CanAlaska Starts Airborne Surveys at Frontier Project in Northeastern Athabasca Basin Results Will Advance Exploration Strategy Targeting Basement-Hosted Uranium Discovery Near Mill Infrastructure 25 Kilometres of Untested Roughrider Mineralized Corridor Targeted
CanAlaska Starts Airborne Surveys at Frontier
Project in Northeastern Athabasca Basin
Results Will Advance Exploration Strategy Targeting Basement-Hosted Uranium Discovery
Near Mill Infrastructure
25 Kilometres of Untested Roughrider Mineralized Corridor Targeted
Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - CanAlaska Uranium Ltd.
(TSXV: CVV) (OTCQX: CVVUF) (FSE:
DH7)
("CanAlaska" or the "Company") is pleased to announce
it has commenced a series of high-resolution helicopter-supported airborne surveys on its 100%-owned
Frontier project (the "Project"). The surveys will consist of a Versatile Time-Domain Electromagnetic
Plus (VTEM Plus) survey, followed by high-resolution magnetics and radiometrics. The purpose of the
surveys is to identify and prioritize basement conductors, characterize lithological and alteration
variations, refine areas of interest for ground prospecting, and map the structural setting of the project to
support future drill targets. The Project is located in the northeastern Athabasca Basin approximately 30
kilometres northeast of the McClean Lake mill complex and Roughrider uranium deposit, and 35
kilometres north of Cameco's Eagle Point uranium mine (Figure 1).
Figure 1 – Frontier Project Location
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These surveys represent a critical step in the Company's exploration strategy looking for tier 1
basement-hosted uranium deposits. The Company has deliberately generated a strategic land portfolio
in the infrastructure-rich northeastern Athabasca Basin region along corridors that show geological and
structural similarities to the Arrow and Eagle Point basement-hosted uranium deposits.
The Frontier project is located five kilometres northeast of the present-day Athabasca Basin edge.
Compilation work on the project has highlighted a prominent 25-kilometre-long northeast trending
magnetic low corridor, termed here as the Roughrider Mineralized Corridor ("RMC"). This regional-scale
corridor, which continues off property to the southwest, hosts multiple uranium deposits and showings,
including Roughrider, Midwest, J Zone, Dawn Lake, Moonlight, Osprey, and the McClean Lake mine and
mill complex. The first stage of this exploration strategy is a VTEM Plus survey, which has already
commenced, that will consist of approximately 916 line-km's of helicopter-borne surveying at 200 metre
line spacing across the Project. Following completion of the VTEM Plus survey, a high-resolution
helicopter-borne magnetics and radiometrics survey will be completed across the Project that consists
of approximately 3,651 line-km's of surveying at 50 metre line spacing. The completion of these surveys
will create a levelled high-resolution geophysical data set across the project and will allow for drill target
identification and prioritization.
The surveys are being conducted by Geotech Ltd. of Aurora, Ontario. Survey management and
processing are being conducted by Condor Consulting, Inc. The surveys are expected to take
approximately six to eight weeks to complete and final survey results are expected in Q3 of 2024.
CanAlaska CEO, Cory Belyk, comments,
"Advancing the Frontier project toward discovery through
completion of airborne surveys is a great first step in the evaluation process. This project is host to a
very extensive belt of rocks that display geological similarities to the Roughrider Mineralized Corridor,
a corridor already host to several significant uranium discoveries near mine and mill infrastructure.
The CanAlaska team believes the discovery potential is high in this underexplored portion of the
eastern Athabasca Basin."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately
500,000 hectares (1,235,000 acres) in Canada's Athabasca Basin. CanAlaska's strategic holdings
have attracted major international mining companies. CanAlaska is currently working with Cameco on
the West McArthur JV project and Denison on the Moon Lake South JV project 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: +1.306.668.6900
Email:
General Enquiry
Tel: +1.306.668.6915
Email:
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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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