CanAlaska Starts Drilling at West McArthur Uranium Project High-grade uranium zone extended in latest drill holes Uranium and base metal halos extend 750 metres above unconformity Program to focus new drill holes across centre of C10 conductor target
CanAlaska Starts Drilling at West McArthur Uranium
Project
High-grade uranium zone extended in latest drill holes
Uranium and base metal halos extend 750 metres above unconformity
Program to focus new drill holes across centre of C10 conductor target
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2020) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(OTCQB:
CVVUF)
(FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to report that crews have resumed drilling at the West
McArthur uranium project. The project is a joint venture with Cameco, controlled and operated by CanAlaska. The 2019 drill
program successfully extended the discovery footprint of holes drilled by Cameco during their recent work programs on the
property. The mineralization, containing high-grade uranium as well as base metal mineralization, is similar in character to the
nearby high-grade Fox Lake uranium deposit of Cameco and Orano. Drilling in the winter will focus on a 300 metre length of the
C10 conductor where current drilling has indicated the presence of a strong hydrothermal system and a well mineralized target.
West McArthur Project Grid 5 Drilling
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The unconformity-related uranium mineralization intersected in Cameco's discovery holes, WMA042 and WMA042-2, has been
extended 50 metres to the south and at least 200 metres to the west.
The C10 conductor horizon hosts Cameco and Orano's Fox Lake deposit of 68,000,000 pounds at an average grade of 7.99%
U
3
O
8
located only a few kilometres to the northeast. Two previous drill holes on Grid 5, WMA042 and WMA042-2, intersected
high-grade uranium (up to 5% U
3
O
8
) approximately 50 metres north of last summer's drill hole WMA055-2 which intersected
0.70 metres @ 6.8%
U
3
O
8
within
2.1 metres averaging 2.3% U
3
O
8
. The host of this mineralized intersection is massive clay.
In addition to this high-grade intersection, the summer drill program progressively tracked the mineralization and alteration of the
lower sandstone to the south and west of drill holes WMA042 and WMA042-2. Structural and geophysical data place the C10
conductor horizon, a key target area for winter drilling, at 40 to 60 metres south of the 2019 drilling area.
Drill hole WMA-054 located 250 metres southwest of WMA-055-2 hosts a 1.3 metre long uranium mineralized intersection (incl.
0.30 metres @ 0.08% U
3
O
8
) 370 metres above the unconformity. The structure related to this mineralization can be projected
back to the unconformity and matches the interpreted trace of the C10 conductor indicating potential for a large mineralized
structure.
Grid 5 West McArthur Project Discovery Zone Drill Section
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Drilling completed to date is north of the C10 target horizon and the interpreted controlling basement structure of this high-grade
mineralization has yet to be intersected, however, the combination of high-grade uranium mineralization, multi-element
geochemical signature, strong faulting, core loss and intense clay alteration above the unconformity suggest the presence of
additional uranium-bearing structures. Intersection of these structures at or near the unconformity will be the focus of winter
drilling program. Its inferred location is shown in figure 2, based on geophysics and geological data, and interpretation.
The scale and intensity of the alteration halo associated with the Grid 5 discovery zone continue to reinforce the magnitude and
importance of this mineralizing system. The lower sandstone column is altered, at times strongly, within and adjacent to the
identified faults and fault-strands.
Cameco's ten holes drilled along a 1.6 kilometre (one mile) long section of the C10 conductor of Grid 5 included three significant
uranium-mineralized drill holes, two of which are closely associated with the drill holes completed by CanAlaska in 2019. The
widely spaced drilling also mapped an extensive zone of intense hydrothermal alteration extending 750 metres into the
sandstone above the unconformity with the basement rocks. The alteration above the unconformity is marked by broad halos of
uranium, boron, arsenic and accompanying base metal enrichment, typical of major uranium deposits in the Athabasca Basin.
The alteration and geochemical enrichments are associated with steep faults within the sandstone intersected by drilling. The
recently completed summer 2019 drill program confirmed and expanded on this targeting and intersected additional high-grade
uranium mineralization.
CanAlaska President, Peter Dasler, comments, "We have refined the geological context of the C10 conductor target at Grid 5.
The summer drilling significantly increased our confidence for intersection of more uranium mineralization to the west and south
of the current high-grade intercepts in drill holes.
To our team, the strong uranium and base metal mineralization appear to be
"bleed" along the unconformity and across strike of the key structures anticipated with the C10 target horizon.
To see such
extensive lateral and vertical mineralizing fluid flow at distance from the key graphite horizon is extremely encouraging and opens
the possibility for more extensively mineralized intervals in the centre of the target (see figures 1 and 2). We are already aware
that multiple other targets exist to the northeast and southwest along this corridor, but plan to focus winter activity within a limited
extent of the main target. Additional drilling has already been planned for summer 2020."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 152,000 hectares
(375,000 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 Dr Karl Schimann, P. Geo, CanAlaska director and VP Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President & CEO
CanAlaska Uranium Ltd.
Contacts:
Peter Dasler, President
Tel: +1.604.688.3211
x 138
Email:
Cory Belyk, COO
Tel: +1.604.688.3211 x 138
Email:
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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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