Drilling by CanAlaska Uranium Ltd.’s [CVV-TSXV; CVVUF-OTCQB; DH7N-FSE] joint venture partner, Denison Mines Corp. [DML-TSX; DNN-NYSE American], has intersected uranium mineralization in drill holes MS-21-02 and MS-21-06 at the Moon Lake South JV project in the Athabasca Basin of northern Saskatchewan.
MS-21-02 intersected 0.14% eU3O8 over 0.2 metres above the unconformity and MS-21-06 intersected 0.12% eU3O8 over 0.2 metres below the unconformity. Denison operates the JV project, while CanAlaska, which maintains a 25% ownership in the project, is funding the company’s share of the 2021 exploration program. Moon Lake South Project.
The 2021 drilling program was focused on a 5-km long conductive corridor known as the CR-3 conductor. This mineralized corridor is located approximately 2 km west of the K-trend, host to the Gryphon Deposit on Denison’s adjacent Wheeler River property. The 2021 drilling program consisted of 2,353 metres in four drillholes that successfully reached the target depth.
In 2016, as part of the project option from CanAlaska, Denison drilled one diamond drillhole (MS-16-01) near the southern boundary of the Moon Lake South project. The drillhole identified the first new zone of mineralization on the CR3 corridor, with an intersection of fractured and friable sandstone with uranium mineralization immediately at the unconformity (0.1% eU3O8 over 0.5 metres).
The first drillhole of the 2021 program, MS-21-02, tested a further target on the CR3 conductor approximately 4 kilometres north of mineralized drillhole MS-16-01. This new drillhole intersected grey sooty pyrite alteration in the lower sandstone column associated with a new zone of fracture-controlled uranium mineralization grading 0.14% eU3O8 over 0.2 metres immediately above the unconformity from 488.5 – 488.7 metres.
With the intersection of uranium mineralization in both MS-21-02 and MS-21-06, the 2021 drilling program has now confirmed uranium mineralization in three separate zones over a strike length of 4-km along the CR-3 conductor. Assay results for the 2021 drilling program are pending.
CanAlaska CEO, Cory Belyk, comments, “This is an incredible result for the new Moon Lake South JV and CanAlaska shareholders. The first drilling program under the new JV with Denison has located the main structure and intersected more uranium mineralization. Multiple uranium showings have now been discovered on this project, and the Company looks forward to the next phase of exploration to further build upon this success.”
The company recently terminated a Letter of Intent (LOI) that was signed 3 September, 2021 with Terra Uranium Pty Ltd. for an option to earn 20% interest in CanAlaska’s 100%-owned Waterbury South project near the Cigar Lake uranium mine. Negotiations under the LOIs on the Waterbury East and McTavish projects, also with Terra Uranium Pty Ltd., are still active and are anticipated to be concluded shortly.
CanAlaska Uranium has interests in approximately 300,000 hectares in te Athabasca Basin.