CanAlaska/Denison drill 1.13% eU3O8 over 8.7 metres at Moon Lake South, Saskatchewan

CanAlaska Uranium Ltd. [CVV–TSXV; CVVUF-OTCQX; DH7N-FSE] reported that drill hole MS-23-10A has intersected 1.38% eU₃O₈ over 8.7 metres, including 2.88% eU₃O₈ over 3.1 metres, as part of the recently completed winter exploration program at the Moon Lake South property, Athabasca Basin, northern Saskatchewan.

Uranium mineralization was encountered in four of the six drill holes completed during the winter. The objective of the 2023 winter drill program was to further evaluate the uranium mineralization identified in 2021. Results of the winter exploration program, combined with previous drill programs, has now confirmed uranium mineralization in multiple zones over a strike length of 4-km along the CR-3 target corridor.

The Moon Lake South JV Project is operated by Denison Mines Corp. [DML-TSX; DNN-NYSE American] and CanAlaska holds a 25% ownership in the project. CanAlaska is funding the company’s share of the 2023 exploration program.

Drill hole MS-23-10A was completed approximately 50 metres southeast of MS-16-01 and intersected several zones of uranium mineralization. The most significant intersection in MS-23-10A consists of a broad zone of unconformity-associated uranium mineralization grading 1.38% eU₃O₈ over 8.7 metres, including 2.88% eU₃O₈ over 3.1 metres, approximately 30 metres above the unconformity. The mineralization in MS-23-10A represents the best 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 for future follow-up.

Overall, the 2023 winter exploration program consisted of six completed diamond drill holes totalling 3,301 metres, of which four drill holes contained uranium mineralization, one of which had high-grade. Each of the holes completed during the winter program intersected indicative alteration and structural disruption in the lower sandstone column related to faulting 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.

CanAlaska CEO, Cory Belyk, commented, “The third drilling program on the Moon Lake South JV project has intersected a new and wide zone of high-grade uranium mineralization in the heart of the eastern Athabasca Basin, near critical mine and mill infrastructure. This is an incredible result for the Moon Lake South Joint Venture and CanAlaska shareholders. Early drill results of this magnitude are very rarely encountered and speak to the technical expertise of the teams guiding the joint venture. CanAlaska looks forward to participating with Denison in the advancement of this new discovery of high-grade uranium mineralization.

“CanAlaska now has multiple uranium discoveries on multiple exploration projects in what is a strengthening uranium market. The time for critical mineral discovery is now and CanAlaska’s Athabasca Basin uranium portfolio is delivering new discoveries.”

CanAlaska Uranium holds interests in approximately 300,000 hectares (750,000 acres), in the Athabasca Basin. CanAlaska is currently working with Cameco and Denison at two of the company’s properties in the Eastern Athabasca Basin.

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