Energy

CanAlaska Commences West McArthur Winter Drill Program

CanAlaska Commences West McArthur Winter Drill Program

Two Drills Focused on Expansion of High-Grade Pike Zone Uranium Discovery

Unconformity Target Tests at Pike Zone Priority for First Drill Holes

Multiple Eastern Athabasca Basin Drill Programs Ongoing for Winter 2023

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce its mobilization of drill crews and equipment as part of the $10 million 2023 program on the West McArthur Joint Venture project in the eastern Athabasca Basin. The 2023 West McArthur drill program will focus on advancing the Company's new high-grade Pike Zone uranium discovery. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that currently holds a 79.4% ownership in the project (Figure 1). With cash of approximately $18 million the Company is fully funded to complete its 2023 exploration programs. CanAlaska will fund the 2023 West McArthur program entirely, further increasing its majority ownership in the project.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2864/150769_canalaskafigure1_550.jpg

Figure 1 – West McArthur Project Location

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/150769_canalaskafigure1.jpg

Scheduled for this month, two drills will focus on the new high-grade Pike Zone discovery. The primary goals of the 2023 winter drill program are drill testing the Pike Zone unconformity target and continued definition of the dimensions and controls of the Pike Zone basement mineralization. The first drillholes of the season will target where the controlling-structure, hosted within a 40- to 50-metre-wide graphitic horizon, intersects the ideal target at the unconformity (Figure 2). This target has not been drill-tested and will be the main priority for the start of the program. In addition, during the winter 2023 drilling program, the Company will begin to step out along strike from the Pike Zone to test the unconformity and basement potential near the known mineralization (Figure 3). The first step-out target will under-cut WMA073 which intersected a 40 metre wide strongly altered sandstone-hosted structure 200 metres above the ideal unconformity target approximately 160 metres northeast of the Pike Zone. The Company expects to complete the winter portion of the 2023 exploration program in early April.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2864/150769_e13f7cdc74d33831_004.jpg

Figure 2 – Three-Dimensional Interpretation of Mineralized Envelope at Pike Zone

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/150769_e13f7cdc74d33831_004full.jpg

The Pike Zone discovery is located 20 kilometres southwest of Cameco's and Orano's McArthur River uranium mine. The Pike Zone, discovered in July of 2022, lies along a structural corridor that hosts the Company's 42 Zone as well as the nearby Fox Lake uranium deposit (68 million pounds U3O8 @ 7.99%), immediately to the northeast, discovered by Cameco and Orano (Figure 1). During the 2022 drilling program, the Company reported multiple intersections of high-grade basement-hosted uranium mineralization. The most significant drillholes in the Pike Zone are WMA067 and WMA072-3. WMA067 returned 2.4% U3O8 over 9.0 metres from 906.5 metres and WMA072-3 contained several high-grade intersections over a 12.6-metre-wide zone highlighted by 3.98% U3O8 over 2.3 metres from 845.9 metres which contained a sub-interval of 25.40% U3O8 over 0.3 metres from 846.4 metres (see news release dated November 16th, 2022). To date, uranium mineralization has been intersected between 20 and 100 metres vertically below the unconformity.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2864/150769_e13f7cdc74d33831_006.jpg

Figure 3 – 2023 West McArthur Project Work Areas

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2864/150769_e13f7cdc74d33831_006full.jpg

Immediately following the winter drill program, the Company is planning a regional DCIP Resistivity survey over the C10S conductive corridor which hosts the Pike Zone. The corridor is interpreted to be over 15 kilometres in strike length and the Company believes there are multiple opportunities for discovery around the Pike Zone as well as along this new 15-kilometre corridor. The DCIP Resistivity program will map alteration and structure throughout the sandstone column along this trend and help prioritize drill testing along the C10S corridor and in the immediate Pike Zone area. The Company is planning additional drilling in the summer.

CanAlaska CEO, Cory Belyk, comments, "I am very pleased the team can get back to drilling on the Pike Zone early in 2023 with a fully funded two-drill program. Continued definition of the high-grade Pike Zone discovery and drill testing of the associated unconformity target for the first time is a priority for the team. In addition, preparations are under way for the Company's first ever drilling program on the Key Extension project where drill targets have been identified that closely resemble those associated with basement hosted uranium mineralization such as NexGen's Arrow and Cameco's Eagle Point uranium deposits. The first quarter of 2023 will have a lot of news flow for CanAlaska and its shareholders from two diamond drilling programs in the eastern Athabasca Basin, one of which is focussed on high-grade uranium mineralization expansion."

Other News

The Company is preparing for its first drilling program on the Key Extension project, located in the southeastern Athabasca Basin region near the Key Lake mine and mill complex. The 2023 Key Extension drill program, planned to begin in February, will focus on exploration of newly defined targets generated through a series of geophysical programs completed in 2022. The Company is completing work on the Key Extension project under an option agreement with Durama Enterprises Limited ("Durama"), a private company, which has granted CanAlaska a right to earn up to 100% interest in the project.

The Company will be attending the Vancouver Resource Investment Conference ("VRIC") on January 29th and 30th in Vancouver, BC and will have representatives at booth #435.

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: 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150769

News Provided by Newsfile via QuoteMedia

CVV:CA
TSXV:CVV

CanAlaska Uranium


Keep reading...Show less
CanAlaska Acquires New Project Along Prolific Mineralized Corridor In Eastern Athabasca Basin

CanAlaska Acquires New Project Along Prolific Mineralized Corridor In Eastern Athabasca Basin

25 Kilometres of Roughrider Mineralized Corridor Staked

Highly Anomalous Lake Sediment Sample Identified

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Announces: Assays Confirm Nickel Mineralization in Ongoing Phase 2 Summer Drill Program at Manibridge

CanAlaska Announces: Assays Confirm Nickel Mineralization in Ongoing Phase 2 Summer Drill Program at Manibridge

CanAlaska at Mines and Money London "Resourcing Tomorrow" Event From November 29th to December 1st

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce that assay results in the first 14 reported holes from the summer 2022 drill program have confirmed the presence of nickel-copper-cobalt mineralization on the Manibridge project. The ongoing drill program is focused along the northern extension of the past-producing Manibridge Nickel Mine, located in the Thompson Nickel Belt, Manitoba, which produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977 (Table 1).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Extends Warrant Terms and Grants Options

CanAlaska Extends Warrant Terms and Grants Options

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") announces that it intends to extend the exercise period of a total of 6,501,839 outstanding share purchase warrants by 6 months. Each of the warrants is exercisable for one common share of the Company at prices ranging from $0.40 - $0.55 per share (collectively, the "Warrants"). The exercise prices will remain unchanged with these proposed extensions. The Warrants were originally issued pursuant to private placements completed between December 30, 2019 and December 23, 2020. The new expiration dates for the Warrants will be:

  • June 23, 2023 (with respect to 3,277,712 Warrants originally issued on December 23, 2020);

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Assays Return 25.4% U3O8 at West McArthur

CanAlaska Assays Return 25.4% U3O8 at West McArthur

New Assays Confirm High-Grade Uranium in Several Drill Holes from Summer Program and Continuity of Discovery

Additional Highlights Include 3.98% U3O8over 2.3 metres and 0.84% U3O8over 5.0 metres

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Announces Continuation of 10,000 Metre Drill Program at Manibridge

CanAlaska Announces Continuation of 10,000 Metre Drill Program at Manibridge

Nickel-Bearing Sulphides Intersected in All Summer Drillholes to Date

CanAlaska at Red Cloud's Fall Mining Event, November 9th 2022

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Azincourt Energy Provides Update for East Preston Uranium Project, Athabasca Basin, Saskatchewan

Azincourt Energy Provides Update for East Preston Uranium Project, Athabasca Basin, Saskatchewan

Skyharbour Resources Ltd.'s (TSX-V: SYH ) (OTCQ X : SYHBF ) (Frankfurt: SC1P ) (the "Company") partner company Azincourt Energy ("Azincourt") is pleased to provide an update on mobilization for the East Preston winter program at the East Preston uranium project, in the Athabasca Basin, Saskatchewan, Canada.

Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Azincourt Energy Provides Update for East Preston Uranium Project, Athabasca Basin, Saskatchewan

Azincourt Energy Provides Update for East Preston Uranium Project, Athabasca Basin, Saskatchewan

• Road Completed, Camp Build Nearing Completion

• Drill & Crew Mobilization Underway

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
THE Mining Investment Event of the North - Québec City, June 2023 Welcomes Returning Special Sponsor - The Government of Québec Announces Critical Metals Day - June 20

THE Mining Investment Event of the North - Québec City, June 2023 Welcomes Returning Special Sponsor - The Government of Québec Announces Critical Metals Day - June 20

Powered by Platinum Stage Sponsor - National Bank Financial 

THE Maple Gold Mines & JDS Group of Companies Student Sponsorship 
THE Salon Mi3 ExplorCo Lounge

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Skyharbour Partner Company Tisdale Clean Energy Receives Approval from TSX Venture Exchange for South Falcon East Property Option Agreement, Saskatchewan

Skyharbour Partner Company Tisdale Clean Energy Receives Approval from TSX Venture Exchange for South Falcon East Property Option Agreement, Saskatchewan

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQ X : SYHBF ) (Frankfurt: SC1P ) ( " Skyharbour " or the " Company ") is pleased to announce that the TSX Venture Exchange (the "Exchange") has granted conditional acceptance for the option agreement (the "Option Agreement") previously entered with with Tisdale Clean Energy Corp. ("Tisdale"), an arms-length party, pursuant to which the Tisdale has been granted the right to acquire up to a 75% interest in the South Falcon East Property (the "Property"). The Property consists of a series of mineral claims totaling 12,770 hectares, located in the Athabasca Basin in Northern Saskatchewan.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Skyharbour Commences Inaugural 10,000m Drill Campaign at the Russell Lake Uranium Project, Saskatchewan

Skyharbour Commences Inaugural 10,000m Drill Campaign at the Russell Lake Uranium Project, Saskatchewan

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQ X : SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce that the Company has commenced its inaugural winter drill program at the 73,294 hectare Russell Lake Uranium Project (the "Project") strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. Skyharbour is planning a minimum of 10,000 metres of diamond drilling in 18 to 20 drill holes over several phases and is fully funded and permitted for the drilling. The geologists and drilling crews are working out of an exploration camp on the Project located on the highway and within five kilometres of Denison Mines' Phoenix deposit located on the adjacent Wheeler River Project.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
ValOre RC Drilling Confirms Mineralized Uranium Envelope at J4 West Target

ValOre RC Drilling Confirms Mineralized Uranium Envelope at J4 West Target

Valore Metals Corp. ("ValOre"; TSX ‐ V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, "the Company") today reported assays for J4 West ("J4W") and Yat ("Yat") targets Reverse Circulation (‘RC") drilling at ValOre's 100% owned 68,552-hectare Angilak Property Uranium Project ("Angilak"), located in Nunavut Territory, Canada.

" Results from 2022 RC drilling confirm J4 West as a uraniferous structure, with all four sampled holes returning near-surface U 3 O 8 mineralization, and two of the four holes with assay intervals above the Lac 50 resource cut-off grade," stated ValOre's VP of Exploration, Colin Smith. "J4 West remains fully open at depth, and along strike to the west, with the target conductor extending for an additional 800 m along strike towards the Eastern Extension of Lac 50. Assays remain pending for ten core holes, totaling 926 m of follow-up drilling."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×