CanAlaska Stakes New Targets in Eastern Athabasca Covers Interpreted Extension of "Mother Fault" at Cameco's Millennium Uranium Deposit Sharp Magnetic Breaks and Associated Conductor Disruption Provide Immediate Targets for
CanAlaska Stakes New Targets in Eastern
Athabasca
Covers Interpreted Extension of "Mother Fault" at Cameco's Millennium Uranium Deposit
Sharp Magnetic Breaks and Associated Conductor Disruption Provide Immediate Targets for
Athabasca Unconformity Uranium Exploration
Five Kilometre Priority Target Corridor Identified
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2021) -
CanAlaska Uranium Ltd. (TSXV:
CVV) (
OTCQB:
CVVUF) (
FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce that
compilation work on the Company's newly acquired North Millennium project in the eastern Athabasca
Basin has identified two new uranium targets along a five kilometre conductor corridor (figures 1 and 2).
The targets are outlined by coincident magnetic breaks and electromagnetic conductor disruption just
seven kilometres from Cameco's Millennium uranium deposit, host to 75.9 million pounds U
3
O
8
indicated at 2.39% and 29 million pounds U
3
O
8
inferred at 3.19%.
Figure 1: Location Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2864/94486_4b1acf24c4cefb7f_001full.jpg
The uranium mineralization at Cameco's Millennium deposit is hosted within the north-south trending
Host Assemblage basement metasediments where the conductor corridor changes orientation from
north-south to northeast-southwest. The Host Assemblage metasediments are hanging-wall to the
"Mother Fault", a 10 metre-wide, strongly altered, north-south trending fault zone with a reverse sense of
displacement (Figure 2). Previously documented genetic models of the Millennium uranium deposit have
interpreted the Mother Fault to be the main conduit for ore-bearing fluids entering the basement rocks to
form the deposit. Based on the regional magnetic data (Figure 2), a sharp break in the magnetic grain
and a disruption of the conductors on the North Millennium project are observed immediately north of
Cameco's Millennium deposit. These breaks create a strong north-south lineament which is interpreted
to be the continuation of the Mother Fault onto the North Millennium project (Priority Area 1). This
lineament pattern is similar to that of the Millennium deposit where a northeast-southwest trending
conductive package intersects an interpreted north-south fault zone. Historical exploration work on the
North Millennium project is limited to regional scale airborne and ground-based electromagnetic surveys
and no drillholes have been completed on the project to date.
Figure 2: Project Targets
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2864/94486_4b1acf24c4cefb7f_002full.jpg
CanAlaska CEO, Cory Belyk, comments,
"Recognition of evidence that suggests the presence of the
Millennium deposit's controlling Mother Fault in association with more than five kilometres of untested
conductor corridor on the North Millennium project is another example of the great work our geologists
are doing to generate new projects and discovery opportunities for our shareholders. Athabasca Basin
projects with previously unrecognized discovery potential, such as North Millennium, will undoubtedly
attract outside investment in an ever-improving uranium market. We look forward to working with new
joint venture partners to move this project toward discovery."
Other News
The Company is currently drilling on its West McArthur Joint Venture Project in the 42 Zone discovery
area, a joint venture with Cameco Corporation.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in
approximately 214,000 hectares (530,000 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/94486