CanAlaska Uranium Ltd. (TSXV:CVV) (OTCQX:CVVUF) (FSE:DH7N) has completed a successful winter 2023 drilling program at the West McArthur project. The project is located in the Athabasca Basin in Saskatchewan and lies between 6 and 30 km west of the producing McArthur River mine and immediately west of Cameco’s new Fox Lake deposit. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska which currently holds a 79.4% ownership in the project.
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CanAlaska Uranium Ltd. (TSXV:CVV) (OTCQX:CVVUF) (FSE:DH7N) has completed a successful winter 2023 drilling program at the West McArthur project.
The project is located in the Athabasca Basin in Saskatchewan and lies between 6 and 30 km west of the producing McArthur River mine and immediately west of Cameco’s new Fox Lake deposit.
The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska which currently holds a 79.4% ownership in the project.
CanAlaska is sole funding the 2023 West McArthur program, further increasing its majority ownership in the project.
The winter drill program focused on drill testing unconformity targets in the vicinity of the Pike Zone discovery as well as continued definition of the basement mineralization.
It consisted of nine completed diamond drill holes totalling 7,072 metres, of which six drill holes intersected significant uranium mineralization.
Each of the holes completed during the winter program intersected indicative alteration and structural disruption in the lower sandstone and basement related to faulting along the C10S conductor corridor, which is a structural bifurcation from the C10 corridor on the project.
The C10 corridor is host to CanAlaska's nearby 42 Zone and Cameco and Orano's Fox Lake uranium deposit.
Unconformity-associated uranium mineralization was discovered on two drill fences located over 160 metres to the northeast of the original Pike Zone discovery.
This indicates the potential for a very large mineralizing event that is already generating significantly high-grade uranium mineralization in both the basement and unconformity target areas.
An inclined long section shows the 2022 and 2023 mineralization intersections projected onto target corridor plane of the basement rocks.
In the basement, high priority targets are located immediately northeast of the Pike Zone, down-dip of mineralization intersected at the unconformity during the 2023 drill program.
High priority unconformity-related targets exist along strike in both directions of the Pike Zone area.
The drill program was highlighted by hole WMA079 which intersected 2.3 metres at 0.58 %eU3O8 and 3.9 metres at 1.39 %eU3O8, including 0.5 metres at 7.16 %eU3O8.
Cory Belyk, CEO and Executive Vice President, stated: "The Pike Zone discovery continues to grow in size as we complete further drilling indicating the potential for this to be a major discovery for CanAlaska and the West McArthur joint venture. With a majority of the holes drilled in 2023 encountering mineralization at the unconformity and within basement over considerable and continuous length, the Pike Zone is displaying the critical characteristics of major mineralizing events commonly observed in the Athabasca setting. The Pike Zone is open in all directions and the next phase of drilling scheduled for later in the year will focus on expansion of the known mineralization. I remain very encouraged by the continuity of the mineralization and associated intense alteration as well as the new targets that have been identified from this program for our immediate follow-up."
CanAlaska Uranium, a project generator positioned for discovery success in the world's richest uranium district, holds interests in approximately 300,000 hectares or 740,000 acres, in Canada's Athabasca Basin, known as “the Saudi Arabia of Uranium."
The company is currently working with Cameco and Denison at two of its properties in the Eastern Athabasca Basin, where its strategic holdings have attracted major international mining companies.
The company also holds properties prospective for nickel, copper, gold and diamonds.
The shares are trading at $0.30.
For more information, please visit the company’s website, www.canalaska.com, contact Cory Belyk, CEO and Executive Vice President, at 604-688-3211 ext 306, or by email at CBelyk@canalaska.com.
