CanAlaska Reports Significant Alteration In First Drill Program At Geikie Uranium Project Structurally Controlled Hydrothermal Alteration Associated with Faulted Graphitic Stratigraphy Project Expanded by Staking 1,187 Hectares; Adding Priority Targets
CanAlaska Reports Significant Alteration In
First Drill Program At Geikie Uranium Project
Structurally Controlled Hydrothermal Alteration Associated with Faulted Graphitic Stratigraphy
Project Expanded by Staking 1,187 Hectares; Adding Priority Targets
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV) (OTCQX:
CVVUF
) (FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to announce
successful completion of the 2023 drill program at the Geikie project near the Athabasca Basin margin
(Figure 1). The program focused on a 15-kilometre-long northeast trending conductor system with high-
priority structural targets that were compiled from recent high-resolution airborne radiometric, magnetic,
and electromagnetic surveys in combination with prospecting, structural mapping, and historical data
review. The Company reports the objectives of the program were exceeded, identifying graphitic host
rocks with large reactivated and brecciated fault zones, associated with hydrothermal alteration and
elevated radioactivity.
Figure 1 – Geikie Project Location
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2023 Geikie Summer Drill Program
The Geikie project is located approximately 10 kilometres east of the Athabasca Basin margin and 10
kilometres west of Highway 905. The 2023 summer drill program consisted of 2,217 metres in eight drill
holes, representing CanAlaska's first drill holes on it's 60%-owned Geikie project. The program
successfully intersected graphitic host rocks, showing evidence of multiple post-Athabasca structural
reactivation events, associated with the intersection of north-south and northwest trending faults,
hydrothermal alteration, and elevated radioactivity.
Figure 2 – 2023 Geikie Drill Program Results
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The drill program confirmed the presence of hydrothermal alteration systems within a complex structural
framework at Geikie, which is important in the formation of basement-hosted high-grade uranium
deposits.
Results of this first drill program will allow for refinement of the exploration model on the Geikie project to
target the most prospective portions of the multiple structural corridors. Significant early results from the
Preston Creek target area indicates the 15-kilometre-long structural corridor represents a high priority
target area for further drill testing (Figure 2).
Geochemical assay results for the 2023 program are pending.
2023 Geikie Summer Drill Program Target Area Results Summary
The Preston Creek target area is located at the northeastern end of the 15-kilometre-long conductor
trend. Five drill holes (GKI004 - GKI008) were completed within this target area (Table 1). Each drill hole
in this target area intersected re-activated basement faults, up to 30 metres in width, consisting of clay
gouge and breccias within variably graphitic pelitic host rocks. Hydrothermal alteration enveloping the
major fault zones consisted of hematite, chlorite, clay, and structurally-enhanced graphitic clays. Within
the fault zones, the alteration intensifies and locally overprints the original host rock through numerous
phases of faulting and fluid circulation (Figure 3). At the base of GKI004, an extensive zone of pervasive
hematite alteration was intersected at the inferred contact between the Wollaston metasediments and
Johnson Lake Granite. The 21-metre-thick interval was characterized by intense brick-red hematite
completely overprinting the primary texture of the host rock. Abundant interstitial specular hematite and
pyrite nodules were disseminated throughout the rock and as microfractures and fracture fillings.
Additionally, in GKI005, elevated radiometry, up to 1,000 cps CT007-M, was intersected from 255.3 to
255.6 metres, associated with a sheared graphitic pelite. The complex structural framework of the
Preston Creek target area with the associated hydrothermal alteration is very encouraging for the
prospectivity of this portion of the 15-kilometre-long conductor trend and the broader project area.
The Aero Lake target area is located at the southern end of the 15-kilometre-long conductor trend. One
drill hole (GKI 002) was completed within this target area (Table 1). GKI002 intersected a large re-
activated fault zone from 59 to 88 metres characterized by cohesive breccias and cataclastic faults with
dark grey clay gouge. Hydrothermal alteration spatially associated with the fault zone consists primarily
of clay alteration and chloritization. At the base of GKI002, elevated radiometry, up to 1,750 cps CT007-
M, is associated with semi-massive biotite in a pegmatite unit from 185.0 to 185.6 metres.
The Hourglass Lake target area is located midway along the 15-kilometre-long conductor trend. Two
drillholes (GKI001 and GKI003) were completed within this target area (Table 1). Each drill hole
intersected intervals of weakly to moderately graphitic pelite with only minor structural reactivation. The
inferred offset of the conductor package identified from the VTEM survey has not yet been explained.
All reported depths and intervals are down hole depths and intervals, unless otherwise noted, and do not
represent true thicknesses, which have yet to be determined.
CanAlaska CEO, Cory Belyk, comments,
"The presence of large fault structures, hydrothermal
alteration and elevated radiometric values is a great outcome from this first drilling program by
CanAlaska and Basin Energy. The early drill results clearly indicate the right ingredients for
basement-hosted uranium deposit formation are present and active on the Geikie project. This first
exploration program has tested a very small portion of this very large project and there is very little
doubt that further data analysis when assays are returned in conjunction with new geophysical data will
yield additional high priority targets for the next phase of exploration."
Figure 3 – Hydrothermal alteration enveloping fault zones in Preston Creek Target Area
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Geikie Project Expansion
The Geikie uranium project was recently expanded through claim staking to add two additional claims
(Figure 2) totalling 1,187 hectares, now bringing the total Geikie project size to 35,084 hectares. The
new claims are host to the historical Johnson Lake (Marina) Pb-Zn-Ag showing which consists of
mineralization in outcrops, boulders, and drillholes. The mineralization occurs as disseminations, layers,
and coarse pod-like segregations in addition to infills along fractures. Historical grab samples returned
up to 5.31% Pb, 1.49% Zn, and 1.0 oz/t Ag. The additional claims have been added to the existing earn-
in agreement between Basin Energy and CanAlaska.
Table 1 - 2023 Summer Drill Hole Collar Summary
Drill Hole
Target Area
Easting
Northing
Elevation
(m A.S.L.)
Azimuth (˚)
Dip (˚)
EOH (m)
GKI001
Hourglass Lake
548157
6369438
463.5
130
-60
249.4
GKI002
Aero Lake
545821
6366173
446.0
128
-50
240.5
GKI003
Hourglass Lake
544743
6368493
461.0
130
-50
152.0
GKI004
Preston Creek
551165
6372430
450.5
110
-50
390.0
GKI005
Preston Creek
551424
6373287
436.7
122
-45
331.0
GKI006
Preston Creek
552146
6375884
462.0
120
-45
310.0
GKI007
Preston Creek
551977
6374956
474.0
120
-45
176.0
GKI008
Preston Creek
551245
6372646
433.6
100
-45
368.0
Notes: Easting and Northing coordinates are reported in UTM Zone 13N (NAD83 datum). EOH = end of hole.
m A.S.L. = metres above sea level.
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 Johnson Lake South (Marina South) 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 Johnson Lake South (Marina South) 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.
Geochemical Sampling Procedures
All drill core samples from the 2023 program were shipped to the Saskatchewan Research Council
Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan. The samples were shipped 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. Radiometric assay samples are chosen based on downhole probing
radiometric equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay samples
comprise 0.3 - 0.5 metre continuous split-core samples over the mineralized interval. A 0.1% U
3
O
8
cut-
off with a maximum internal dilution of 1 metre is used for compositing and reporting the data. 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.
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:
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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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