CanAlaska Uranium Announces Airborne Electromagnetic Survey Completed at Geikie Project in Athabasca Basin Multiple Priority Targets Associated with Regional Scale Fault Structures Preparation Underway for First Drill Program
CanAlaska Uranium Announces Airborne
Electromagnetic Survey Completed at Geikie
Project in Athabasca Basin
Multiple Priority Targets Associated with Regional Scale Fault Structures
Preparation Underway for First Drill Program
Drilling Continues at West McArthur JV and Key Extension Projects
Vancouver, British Columbia--(Newsfile Corp. - March 27, 2023) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (OTCQX:
CVVUF
) (
FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce
completion of a high-resolution airborne Versatile Time Domain Electromagnetic ("VTEM Plus") survey
on it's 60%-owned Geikie project in the Athabasca Basin (Figure 1). The purpose of the VTEM Plus
survey was to identify basement conductors, characterize lithological and alteration variations, refine the
structural setting, and prioritize drill targets for the Geikie project. Preliminary survey results confirm the
objectives have been met, with multiple target areas identified that consist of conductive anomalies
associated with regional-scale fault structures (Figure 2). The survey was completed by Geotech Ltd. of
Aurora, Ontario and consisted of 1,399 line-kms of surveying at 400 m line spacing in the northern part
and 200 m line spacing in the southern part of the property.
Figure 1 – Geikie Project Location
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Preliminary VTEM Plus Survey Results
The complete preliminary VTEM Plus data for the Geikie project, which still requires full processing and
levelling, has been received. The initial preliminary data highlights a series of priority target areas that
require further detailed investigation and modelling (Figure 2).
Figure 2 – Locations of VTEM Plus priority targets over Channel 10 VTEM data (left) and 2022 magnetic
data (right).
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The primary target areas consist of a strong northeast trending conductor system, striking through the
southern half of the property. A series of splays and offsets along this conductor are visible, often in
correlation with intersections of regionally significant deep-seated north-south trending faults, interpreted
to be part of the Tabbernor Fault System. In addition, historical drillholes completed on this conductor
trend identified stratigraphically-controlled and structurally-enhanced graphite proximal to the main
conductor. Graphite rich metasedimentary rocks are important hosts for basement-hosted uranium
targets within and along the margins of the Athabasca Basin.
The secondary target areas include conductivity anomalies associated with prominent regional north-
south trending faults, also interpreted to be part of the Tabbernor Fault System, that were previously
delineated in the airborne magnetic and radiometric survey (see News Release dated October 18
th
,
2022). Recent discoveries near the Geikie project have spatial associations with north-south trending
Tabbernor fault features. These deep-seated structural corridors may provide fluid conduits for the
circulation of uranium-bearing fluids into the basement rocks. Uranium-bearing fluids penetrating
conductive basement rocks provide a favourable depositional environment for basement-hosted uranium
mineralization. Alteration associated with a mineralizing event may appear as a conductivity high along
or in proximity to these north-south fault features.
NEXT STEPS
All preliminary data from the VTEM Plus survey has been received and final processed data is expected
in Q2 2023. The Company will be undertaking subsequent modelling of the primary and secondary target
areas that were identified, utilizing the final processed data, to generate a series of high priority drill
targets. Basin Energy and the Company are currently evaluating the application of airborne gravity
surveys as a way of mapping broader alteration associated with mineralizing processes and further
refinement of priority drill targets.
Drill targets will be prioritized based on the stacking of geophysical and geological layers that have been
collected on the project to date. These layers include airborne magnetics, radiometrics, and
electromagnetics, in addition to geological prospecting and historical information compilation.
CanAlaska CEO, Cory Belyk, comments,
"Results from this airborne survey are very encouraging with
multiple priority targets identified for drill testing. The CanAlaska and Basin Energy teams have
developed a solid and measured approach for target development to provide maximum value to our
shareholders on future drill programs. Every layer of new information added to Geikie supports and
emphasizes its growing discovery potential."
Geikie Project Overview
The Geikie Project is located just outside the eastern margin of the Athabasca Basin within the
Wollaston Domain. The Project area has been subject to minimal exploration for uranium, with most
significant work targeting base metals between 1967 and 1980. During this regional work, a series of
mineralized showings were discovered in the Mud Lake and Marina areas. The Mud Lake uranium-
molybdenum showing recorded a series of anomalous rock chips with grades of up to 0.225% U, 5.2%
Mo, and 1.4% Cu. The Marina lead-zinc prospect recorded anomalous mineralization in outcrop of up to
2.03% Pb, 7.2% Zn and 0.93 oz/t Ag. Recent ground prospecting on the project has since confirmed the
Mud Lake uranium-molybdenum showing results with up to 3,250 ppm molybdenum total and 0.21%
uranium total in grab samples.
The primary target on the Geikie project is basement-hosted uranium mineralization where uranium
bearing structures intersect favourable intercalated pelitic and calc-silicate host rocks. The Geikie
project is located within 10 km of recent discoveries of basement-hosted uranium mineralization at the
nearby Gemini Mineralized Zone and ACKIO.
The Geikie project is currently being sole-funded by Basin Energy Limited under an option earn-in
agreement with the Company.
Other News
The Company is drilling on its West McArthur project in the eastern Athabasca Basin. The 2023 West
McArthur drill program is focused on advancing the Company's new high-grade Pike Zone uranium
discovery.
In addition, the Company is drilling on its Key Extension project, located in the southeastern Athabasca
Basin region near the Key Lake mine and mill complex. The 2023 Key Extension drill program is
focused on exploration of newly defined targets generated through a series of geophysical programs
completed in 2022.
The Company's Joint Venture partner, Denison Mines Corp., is drilling on the Company's 25%-owned
Moon Lake South project in the Athabasca Basin.
The Company will be attending and presenting at the Resource Connect Asia "Future Facing
Commodities" Conference from April 4
th
to 6
th
at the Raffles City Convention Centre, Singapore.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: 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
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, Executive Vice President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email:
General Enquiry
Tel: +1.604.688.3211
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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