CanAlaska drills 10.9 metres of 13.61% eU3O8 at Pike Zone, McArthur project, Saskatchewan
CanAlaska Uranium Ltd. [TSXV-CVV; OTCQX-CVVUF; FSE-DH7] provided an update on the summer diamond drill program at the Pike Zone on the West McArthur Joint Venture project in the eastern Athabasca Basin, Saskatchewan. Multiple drillholes, highlighted by WMA082-12 which intersected 9.30% eU3O8 over 16.2 metres, including 13.61% eU3O8 over 10.9 metres and WMA082-11 which intersected 4.77% eU3O8 over 25.9 metres, including 6.30% eU3O8 over 16.3 metres have confirmed high-grade unconformity-associated uranium mineralization along the first step out drill fence to the east. These drillholes, combined with previously reported WMA082-8 which intersected 6.87% eU3O8 over 16.9 metres, including 11.62% eU3O8 over 9.3 metres in the basement, indicate the potential for significant extensions of high-grade uranium mineralization at the Pike Zone. The West McArthur project, a Joint Venture with Cameco Corp. [TSX-CCO; NYSE-CCJ] is operated by CanAlaska that holds an 83.35% ownership in the Project. CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project.
CanAlaska CEO, Cory Belyk, commented, “The continued intersection of ultra high-grade uranium mineralization at Pike Zone this summer is an amazing result for CanAlaska, our shareholders, and the Joint Venture. Unconformity mineralization is now repeatable along strike from the original discovery holes and remains open in all directions including within the basement rocks below the unconformity. The results of the summer program clearly indicate the tier 1 potential of the Pike Zone along what is fast becoming a very prolific uranium mineralizing corridor which already includes the high-grade Fox Lake uranium deposit. I look forward to announcement of further drill results from the summer program in the context of an improving uranium market and return of investor interest.”
L85E Summary: Drillholes reported within this release, combined with previously reported drillhole WMA082-8 represent drilling to date along a new section (L85E) stepping out to the east at the Pike Zone. WMA082-11 and WMA082-12 extend the ultra high-grade unconformity-associated uranium mineralization from the L70E fence (WMA082-4/-5/-6/-7) to the east. WMA082-9, WMA082-14, and WMA082-8 extend the high-grade basement-hosted uranium mineralization down into the basement along the controlling structures. The ultra high-grade unconformity target at the Pike Zone remains open.
The summer drill program on the West McArthur project is currently ongoing and the company is on track to achieve approximately 15 unconformity target intersections. The primary objective for the summer drilling program is delineation and expansion of the ultra high-grade Pike Zone uranium discovery at the unconformity and within the upper basement. A secondary objective is Pike Zone extension testing along the C10S corridor searching for additional zones of ultra high-grade uranium mineralization.
The company expects to complete the summer portion of the 2024 exploration program in September. Geochemical assays from the summer portion of the 2024 exploration program are pending.
CanAlaska Uranium holds interest in approximately 500,000 hectares (1,235,000 acres) in the Athabasca Basin focused on exploration and discovery of high-grade unconformity uranium deposits. The company is advancing the Pike Zone discovery, a new high-grade uranium discovery on its West McArthur Joint Venture project in the eastern Athabasca Basin.
In addition, the company has several other uranium-focused exploration programs.