Drilling Will Focus on Shallow High-Priority Basement-Hosted Uranium Targets, Program Will Be Fully Funded by Basin Energy Ltd; Operated by CanAlaska
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce ongoing preparation for a drill program on it's 60%-owned Geikie project in the Athabasca Basin (Figure 1). The drill program will be focused on testing shallow, high-priority targets that have been compiled from recent high-resolution airborne radiometric, magnetic, and electromagnetic surveys in combination with prospecting, structural mapping, and historical data review. The Company has secured contractors with mobilization to the project area, planned for the second week of June. This initial 2,000 metre program is planned to consist of 8 drill holes.
Figure 1 - Geikie Project Location
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2023 Geikie Summer Drill Program
The drill program will be focused on testing a northeast trending conductor system, striking through the southern half of the property, that was identified during the recently completed VTEM Plus survey (Figure 2). 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 target. Structurally reactivated graphite-rich metasedimentary rocks are important hosts for basement-hosted uranium targets.
Figure 2 - Geikie Project Priority Drill Target Locations
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Drilling services for the Geikie project have been contracted to Athabasca Catering Limited Partnership, a 100% First Nations-owned company, who are partnered with ITL Diamond Drilling Ltd. Helicopter services for the project are being provided by Helicopter Transport Services. CanAlaska will be the operator for this program.
CanAlaska CEO, Cory Belyk, comments, "Initiation of this first drilling program on the Geikie project is a tremendous milestone for CanAlaska and its shareholders. Project generation and property deals are a vital part of our hybrid business model which drives opportunity for deposit discovery through our depth of technical expertise, our ability to acquire land in a very competitive market, and our desire to find the right partnerships to move these projects toward a discovery. We look forward to working with Basin Energy on this exciting new project in the world's best uranium district, the Saudi Arabia of Uranium."
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 metasedimentary 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. These discoveries along with known mineralization at the Agip-S and West Way prospects, all underscore the prospectivity of this portion of the Wollaston Belt.
The Geikie project is currently being sole-funded by Basin Energy Limited (ASX: BSN) under an option earn-in agreement with the Company.
Other News
The Company will be attending the 121 Mining Investment conference June 5 -6 at the etc. venues 360 Madison event centre, New York, USA.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in approximately 350,000 hectares (865,000 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, CEO and Executive VP
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
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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