CanAlaska Uranium drills 0.73% eU3O8 over 6.5 metres at West McArthur, Saskatchewan

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CanAlaska Uranium Ltd. [TSXV-CVV; OTCQX-CVVUF; FSE-DH7N] has successfully completion the summer 2023 drilling program at its West McArthur project, northern Saskatchewan. The drill program is highlighted by WMA082-2, which intersected 6.5 metres at 0.73% eU3O8 (triuranium octoxide equivalent), including 1.8 metres at 1.91% eU3O8.

WMA082-2 has confirmed high-grade basement mineralization immediately below the unconformity at the Pike zone. Basement-hosted uranium mineralization has now been confirmed over 160 metres into the basement along the controlling fault structures and remains completely open in multiple directions. Step-out drill targets 200 metres and 800 metres northeast of the Pike zone intersected alteration and fault structures in the basement and lower sandstone column, respectively.

The West McArthur project, a joint venture with Cameco Corp. [TSX-CCO; NYSE-CCJ], is operated by CanAlaska, which currently holds a 79.4% ownership in the project. Canalaska is sole financing the 2023 West McArthur program, further increasing its majority ownership in the project.

In addition to drilling at Pike zone, the company completed four drill holes, totalling 3,809 metres, up to 2 km away from Pike zone to evaluate the corridor for alteration, structure and mineralization. The extension drilling 200 metres northeast of the Pike zone intersected basement fault structures and alteration below the unconformity target. In addition, a further stepout 800 metres northeast of the Pike zone intersected dravitic structures in the lower sandstone with associated alteration, which are interpreted to be the C10 South corridor faults. The ideal unconformity target and basement targets remain untested. A third and more regional drill test two kilometres away from the Pike zone along the C10 South corridor did not explain the conductor target.

Geochemical assays from the 2023 summer drill program are pending.

Results from the summer drill program indicate that priority targets exist both at the Pike zone and as extensions along the C10 South corridor.

The company is completing additional processing on the recent 3-D DCIP (direct current induced polarization) resistivity survey, in conjunction with the 2022 SWML TDEM (time-domain electromagnetics) data, to refine drill targets near Pike zone and along the C10 South conductive corridor. The company is working with its joint venture partner, Cameco, to prepare a program and budget for 2024.

Cory Belyk, CEO, commented: “The high-grade Pike zone discovery was expanded and remains open in all directions following the summer drilling program. In addition, the CanAlaska team was able to demonstrate the incredible discovery potential for several kilometres along the C10 South mineralized corridor with the successful intersection of fault structures and associated alteration in the lower sandstone column, similar to what has been observed within and adjacent to Pike zone and the nearby large Fox Lake uranium deposit. The C10 South corridor is continuing to deliver results that indicate this is a major mineralizing event and that the Pike zone may be just the tip of the iceberg. We look forward to developing the next exploration steps for the joint venture to move this project to the next level in 2024.”

CanAlaska Uranium holds interests in approximately 350,000 hectares (865,000 acres) in Canada’s Athabasca basin. Canalaska is currently working with Cameco and Denison at two of the company’s properties in the eastern Athabasca basin.

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