CanAlaska Uranium Makes Promising Discoveries in First Drill Program at Geikie Project

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7N) is a Canadian exploration company focused on uranium discoveries in Canada’s Athabasca Basin. With strategic land holdings totaling approximately 350,000 hectares, CanAlaska has attracted partnerships with major mining companies like Cameco and Denison to explore its properties. CanAlaska utilizes a project generator model, advancing its projects to the drill-ready stage before securing partners to fund further exploration. This model allows the company to maximize the value of its exploration dollars.

Early Drilling Intercepts Promising Alteration and Radioactivity

CanAlaska Uranium has announced promising early results from its maiden drill program at the Geikie project near the eastern margin of the Athabasca Basin. The 2,217 meter, 8 hole drill program was testing priority targets along a 15 kilometer long structural corridor identified in recent geophysical surveys. According to the company, all drill holes intersected altered and graphitic basement rocks cut by large fault zones, indicating the presence of active hydrothermal systems.

Highlight intercepts include a 21 meter zone of intense hematite alteration and a 1 meter interval of elevated radioactivity up to 1,000 cps associated with sheared graphitic rocks. The identification of large active fault zones and associated alteration halos is an important first step for targeting potential uranium mineralization. According to CanAlaska CEO Cory Belyk, "The early drill results clearly indicate the right ingredients for basement-hosted uranium deposit formation are present and active on the Geikie project."

Strategic Land Position in Prolific Basin

The Geikie property covers over 35,000 hectares along the eastern Athabasca Basin margin. It has seen very limited exploration for uranium, with most historical work targeting base metals. Recent prospecting by CanAlaska has confirmed the presence of anomalous uranium and molybdenum in rock samples, further enhancing the uranium potential.

The 2023 drill program was focused on evaluating priority targets defined by recent geophysical surveys and compilation work. Despite testing only a very small area, the identification of large fault zones, hydrothermal alteration, and elevated radioactivity indicate this 15 kilometer long structural corridor represents a highly prospective area for further exploration. Assay results from the drilling are still pending.

Partnership Funding Exploration

CanAlaska recently expanded the Geikie project by 1,187 hectares to cover known base metal showings with additional uranium potential. The project is being funded by Australian company Basin Energy under an earn-in agreement with CanAlaska. Basin is sole funding exploration to earn up to a 75% interest in the project.

CanAlaska has strategically amassed land holdings covering approximately 865,000 acres in the uranium-rich Athabasca Basin. With recent renewed interest in uranium as a clean energy fuel, the company is well positioned to make new discoveries to supply future demand growth. The early results from Geikie are highly encouraging, and CanAlaska's project generator model allows it to cost-effectively test multiple targets while minimizing equity dilution.

Investment Opportunity

For investors interested in Athabasca Basin uranium exploration, CanAlaska offers exposure to a large portfolio of prospective projects with significant discovery potential. With a tight capital structure and funding agreements in place, the company is poised to generate a steady flow of drill-ready targets to drive new uranium discoveries. As assay results from Geikie are finalized, investors should watch for the announcement of a follow up drill program to further test this rapidly emerging new target area.