CanAlaska Plans Aggressive 2024 Exploration Programs $7.5 Million Drilling Program at West McArthur JV High-Grade Pike Zone $2.7 Million Geophysics and Drilling Program at Moon Lake South JV Multiple Drilling Programs Planned on Partner Sole-Funded Projects
CanAlaska Plans Aggressive 2024 Exploration
Programs
$7.5 Million Drilling Program at West McArthur JV High-Grade Pike Zone
$2.7 Million Geophysics and Drilling Program at Moon Lake South JV
Multiple Drilling Programs Planned on Partner Sole-Funded Projects
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2024) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(
OTCQX: CVVUF) (FSE:
DH7)
("CanAlaska" or the "Company") is preparing for winter drill
programs at three of its projects in the southeastern Athabasca Basin (Figure 1).
Figure 1 – Project Locations Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/193606_f7fa0b50f4969a9b_002full.jpg
An approved $7.5 million exploration program on the West McArthur Joint Venture project is scheduled
to start in early January. The 2024 West McArthur drill program will focus on continued expansion of the
Pike Zone discovery and along strike unconformity testing to the northeast and southwest of the Pike
Zone. In addition, the Moon Lake South Joint Venture ("MLSJV") approved a $2.7 million exploration
program for 2024. The Moon Lake South winter drill program will focus on expansion of the high-grade
uranium mineralization intersected in drillhole MS-23-10A. The Company's partner, Basin Energy, is
preparing for the 2024 winter drilling program on its Geikie project. The Geikie winter program will focus
on direct follow up of targets associated with gravity lows adjacent to uranium mineralization, alteration,
and pathfinder anomalism identified during the 2023 drill campaign and additional regional exploration
targets derived from the integration of multiple high resolution airborne geophysical data sets. The
Company is fully funded to complete its exploration programs in 2024.
2024 West McArthur Exploration Program
In November of 2023, the Company announced continued expansion of the Pike Zone, where high-grade
basement hosted uranium mineralization was extended in the upper basement and has now been
confirmed over 160 metres into the basement along the controlling fault structures. Uranium
mineralization was intersected in all four drill holes completed in the Pike Zone during the summer drilling
campaign, highlighted by WMA082-2 that intersected 6.5 metres at 0.73% eU
3
O
8
, including 1.8 metres
at 1.91% eU
3
O
8
(see news release dated November 7, 2023). In addition, step out drill targets 200 and
800 metres to the northeast of the Pike Zone intersected target related alteration and fault structures in
the basement and lower sandstone column, respectively.
Figure 2 – Pike Zone Plan and Section with Target Areas for 2024 Program
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Starting in January of 2024, the Company will have two drills active on the West McArthur project.
Results from the recently completed drill programs indicate that priority targets exist both at the Pike
Zone and as unconformity and basement extensions along the C10 South target corridor. At the Pike
Zone, the drill program will focus on continued expansion of basement mineralization along the
controlling fault structure, to the southwest where mineralization remains open, and to the northeast
below the unconformity mineralization intersected in 2023 (Figure 2).
In addition, the Company plans to continue testing the unconformity target areas both in the immediate
Pike Zone area and along strike to the northeast and southwest of the Pike Zone. The 15-kilometre-long
C10S corridor remains completely untested to the southwest and only sparsely tested to the northeast
between the Pike Zone and 42 Zone mineralization. Based on the positive 2023 summer drill program
results, the Company believes significant potential for unconformity-related mineralization exists at Pike
Zone and nearby along the C10 South corridor.
The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that
currently holds an 83.29% ownership in the project.
2024 Moon Lake South Exploration Program
The MLSJV has approved a $2.7 million exploration program for the Moon Lake South project that is
planned to start in January. The program is expected to focus on testing for extensions of the high-grade
perched uranium mineralization intersected in MS-23-10A. Drill hole MS-23-10A intersected 2.46%
U
3
O
8
over 8.0 metres, including 3.71% U
3
O
8
over 4.5 metres. In addition, the MLSJV is planning to
complete focused ground-based electromagnetic surveying to facilitate exploration testing along the CR-
3 conductive corridor adjacent to the MS-23-10A area.
The Moon Lake South project is a Joint Venture with Denison Mines Corp. ("Denison"), the operator.
CanAlaska currently holds a 25% ownership in the project and will fund the Company's share of the 2024
exploration program.
2024 Geikie Exploration Program
A winter drill program is planned in Q1 of 2024 for the Geikie uranium project located along the eastern
margin of the Athabasca Basin. The planned 2,000 metre program will be split between direct follow up
targets associated with gravity lows adjacent to the alteration, uranium mineralization, and pathfinder
anomalism identified during the 2023 drill campaign and regional exploration targets from the integration
of high-resolution airborne geophysical data. In September of 2023, the Company announced results
from the maiden drilling program on the Geikie project which were highlighted by 0.5 metres @ 0.27%
U
3
O
8
in drillhole GKI002 (see news release dated September 27, 2023). The 2023 drilling program also
successfully intersected graphitic host rocks with evidence of multiple episodes of post-Athabasca
structural reactivation events along north-south and northwest trending faults. Results confirmed the
presence of hydrothermal alteration systems hosted within a complex structural framework, which are
leading indicators in the formation of basement-hosted high-grade uranium deposits such as Eagle
Point or Arrow.
The Geikie project is currently being sole-funded by Basin Energy Limited (ASX: BSN) under an option
earn-in agreement with the Company.
Additional 2024 Exploration Programs
The Company is working on preparation of multiple other discovery opportunities within its 300,000-
hectare eastern Athabasca-focused land portfolio. Additional 2024 project work includes:
ground-based electromagnetic surveying on the Marshall and North Millennium projects in the
southeastern Athabasca Basin to facilitate drillhole targeting;
initial airborne geophysical surveying on the Frontier project, located in the northeastern
Athabasca Basin; and
initial airborne geophysical surveying on the recently acquired Enterprise, Voyager, and
Constellation projects located near the Key Lake Mill Complex.
The North Millennium and Marshall projects are currently being sole-funded by Basin Energy Limited
(ASX: BSN) under an option earn-in agreement with the Company. The Company continues to deploy a
hybrid explorer and project generator model, actively seeking new partners to advance the other projects
in its large exploration portfolio and seeking new opportunities through strategic land staking.
CanAlaska CEO, Cory Belyk, comments,
"CanAlaska will be moving our multiple uranium discoveries
forward in 2024 through a set of aggressive drilling programs principally focussed on the West
McArthur and Moon Lake South Joint Ventures. These recent discoveries, with major partners in
Cameco and Denison, respectively, are located within the prolific and infrastructure-rich eastern
Athabasca Basin. In 2023 we have continued to strategically re-position our exploration portfolio near
this infrastructure that has a clear and looming need for identification of the next generation of tier 1
ore deposit to follow Cigar Lake and McArthur River reserve depletion. With the spot price of uranium
currently above $90 per pound and climbing, and with rock solid and growing nuclear fundamentals in
place, the market is signalling that more uranium fuel will be required to generate the clean electricity
of tomorrow."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately
300,000 hectares (740,000 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/193606