CanAlaska Uranium starts summer drill program at West McArthur JV, Saskatchewan

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CanAlaska Uranium Ltd. [TSXV-CVV; OTCQX-CVVUF; FSE-DH7]   reported the mobilization of drill crews for the 2024 summer drill program on the West McArthur Joint Venture project in the eastern Athabasca Basin, Saskatchewan as part of the approved $7.5 million 2024 exploration program.

Priority for the summer drill program will be the continued delineation and expansion of the ultra high-grade Pike Zone uranium discovery, following up two recent high-grade intersections in WMA082-6 (14.9% U3O8 over 9.6 metres) and WMA082-4 (9.9% U3O8 over 14.5 metres).

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.

The summer drill program on the West McArthur project will consist of two diamond drills for approximately 9,000 metres of planned drilling to achieve an estimated 10 to 14 unconformity target intersections. The company will continue to use downhole mud-motor deviation technology for increased drilling efficiency and targeting ability.

The focus for the summer drill program will be the continued delineation and expansion of the ultra high-grade Pike Zone discovery at the unconformity. Currently, the Pike Zone is interpreted to extend over approximately 150 metres at the unconformity, where recent high-grade uranium results were confirmed and approximately 160 metres into the basement along the controlling structure.

The first drill tests of the summer program will evaluate the extent of the high-grade unconformity-related mineralization intersected on the WMA082-4 and WMA082-6 fence. Subsequent drill tests at the unconformity will move east and west of this high-grade drill fence to evaluate the length of the high-grade mineralization. Currently, the ultra high-grade unconformity target at the Pike Zone remains open in all directions.

In addition, the company plans to continue testing the unconformity target areas in the immediate Pike Zone area and along strike to the northeast and southwest for potential unconformity mineralization extensions. Along trend, the C10 corridor is host to CanAlaska’s 42 Zone discovery, as well as Cameco and Orano’s high-grade Fox Lake uranium deposit (68.1 million pounds uranium at 7.99% U3O8 average grade). The 15-km-long C10S corridor is sparsely tested both to the southwest of Pike Zone and to the northeast between the Pike Zone and 42 Zone mineralization. Based on the recent positive results and the proven uranium endowment of the C10 and C10S corridors, the company believes that significant potential for additional unconformity-related high-grade mineralization exists.

The Company expects to complete the summer portion of the 2024 exploration program in September.

CanAlaska CEO, Cory Belyk, commented, “After a brief pause in the 2024 drilling program and following assay confirmation of the ultra high-grade uranium mineralization intersected during the winter program, the CanAlaska team is eager to restart the expansion drilling program at Pike Zone. With high-grade unconformity uranium mineralization open in all directions, there is every belief by the team this discovery will continue to grow. A majority of the approved 2024 drilling program remains to be completed and with continued success, this discovery could be an incredible turning point for CanAlaska and its shareholders.”

CanAlaska Uranium holds interests in approximately 500,000 hectares (1,235,000 acres), in the Athabasca Basin. CanAlaska is currently working with Cameco on the West McArthur JV project and Denison on the Moon Lake South JV project in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district.

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