CanAlaska Mobilizes Team and Crew For Drill Program at Geikie Uranium Project Drilling Focused on Discovery of Shallow High-Grade Basement-Hosted Uranium Three High Priority Target Areas to be Drill Tested
CanAlaska Mobilizes Team and Crew For Drill
Program at Geikie Uranium Project
Drilling Focused on Discovery of Shallow High-Grade
Basement-Hosted Uranium
Three High Priority Target Areas to be Drill Tested
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (
OTCQX:
CVVUF
) (FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to announce
mobilization of field team, drill crew and equipment to it's 60%-owned Geikie project in the Athabasca
Basin (Figure 1). The Geikie project is located approximately 10 kilometres east of the Athabasca Basin
margin and 10 kilometres west of Highway 905. The drill program will be focused on testing shallow,
high-priority targets that have been compiled from recent high-resolution airborne radiometric, magnetic,
and electromagnetic surveys in combination with prospecting, structural mapping, and historical data
review. The initial drill program is planned for 2,000 metres, consisting of eight drill holes with proposed
depths around 250 metres each.
Figure 1 – Geikie Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/169723_27bcfcbe048bea40_002full.jpg
2023 Geikie Summer Drill Program
Figure 2 – Geikie Project Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/169723_27bcfcbe048bea40_003full.jpg
The drill program will be focused on a 15-kilometre-long northeast trending conductor system, striking
through the southern half of the property, recently identified during the completed VTEM Plus survey
(Figure 2). Three high-priority target areas have been identified where interpreted north-south trending
fault splays cause offsets along the conductor trend. These north-south trending structural features are
interpreted to be related to the regionally significant deep-seated faults of the Tabbernor Fault System.
The
Preston Creek
target area is located at the northeastern end of the 15-kilometre-long conductor
trend. 3D modelling of the VTEM anomalies shows a succession of steeply dipping sub-parallel EM
plates that are disrupted by a north-south trending structural lineament.
The
Hourglass Lake
target area is located midway along the 15-kilometre-long conductor trend. Drill
testing of this target area will focus on interpreted disruption in the modelled steeply-dipping VTEM
conductor along a north-south trending lineament.
The
Aero Lake
target area is located at the southern end of the 15-kilometre-long conductor trend. In
this target area, the VTEM plates are modelled to be more shallowly dipping and indicate a potential
fold-hinge which occurs near an interpreted north-south trending fault splay.
The Company believes the structural complexity causing disrupted EM plates and signatures in
association with north-south trending fault structure, provides potential conduits for the movement of
uranium-bearing fluids.
CanAlaska CEO, Cory Belyk, comments,
"Mobilization of the team and crews to the Geikie project area
is a great accomplishment for the Company. From inception of the project through to this first drilling
program, the Company has been diligent with its methodical approach to exploration and developing
very high-quality targets for testing. I look forward to the first drill results from this inaugural program in
what is one of the most interesting Athabasca Basin exploration regions for shallow basement-hosted
uranium mineralization."
Geikie Project Overview
The Geikie Project is located just outside the eastern margin of the Athabasca Basin within the
Wollaston Domain. The Project area has been subject to minimal exploration for uranium, with most
significant work targeting base metals between 1967 and 1980. During this regional work, a series of
mineralized showings were discovered in the Mud Lake and Marina areas. The Mud Lake uranium-
molybdenum showing recorded a series of anomalous rock chips with grades of up to 0.225%U,
5.2%Mo, and 1.4%Cu. The Marina lead-zinc prospect recorded anomalous mineralization in outcrop of
up to 2.03% Pb, 7.2% Zn and 0.93 oz/t Ag. Recent ground prospecting on the project has since
confirmed the Mud Lake uranium-molybdenum, showing results with up to 3,250 ppm molybdenum total
and 0.21% uranium total in grab samples.
The primary target on the Geikie project is basement-hosted uranium mineralization, where uranium
bearing structures intersect favourable metasedimentary host rocks. The Geikie project is located within
10 kilometres of recent discoveries of basement-hosted uranium mineralization at the nearby Gemini
Mineralized Zone ("GMZ") and ACKIO. These recent discoveries along with known mineralization at the
nearby Agip-S and West Way prospects, all underscore the prospectivity of this portion of the Wollaston
Belt.
The Geikie project is currently being sole-funded by Basin Energy Limited (ASX: BSN) under an option
earn-in agreement with the Company.
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 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, 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/169723