CanAlaska Uranium reports higher grades of unconformity uranium mineralization at Moon Lake South, Saskatchewan
CanAlaska Uranium Ltd. [CVV–TSXV; CVVUF-OTCQX; DH7N-FSE] reported that assay results have been received from the 2023 winter drill program completed by the Moon Lake South Joint Venture (MLSJV), Saskatchewan. Geochemical assay results returned a high-grade intersection grading 2.46% U3O8 over 8.0 metres, including 3.71% U3O8 over 4.5 metres in drill hole MS-23-10A. Additionally, the company reported that the MLSJV has doubled the 2023 exploration budget with the approval of a newly planned supplemental drill program that will test for extensions of the high-grade uranium mineralization intersected this winter. The MLSJV is 75%-owned and operated by Denison Mines Corp. [DML-TSX; DNN-NYSE American] and CanAlaska holds a 25% ownership. CanAlaska is funding the company’s share of the 2023 exploration programs.
2023 Moon Lake South Winter Exploration Program Highlights: Drill hole MS-23-10A intersected 2.46% U3O8 over 8.0 metres, including 3.71% U3O8 over 4.5 metres, approximately 30 metres above the unconformity. The mineralization in MS-23-10A represents the highest-grade mineralized intersection drilled to date along the CR-3 conductor on the Moon Lake South project. Given the limited number of drill holes completed during the winter program, the mineralization discovered in MS-23-10A remains open in multiple directions. The winter exploration program results, combined with previous drill programs, have confirmed uranium mineralization in multiple zones over a strike length of four kilometres along the CR-3 target corridor. At the conclusion of the winter drill program, the mineralization intersected on the southern portion of the CR-3 corridor remains open along strike for at least 1.2 km to the northeast.
As a result of the winter drill program results, the MLSJV has approved an increase to double the planned exploration spending for 2023 by including a summer drill program. The approved supplemental program is expected to consist of between 4 and 8 drillholes for a total of up to 4,400 metres. The drilling is expected to focus on testing the northeast strike extension of the high-grade mineralization in MS-23-10A. The supplemental drill program is anticipated to start in mid-September.
CanAlaska CEO, Cory Belyk, commented, “An increase in the high-grade mineralization by 78% over the expected grade based on down-hole radiometric equivalents is an exciting outcome for the Moon Lake South JV and CanAlaska shareholders. These results clearly indicate this could be a very significant high-grade uranium discovery in the heart of the eastern Athabasca Basin near all the critical infrastructure of currently producing uranium mines and mills. Accordingly, the Moon Lake South JV is moving the project ahead aggressively through approval of this supplemental budget for summer of 2023. I am very encouraged by these early drill results, and I look forward to how this discovery continues to develop for CanAlaska shareholders.”
CanAlaska Uranium holds interests in approximately 350,000 hectares (865,000 acres). CanAlaska is currently working with Cameco and Denison at two of the company’s properties in the Eastern Athabasca Basin.