical assays from the summer portion of the 2024 exploration program are pending.
Geochemical Sampling Procedures and Use of Radiometric Equivalent Grades
All drill core samples from the program will be 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 - 0.8 metre
continuous half-core split samples over the mineralized intervals. With all assay samples, 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. Geochemical
assay data are subject to verification procedures by qualified persons employed by CanAlaska prior to
disclosure.
During active exploration programs drillholes are radiometrically logged using calibrated downhole
GeoVista NGRS and TGGS (Triple GM) gamma probes which collect continuous readings along the
length of the drillhole. Preliminary radiometric equivalent uranium grades ("eU
3
O
8
") are then calculated
from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the
calibration of the probe at the Saskatchewan Research Council facility in Saskatoon and from the
comparison of probe results against geochemical analyses. At extremely high radiometric equivalent
uranium grades, downhole gamma probes may become saturated, resulting in the probe being
overwhelmed, which in turn can create difficulties in accurately determining extremely high-grade
radiometric equivalent uranium grades, and a cap may be applied to the grade. The equivalent uranium
grades are preliminary and are subsequently reported as definitive assay grades following sampling and
chemical analysis of the mineralized drill core. In the case where core recovery within a mineralized
intersection is poor or non-existent, radiometric grades are considered to be more representative of the
mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent
probe results are subject to verification procedures by qualified persons employed by CanAlaska 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.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) is a Canadian based exploration
company and holds interest in approximately 500,000 hectares (1,235,000 acres) in Canada's
Athabasca Basin focused on exploration and discovery of high-grade unconformity uranium deposits.
The Company is actively advancing the Pike Zone discovery - a new high-grade uranium discovery on its
West McArthur Joint Venture project in the eastern Athabasca Basin. In addition, the Company has
several other uranium-focused exploration programs. CanAlaska deploys a hybrid project generator
model, focusing on the acquisition and sale of prospective projects, while also executing exploration
programs on CanAlaska's most strategic land holdings. The Company's extensive portfolio has attracted
international mining companies, including Cameco Corporation and Denison Mines as active partners.
CanAlaska is led by an experienced team of professionals with a proven track record of discovery.
The Company's head office is in Saskatoon, Saskatchewan, Canada with a satellite office in Vancouver,
BC, Canada. 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: +1.306.668.6900
Email:
General Enquiry
Tel: +1.306.668.6915
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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