April 05, 2023
CanAlaska Uranium Ltd. (TSXV:CVV, BUY (S), David A. Talbot) has completed its 2023 drill program (7 holes for 2,239m) at the Key Extension project (where it can earn up to 100% interest), located 10km SW of the Key Lake uranium mine. The program was focused on testing newly defined targets identified from geophysical programs completed in 2022. While assays are pending, significant observations were made in three target areas. In Target Area 1, three drill holes were completed, intersecting features commonly associated with basement hosted uranium deposits including 20-40m wide stacked graphitic packages. In this area hole KEY10 returned a narrow interval of elevated radioactivity over 0.3m ranging from 100 to 320 cps. In Target Area 2, hole KEY012, located 2.6km along strike of Target Area 1, intersected a 30m wide graphitic package with several 1-3m wide semi-brittle fault zones. In Target Area 3, two holes were completed, with hole KEY011 collared immediately into a 30m wide graphitic package, which contained localized shearing and brecciation. Based on the results of KEY011, it is interpreted the drill hole intersected the edge of the graphitic package, likely overshooting the Key Lake fault. No large-scale structure was intersected in Target Area 3, however given the interpreted thickness of the graphitic package and the localized faulting intersected near the base, the company believes the main target exists immediately southeast of KEY011. Results of this inaugural drill program indicate evidence for likely uranium-bearing hydrothermal fluids moving through the basement rocks at the Key Extension project. Beyond follow-up of the significant early results from Target Area 1, the company believes more than 16km of untested target corridor have now been identified as high priority for further drill testing. Read more
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CanAlaska Uranium Ltd. – TSXV:CVV – 3,8
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