CanAlaska Reports Large Gravity Targets Identified at Geikie Project in Athabasca Basin Airborne Gravity Survey Highlights Numerous Targets Coincident with Regional Fault Structures and Mineralization Winter Drilling Program Planned for Q1 2024
CanAlaska Reports Large Gravity Targets
Identified at Geikie Project in Athabasca Basin
Airborne Gravity Survey Highlights Numerous Targets Coincident with Regional Fault
Structures and Mineralization
Winter Drilling Program Planned for Q1 2024
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2023) -
CanAlaska Uranium Ltd.
(TSXV: CVV)
(OTCQX: CVVUF) (FSE:
DH7)
("CanAlaska" or the "Company") is pleased to announce
that it has received survey results from the fixed-wing Falcon Airborne Gravity Gradiometer (AGG) survey
on it's Geikie uranium project (the "Project") near the Athabasca Basin margin (Figure 1). The purpose
of the AGG survey was to identify potential target areas of enhanced basement alteration associated
with previously interpreted and drill-defined structural corridors. The survey successfully identified
multiple gravity low targets within the Project, interpreted to be related to alteration zones caused by
fluids that are potentially related to mineralizing events. Significantly, a number of these gravity
anomalies are coincident with drill and airborne survey defined structural corridors. These new targets,
integrated with the existing airborne magnetic, radiometric, and electromagnetic data as well as drill
information from the recently completed program, will be a focus of a drill program planned to commence
Q1 2024.
Figure 1 – Geikie Project Location
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CanAlaska contracted Xcalibur Multiphysics Group of Mississauga, Ontario to conduct a detailed fixed-
wing Falcon AGG survey on the Geikie Project (Figure 2). The survey consisted of a total of 1,838 line
kilometres at 200 m flight line spacing across the majority of the Geikie project. The purpose of the AGG
survey, a demonstrated successful technique in identifying uranium alteration systems in the Athabasca
Basin, was to identify potential target areas of enhanced basement alteration associated with previously
interpreted and drill defined structural corridors. Gravity low features are interpreted to represent low-
density rocks with indications of clay alteration caused by intensified fluid movement along fault zones,
potentially related to uranium mineralizing systems in the Athabasca Basin.
Figure 2 – AGG Survey Results with 2023 Drill Program Results
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The 2023 summer drill program was focused on a 15-kilometre-long conductive structural corridor where
drillholes intersected graphitic host rocks, showing evidence of multiple post-Athabasca structural
reactivation events along north-south and northwest trending faults, hydrothermal alteration, and
uranium
mineralization up to 0.27% U
3
O
8
over 0.5 metres
from 185.0 metres in GKI002 (see news release
dated September 27, 2023). Uranium enrichment was present in several other drillholes. Results from
the program, specifically on the Preston Creek and Aero Lake targets, 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.
The AGG survey successfully outlined multiple gravity low features across the Project (Figure 2). Most
notably, the survey highlighted gravity lows coincident with key magnetic structures, gravity lows at the
intersection point of several key magnetic structural features, gravity lows marginal to an electromagnetic
conductor often coincident with one or more key magnetic structures, and isolated gravity low features.
In the Aero Lake target area, the survey highlighted several high-priority gravity anomalies adjacent to
GKI002 where the highest uranium value of the 2023 drill program was intersected (0.27% U
3
O
8
over
0.5 metres starting from 185 metres in GKI002). The anomalies identified adjacent to Aero Lake are
interpreted to be related to the wide hydrothermal alteration zones intersected in drillhole GKI002. The
survey highlighted key target areas extending along the structural corridor up to 8 kilometres to the south
of GKI002 and approximately 3 kilometres to the north.
In the Preston Creek target area, the survey highlighted several high-priority anomalies coincident with a
north striking Tabbernor fault that transects the regional basement conductor trend. Drill holes GKI004,
GKI005, and GKI008 were completed at a bend in the conductor's axis where the electromagnetic data
identified potential fault splays. Zones of hydrothermal alteration were encountered in these drillholes,
commonly observed within or at the periphery of major structures. A gravity low anomaly of approximately
800 metre strike length was highlighted near GKI-005 that follows a north-northwest trending magnetic
structure that has been confirmed by drilling. Gravity anomalies are also present in the footwall of the
graphitic conductor tested by drillholes GKI-004, GKI-005, GKI-007, and GKI-008.
Next Steps
The Company is currently undertaking 3D inversion of the priority gravity anomalies associated with key
structures identified during the survey. This modelling, integrated with the existing airborne magnetic,
radiometric, and electromagnetic data, as well as drilling information from the recently completed
program, will form the basis for a drill program planned to commence Q1 2024.
The Geikie project is currently being sole-funded by Basin Energy Limited (ASX: BSN) under an option
earn-in agreement with the Company.
CanAlaska CEO, Cory Belyk, comments,
"This gravity survey has highlighted new target areas on the
Geikie project that correlate with targets derived from other datasets, and importantly, the uranium
mineralization encountered in the second ever drillhole completed on the project. It is anticipated
these new targets will be a focus of the drilling program that will begin in Q1 of next year led by our
partner, Basin Energy. We look forward to getting back on the ground with the drill and testing these
high value targets with the drill-bit."
Other News
CanAlaska will be attending the 121 Mining Investment event in London on November 20
th
and 21
st
.
Visit our team and learn more about our high-grade uranium discovery and our 2024 exploration plans.
121 Mining Investment London
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) 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 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.
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