CanAlaska Begins Summer Drill Program at West McArthur JV

Rhea-AI Summary

CanAlaska Uranium has initiated its 2024 summer drill program at the West McArthur Joint Venture project, located in the eastern Athabasca Basin. The program, funded with $7.5 million, aims to expand the ultra high-grade Pike Zone uranium discovery. Recent intersections showed 14.9% U3O8 over 9.6 meters and 9.9% U3O8 over 14.5 meters. The project, a joint venture with Cameco, is primarily operated and funded by CanAlaska, which holds an 83.35% stake. The summer program will involve 9,000 meters of diamond drilling, targeting 10-14 unconformity intersections. CanAlaska also plans to explore additional targets in the vicinity.

The company aims to finish this phase by September 2024. Additionally, CanAlaska management will attend the Cormark Securities Energy Inflection Conference on June 19, 2024, in Toronto.

Positive

• Initiation of a $7.5 million summer drill program.
• Expansion of ultra high-grade uranium mineralization at Pike Zone.
• Recent intersections show high-grade results: 14.9% U3O8 over 9.6m and 9.9% U3O8 over 14.5m.
• CanAlaska holds an 83.35% ownership in the West McArthur project.
• The summer drill program includes 9,000 meters of diamond drilling.
• Potential for significant additional high-grade mineralization in the C10 and C10S corridors.

Negative

• No true thicknesses of the mineralized intervals have been determined yet.
• The drill program is still at an early stage, with many targets yet to be tested.
• High financial commitment with unclear short-term return.

Drill Program Focused on Expansion of Recent Ultra High-Grade Unconformity Mineralization at Pike Zone

Management Representatives Attending Cormark Securities Inc. Energy Inflection Conference on June 19, 2024 in Toronto, Ontario

Saskatoon, Saskatchewan--(Newsfile Corp. - June 11, 2024) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce mobilization of the drill crews for the 2024 summer drill program on the West McArthur Joint Venture project (the "Project") in the eastern Athabasca Basin as part of the approved $7.5 million 2024 program. Priority for the summer drill program will be the continued delineation and expansion of the ultra high-grade Pike Zone uranium discovery, following up two recent high-grade intersections in WMA082-6 (14.9% U₃O₈ over 9.6 metres) and WMA082-4 (9.9% U₃O₈ over 14.5 metres). The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that holds an 83.35% ownership in the Project (Figure 1). CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project.

Figure 1 – West McArthur Project Location

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2024 Summer Drill Program

The summer drill program on the West McArthur project will consist of two diamond drills for approximately 9,000 metres of planned drilling to achieve an estimated 10 to 14 unconformity target intersections. The Company will continue to use downhole mud-motor deviation technology for increased drilling efficiency and targeting ability.

Figure 2 – Pike Zone Summer Drilling Focus 

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The focus for the summer drill program will be the continued delineation and expansion of the ultra high-grade Pike Zone discovery at the unconformity (Figure 2). Currently, the Pike Zone is interpreted to extend over approximately 150 metres at the unconformity, where recent high-grade uranium results were confirmed (see Press Release dated May 29, 2024), and approximately 160 metres into the basement along the controlling structure. The first drill tests of the summer program will evaluate the extent of the high-grade unconformity-related mineralization intersected on the WMA082-4 and WMA082-6 fence. Subsequent drill tests at the unconformity will move east and west of this high-grade drill fence to evaluate the length of the high-grade mineralization (Figure 2). Currently, the ultra high-grade unconformity target at the Pike Zone remains open in all directions.

In addition, the Company plans to continue testing the unconformity target areas in the immediate Pike Zone area and along strike to the northeast and southwest for potential unconformity mineralization extensions. Along trend, the C10 corridor is host to CanAlaska's 42 Zone discovery, as well as Cameco and Orano's high-grade Fox Lake uranium deposit (68.1 million pounds uranium at 7.99% U₃O₈ average grade^{1 (refer to "References" below)}). The 15-kilometre-long C10S corridor is sparsely tested both to the southwest of Pike Zone and to the northeast between the Pike Zone and 42 Zone mineralization. Based on the recent positive results and the proven uranium endowment of the C10 and C10S corridors, the Company believes that significant potential for additional unconformity-related high-grade mineralization exists.

The Company expects to complete the summer portion of the 2024 exploration program in September.

CanAlaska CEO, Cory Belyk, comments, "After a brief pause in the 2024 drilling program and following assay confirmation of the ultra high-grade uranium mineralization intersected during the winter program, the CanAlaska team is eager to restart the expansion drilling program at Pike Zone. With high-grade unconformity uranium mineralization open in all directions, there is every belief by the team this discovery will continue to grow. A majority of the approved 2024 drilling program remains to be completed and with continued success, this discovery could be an incredible turning point for CanAlaska and its shareholders."

Other News

The Company will have management representatives at the Cormark Securities Inc. Energy Inflection Conference on June 19, 2024 in Toronto, Ontario.

Technical Disclosure

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

References

1. Refer to: https://www.cameco.com/invest/overview/reserves-resources/inferred for information on the Fox Lake uranium deposit.

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: 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. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212405

FAQ

What is the focus of CanAlaska's 2024 summer drill program?

The focus is the expansion of ultra high-grade uranium mineralization at Pike Zone in the West McArthur project.

When will CanAlaska complete its 2024 drill program?

CanAlaska expects to complete the summer portion of the 2024 drill program by September.

What are the recent intersection results for CanAlaska's Pike Zone?

Recent intersections showed 14.9% U3O8 over 9.6 meters and 9.9% U3O8 over 14.5 meters.

How much is CanAlaska investing in the 2024 summer drill program?

CanAlaska is investing $7.5 million in the 2024 summer drill program.

What is CanAlaska's ownership percentage in the West McArthur project?

CanAlaska holds an 83.35% ownership in the West McArthur project.

Where is the West McArthur project located?

The West McArthur project is located in the eastern Athabasca Basin.

What is the stock symbol for CanAlaska Uranium?

The stock symbol for CanAlaska Uranium on the OTCQX is CVVUF.