25 Kilometres of Roughrider Mineralized Corridor Staked
Highly Anomalous Lake Sediment Sample Identified
CanAlaska Uranium
Overview
CanAlaska Uranium (TSXV:CVV, OTCQX: CVVUF, DH7N:FWB) is a Canadian exploration company developing a portfolio of high-grade uranium and nickel projects located in Saskatchewan and Manitoba. The company follows a hybrid project generator and explorer model, with properties in both the Athabasca Basin and the Thompson Nickel Belt regions.
CanAlaska Uranium collectively holds one of the largest land positions in the Athabasca Basin with over 300,000 hectares in land claims. The company’s strategic investments have attracted the interest of major mining companies, including Cameco (TSX:CCO,NYSE:CCJ) and Denison (TSX:DML,NYSE:DNN). Prior partnerships have been with KORES, KEPCO, Mitsubishi and De Beers.
CanAlaska Uranium’s flagship West McArthur project is a joint venture with Cameco, with CanAlaska serving as operator and majority owner at 80%. Results from the 2022 drill program at West McArthur returned multiple high-grade uranium intersections with the first drill hole returning 9.0 meters at 2.4 percent uranium oxide with follow-up holes returning grades as high at 25.4 percent uranium oxide. The Pike Zone discovery is located in a new area of the project that had not previously been drill tested. The 2022 results are similar in character to the nearby high-grade Fox Lake and McArthur River uranium deposits, among others. The unconformity expression of this mineralization remains untested and will be a leading focus for the 2023 drilling program.
Company Highlights
- An extensive portfolio of uranium and nickel projects in Canada, including projects located in the Athabasca Basin and Thompson Nickel Belt. These projects have attracted the attention of Cameco and Denison
- West McArthur uranium project is under a joint venture with Cameco, with multiple high-grade uranium discoveries on the property including the recently announced Pike Zone discovery where a new high-grade uranium intersection returned 9 metres of 2.4% U3O8 with other intersections grading up to 25.4% U3O8
- Optioned the Manibridge high-grade nickel project to Metal Energy
- CanAlaska completed its 2022 winter drilling on the fully-owned Waterbury uranium project and intersected additional polymetallic mineralization
- The company announced new uranium occurrences within the 5-kilometer-long "CR3" structural corridor at the Moon Lake South JV project located immediately southwest of the Gryphon and Phoenix uranium deposits
- CanAlaska commenced first exploration programs on its Marshall, North Millennium and Geikie projects under a new AUD15M option agreement with Basin Energy
- CanAlaska began trading on the OTCQX platform
- The company continues to evaluate project generation opportunities in the uranium and nickel spaces
Key Projects
West McArthur Property
The West McArthur project is located within the Athabasca Basin approximately six kilometers away from the producing McArthur River mine owned by Cameco and Orano. Between 2002 and 2012, McArthur River produced 225.5 million pounds of uranium oxide grading 13.5 percent uranium oxide per tonne. The West McArthur project was consolidated by CanAlaska Uranium in 2016, giving the company 100 percent ownership of the property following a deal with Mitsubishi Development Pty Ltd.
Under an option agreement with Cameco signed in 2016, drilling on the West McArthur property discovered a new zone of high-grade uranium mineralization at Grid 5 (termed “42 Zone”). In 2018, the Company resumed operatorship of the West McArthur property with Cameco earned in as a 30 percent joint venture partner. Under the terms of the joint venture agreement, both CanAlaska and Cameco agreed to focus on expanding the 42 Zone with a 2019 drill program.
In October 2019, CanAlaska Uranium announced the results from its 2019 drill program. Highlights of drill results included 0.70 meters at 6.8 percenturanium oxides within 2.1 meters averaging 2.3 percent uranium oxides. Additional high-grade uranium intersections were realized at the 42 Zone in the 2020 and 2021 follow-up drilling campaigns.
The 2022 drill program at the West McArthur project intersected multiple high-grade uranium intersections over a 12.6 metre wide zone in WMA072-3, highlighted by 3.98 percent uranium oxide over 2.3 metres from 845.9 to 848.2 metres, which contains a sub-interval of 25.4 percent uranium oxide over 0.3 metres from 846.4 to 846.7 metres. WMA072-3 is located in a new area of the project along the trace of the C10 South conductor located 6 kilometres from the 42 Zone. WMA072-3 was drilled to follow-up drill hole WMA067 which returned 9 metres of 2.4 percent uranium oxide mineralization.
Cree East Project
The Cree East uranium project is located in the southeast corner of the Athabasca Basin, approximately 35 kilometers west of Cameco’s Key Lake uranium mine and mill. The project comprises 16 contiguous mineral claims totaling 55,935 hectares. The project is wholly-owned by CanAlaska Uranium, which has established nine target areas across the property, with the prior assistance and funding from KEPCO and KORES.
CanAlaska first began exploring Cree East in 2005, conducting VTEM airborne surveys across the property to determine priority targets. In 2006, the company collected over 2,000 surface rock samples and over 400 lake sediment samples, defining three large areas of dravite and clay alteration on the surface, with localized boulder samples containing anomalous uranium. CanAlaska later conducted additional IP-resistivity and audio magneto telluric geophysical surveys to further define the targets.
In 2008, CanAlaska conducted a $1.6 million exploration program at Cree East, returning strong fracturing and alteration in most drill holes with faulting in many of the drill holes as well. Geochemical enrichment of uranium and other elements was found in both the basement and sandstone.
Exploration work including additional geophysical surveys was conducted on Grid 7 at Cree East between 2009 and 2012 in order to improve the drill targets on the property. In total, 91 holes were drilled covering 34,638 meters resulting in nine target zones. All nine zones have shown indications of hydrothermal alteration or uranium mineralization.
Key Extension Project
The 17,665 hectare Key Extension project is located in the Southeastern Athabasca Basin and lies 15 kilometers southwest from the Key Lake mine and mill complex. The past-producing Key Lake deposits are located 15 kilometers from the project boundary and have historically produced over 150 million lbs of uranium oxides from the Gaertner and Deilmann open pits. The Key Extension property is owned by Durama Enterprises and is currently subject to a property option agreement with CanAlaska Uranium to earn up to 100 percent interest in the property.
A ground gravity geophysical survey was conducted on the project and identified multiple priority gravity low targets associated with interpreted structural corridors and domain boundaries. It is planned that initial drill testing of these targets will occur in 2023.
Waterbury Uranium project
The Waterbury Uranium project is 100 percent owned by CanAlaska Uranium consisting of the Waterbury East and the Waterbury South claims. The Waterbury East claim is located along the Cigar Lake corridor where recent and new uranium discoveries were made by Cameco. CanAlaska is currently advancing the Waterbury South project near the interpreted regional Rabbit Lake-Collins Bay fault system trace located within 10 kilometers of the Cigar Lake mine site and within two kilometres of the Cigar Lake ore haul road.
The company conducted a 4,000-metre winter drill program at the Waterbury South uranium project focused on the extension of polymetallic unconformity uranium mineralization associated with nickel, arsenic, cobalt and zinc, intersected during the previous 2021 winter drill program. The 2022 drill program completed six drill holes totaling 2,787 metres. Results indicate a structurally complex fault system that extends the footprint of previously intersected strong sandstone and deep basement alteration.
Thompson Nickel Properties
CanAlaska Uranium owns eight properties in the Thompson Nickel Belt: Strong, Hunter, Wilson, Strong Extension, Moak North, Halfway, Resting and Manibridge. The Thompson Nickel Belt is home to over 18 sulphide nickel deposits. Since 1959, the region has produced an estimated 5 billion pounds of nickel.
Hunter Property
The Hunter property is located 20 kilometers north of Thompson, Manitoba. The property consists of 11 land claims totaling 12,520 hectares and has been approved for a mineral exploration license. CanAlaska believes the property is underlain by the same series of formations that host the nickel deposits along the Thompson Nickel Belt and considers the property to be an extension of the belt. Using historical exploration data, a number of exploration targets have been defined surrounding the Mel nickel deposit, which was first located in the 1970s.
Strong Property
The Strong project comprises 6,140 hectares of land approximately 26 kilometers away from Thompson, Manitoba, including one mineral exploration license. The Strong property was explored by a number of companies during the 1950s and 1970s, leading to the discovery of the Mel nickel deposit located to the east of the Hunter property and south of the Strong property. Falconbridge and Crowflight Minerals Inc. were previously active on the Strong property between 1998 and 2005.
CanAlaska has established significant exploration targets that have been defined on both properties based on historical data. A VTEM survey completed in 2007 by Crowflight provided the company with numerous large geophysical targets, none of which have been drilled. Several of these targets are in the same structural position as the nearby Mel deposit.
Recently, CanAlaska has added three new large mineral exploration licenses adjacent to the Strong property where prospective nickel targets are present.
Manibridge Property
The Manibridge Property, staked by CanAlaska in 2018, consists of 19 land claims totaling 4,368 hectares. The property is located 125 kilometers southwest of Thompson and is accessible by road via Highway 6. The claims held by CanAlaska also include the site of the reclaimed Manibridge Mine, which operated between 1971 and 1977 based on an initial resource of 1.4 million tonnes at an average grade of 2.25 percent nickel and 0.27 percent copper. Metal Energy Corp. has recently completed cash payments, share issuances and work totaling $4M earning 100% of the project. CanAlaska retains royalties (NSR) totaling from 1% to 2% on the Manibridge claims.
Resting and Halfway Properties
Similar to Manibridge, the Resting and Halfway properties cover prospective areas for nickel mineralization along similar trends to Manibridge. The work completed by Metal Energy proved the exploration thesis of CanAlaska that the Thompson Nickel Belt has not been adequately explored for additional nickel resources. The Resting and Halfway projects are on trend from the nearby high-grade Bucko nickel mine and mill owned by CaNickel.
Management Team
Ambassador Thomas Graham Jr. - Chairman of the Board, Director
Ambassador Thomas Graham, Jr. is one of the world’s leading experts in nuclear non-proliferation. Graham has served under four successive US presidents as a senior US diplomat involved in the negotiation of every major international arms control and non-proliferation agreement for the past 35 years. This includes the SALT, START, ABM, INF, NPT, CFE and CTBT Treaties. Graham has served with the U.S. Arms Control and Disarmament Agency and as the special representative of the President of the United States for arms control, non-proliferation, and disarmament, in which role he successfully led US government efforts to achieve the permanent extension of the Nuclear Non-Proliferation Treaty.
Cory Belyk – CEO, Executive Vice-president and Director
Cory Belyk is a professional geologist with nearly 30 years of experience working for major and junior mining companies in the Athabasca Basin and worldwide. Prior to joining CanAlaska in 2019 as chief operating officer, he was director of exploration for Cameco’s international exploration operations including Mongolia and Australia. Belyk was also a member of Cameco’s exploration management team during the Fox Lake and West McArthur uranium discoveries in Saskatchewan. Belyk holds a bachelor’s (1994) degree in geology from the University of Saskatchewan and a certificate in negotiation from Harvard Law School (2014). He is a registered member of the Association of Professional Engineers and Geoscientists of Saskatchewan and British Columbia.
Nathan Bridge - Vice-President of Exploration
Nathan Bridge has over a decade of experience managing exploration, delineation, and geotechnical drilling programs at Cameco Corporation. He was senior geologist on Cameco’s Fox Lake discovery team that took the deposit from exploration stage, through discovery, and into resource definition. Bridge has spent the majority of his career exploring uranium and in 2017 he led the exploration program that discovered the 42 Zone on the Company’s West McArthur project.
Harry Chan - Chief Financial Officer and Corporate Secretary
Harry Chan has over 20 years of experience working in several different industries ranging from public practice, sports entertainment, wholesale distribution and telecommunications. He is a graduate of the University of British Columbia and received his Certified General Accountant designation in BC in 1996.
Peter G. Dasler - Director
Peter Dasler, in 2004, positioned CanAlaska Uranium, (then CanAlaska Ventures Ltd.), to become a significant presence in the field of Canadian uranium exploration by staking mineral claims in the most favorable districts of Canada's Athabasca Basin, home to the world's largest and richest uranium mines. He has since assembled an expert geological team that has enabled CanAlaska to carry out extensive exploration and advance multiple uranium projects towards discovery. Dasler possesses a comprehensive mineral exploration and public company management background, having worked for over 40 years in Canada as an executive and consulting geologist for companies engaged in the exploration for gold, copper, platinum, nickel, molybdenum, lead and zinc. Previously, he held the position of mine manager and production manager of the 10-million-ton-per-annum Taharoa Ironsand Mine in his native New Zealand.
Jean Luc Roy - Director
Jean Luc Roy is an independent Director of the Company (2007 - present). He has over 20 years of experience in the mining industry. The majority of his experience has been in Africa for companies such as International Gold Resources, Ashanti Goldfields Inc., Senafo, and First Quantum Minerals. Roy has managed projects from exploration through to production in three different countries. As managing director for First Quantum Minerals, Roy played a crucial role in securing extensive land positions and by successfully placing a mining operation into production in the Democratic Republic of Congo during a period of major unrest in the country. Roy is presently a resident of Burkina Faso where is COO of Ampella Mining Ltd an Australian listed company focused on gold exploration in West Africa with their flagship property Batie West.
Karen Lloyd - Director
Karen Lloyd comes from a strong and significant strategy and marketing background across five different industries including mining, telecommunications, online payments, executive training and banking. This depth of experience comes from her employment with Telus Communications, Hongkong Bank of Canada and Cameco Corporation. Between 2009 and 2020, Lloyd managed a team of contract and inventory specialists to seamlessly fulfill global uranium sales generating annual revenue of between $1.8 and $2.4 billion for Cameco Corporation as a director in Cameco’s Marketing team. In April 2021, Lloyd joined Kreos Aviation as chief operating officer where she oversees all aspects of the Kreos operations including asset management, strategic alliances, flight operations, maintenance, fuel operations, marketing and sales, and business development.
Geoff Gay - Director
Geoff Gay is currently chief executive officer of Athabasca Basin Development, an Indigenous-owned investment company based in Saskatchewan. Gay has been its executive leader, and subsequent CEO, since the company’s inception nineteen years ago and was instrumental in establishing and growing the company to where it is today. As CEO, Gay is responsible to articulate the vision of the partnership with a focus on creating value for the unit holders and leading the company in long term strategic planning and implementation, evaluating new opportunities for investment, assessing and mitigating risk, and overseeing all financial aspects of the partnership. In 2017, Gay was named Business Leader of the Year by Saskatchewan Chamber of Commerce at its annual ABEX awards.
Shane Shircliff - Advisor
Shane Shircliff has over twenty years of experience in senior management and corporate director roles for both publicly traded and private companies, and has extensive experience with various publicly traded regulatory regimes. Shircliff’s breadth of expertise over his career includes negotiation, deal structure, due diligence and transacting mergers, acquisitions and divestitures totaling over one billion dollars in value. Industries of experience include logistics, finance, natural resources, exploration and mining, retail, real estate and construction. Shircliff has been directly involved with all aspects of developing resource projects encompassing lithium, uranium, gold, silver, industrial minerals, diamonds as well as oil and gas in a variety of countries. Shircliff is the founder and chief executive officer of Clinworth Management Corp., a private company, which provides management, acquisition, divestiture, and corporate development services to a wide range of clients.
CanAlaska Acquires New Project Along Prolific Mineralized Corridor In Eastern Athabasca Basin
Meet Management at the Vancouver Resource Investment Conference
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce the Company's newly acquired Frontier project, totalling 15,929 hectares, in the northeastern Athabasca Basin. The Frontier project is located approximately 30 kilometres northeast of the McClean Lake mill complex and Roughrider uranium deposit, and 35 kilometres north of Cameco's Eagle Point uranium mine (Figure 1).
Figure 1 – Frontier Project Location
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/151657_eae1af7a54c32af4_002full.jpg
The Frontier project is located five kilometres northeast of the present-day Athabasca Basin edge. Compilation work on the project has highlighted a prominent 25-kilometre-long northeast trending magnetic low corridor. This regional-scale corridor, which continues off property to the southwest, hosts multiple uranium deposits and showings, including Roughrider, Midwest, J Zone, Dawn Lake, Moonlight, Osprey, and the McClean Lake mine (mined-out Jeb deposit) and mill complex. This regional-scale corridor is termed here as the Roughrider Mineralized Corridor ("RMC"). Within the Frontier project the RMC is bound by magnetic high bodies to the east and west that are interpreted to represent Archean domes, providing a suitable and favourable geological scenario for the formation of large fault structures.
Figure 2 – Exploration Target Corridor Frontier Project
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/151657_eae1af7a54c32af4_004full.jpg
A major northeast trending structure has been mapped along the western margin of the magnetic low corridor that is cross-cut by multiple north-south trending magnetic structure lineaments (Figure 2). Southwest of the property, this same lineament is associated with a large jog in the Athabasca Basin edge that is interpreted to represent structural offset. The interplay between structures along long linear magnetic low corridors is typical of many unconformity uranium deposits in the Athabasca Basin and allows for the creation of structural traps for potential uranium deposition. As a result, the Company believes this section of the RMC represents a key underexplored target area for basement-type uranium mineralization.
The Frontier project has undergone very limited historical exploration. Gulf Minerals Company completed an airborne radiometric survey, followed by prospecting and mapping in the 1960's. Airborne radiometric, magnetic, and electromagnetic surveys were flown in the 1970's by Gulf Minerals Company and Canadian Superior Exploration Ltd. These surveys were followed by ground-based prospecting, mapping, lake sediment and boulder sampling, and VLF-EM surveying. In the early 1990's, as part of a regional lake-sediment sampling program, the Geological Survey of Canada collected a sample on Point Lake which returned 34.7 ppm uranium associated with elevated cobalt, copper, molybdenum, and nickel. In 2007, Hathor Exploration Ltd., discoverer of the nearby basement-hosted Roughrider uranium deposit, conducted a detailed aeromagnetic survey that covered the entire Frontier property and a small VTEM (Versatile Time Domain Electromagnetics) survey and lake sediment sampling program that covered only the very southern portion. The Frontier property has no known drillholes completed within its boundaries.
The Company believes the next steps for the Frontier project include property-wide modern high-resolution airborne radiometric, VTEM, and gravity surveys followed by ground-based prospecting. This combination of geophysical techniques is well suited toward identification of basement-hosted uranium targets for follow-up drilling programs. The Company is completing further compilation work on the newly acquired Frontier project and is actively seeking Joint Venture partners to move the project forward.
CanAlaska CEO, Cory Belyk, comments, "This is a very exciting new project generated by our talented geologists along one of the most important mineralized corridors in the eastern Athabasca Basin near critical milling infrastructure. The Roughrider uranium deposit discovery was one of the most important in the last uranium cycle anywhere in the world reigniting interest in the northeastern area of the Basin. The Frontier project is a geological extension of the Roughrider Mineralized Corridor and has never had modern survey methods applied toward basement-hosted uranium deposit discovery. Congratulations to the CanAlaska team for recognizing this opportunity at the entry to the next uranium bull market which we believe is upon us. The timing could not be better for our shareholders as the team applies its project generation methodology to create an incredible discovery opportunity in the Saudi Arabia of Uranium."
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. The primary goals for the winter drill program are the Pike Zone unconformity target and continued definition of the dimensions and controls of the Pike Zone basement mineralization.
In addition, 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 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/151657
News Provided by Newsfile via QuoteMedia
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.
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.
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.
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
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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).
Figure 1 – Manibridge Property Location
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/146145_picture1.jpg
Highlights from the drill program include:
MNB014, which intersected 0.8% Ni over 20.0 metres, from 268.5 metres, which includes multiple metre-scale high-grade intervals;
MNB021, which intersected 0.61% Ni over 25.0 metres, from 287.5 metres, which includes 1.42% Ni over 5.0 metres from 307.5 metres;
MNB 020, which intersected 0.6% Ni over 19.5 m, from 253.5 metres, which includes 1.26% Ni over 4.0 metres from 261.5 metres.
The sulphide mineralization, which contains nickel, copper, and trace cobalt occurs as either disseminations within the mafic to ultramafic host rocks, remobilizations along foliation and shears, vein-hosted, net-textured, or brecciated. Sulphide-mineralization from the 2022 summer drilling program is shallow, with true vertical depth to mineralization ranging from 100 metres to 350 metres below the surface.
Figure 2 – 2022 Drilling Program Results to Date and Planned Drill Holes
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/146145_picture2.jpg
The ongoing drill program is planned for 10,000 metres of diamond drilling in approximately 33 drill holes. During the first half of the program, operated between June 6 and July 28, 2022, a total of 5,331 metres were completed in 16 drill holes with 3 abandoned drill holes (Table 2). The completed drill hole collar locations were within 300 to 600 metres of the historic mine workings. The remaining planned drill holes will focus within 200 to 350 metres of the historic mine workings. The average planned drill hole depths are between 225 and 400 metres and all drill holes will be inclined between -45 and -85 degrees. Figure 2 shows the completed and planned drill hole locations with respect to the historic Manibridge Mine.
CanAlaska currently holds a 30% interest in the project, with the remaining 70% held by the operator, Metal Energy Corp. (TSX-V: MERG) who has provided the funding for the drill program.
Assay results for drill holes MNB024 and MNB025 are still pending.
CanAlaska CEO, Cory Belyk, comments, "As this drilling program continues it is very encouraging to have nickel mineralization of significant width and grade continue to be intersected. This work is highlighting the likely untapped potential of the Thompson Nickel Belt to host additional resources of class 1 nickel mineralization which the world needs in order to help provide clean and affordable electricity to society. Battery storage will become increasingly important as part of this electrification and CanAlaska shareholders are well positioned to participate in this nickel market through our landholdings in Manitoba."
Table 1 - Manibridge Phase 2 Drill Hole Nickel-Copper-Cobalt Assay Results (MNB 007 to MNB022)
| DDH | From (m) | To (m) | Interval (m) | Nickel (%) | Copper (%) | Cobalt (%) |
| MNB007 | 152.90 | 153.90 | 1.00 | 0.30 | 0.00 | 0.03 |
| 155.90 | 157.90 | 2.00 | 0.33 | 0.00 | 0.02 | |
| 167.50 | 168.50 | 1.00 | 0.30 | 0.00 | 0.01 | |
| 171.50 | 172.50 | 1.00 | 0.39 | 0.01 | 0.01 | |
| 174.90 | 183.90 | 9.00 | 0.47 | 0.03 | 0.01 | |
| 233.50 | 238.70 | 5.20 | 0.77 | 0.03 | 0.01 | |
| includes | 235.50 | 236.50 | 1.00 | 1.03 | 0.06 | 0.02 |
| 241.20 | 245.10 | 3.90 | 0.53 | 0.02 | 0.01 | |
| Composite Summary | 23.10 | 0.52 | 0.02 | 0.01 | ||
| MNB008 | 177.50 | 178.50 | 1.00 | 0.35 | 0.01 | 0.02 |
| 185.50 | 193.50 | 8.00 | 0.39 | 0.01 | 0.02 | |
| 213.00 | 213.10 | 0.10 | 0.32 | 0.00 | 0.01 | |
| 217.00 | 217.10 | 0.10 | 0.40 | 0.03 | 0.02 | |
| 224.50 | 230.50 | 6.00 | 0.69 | 0.06 | 0.02 | |
| includes | 225.50 | 227.50 | 2.00 | 1.33 | 0.16 | 0.04 |
| 233.00 | 235.50 | 2.50 | 0.35 | 0.00 | 0.01 | |
| 238.50 | 238.60 | 0.10 | 0.82 | 0.04 | 0.02 | |
| 266.50 | 273.50 | 7.00 | 1.05 | 0.07 | 0.02 | |
| includes | 268.50 | 272.50 | 4.00 | 1.52 | 0.11 | 0.02 |
| Composite Summary | 24.80 | 0.64 | 0.04 | 0.02 | ||
| MNB009 | 196.60 | 207.60 | 11.00 | 0.39 | 0.01 | 0.01 |
| 215.70 | 215.80 | 0.10 | 0.41 | 0.01 | 0.02 | |
| 218.70 | 218.80 | 0.10 | 0.50 | 0.01 | 0.02 | |
| 238.60 | 238.70 | 0.10 | 0.45 | 0.00 | 0.08 | |
| 246.50 | 248.50 | 2.00 | 0.32 | 0.00 | 0.01 | |
| 251.50 | 252.50 | 1.00 | 0.54 | 0.00 | 0.04 | |
| 256.50 | 257.50 | 1.00 | 0.30 | 0.00 | 0.01 | |
| 261.50 | 268.50 | 7.00 | 0.31 | 0.00 | 0.01 | |
| 272.50 | 274.50 | 2.00 | 1.04 | 0.03 | 0.02 | |
| includes | 272.50 | 273.50 | 1.00 | 1.21 | 0.02 | 0.02 |
| 280.80 | 290.80 | 10.00 | 0.92 | 0.04 | 0.01 | |
| includes | 281.80 | 282.80 | 1.00 | 1.00 | 0.06 | 0.02 |
| and includes | 285.80 | 290.80 | 5.00 | 1.06 | 0.04 | 0.02 |
| Composite Summary | 34.30 | 0.56 | 0.02 | 0.01 | ||
| MNB010 | 245.80 | 245.90 | 0.10 | 0.35 | 0.03 | 0.02 |
| 254.10 | 254.20 | 0.10 | 0.39 | 0.01 | 0.01 | |
| 256.00 | 256.10 | 0.10 | 0.48 | 0.03 | 0.02 | |
| 265.50 | 267.50 | 2.00 | 0.35 | 0.02 | 0.01 | |
| 274.50 | 282.00 | 7.50 | 0.60 | 0.04 | 0.02 | |
| includes | 277.50 | 278.50 | 1.00 | 1.00 | 0.07 | 0.04 |
| 288.50 | 292.50 | 4.00 | 0.30 | 0.00 | 0.01 | |
| 302.50 | 314.50 | 12.00 | 0.72 | 0.02 | 0.01 | |
| includes | 305.50 | 310.50 | 5.00 | 1.06 | 0.03 | 0.02 |
| 322.00 | 324.50 | 2.50 | 0.40 | 0.01 | 0.01 | |
| 328.60 | 328.70 | 0.10 | 0.51 | 0.01 | 0.01 | |
| Composite Summary | 28.40 | 0.57 | 0.02 | 0.01 | ||
| MNB011 | 219.90 | 220.90 | 1.00 | 0.67 | 0.02 | 0.03 |
| 246.80 | 246.90 | 0.10 | 0.31 | 0.00 | 0.01 | |
| 286.90 | 287.00 | 0.10 | 0.44 | 0.01 | 0.02 | |
| 308.50 | 311.50 | 3.00 | 0.42 | 0.01 | 0.01 | |
| 317.50 | 325.50 | 8.00 | 0.53 | 0.01 | 0.01 | |
| 335.50 | 336.00 | 0.50 | 0.45 | 0.06 | 0.02 | |
| 347.80 | 348.20 | 0.40 | 1.72 | 0.09 | 0.03 | |
| Composite Summary | 13.10 | 0.55 | 0.02 | 0.01 | ||
| MNB013 | 155.50 | 160.50 | 5.00 | 0.47 | 0.00 | 0.04 |
| includes | 157.50 | 158.50 | 1.00 | 1.12 | 0.01 | 0.15 |
| 167.50 | 172.50 | 5.00 | 0.31 | 0.00 | 0.01 | |
| 175.50 | 178.00 | 2.50 | 0.58 | 0.04 | 0.02 | |
| 200.50 | 209.50 | 9.00 | 0.48 | 0.01 | 0.01 | |
| 213.00 | 214.50 | 1.50 | 0.32 | 0.00 | 0.01 | |
| 217.50 | 219.50 | 2.00 | 0.39 | 0.00 | 0.01 | |
| 225.50 | 230.50 | 5.00 | 0.86 | 0.05 | 0.01 | |
| includes | 225.50 | 226.00 | 0.50 | 1.05 | 0.05 | 0.02 |
| and includes | 227.50 | 228.50 | 1.00 | 1.38 | 0.11 | 0.02 |
| 241.50 | 243.50 | 2.00 | 0.82 | 0.01 | 0.02 | |
| includes | 242.50 | 243.50 | 1.00 | 1.02 | 0.02 | 0.02 |
| Composite Summary | 32.00 | 0.53 | 0.01 | 0.02 | ||
| MNB014 | 172.40 | 172.50 | 0.10 | 0.35 | 0.00 | 0.02 |
| 174.80 | 174.90 | 0.10 | 0.34 | 0.00 | 0.01 | |
| 183.10 | 183.50 | 0.40 | 0.95 | 0.15 | 0.03 | |
| 206.50 | 207.50 | 1.00 | 0.30 | 0.00 | 0.01 | |
| 212.50 | 218.50 | 6.00 | 0.44 | 0.01 | 0.01 | |
| 227.50 | 230.50 | 3.00 | 0.36 | 0.00 | 0.01 | |
| 233.50 | 236.50 | 3.00 | 0.32 | 0.00 | 0.01 | |
| 242.50 | 243.50 | 1.00 | 0.31 | 0.00 | 0.01 | |
| 249.00 | 257.60 | 8.60 | 0.53 | 0.02 | 0.01 | |
| 265.20 | 266.00 | 0.80 | 0.55 | 0.01 | 0.02 | |
| 268.50 | 288.50 | 20.00 | 0.80 | 0.04 | 0.02 | |
| includes | 269.50 | 270.50 | 1.00 | 1.04 | 0.04 | 0.02 |
| and includes | 275.50 | 277.50 | 2.00 | 1.46 | 0.10 | 0.02 |
| and includes | 286.50 | 287.50 | 1.00 | 1.59 | 0.11 | 0.03 |
| Composite Summary | 44.00 | 0.61 | 0.03 | 0.01 | ||
| MNB015 | 187.00 | 187.10 | 0.10 | 0.52 | 0.02 | 0.02 |
| 187.80 | 187.90 | 0.10 | 0.40 | 0.00 | 0.01 | |
| 203.50 | 207.50 | 4.00 | 0.59 | 0.09 | 0.02 | |
| 237.80 | 237.90 | 0.10 | 0.39 | 0.02 | 0.02 | |
| 238.90 | 239.00 | 0.10 | 0.62 | 0.03 | 0.02 | |
| 243.20 | 243.30 | 0.10 | 0.38 | 0.01 | 0.01 | |
| 255.50 | 263.50 | 8.00 | 0.31 | 0.01 | 0.01 | |
| 267.50 | 277.50 | 10.00 | 0.33 | 0.00 | 0.01 | |
| 281.90 | 288.50 | 6.60 | 0.30 | 0.00 | 0.01 | |
| 293.50 | 294.50 | 1.00 | 0.31 | 0.00 | 0.00 | |
| 303.10 | 304.00 | 0.90 | 0.30 | 0.00 | 0.01 | |
| 312.20 | 319.50 | 7.30 | 0.31 | 0.00 | 0.01 | |
| 323.50 | 327.50 | 4.00 | 0.40 | 0.02 | 0.01 | |
| Composite Summary | 42.30 | 0.35 | 0.01 | 0.01 | ||
| MNB017 | 185.60 | 185.70 | 0.10 | 0.36 | 0.01 | 0.01 |
| 186.80 | 186.90 | 0.10 | 0.34 | 0.01 | 0.01 | |
| 208.70 | 208.80 | 0.10 | 0.66 | 0.09 | 0.02 | |
| 211.70 | 211.90 | 0.20 | 0.34 | 0.01 | 0.01 | |
| 220.50 | 221.50 | 1.00 | 0.34 | 0.00 | 0.01 | |
| 227.50 | 233.50 | 6.00 | 0.38 | 0.01 | 0.01 | |
| Composite Summary | 7.50 | 0.38 | 0.01 | 0.01 | ||
| MNB018 | 169.00 | 172.00 | 3.00 | 1.13 | 0.05 | 0.02 |
| includes | 169.00 | 171.00 | 2.00 | 1.50 | 0.05 | 0.02 |
| 209.50 | 211.50 | 2.00 | 0.56 | 0.02 | 0.01 | |
| 214.50 | 221.00 | 6.50 | 0.60 | 0.02 | 0.01 | |
| includes | 217.50 | 218.50 | 1.00 | 1.10 | 0.05 | 0.02 |
| 240.50 | 242.50 | 2.00 | 0.35 | 0.00 | 0.01 | |
| 250.50 | 250.70 | 0.20 | 0.59 | 0.00 | 0.01 | |
| 253.50 | 265.00 | 11.50 | 0.62 | 0.02 | 0.01 | |
| includes | 253.50 | 255.50 | 2.00 | 1.28 | 0.08 | 0.02 |
| Composite Summary | 25.20 | 0.65 | 0.02 | 0.01 | ||
| MNB019 | 169.50 | 172.50 | 3.00 | 0.30 | 0.00 | 0.01 |
| 179.50 | 184.50 | 5.00 | 0.47 | 0.01 | 0.01 | |
| 198.50 | 200.50 | 2.00 | 0.39 | 0.00 | 0.01 | |
| 235.20 | 235.50 | 0.30 | 0.51 | 0.04 | 0.02 | |
| 245.00 | 256.50 | 11.50 | 0.68 | 0.02 | 0.01 | |
| includes | 245.50 | 246.50 | 1.00 | 1.36 | 0.04 | 0.02 |
| and includes | 252.50 | 253.50 | 1.00 | 1.03 | 0.06 | 0.02 |
| 257.50 | 257.60 | 0.10 | 0.36 | 0.00 | 0.01 | |
| 267.50 | 267.60 | 0.10 | 0.31 | 0.04 | 0.01 | |
| 268.50 | 268.60 | 0.10 | 0.43 | 0.04 | 0.02 | |
| 273.00 | 277.50 | 4.50 | 0.41 | 0.01 | 0.01 | |
| 296.50 | 312.50 | 16.00 | 0.57 | 0.02 | 0.01 | |
| includes | 311.50 | 312.00 | 0.50 | 1.02 | 0.03 | 0.02 |
| Composite Summary | 42.60 | 0.54 | 0.02 | 0.01 | ||
| MNB020 | 154.60 | 161.50 | 6.90 | 0.52 | 0.03 | 0.03 |
| includes | 154.60 | 155.50 | 0.90 | 1.35 | 0.24 | 0.11 |
| 169.40 | 169.50 | 0.10 | 0.47 | 0.00 | 0.01 | |
| 171.50 | 171.60 | 0.10 | 0.35 | 0.03 | 0.01 | |
| 217.50 | 217.60 | 0.10 | 0.42 | 0.03 | 0.02 | |
| 219.50 | 219.60 | 0.10 | 0.34 | 0.01 | 0.01 | |
| 222.50 | 222.60 | 0.10 | 0.42 | 0.05 | 0.02 | |
| 230.00 | 233.50 | 3.50 | 0.74 | 0.01 | 0.01 | |
| 242.50 | 242.60 | 0.10 | 0.55 | 0.01 | 0.01 | |
| 246.50 | 246.60 | 0.10 | 0.34 | 0.01 | 0.01 | |
| 253.50 | 273.00 | 19.50 | 0.60 | 0.02 | 0.01 | |
| includes | 261.50 | 265.50 | 4.00 | 1.26 | 0.06 | 0.02 |
| Composite Summary | 30.60 | 0.59 | 0.02 | 0.01 | ||
| MNB021 | 168.50 | 172.50 | 4.00 | 0.42 | 0.00 | 0.02 |
| 180.50 | 198.50 | 18.00 | 0.35 | 0.01 | 0.02 | |
| 256.50 | 265.50 | 9.00 | 0.48 | 0.00 | 0.01 | |
| 269.50 | 274.50 | 5.00 | 0.74 | 0.02 | 0.02 | |
| includes | 272.50 | 273.50 | 1.00 | 1.15 | 0.05 | 0.07 |
| 278.50 | 283.50 | 5.00 | 0.32 | 0.00 | 0.01 | |
| 287.50 | 312.50 | 25.00 | 0.61 | 0.02 | 0.01 | |
| includes | 307.50 | 312.50 | 5.00 | 1.42 | 0.04 | 0.02 |
| Composite Summary | 66.00 | 0.50 | 0.01 | 0.01 | ||
| MNB022 | 180.70 | 180.80 | 0.10 | 0.32 | 0.01 | 0.02 |
| 187.90 | 188.00 | 0.10 | 0.53 | 0.02 | 0.03 | |
| 189.30 | 189.40 | 0.10 | 0.45 | 0.03 | 0.01 | |
| 191.80 | 191.90 | 0.10 | 0.62 | 0.03 | 0.02 | |
| 194.60 | 194.70 | 0.10 | 0.46 | 0.03 | 0.01 | |
| 196.40 | 196.50 | 0.10 | 0.31 | 0.00 | 0.01 | |
| 216.90 | 217.00 | 0.10 | 0.34 | 0.03 | 0.02 | |
| 223.00 | 239.50 | 16.50 | 0.48 | 0.02 | 0.01 | |
| includes | 237.50 | 239.50 | 2.00 | 1.27 | 0.10 | 0.02 |
| Composite Summary | 17.20 | 0.48 | 0.02 | 0.01 | ||
| Notes: Nickel cut-off grade is 0.30% Ni Nickel cut-off grade for "includes/ and includes" is 1.00% Ni Reported intervals have a maximum of 2 m of internal dilution | ||||||
Table 2 - Manibridge Phase 2 Drill Hole Collar Information and Results
| DDH | Section | Easting (m) | Northing (m) | Elevation (m) | Azimuth (˚North) | Dip (˚) | EOH (m) | Notes |
| MNB007 | 11 North | 510,914 | 6,062,356 | 236 | 295 | -45 | 272.5 | |
| MNB008 | 11 North | 510,914 | 6,062,356 | 236 | 295 | -59 | 302.5 | |
| MNB009 | 11 North | 510,914 | 6,062,356 | 236 | 295 | -67 | 325 | |
| MNB010 | 11 North | 510,914 | 6,062,356 | 236 | 295 | -76 | 350.5 | |
| MNB011 | 11 North | 510,914 | 6,062,356 | 236 | 295 | -83 | 377.5 | |
| MNB012 | 10 North | 510,871 | 6,062,333 | 236 | 295 | -47 | 120 | Abandoned |
| MNB013 | 10 North | 510,871 | 6,062,333 | 236 | 295 | -61 | 260.25 | |
| MNB014 | 10 North | 510,871 | 6,062,333 | 236 | 295 | -70 | 323.5 | |
| MNB015 | 10 North | 510,871 | 6,062,333 | 236 | 295 | -81 | 350.5 | |
| MNB016 | 9 North | 510,841 | 6,062,303 | 236 | 295 | -47 | 140.5 | Abandoned |
| MNB017 | 9 North | 510,841 | 6,062,303 | 236 | 295 | -59 | 251.5 | |
| MNB018 | 9 North | 510,841 | 6,062,303 | 236 | 295 | -70 | 302.5 | |
| MNB019 | 9 North | 510,841 | 6,062,303 | 236 | 295 | -78 | 328.5 | |
| MNB020 | 8 North | 510,825 | 6,062,267 | 236 | 295 | -70 | 302.5 | |
| MNB021 | 8 North | 510,825 | 6,062,267 | 236 | 295 | -79 | 350.5 | |
| MNB022 | 8 North | 510,825 | 6,062,267 | 236 | 295 | -58 | 260 | |
| MNB023 | 8 North | 510,825 | 6,062,267 | 236 | 295 | -46 | 62.5 | Abandoned |
| MNB024 | 7 North | 510,812 | 6,062,230 | 236 | 295 | -75 | 342 | |
| MNB025 | 7 North | 510,812 | 6,062,230 | 236 | 295 | -67 | 308.5 | |
| Notes: Easting and Northing units are in metres using NAD83 datum, UTM Zone 14N | ||||||||
Geochemical Sampling Procedures
All drill core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and whole-rock multi-element analysis by ICP-MS1 using total 4-acid digestion (HF:HNO3:HCl:HClO4). Assay samples comprise 0.3 - 1.0 metre continuous split-core samples over the nickel-sulphide mineralized intervals. Point samples comprise an isolated 0.1 m sample to characterize the rock types, alteration, structure, and potential for mineralization. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Metal Energy and the SRC in accordance with Metal Energy's quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Metal Energy and CanAlaska prior to 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.
Other News
CanAlaska will be attending the Mines and Money London "Resourcing Tomorrow" event from November 29th to December 1st. Visit our team and learn more about the Athabasca Basin's most recent high-grade uranium discovery and our 2023 exploration plans. Mines and Money London | 29 November - 1 December 2022 | Europe's largest mining investment event
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: H7N) 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
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
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/146145
News Provided by Newsfile via QuoteMedia
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);
June 30, 2023 (with respect to 2,036,127 Warrants originally issued on December 30, 2019); and
July 20, 2023 (with respect to 1,188,000 Warrants originally issued on January 20, 2020).
Insiders hold 181,578 of the Warrants having a proposed new expiry date of June 30, 2023. All of the above proposed Warrant exercise term extensions are subject to the acceptance of the TSX Venture Exchange.
CanAlaska also announces that it has granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 2,195,000 common shares of the Company pursuant to CanAlaska's omnibus equity incentive plan. The options are exercisable for a period of three years at a price of $0.395 per share.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
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.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
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.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145834
News Provided by Newsfile via QuoteMedia
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
Joint Venture Approves $10 Million Program and Budget for 2023
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska or the "Company") is pleased to announce that it has received assay results from the remaining drillholes completed during the 2022 program at the West McArthur project in the Athabasca Basin (Figure 1). The new geochemical assay results indicate multiple high-grade intersections over a 12.6 metre wide zone in WMA072-3, highlighted by 3.98% U3O8 over 2.3 metres from 845.9 to 848.2 metres, which contains a sub-interval of 25.40% U3O8 over 0.3 metres from 846.4 to 846.7 metres. Additionally, WMA070 returned 0.84% U3O8 over 5.0 metres from 808.5 to 813.5 metres. These new results complement the previously reported high-grade intersection of 2.4% U3O8 over 9.0 metres in WMA067 and provide a compelling target where the mineralized structure intersects the unconformity. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska who currently holds a 79.3% ownership in the project.
Figure 1 – West McArthur Property Location Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/144433_3a953295345ebae7_002full.jpg
The Company recently completed its drill program on the West McArthur project (see press release dated September 29th, 2022). The majority of the drill program was focused on high-grade basement-hosted uranium mineralization discovered in drillhole WMA067 (see press release dated July 15th, 2022). WMA067 is located 6 kilometres along strike on the C10 South (C10S) conductive corridor and southwest of the Company's 42 Zone mineralization. As part of the discovery follow-up, eight drill tests were completed on the same fence or along strike of the WMA067 discovery hole. High-grade uranium mineralization has now been confirmed by assay in four drillholes in the discovery area at various elevations throughout the 40 to 50 metre wide graphitic horizon (Figure 2).
Figure 2 – Drill Hole Locations and Follow-Up Target Areas WMA067 Discovery
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/144433_3a953295345ebae7_004full.jpg
Next Steps
The Company believes that it has successfully identified the orientation of the controlling structure for the basement-hosted uranium mineralization as part of a larger fault system. The ideal target, where this controlling-structure, the larger fault system, and the 40 to 50 metre wide graphitic horizon intersect the unconformity, has not been drill-tested and remains a high-priority target for the next drilling program. Unconformity targeting will focus both in the discovery fence area and along strike including where WMA073 intersected a 40 metre wide strongly altered sandstone-hosted structure 200 metres above the unconformity. The broad sandstone fault is associated with anomalous pathfinder elements including uranium (1.17 ppm partial), copper (4.07 ppm partial), boron (1560 ppm total), and arsenic (3.46 ppm partial). In addition, the assay results confirm the high-grade basement-hosted nature of the uranium mineralization and suggest additional basement-hosted potential exists along strike of the discovery fence (Figure 2).
A formal 2023 exploration program and budget for $10 million has been approved by the Joint Venture.
Figure 3 – Close up Photograph of High-Grade Basement Mineralization in WMA072-3
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2864/144433_canalaskafigure3.jpg
Mineralization Details
Multiple intervals of metre to sub-metre scale high-grade uranium mineralization were confirmed in WMA067, WMA067-4, WMA070, and WMA072-3 (Table 1). The uranium mineralization is characterized by massive to semi-massive, vein-controlled, and foliation-controlled pitchblende with variable amounts of yellow to orange uranium secondaries (Figure 3). The main controlling structure is hosted within a wide, faulted graphitic package that contains both foliation-parallel and cross-cutting faults. The basement rocks around the mineralized intervals are altered with clay, chlorite, hematite, and carbonate. To date, mineralization has been intersected between 20 and 100 metres vertically below the unconformity.
CanAlaska CEO, Cory Belyk, comments, "To intersect uranium mineralization up to 25% U3O8 composite grade is a huge accomplishment for the team. The summer program clearly highlights the potential of this new discovery to host very high-grade uranium and when coupled with the drill-intersected structure and alteration in both the sandstone and basement, this new discovery truly appears to be a potential tier 1 mineralizing event. This is exactly what the CanAlaska team felt the project could deliver to shareholders and the next drilling program will focus on building upon this initial success. The program and budget for 2023 has been doubled based on these results and in the context of a continued strengthening of the uranium market fundamentals. We believe the timing could not be more perfect to move this new discovery forward."
Table 1 - 2022 Summer Program Uranium Intersections Assay Results
| DDH | From (m) | To (m) | Length (m)6 | Average Grade (% U3O8) | Maximum Grade (% U3O8) |
| WMA0671,2 | 906.5 | 915.5 | 9.0 | 2.4 | 6.06 |
| Including3 | 906.5 | 912.5 | 6.0 | 3.5 | 6.06 |
| WMA067-41,2 | 887 | 888 | 1.0 | 0.89 | 1.68 |
| WMA0702,4 | 808.5 | 813.5 | 5.0 | 0.84 | 4.90 |
| Including3 | 810.5 | 811.0 | 0.5 | 4.90 | 4.90 |
| WMA072-32,5 | 845.9 | 848.2 | 2.3 | 3.98 | 25.40 |
| Including3 | 846.4 | 846.7 | 0.3 | 25.40 | 25.40 |
| WMA072-32,5 | 850.2 | 850.7 | 0.5 | 0.45 | 0.90 |
| WMA072-32,5 | 853.7 | 856.5 | 2.8 | 0.57 | 1.82 |
| WMA072-33,5 | 858.0 | 858.5 | 0.5 | 2.69 | 2.69 |
| |||||
Geochemical Sampling Procedures
All drill core samples from the 2022 summer program were shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Radiometric assay samples are chosen based on downhole probing radiometric equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay samples comprise 0.3 - 0.5 metre continuous split-core samples over the mineralized interval. A 0.1% U3O8 cut-off with a maximum internal dilution of 1 metre is used for compositing and reporting the data. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by CanAlaska and the SRC in accordance with CanAlaska's quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by CanAlaska prior to 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.
Other News
CanAlaska will be attending and presenting at The Northern Miner Canadian Mining Symposium in London on November 28th. Canadian Mining Symposium 2022 - The Northern Miner Symposiums
CanAlaska will also be attending and presenting at the Mines and Money London "Resourcing Tomorrow" event from November 29th to December 1st. Visit our team and learn more about the Athabasca Basin's most recent high-grade uranium discovery and our 2023 exploration plans. Mines and Money London | 29 November - 1 December 2022 | Europe's largest mining investment event
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
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
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/144433
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What Was the Highest Price for Uranium? (Updated 2023)
“The costs have gone up significantly,” John Ciampaglia, CEO of Sprott Asset Management, told the Investing News Network (INN) in a late 2022 conversation. “We think the cost — or the price that you would need to see in uranium to incent development of any new greenfield project — is somewhere between US$75 and US$100.”
For nearly a decade, uranium prices saw little movement, leaving many investors disappointed. But in September 2021, uranium market watchers started to see some light at the end of the tunnel as supply cuts from major producers like Kazakhstan's Kazatomprom (LSE:KAP) and Canada's Cameco (TSX:CCO,NYSE:CCJ), alongside the emergence of the Sprott Physical Uranium Trust (TSX:U.UN), set the stage for uranium prices to finally make gains.
In 2022, the Russia-Ukraine war, uranium supply challenges related to conversion and enrichment and the realization that nuclear energy is fundamental to combating climate change helped to light a fire under uranium prices, which hit an 11 year high of US$64.61 in mid-April. Analysts who are bullish on yellowcake, such as Uranium Insider's Justin Huhn and veteran investor and speculator Rick Rule, have continued their calls for a potential uranium market rebound.
If the minimum price for a return to good times in the uranium sector is US$50 to US$60, what was the highest price for uranium? Read on for the answer to that question, as well as a look at what factors have shaped historical prices. We'll also consider what all this means for the uranium price now and in the future.
How is uranium traded?
Before discovering the highest price for uranium, it's worth looking at how this commodity is traded. To truly understand how prices are set, investors need to know how yellowcake is bought and sold.
While it is possible to trade uranium futures on the NYMEX or through CME Group (NASDAQ:CME), investors can't take actual possession of the metal as they can with precious metals. The obvious reason is that uranium is highly radioactive; therefore, international laws exist that regulate all aspects of the uranium supply chain, from how it is mined and refined to how it is transported and stored, as well as how it changes hands in the marketplace.
Unlike other commodities such as gold and silver, physical uranium does not trade on the open market. Buyers are often utilities companies that purchase enriched uranium for use as nuclear fuel through privately negotiated contracts with sellers. Uranium contracts often range between two and 10 years and are either set at a long-term fixed price or use the current uranium spot price as a base price, with economic corrections to be made at later dates based on an agreed-upon formula.
A one time uranium delivery can be bought based on the spot price at the time of purchase, but this only occurs in about 15 percent of uranium deals. Uranium spot market buying is often conducted by producers looking to fulfil contracts in the face of output shortfalls, as Kazatomprom did in August 2020.
What factors drive uranium supply and demand?
The uranium spot price is mostly influenced by supply and demand dynamics. Bullish experts believe we've seen the bottom of the uranium market cycle and that price increases are supported by attractive supply and demand fundamentals.
About 10 percent of the world's energy needs are met by nuclear energy generated by the 440 existing reactors. With 59 nuclear reactors in various stages of construction worldwide, the nuclear energy sector is the key driver of demand for uranium.
China alone is constructing 21 new reactors, and three new reactors are under construction in Russia with another 11 planned; India has eight nuclear reactors under construction.
On the supply side, years of ultra-low uranium prices have meant fewer companies are searching out new uranium resources to bring to market, while major producers have shuttered mines and mothballed expansion projects.
Examples of shuttered projects include Cameco's closure of the Saskatchewan-based McArthur River mine in 2018 and the uranium giant's temporary closure at Cigar Lake in response to the COVID-19 pandemic. Cameco announced a return to normal operations at McArthur River in November 2022, and the company plans to produce 15 million pounds of uranium per year from these operations by 2024; however, that's 40 percent below the annual licensed capacity.
McArthur River and Cigar Lake are considered the world's top two uranium-producing mines. Both are located in Canada, once ranked as the world's second largest uranium-producing country after Kazakhstan. However, output cuts have dropped Canada down to fourth place behind Australia and Namibia. Uzbekistan rounds out the top five producers.
Responsible for more than 40 percent of global uranium production, Kazakhstan began cutting its annual production levels in 2018. An improving uranium market in 2022 led Kazatomprom, the country's top uranium-producing company, to reverse direction and announce a planned increase to its production levels for 2023 and 2024.
What was the highest price for uranium?
The uranium price peaked at US$136.22 in early June 2007, an impressive increase after it started the year at US$72.
Uranium's top price is a far cry from where it was at the dawn of the 21st century, trading at a low of US$7. The commodity began its upward trend in 2003 as nuclear power took a larger role in meeting global energy demand, especially in China and India.
Part of what caused the massive price uptick came from the supply side — Cameco's massive Cigar Lake mine in Saskatchewan flooded in 2006, delaying the start of production for several years. Being one of the largest undeveloped uranium deposits in the world, the unexpected delay took a serious toll on the market and contributed to the exponential growth in prices in 2007.
Uranium price chart, 2013 to 2023.
Chart via TradingEconomics.
However, the high price levels seen in 2007 didn't last. The 2008 economic crisis sent prices for uranium crashing alongside other commodities. By early 2009, prices had fallen below the key US$50 level and slid further in 2010 to the US$40 range. Signs of a global economic recovery and the coinciding rising demand for energy metals in 2011 was very price positive for uranium.
Still, the low price environment over the years prior significantly sidelined uranium exploration and development, heightening supply-side concerns. As a result, prior to Fukushima uranium prices were shooting up past the US$70 level.
After the Fukushima fallout, the U3O8 spot price was on a slow slide to lows not seen since the start of the century, bottoming at US$18 in November 2017. For the next three years, the price of uranium struggled to break US$25.
As mentioned, in 2020, the uranium spot price began moving higher, increasing more than 30 percent in the first half of the year. By September 2021, prices had hit a nine year high of US$50.80.
Uranium kicked off 2022 at US$43.66. Civil unrest in Kazakhstan due to mounting energy prices in the nation, along with the launch of Russia’s war in Ukraine, were behind the positive performance for uranium in the first few months of the year. Between late February and mid-April, uranium prices rose from US$43.94 to hit an 11 year high of US$64.61.
On the demand side, utilities companies are finally returning to the uranium market to boost their fuel supplies. “Utilities have begun to respond by signing new long-term uranium supply agreements to secure price and supply,” Ciampaglia told INN.
At the same time, uranium supply challenges related to conversion and enrichment also aided in pushing uranium prices higher. From April 2021 to April 2022, the price of uranium climbed by a massive 106.47 percent.
However, by the end of June 2022, uranium had fallen to the US$50 range as the broader commodities market faced economic turbulence brought on by the US Federal Reserve's efforts to curtail rising inflation by hiking interest rates. Despite a rally to a high of US$53.27 at the end of August, by the end of September the U3O8 spot price contract had slipped to US$49.18.
Even so, uranium prices have seen support as countries around the world look to nuclear power to help bridge the gap in the transition to cleaner energy sources. This is evidenced by the market’s ability to sustain prices above the US$48 level throughout the end of 2022 and into the first quarter of 2023.
Will the uranium price rebound even higher? That question is still to be answered, although Justin Huhn, founder and publisher of Uranium Insider, had some advice for uranium market watchers when INN spoke with him in early 2023. He highlighted his positive long-term outlook by comparing the current uranium market cycle to the nine innings of a baseball game.
"We're probably somewhere on the tail end of inning three," he said. "I think we've got a long ways to go, and in these types of markets the mania phase usually happens in inning eight and nine. So there's a lot of excitement ahead of us still."
Investor takeaway
We've answered the question, "What was the highest price for uranium?" But it remains to be seen if uranium will continue its rebound. The main factors to watch continue to be growth in the number of nuclear reactors online and under construction, as well as decreasing mine supply.
For more information on entering the uranium market, click here to read our overview of stocks, exchange-traded funds and uranium futures.
This is an updated version of an article first published by the Investing News Network in 2020.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
GoviEx Uranium Letter to Stakeholders
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") today provides a letter to stakeholders from the Executive Chairman, Govind Friedland and the Chief Executive Officer, Daniel Major.
To Our Fellow Stakeholders,
2022 was an incredibly busy year that saw us move closer to our goal of becoming a uranium producer. We would like to reflect on those achievements and to thank you, our stakeholders, for your support over the last 12 months.
Climate change issues are intensifying and there is growing recognition that nuclear energy remains a key part of the solution to achieve net zero. The uranium industry follows this momentum, however increased demand is not met due to a lack of new entrants in the industry, harder permitting environments, the depletion of secondary supply, geo-political tensions and a demand for security of supply and diversification from off-takers. This puts us in an advantageous position, as we are fully permitted, operating in mining friendly jurisdictions, with a multi-project pipeline and with production scheduled to start when there is an expected supply deficit in the market.
Over the last 12 months, we have delivered transformational changes. Firstly, we published the Feasibility Study for our Madaouela project in Niger,whichholds one of the largest uranium resources in the world, with 100 million pounds of U3O8 in Measured and Indicated mineral resources, plus inferred resources of 20 million pounds of U3O8. This mine permitted project has the potential to exceed 2.6 million pounds of U3O8 per year over a 20-years mine life. The Feasibility Study1 confirmed the strength of our project and its ability to deliver good economic results at a time when inflationary pressures are having a significant impact on the development of new projects and operating mines.1
Following the delivery of our Feasibility Study, we have proceeded to engage with a number of financial institutions, supported by our debt advisors Endeavour Financial, for project related debt financing. We are delighted with the initial results yielding a preliminary short-list of approximately 20 institutions who will now move forward with the detailed due diligence phase. These initial results are very encouraging and underline the strong potential to source debt financing for the Madaouela project.
Our Muntanga project in Zambia2 has seen an ambitious field program which included 15,500 meters of infill drilling, with an aim to upgrade the Project's Dibbwi East resource from Inferred to Indicated category.4 We also commissioned 9,000 meters of diamond drilling to obtain core samples for uranium assays that are being used for confirmatory metallurgical testwork.5
We have also started to update Muntanga's ESIA and Relocation Action Plan, and will now aim to deliver a Feasibility Study for this project in 2024.
At Falea in Mali, we undertook a diamond drilling program that totalled 6,002 meters of NQ sized diamond core over 12 drill holes. The IP data showed targets with a strong correlation with known uranium mineralization, which means we now have a clear roadmap of targets for the future.
Falea is a highly compelling and prospective polymetallic uranium, copper and silver3 deposit with surrounding gold6, and we are pleased to have entered into an agreement with African Energy Metals Inc. for its sale as part of a US$5.5 million deal (plus an NSR), which will allow us to maintain a significant interest in the Falea project whilst allowing the Company to concentrate its efforts and funding on the continued exploration and development of the Madaouela and Muntanga projects.7
The last 12 months also saw the publication of our first ESG report, which is compliant with SASB, IFC and GRI standards and showcases our continued commitment to mitigating long-term impacts to the environment while progressing the interests of all our stakeholders.8
ESG has always been an important part of how we operate and we are very much focused on continuing to build a more sustainable future for our Company. We are committed to making a positive impact for our stakeholders and to harnessing technology to minimize our environmental impact. We remain focused on doing business ethically and providing a safe work environment for our employees and contractors. We are confident that our past, present, and future commitment towards ESG makes us a stronger company for all current and potential employees, investors, lenders, off-takers and the communities where we operate.
We have delineated a clear strategy focused on the financing of the Madaouela project, continued discussions with off-takers and to advance towards becoming a producer, while continuing to develop Muntanga and benefiting from the potential exploration upside at Falea.
We are truly grateful for our employee's support and hard work in all the jurisdictions where we operate, and for the continuous support from the neighboring communities and all levels of government in these countries.
On behalf of management and the Board, thank you for your support.
Kindest regards,
Govind Friedland and Daniel Major
Qualified Person
The scientific and technical information in this release has been reviewed and approved by Dr. Rob Bowell, a chartered chemist of the Royal Society of Chemistry, a chartered geologist of the Geological Society of London, and a Fellow of the Institute of Mining, Metallurgy and Materials, who is an independent Qualified Person under the terms of NI 43-101 for uranium deposits. Mr. Bowell has verified the data disclosed in this news release.
Notes:
(1) See the technical report titled, "A feasibility Study for the Madaouela Uranium Project, Niger" dated effective 01 November, 2022, that is available at GoviEx's profile on SEDAR at www.sedar.com.
(2) See the technical report titled, "NI 43-101 Technical Report on a Preliminary Economic Assessment of the Mutanga Uranium Project in Zambia", dated November 30, 2017 (the "PEA"). The PEA was prepared by Qualified Persons from SRK Consulting (UK) Limited.
The PEA is considered preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Mineral Resources that are not Mineral Reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all, or any part of an Inferred Mineral Resource, will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration or Mineral Reserves once economic considerations are applied; therefore, there is no certainty that the production profile concluded in the PEA will be realized.
(3) See the technical report titled, "Technical Report on the Falea Uranium, Silver and Copper Deposit, Mali, West Africa" prepared by Roscoe Postle Associates Inc. for Denison Mines Corp., October 26, 2015.
(4) See news release dated February 3, 2022, October 31, 2022
(5) See news release dated June 30, 2022
(6) See news release dated October 31, 2022
(7) See news release dated January 18, 2023
(8) See news release dated October 4, 2022
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
About GoviEx Uranium Inc.
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.
Contact Information
Isabel Vilela
Head of Investor Relations and Corporate Communications
Tel: +1-604-681-5529
Email: info@goviex.com
Web: www.goviex.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.
Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Forward-looking statements include those related to: (i) the timing of completion, if at all, of the updated Muntanga ESIA and Relocation Action Plan, and Feasibility Study for this project in 2024; (ii) continued commitment to mitigating long-term impacts to the environment while progressing the interests of its all our stakeholders; (iii) the method and timing of any exploration, development and/or mining operations at any of GoviEx's projects; (iv) future commitment towards ESG; (v) the ability for the Company to finance the development of the Madaouela project; and (vi) GoviEx's ability to benefit from a strengthening uranium market.
Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that the Company will be successful in its exploration and development plans for all its projects; (ii) that projected low capital expenditures for the mine-permitted projects will remain unchanged or improve; (iii) that the planned exploration and development programs on GoviEx's projects will be completed as planned and meet GoviEx's objectives; (iv) that the Company will be able to complete its planned ESG work as planned ;and (v) that the price of uranium will remain sufficiently high and the costs of advancing the Company's projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner.
Factors that could cause actual results to differ materially from expectations include (i) the inability of the Company to successfully complete the exploration and development plans; (ii) potential delays due to COVID-19 restrictions; (iii) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (iv) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (v) an increase in the Company's operating costs above what is necessary to sustain its operations; (vi) accidents, labour disputes, or the materialization of similar risks; (vii) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; and (viii) generally, the Company's inability to develop and implement a successful business plan for any reason.
In addition, the factors described or referred to in the section entitled "Risks Factors" in the MD&A for the year ended December 31, 2021, of GoviEx, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release.
Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153240
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NexGen Announces Appointment of Ivan Mullany to its Board of Directors
NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce the appointment of Ivan Mullany to the Company's Board of Directors.
Leigh Curyer, Chief Executive Officer, commented: "On behalf NexGen Energy's Executive and Board of Directors, we are very pleased to welcome Mr. Ivan Mullany . Mr. Mullany has extensive knowledge and experience in the successful execution of global mining project construction and operational excellence. Mr. Mullany is joining an experienced team dedicated to the responsible development of the Rook I Project that will create significant generational benefits to Saskatchewan and Canada , while playing a leading role globally in the delivery of clean energy fuel. Mr Mullany's skills and experience are an excellent complement to the Board and timely, as Rook I advances into Detailed Engineering in 2023.
Ivan Mullany
Mr. Mullany, BSc, Majoring in Extractive Metallurgy, CIMM, FAusIMM, has over 35 years in mining project management with broad international experiences. Most recently, with Newmont Corporation and its predecessor Goldcorp Inc. on the Senior Leadership Team, he led numerous major projects, collectively in excess of $18 Billion , during the engineering study, construction and execution stages.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.
NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE" and on the Australian Securities Exchange under the ticker symbol "NXG" providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon, Saskatchewan .
Contact Information
Leigh Curyer
Chief Executive Officer
NexGen Energy Ltd.
+1 604 428 4112
lcuryer@nexgenenergy.ca
www.nexgenenergy.ca
Travis McPherson
Chief Commercial Officer
NexGen Energy Ltd.
+1 604 428 4112
tmcpherson@nexgenenergy.ca
http://www.nexgenenergy.ca
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated February 25, 2022 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws .
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SOURCE NexGen Energy Ltd.
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