CanAlaska Stakes Large Athabasca Basin Land Position South of Key Lake Mine and Mill Multiple Priority Drill-Ready Targets on 12,060 Hectare Enterprise Project Conductor Trends with Associated Gravity Low Anomalies Identified
CanAlaska Stakes Large Athabasca Basin
Land Position South of Key Lake Mine and Mill
Multiple Priority Drill-Ready Targets on 12,060 Hectare Enterprise Project
Conductor Trends with Associated Gravity Low Anomalies Identified
Meet Management at the Pre-PDAC Red Cloud Showcase and PDAC Conference
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV
)
(
OTCQX:
CVVUF
) (FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to announce the
Company's newly acquired Enterprise project, totalling 12,060 hectares, in the southeastern Athabasca
Basin. The Enterprise project is located approximately 20 kilometres south of the Key Lake Mine and
Mill complex along Highway 914 (Figure 1).
Figure 1 – Enterprise Project Location
To view an enhanced version of this graphic, please visit:
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The Enterprise project is located 20 kilometres south of the present-day Athabasca Basin edge. The
project has undergone historical exploration programs that have resulted in a series of drill-ready targets.
Earlier work on the project consisted of prospecting and geological mapping completed in conjunction
with airborne radiometric, electromagnetic, and magnetic surveys in the 1970's and 1980's. In the early
2000's, a helicopter-borne AeroTEM electromagnetic and magnetic survey was completed and followed
up by a series of ground-based gravity and Horizontal Loop EM (HLEM) surveys. The gravity and HLEM
surveys identified two conductive corridors on the northern claims, Target Corridor 1 and Target Corridor
2, that have associated gravity low anomalies. Both corridors have drill-ready targets (Figure 2).
Figure 2 – Target Corridors Identified on Enterprise Project
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Target Corridor 1 consists of a five-kilometre-long northeast-southwest trending magnetic low that is
associated with a linear conductor trend and a gravity low anomaly. Three drillholes have been
completed along this corridor, highlighted by chlorite and clay altered faulted graphitic to pelitic
metasediments in HR78-11 and faulted, bleached, and altered pelitic metasediments in C2-02. To the
north, off property, the corridor contains elevated pathfinder elements associated with chlorite and clay
altered faulted graphitic metasediments in drill holes.
Target Corridor 2 consists of a four-kilometre-long northeast-southwest trending magnetic low corridor
associated with stacked conductor anomalies and a gravity low anomaly. Elsewhere along this corridor,
off property historical drill results show anomalous pathfinder elements, including uranium (up to 500
ppm uranium partial), copper (up to 715 ppm copper partial), and nickel (up to 160 ppm nickel partial)
associated with chlorite altered and faulted graphitic metasediments. This corridor trends into the
southern Enterprise claims, shown as Target Corridor 3, where its orientation shifts to a more north-
south trending conductor within a well defined magnetic low.
The Company believes the Enterprise project is prospective for discovery of basement-hosted uranium
targets. The project is well situated with respect to other projects in the Company's portfolio, including its
Voyager and Key Extension projects, and critical infrastructure such as power, road, and the Key Lake
mill. Modern property-wide high-resolution airborne radiometric, VTEM, and gravity surveys followed by
ground-based prospecting may aid in identifying additional priority targets. The Company is actively
seeking Joint Venture partners to move the project forward.
CanAlaska CEO, Cory Belyk, comments,
"An opportunity to stake eastern Athabasca Basin projects
with the discovery potential of Enterprise near critical infrastructure like the Key Lake mill are rare. The
CanAlaska team has done an amazing job identifying these preferred corridors, competitively staking
the land position and creating further opportunity for our shareholders to participate in a new
discovery. Coupled with our nearby Key, Key Extension, and Voyager projects,
CanAlaska is
developing a high-quality and dominant land position in this region. We will actively seek new joint
venture partners to help move Enterprise forward."
Other News
The Company is drilling on its West McArthur project in the eastern Athabasca Basin. The 2023 West
McArthur drill program is focused on advancing the Company's new high-grade Pike Zone uranium
discovery.
In addition, the Company is now drilling on its Key Extension project, located in the southeastern
Athabasca Basin region near the Key Lake mine and mill complex. The 2023 Key Extension drill
program is focused on exploration of newly defined targets generated through a series of geophysical
programs completed in 2022.
The Company will be presenting at the Red Cloud Financial Services Pre-PDAC 2023 Mining
Showcase on March 2
nd
and 3
rd
at the Sheraton Centre, Toronto, Ontario.
The Company will also be attending the Prospectors & Developers Association of Canada Convention
from March 5
th
- 8
th
in Toronto, Ontario and will have representatives at booth #2140.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in
approximately 300,000 hectares (750,000 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, Executive Vice President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
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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