CanAlaska Starts Airborne Surveys Near Key Lake Mine and Mill in Southeastern Athabasca Basin Surveys Will Advance Key Lake Area Exploration Strategy Targeting Basement-Hosted Uranium Discovery Management Attending Metals Investor Forum May 10 to 11
CanAlaska Starts Airborne Surveys Near Key
Lake Mine and Mill in Southeastern Athabasca
Basin
Surveys Will Advance Key Lake Area Exploration Strategy Targeting Basement-Hosted
Uranium Discovery
Management Attending Metals Investor Forum May 10 to 11
Vancouver, British Columbia--(Newsfile Corp. - May 1, 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 Key
Extension, Enterprise, Voyager, and Nebula projects (the "Projects"). 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 projects to support future drill targets. The Projects are
located in the southeastern Athabasca Basin near the Key Lake Uranium Mine and Mill (Figure 1).
These surveys represent a critical step in the Company's Key Lake area exploration strategy. The
Company has deliberately built a strategic land portfolio in the infrastructure-rich southeastern
Athabasca Basin region to explore for basement-hosted uranium deposits along corridors that show
geological and structural similarities to the Arrow and Eagle Point basement-hosted uranium deposits.
The first stage of this strategy is a VTEM Plus survey, which has already commenced, that will consist of
approximately 2,481 line-km's of helicopter-borne surveying at 200 metre line spacing across the
Projects. Following completion of the VTEM Plus survey, a high-resolution helicopter-borne magnetics
and radiometrics survey will be completed across the Projects that consists of approximately 8,861 line-
km's of surveying at 50 metre line spacing. The completion of these surveys will create a contiguous and
levelled high-resolution geophysical data set across the four projects in the Key Lake area 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.
Figure 1 – Key Lake Area Projects covered by airborne surveys.
To view an enhanced version of this graphic, please visit:
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CanAlaska CEO, Cory Belyk, comments,
"Advancing these high-quality exploration assets in the Key
Lake area toward first drill programs targeting basement-hosted uranium mineralization is a great first
step in evaluating the discovery potential of this area. Despite the Project's proximity to the nearby
Key Lake Mine and Mill there has been very limited exploration work conducted in this area. The
team has done an amazing job assembling this world-class Key Lake area portfolio in the past few
years and now is the time to start moving them toward discovery. With ore reserve depletion at
McArthur River looming large in the next 15 years, a source of tier 1 ore feed for the Key Lake Mill is
becoming critical. These Project's couldn't be geographically positioned any better. The uranium
market fundamentals remain strong and the multi-decade nuclear build-out needed by 2050 to meet
the clean energy ambitions of global society is just getting started."
Other News
The Company will have management representatives at the Metals Investor Forum in Vancouver, BC
from May 10
th
- 11
th
.
Metals Investor Forum
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 - the "Saudi Arabia of Uranium."
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:
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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