CanAlaska Uranium Pushing Towards Major Discovery at West McArthur Project

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF) is a Vancouver-based uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada. With a highly experienced team and strategic land holdings surrounding some of the basin's largest and richest deposits, CanAlaska is well positioned to make the next major discovery in this prolific region.

Recent Results Confirm High-Grade Uranium at West McArthur Project

CanAlaska recently announced positive assay results from its 2023 winter drill program at the West McArthur uranium project, located in the eastern Athabasca Basin. The results confirm high-grade uranium mineralization at the Pike Zone discovery, including an intersection of 2.80% U3O8 over 2.6 metres with a very high-grade sub-interval of 20.20% U3O8 over 0.3 metres.

Additionally, drilling discovered new zones of unconformity-associated uranium mineralization approximately 100 metres and 160 metres northeast of the original Pike Zone discovery. The winter program focused on expanding the known high-grade basement mineralization at Pike Zone and testing for new zones of unconformity-hosted mineralization along the C10S conductive corridor.

The results indicate the potential for significant additional high-grade uranium mineralization around Pike Zone, which remains open in multiple directions. A recent 3D resistivity survey also highlighted several large-scale unconformity breaches along the 15+ kilometre C10S corridor that represent compelling drill targets.

Ramping Up Exploration Efforts

With assay results confirming uranium mineralization over a 160 metre strike length, CanAlaska is now mobilizing crews to accelerate exploration efforts at West McArthur. The fully funded $10 million program for 2023 will utilize two diamond drills focused on expanding the known zones and testing new targets.

The goal is to delineate a major new discovery that could ultimately rival the scale of preeminent deposits in the Athabasca Basin such as McArthur River and Cigar Lake. The project is operated by CanAlaska as part of a joint venture with Cameco Corporation, in which CanAlaska currently holds a 79.4% majority ownership and is sole funding exploration.

Multiple Catalysts Upcoming

With assay results in hand and drilling now underway, CanAlaska anticipates a steady news flow over the coming months as the West McArthur exploration program progresses. Investors can expect regular updates on drill results as the known zones are expanded and tested for continuity.

In addition, the large resistivity anomalies represent exciting new regional targets that CanAlaska will now begin evaluating. Each new zone of mineralization discovered has the potential to significantly expand the scale of the project.

5 Key Takeaways for Investors

1. Recent drilling has confirmed high-grade uranium mineralization at the West McArthur project, including an intersection of 2.80% U3O8 over 2.6 metres.
2. The mineralization remains open and has potential for expansion in multiple directions around the Pike Zone discovery.
3. A large 15km+ conductive corridor (C10S) represents extensive additional exploration potential based on a recent resistivity survey.
4. The company is fully funded with a $10 million exploration budget for 2023 to systematically test near-surface and regional targets.
5. Multiple potential catalysts upcoming from assay results and as new zones are drill tested. The project has scale potential to rival major deposits in the Athabasca Basin.

Conclusion

With multiple early-stage discoveries already in hand and a massive untested corridor confirmed by resistivity surveying, CanAlaska appears poised to deliver a major new uranium discovery at its West McArthur project. The current drill program will systematically test near-surface expansion potential as well as new regional targets. Investors interested in leverage to a potential world-class uranium discovery in the prolific Athabasca Basin should keep a close eye on developments at West McArthur in the coming months.