$12.5 Million Drill Program to Advance Ultra High-Grade Pike Zone Discovery
Partner Funded Winter Drill Program at Cree East Project Announced
Saskatoon, Saskatchewan--(Newsfile Corp. - January 7, 2025) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is preparing for winter drill programs at two of it's projects in the southeastern Athabasca Basin (Figure 1).
Figure 1 - Project Locations Map
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An approved $12.5 million exploration program on the West McArthur Joint Venture project is scheduled to start in early January. The 2025 West McArthur program will focus on continued expansion and delineation of the ultra high-grade Pike Zone uranium discovery. The Company will have a second drill program active on the Cree East uranium project. The Cree East program will focus on a series of high-priority exploration target areas that have been identified. The Company is fully funded to complete its exploration programs in 2025.
2025 West McArthur Exploration Program
In 2024, the Company announced the intersection of ultra high-grade unconformity-associated uranium mineralization at the Pike Zone. The recently completed summer drill program, consisting of 12 unconformity tests at the Pike Zone, returned 11 intersections of uranium mineralization. The results of the summer drill program indicate a strike length of uranium mineralization along the unconformity target area of approximately 200 metres that remains open in all directions. Multiple drill fences within the unconformity target area define a high-grade core that remains open and extends for at least 100 metres in strike length.
Figure 2 - West McArthur Pike Zone Winter Drill Plan
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Starting in January of 2025, the Company will have three drills active on the Pike Zone. The drill rigs will be focused on delineation of the Pike Zone within the currently understood footprint. In addition, the Company plans to continue calculated step outs along the C10S corridor from the Pike Zone to evaluate for additional zones of uranium mineralization (Figure 2). To the west of the Pike Zone, where the high-grade core remains completely open, the C10S corridor remains untested for approximately 1,000 metres.
As part of the 2025 exploration program, the Company is also planning a ground-based electromagnetic survey to investigate the extension of the C10S corridor to the southwestern property boundary. Historical EM coverage will be replaced with modern Stepwise Moving Loop Time Domain Electromagnetics, utilizing the same survey design that led to the discovery of the Pike Zone.
The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that holds an estimated 85.79% ownership in the Project as a result of sole-funding exploration in 2024. CanAlaska is sole-funding the 2025 West McArthur program and will further increase its majority ownership in the Project as a result.
The remainder of the geochemical assay results from the summer portion of the 2024 exploration program are pending.
2025 Cree East Winter Exploration Program
A winter drill program is planned to start in Q1 of 2025 for the Cree East uranium project located in the southeastern Athabasca Basin. The planned program will focus on a series of high-priority target areas identified based on the results of historical drilling and re-interpreted geophysical surveys (Figure 3). The Cree East project has had over $20 million in prior exploration activity, highlighted by drilling results from the Target Area B, where clay alteration extends throughout the entire sandstone with altered pyrite and associated uranium enrichment in the lower sandstone. The sandstone alteration is associated with wide intersections of brecciation and faulting, causing over 50 metres of vertical unconformity displacement. Hydrothermal alteration persists deep into the basement rocks.
Figure 3 - Cree East Drill Targets
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Several targets have been identified for the multi-phase program, with the initial testing to focus on Area B followed by Areas A, I, and an untested conductor trend.
The Cree East project is currently being sole-funded by Nexus Uranium Corp (CSE: NEXU) under an option earn-in agreement with the Company that could see up to $19 million worth of exploration expenditures completed on the project (See News Release Dated March 19th, 2024).
Additional 2025 Exploration Programs
The Company is preparing several additional discovery opportunities within its 500,000-hectare eastern Athabasca-focused land portfolio.
The Company continues to deploy a hybrid explorer and project generator model, actively seeking new partners to advance the other projects in its large exploration portfolio and seeking new opportunities through strategic land staking.
CanAlaska CEO, Cory Belyk, comments, "The results from the West McArthur Joint Venture and the Pike Zone discovery in 2024 were exceptional and I am pleased with the planned drilling program designed by the CanAlaska team to delineate and extend the ultra high-grade Pike Zone in early 2025. In addition, I am excited to report to our shareholders that CanAlaska has an opportunity to significantly increase its joint venture ownership in this impressive discovery through sole-funded exploration which provides a unique circumstance to build incredible value for our shareholders in the eastern Athabasca Basin's newest high-grade uranium discovery. Our recently completed bought deal financing has CanAlaska fully funded to meet its objectives at Pike Zone in 2025. Market fundamentals remain very strong and now is the time for significant new uranium discoveries to fuel the future with clean baseload energy."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) is a Canadian based exploration company and holds interest in approximately 500,000 hectares (1,235,000 acres) in Canada's Athabasca Basin focused on exploration and discovery of high-grade unconformity uranium deposits. The Company is actively advancing the Pike Zone discovery - a new high-grade uranium discovery on its West McArthur Joint Venture project in the eastern Athabasca Basin. In addition, the Company has several other uranium-focused exploration programs. CanAlaska deploys a hybrid project generator model, focusing on the acquisition and sale of prospective projects, while also executing exploration programs on CanAlaska's most strategic land holdings. The Company's extensive portfolio has attracted international mining companies, including Cameco Corporation and Denison Mines as active partners. CanAlaska is led by an experienced team of professionals with a proven track record of discovery.
The Company's head office is in Saskatoon, Saskatchewan, Canada with a satellite office in Vancouver, BC, Canada. 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: cbelyk@canalaska.com
General Enquiry
Tel: +1.306.668.6915
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. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. 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. Actual events or results may differ materially from those projected in the forward-looking statements and the Company cautions against placing undue reliance thereon. The Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
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SOURCE: CanAlaska Uranium Ltd.
