Energy

cameco stock

CanAlaska Stakes New Targets in Eastern Athabasca

Covers Interpreted Extension of "Mother Fault" at Cameco's Millennium Uranium Deposit

Sharp Magnetic Breaks and Associated Conductor Disruption Provide Immediate Targets for Athabasca Unconformity Uranium Exploration

Five Kilometre Priority Target Corridor Identified

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce that compilation work on the Company's newly acquired North Millennium project in the eastern Athabasca Basin has identified two new uranium targets along a five kilometre conductor corridor (figures 1 and 2). The targets are outlined by coincident magnetic breaks and electromagnetic conductor disruption just seven kilometres from Cameco's Millennium uranium deposit, host to 75.9 million pounds U3O8 indicated at 2.39% and 29 million pounds U3O8inferred at 3.19%.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2864/94486_4b1acf24c4cefb7f_001.jpg

Figure 1: Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2864/94486_4b1acf24c4cefb7f_001full.jpg

The uranium mineralization at Cameco's Millennium deposit is hosted within the north-south trending Host Assemblage basement metasediments where the conductor corridor changes orientation from north-south to northeast-southwest. The Host Assemblage metasediments are hanging-wall to the "Mother Fault", a 10 metre-wide, strongly altered, north-south trending fault zone with a reverse sense of displacement (Figure 2). Previously documented genetic models of the Millennium uranium deposit have interpreted the Mother Fault to be the main conduit for ore-bearing fluids entering the basement rocks to form the deposit. Based on the regional magnetic data (Figure 2), a sharp break in the magnetic grain and a disruption of the conductors on the North Millennium project are observed immediately north of Cameco's Millennium deposit. These breaks create a strong north-south lineament which is interpreted to be the continuation of the Mother Fault onto the North Millennium project (Priority Area 1). This lineament pattern is similar to that of the Millennium deposit where a northeast-southwest trending conductive package intersects an interpreted north-south fault zone. Historical exploration work on the North Millennium project is limited to regional scale airborne and ground-based electromagnetic surveys and no drillholes have been completed on the project to date.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2864/94486_4b1acf24c4cefb7f_002.jpg

Figure 2: Project Targets

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2864/94486_4b1acf24c4cefb7f_002full.jpg

CanAlaska CEO, Cory Belyk, comments, "Recognition of evidence that suggests the presence of the Millennium deposit's controlling Mother Fault in association with more than five kilometres of untested conductor corridor on the North Millennium project is another example of the great work our geologists are doing to generate new projects and discovery opportunities for our shareholders. Athabasca Basin projects with previously unrecognized discovery potential, such as North Millennium, will undoubtedly attract outside investment in an ever-improving uranium market. We look forward to working with new joint venture partners to move this project toward discovery."

Other News

The Company is currently drilling on its West McArthur Joint Venture Project in the 42 Zone discovery area, a joint venture with Cameco Corporation.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 214,000 hectares (530,000 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., P.Geo.
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/94486

News Provided by Newsfile via QuoteMedia

TSXV:CVV

CanAlaska Uranium


Keep reading...Show less
Growing graph and nuclear power station cooling tower.

When Will Uranium Prices Go Up? (Updated 2023)

Uranium is an important fuel source for the nuclear energy industry, but many investors were shaken out of the market during a 10 year streak of low prices. Although a rebound is in the works, the commodity is far from its peak.

Driven by rising demand and massive supply disruptions, uranium prices shot up in 2007 from US$72 per pound at the start of the year to an all-time high of US$136.22 by early June. In the years since then, uranium has mainly tracked downward on a steady slope. Since 2012, prices have struggled to trade above the key US$50 level, falling as low as US$18.

However, in September 2021, uranium began to show signs of life as it shot up to a nine year high of US$50.80. 2022 was another banner year for rising uranium prices, which reached an 11 year high of US$64.61 in mid-April. By late January 2023, prices were back in the US$48 range, but there are plenty of signals that the market may be in for upside in the years ahead.

Keep reading...Show less
cooling towers of nuclear power plant Mochovce with cloudy sky in the background

Is Nuclear Waste Safe? Expert Shares Facts for Investors

The energy crisis in Europe has brought new attention to the nuclear energy sector. One of the few sources of baseload energy, nuclear power has become an important component in achieving clean grid-scale energy.

In fact, nuclear energy — which is generated using uranium — has the highest capacity factor in the US. According to the country's Office of Nuclear Energy, nuclear power plants are producing maximum power 92.5 percent of the time, significantly higher than other clean energy sources like wind (35.4 percent) and solar (24.9 percent). Nuclear also comes in much higher than polluting power sources such as natural gas (56.6 percent) and coal (40.2 percent).

On a global scale, there are currently 440 nuclear reactors producing 10 percent of the world’s electricity. That number is likely to grow when the 60 reactors in various states of construction eventually come online.

Keep reading...Show less

IIROC Trade Resumption - GLO

Trading resumes in:

Company: Global Atomic Corporation

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Global Atomic Announces Pricing of C$100 Million Public Offering of Units

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO, FRANKFURT: G12) today announced the size and pricing of its previously announced overnight marketed public offering (the "Offering"). The Company has entered into an underwriting agreement with Red Cloud Securities Inc., as lead underwriter and sole bookrunner, and Cormark Securities Inc. (together, the "Underwriters") for the sale of 28,571,430 units of the Company (the "Units") at a price of C$3.50 per Unit for aggregate gross proceeds of C$100,000,005.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
uranium periodic symbol

Uranium Stocks: 5 Biggest Companies in 2023

Uranium is an important energy sector commodity, and its rising value has attracted investor interest.

2023 has already seen uranium prices briefly push past the important US$50 per pound level, and experts are optimistic about the year ahead. With demand set to increase as clean energy gains traction and supply security becomes increasingly important, many market watchers are calling for much higher prices, as well as share price gains for uranium stocks.

With uranium's bright future in mind, it's worth looking at the world's leading uranium miners. The list below lays out the five largest uranium companies by market cap. All data was current as of January 11, 2023.

Keep reading...Show less

Global Atomic Announces Proposed Public Offering of Units

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO, FRANKFURT: G12) today announced that it has filed a preliminary short form prospectus with the securities commissions in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, in connection with an overnight marketed public offering (the "Offering") of units of the Company (the "Units"). The Offering is expected to be completed pursuant to an underwriting agreement to be entered into between the Company and Red Cloud Securities Inc., as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (the "Underwriters").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×