CanAlaska Intersects 21.6 Metres of 3.44% eU3O8 at Pike Zone on West McArthur Joint Venture Intersection Includes 5.4 metres of 10.90% eU 3 O 8 at the Unconformity Two-Drill Summer Program Continues at West McArthur Project
CanAlaska Intersects 21.6 Metres of 3.44%
eU3O8 at Pike Zone on West McArthur Joint
Venture
Intersection Includes 5.4 metres of 10.90% eU
3
O
8
at the Unconformity
Two-Drill Summer Program Continues at West McArthur Project
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2024) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(
OTCQX: CVVUF) (FSE:
DH7)
("CanAlaska" or the "Company") is pleased to report that
drillhole WMA082-7 has intersected 3.44% eU
3
O
8
over 21.6 metres,
including 10.90% eU
3
O
8
over
5.4 metres
at the Pike Zone as part of the ongoing summer exploration program on the West McArthur
Joint Venture project (the "Project") in the eastern Athabasca Basin. WMA082-7 was the first drillhole
completed at the Pike Zone during the summer program where the focus is continued delineation and
expansion of the ultra high-grade Pike Zone uranium discovery at the unconformity. The program is
focused on following up two recent high-grade intersections in WMA082-6 (14.9% U
3
O
8
over 9.6
metres) and WMA082-4 (9.9% U
3
O
8
over 14.5 metres). 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 continuation of ultra high-grade uranium mineralization
at the unconformity and over significant width in the first drillhole of the summer program is a very
encouraging indication that the Pike Zone discovery will incrementally grow as drilling continues
through the summer. The CanAlaska team has been working methodically to understand and
evaluate the current drill section. Drilling on adjacent sections will be designed to start defining the
potential footprint of the known high-grade mineralization. CanAlaska shareholders can expect
continued news flow during this time as this exciting discovery is advanced with the drill-bit."
Figure 2 – Pike Zone Summer Drill Results
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Drillhole WMA082-7 intersected one main interval of 3.44% eU
3
O
8
over 21.6 metres,
including
10.90% eU
3
O
8
over 5.4 metres at the unconformity
with additional lower grade intervals throughout
the hole (Figure 2; Table 1). The unconformity contact between the Athabasca sandstone and underlying
basement rocks is interpreted to be at 800.5 metres down-hole. The unconformity mineralization is
characterized by massive to semi-massive, clay-hosted uranium mineralization associated with yellow
and orange uranium secondaries and hematite alteration (Figure 3). Uranium mineralization continues
into the basement rocks of WMA082-7 and is characterized by nodular, disseminated, clay-hosted, and
fracture-controlled veins of uranium mineralization associated with localized pale-yellow uranium
secondaries and strong basement alteration.
The lower sandstone column of WMA082-7 is strongly bleached, limonite and clay altered, and contains
several multi-metre scale fault zones with abundant clay-filled breccias, core loss related to broken and
blocky core, and zones of quartz dissolution extending over 70 metres above the uranium mineralization.
Intervals of lost core occur within the lower sandstone column within areas of uranium mineralization due
to high rock friability. The basement of WMA082-7 is strongly clay and chlorite altered with multiple re-
activated fault zones. Within the basement rocks, localized intervals of lost core occur due to strong
alteration.
Figure 3 – WMA082-7 Core Photograph
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Summer Drill Program
The summer drill program on the West McArthur project is currently progressing with two diamond drills.
The Company is planning approximately 9,000 metres of drilling during the summer to achieve an
estimated 10 to 14 unconformity target intersections. The Company is continuing to use downhole mud-
motor deviation technology for increased drilling efficiency and targeting ability.
WMA082-7 was the first drillhole completed at the Pike Zone during the summer program and extends
the high-grade unconformity associated uranium mineralization on the WMA082-4 and WMA082-6
fence. Subsequent drill tests planned for the summer program at the Pike Zone will continue to evaluate
the extents of the high-grade unconformity-associated uranium mineralization along the current drill fence
and to the east and west along strike. The ultra high-grade unconformity target at the Pike Zone remains
open in all directions.
Table 1 - WMA082-7 Radiometric Equivalent Uranium Grades
DDH
From
(m)
To
(m)
Length
(m)
4
Average Grade
(% eU
3
O
8
)
5
WMA082-7
1,2
795.0
796.7
1.7
0.18
WMA082-7
1,2
797.7
819.3
21.6
3.44
including
3
798.5
803.9
5.4
10.90
including
3
806.0
806.4
0.4
3.02
including
3
807.4
809.0
1.6
2.19
including
3
813.0
813.9
0.9
4.70
WMA082-7
1,2
838.2
839.0
0.8
0.17
1
.
WMA082-7 was 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.
In addition, the Company plans to continue testing the unconformity target areas in the immediate Pike
Zone area and along strike to the northeast and southwest for potential unconformity mineralization
extensions. The C10 corridor is host to CanAlaska's 42 Zone discovery, as well as Cameco and Orano's
high-grade Fox Lake uranium deposit (68.1 million pounds uranium at 7.99% U
3
O
8
average grade
1 (refer
to "References" below)
). The 15-kilometre-long C10S corridor is sparsely tested to the southwest of Pike
Zone and to the northeast between the Pike Zone and 42 Zone mineralization. Based on the recent
positive results and the proven uranium endowment of the C10 and C10S corridors, the Company
believes there is significant potential for additional unconformity-related high-grade uranium
mineralization.
The Company expects to complete the summer portion of the 2024 exploration program in September.
Geochemical Sampling Procedures and Use of Radiometric Equivalent Grades
All drill core samples from the 2024 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 U3O8 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 interval. Select density samples, comprising 0.1
metre continuous whole core samples that are subsequently split and assayed, may be taken within the
mineralized interval. 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.
References
1
.
Refer to:
https://www.cameco.com/invest/overview/reserves-resources/inferred
for information on
the Fox Lake uranium deposit.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately
500,000 hectares (1,235,000 acres) in Canada's Athabasca Basin. CanAlaska's strategic holdings
have attracted major international mining companies. CanAlaska is currently working with Cameco on
the West McArthur JV project and Denison on the Moon Lake South JV project 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: +1.306.668.6900
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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