August 14, 2024 7:30 AM EDT | Source: CanAlaska Uranium Ltd.
Discovery of Priority Geophysical Targets and Scheduled Initiation of Drill Program for Fall Exploration
Exploration Budget Adjustment to Support Supplemental Fall Drill Program
Vancouver, British Columbia–(Newsfile Corp. – August 14, 2024) – CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) (“CanAlaska” or the “Company”) is pleased to announce that the Moon Lake South Joint Venture (“MLSJV”) has authorized an additional budget allocation for the 2024 exploration activities. This supplementary budget will be utilized to conduct a fall drill program aimed at testing recently identified conductivity anomalies along the mineralized CR-3 Corridor, known for its high-grade uranium mineralization uncovered in previous drilling operations. The MLSJV, predominantly operated by Denison Mines Corp. (“Denison”), in which CanAlaska holds a 25% ownership, has approved this budget increase for the upcoming fall drill program scheduled to begin in September (Figure 1).
Figure 1 – Moon Lake South Project Location
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CEO of CanAlaska, Cory Belyk, expressed satisfaction with the results of the recent winter geophysical program, indicating the discovery of untested targets in close proximity to the high-grade mineralization identified in 2023. Belyk commended Denison for identifying additional priority targets and presenting the supplemental budget proposal for the MLSJV’s approval. Shareholders of CanAlaska can anticipate continued updates from the Moon Lake South JV in the upcoming fall season.
Figure 2 – Fall Drill Program Target Area Along CR-3 Corridor
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Details of 2024 Moon Lake South Fall Exploration Program
A recent Stepwise Moving Loop Electromagnetic survey revealed prominent conductivity anomalies along the western edge of the CR-3 Corridor on the Moon Lake South property (Figure 2). The CR-3 corridor contains high-grade perched uranium mineralization, as evidenced by previous drilling results, such as drill hole MS-23-10A which encountered 2.46% U3O8 over 8.0 metres, including 3.71% U3O8 over 4.5 metres. The MLSJV has approved an extension to the 2024 exploration budget to incorporate a supplementary fall drill program, expected to commence in September and involve three drillholes totaling up to 1,800 metres in length.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) is a Canadian exploration company with interests in approximately 500,000 hectares in Canada’s Athabasca Basin, focusing on the discovery of high-grade unconformity uranium deposits. The Company, led by a team of experienced professionals, actively advances various uranium exploration projects, including the Pike Zone discovery in the eastern Athabasca Basin. CanAlaska uses a hybrid project generator model to acquire and develop prospective projects, attracting partnerships with major mining companies like Cameco Corporation and Denison Mines.
The Company’s headquarters are in Saskatoon, Saskatchewan, Canada, with an additional office in Vancouver, BC, Canada. For more information, visit www.canalaska.com.
The Qualified Person responsible for the disclosure in this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its content.
On behalf of the Board of Directors
“Cory Belyk”
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains forward-looking statements that reflect the Company’s expectations, beliefs, and anticipations regarding future activities, events, or developments. These statements are based on various assumptions, historical trends, and other factors deemed relevant by the Company. However, they also involve inherent risks and uncertainties that may lead to inaccuracies in predictions and forecasts, some of which are beyond the Company’s control. Therefore, readers are advised to exercise caution when relying on forward-looking statements. The Company does not intend to update these statements unless required by law or unforeseen events occur.
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