Canalaska drills 25.4% U3O8 over 0.3 metres at West McArthur, Saskatchewan

CanAlaska Uranium Ltd. [CVV-TSXV; CVVUF-OTCQX; DH7N-FSE] reported assay results from the remaining drill holes completed during the 2022 program at the West McArthur project in the Athabasca basin of northern Saskatchewan.

The new geochemical assay results indicate multiple high-grade intersections over a 12.6-metre wide zone in WMA072-3, highlighted by 3.98% U₃O₈ (triuranium octoxide) over 2.3 metres from 845.9 metres to 848.2 metres, which contains a subinterval of 25.4% U₃O₈ over 0.3 metres from 846.4 metres to 846.7 metres.

Additionally, WMA070 returned 0.84% U₃O₈ over five metres from 808.5 metres to 813.5 metres. These new results complement the previously reported high-grade intersection of 2.4% U₃O₈ over nine metres in WMA067 and provide a compelling target where the mineralized structure intersects the unconformity. The West McArthur project, a joint venture with Cameco Corp. [CCO-TSX; CCJ-NYSE], is operated by CanAlaska which currently holds a 79.3% ownership in the project.

The company recently completed its drill program on the West McArthur project. The majority of the drill program was focused on high-grade basement-hosted uranium mineralization discovered in drill hole WMA067. WMA067 is located 6 km along strike on the C10 South (C10S) conductive corridor and southwest of the company’s 42 zone mineralization. As part of the discovery follow-up, eight drill tests were completed on the same fence or along strike of the WMA067 discovery hole. High-grade uranium mineralization has now been confirmed by assay in four drill holes in the discovery area at various elevations throughout the 40-metre to 50-metre wide graphitic horizon.

The company believes that it has successfully identified the orientation of the controlling structure for the basement-hosted uranium mineralization as part of a larger fault system. The ideal target, where this controlling structure, the larger fault system, and the 40- metre to 50-metre wide graphitic horizon intersect the unconformity, has not been drill-tested and remains a high-priority target for the next drilling program.

Unconformity targeting will focus both in the discovery fence area and along strike including where WMA073 intersected a 40-metre wide strongly altered sandstone-hosted structure 200 metres above the unconformity.

A formal 2023 exploration program and budget for $10-million has been approved by the joint venture.

CanAlaska CEO, Cory Belyk, commented: “To intersect uranium mineralization up to 25% U₃O₈ composite grade is a huge accomplishment for the team. The summer program clearly highlights the potential of this new discovery to host very high-grade uranium and when coupled with the drill-intersected structure and alteration in both the sandstone and basement, this new discovery truly appears to be a potential tier 1 mineralizing event. This is exactly what the Canalaska team felt the project could deliver to shareholders and the next drilling program will focus on building upon this initial success. The program and budget for 2023 has been doubled based on these results and in the context of a continued strengthening of the uranium market fundamentals. We believe the timing could not be more perfect to move this new discovery forward.”

CanAlaska Uranium holds interests in approximately 300,000 hectares (750,000 acres), in the Athabasca Basin – the “Saudi Arabia of Uranium.”

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