CanAlaska Stakes New Targets in Central Athabasca Basin Uranium Mineralization in Basement Outcrop Provides Immediate Targets for Follow-Up 30 Kilometres of Priority Corridors Identified
CanAlaska Stakes New Targets in Central
Athabasca Basin
Uranium Mineralization in Basement Outcrop Provides Immediate Targets for Follow-Up
30 Kilometres of Priority Corridors Identified
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2022) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(OTCQB:
CVVUF)
(FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce
compilation work on the Company's newly acquired Chymko project, totalling 32,603 hectares, in the
central Athabasca Basin located 100 km west of the Key Lake mine and mill complex (Figure 1).
Figure 1
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Compilation work has highlighted several prominent NW-SE trending structural corridors where
electromagnetic conductors are concentrated within magnetic lows (Figure 2). These conductive
corridors are interpreted to represent linking structural corridors between two prominent shear zones in
the Cable Bay shear zone to the east and the Virgin River shear zone to the west. The conductive
corridors are abruptly cutoff at the north end by the Karras Fault. To the west of the property, the Virgin
River Shear zone is host to Cameco and Orano's Centennial unconformity uranium deposit and the
Dufferin Lake uranium and polymetallic uranium zones.
Figure 2
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The Chymko project straddles the southern edge of the Athabasca Basin, with depths to the
unconformity within the Basin increasing to the north. Historical exploration in the region has been
focused on regional airborne surveys that have identified the NW-SE striking conductivity corridors that
are coincident with magnetic lows (Figure 2). This geophysical relationship is typical of many
unconformity uranium deposits in the Athabasca Basin where graphitic metasediments in long linear
conductive corridors are conducive to semi-brittle fault reactivation and the creation of structural traps for
potential uranium deposition. As a result, the Company believes that these conductive corridors
represent key underexplored target areas for basement and unconformity-type uranium mineralization
with at least 30 kilometres of target corridor identified.
Chymko Lake Uranium Showing
The newly acquired property encompasses the Chymko Lake uranium showing. The Chymko Lake
showing consists of a 30 metre long southwest trending vein-controlled zone of uranium mineralization
hosted within hydrothermally altered felsic gneisses just outside of the present-day Athabasca Basin.
The extents of the showing are open and only limited by the exposed outcrop. Historical rock chip
samples, associated with rusty to brick-red hematite alteration, returned a maximum grade of 0.088%
U
3
O
8
.
The Company is completing further compilation on the newly acquired Chymko project and is actively
seeking Joint Venture partners.
CanAlaska CEO, Cory Belyk, comments,
"The CanAlaska team has generated a large high-quality
exploration project with already identified basement-hosted uraniuim mineralization within its
boundary immediately adjacent to one of the premiere uranium corridors in the Athabasca Basin.The
uranium market continues to improve and we anticipate projects such as Chymko will be in high
demand for new joint venture partners or Basin entrants. We look forward to working with a new partner
to move this project forward."
Other News
The Company is active on several uranium projects in the Athabasca Basin, Saskatchewan and several
nickel projects in the Thompson Nickel Belt, Manitoba.
West McArthur Drill Preparation
:
Currently, the Company is undertaking a detailed Stepwise Moving Loop Time Domain Electromagnetic
Survey (TDEM) on its West McArthur Joint Venture project. The geophysical survey is part of the
approved $5 million 2022 exploration program. The goal of the TDEM survey is to outline and prioritize
drill targets along the remainder of the Grid 5 conductive corridor southwest of the strong alteration and
fault structures intersected during the recently completed 2021 exploration program. Preliminary results
show that the survey is successfully mapping multiple strong conductive responses along the Grid 5
conductive trend. The Company anticipates the program will be complete in April and targets from the
survey will be ready for drill testing during the upcoming summer exploration program.
Key Extension Geophysics:
A geophysical crew is planning to mobilize in the coming weeks to the Company's Key Extension project
to commence a ground gravity survey on the northeastern portion of the project. This survey will search
for gravity low anomalies associated with conductivity highs potentially associated with basement-hosted
uranium deposits. Targets from this survey will be ready for drill testing later in the year.
Waterbury South Drilling:
The Company is currently drilling on it's 100%-owned Waterbury South project in the northeastern
Athabasca Basin near the Cigar Lake uranium mine.
Hunter Geophysics:
In the Thompson Nickel Belt, the Company is preparing for an airborne VTEM survey on it's 100%-
owned Hunter nickel project.
West Athabasca Diamonds:
In the summer of 2021 a limited program of till sampling was completed on the West Athabasca
Diamond project. A set of twenty till samples were collected in a traverse across and down-ice from the
magnetic anomaly trend corresponding to potential kimberlites. Twelve chrome spinels were recovered
from seven of the samples. Electron microprobe analyses of these chrome spinels yield compositions
that do not fall within the diamond inclusion field.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: 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
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email:
Peter Dasler, President
Tel: +1.604.688.3211 x 138
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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