CanAlaska Announces Start Of Drill Program At Geikie Uranium Project

  • Phase 2 Drill Program to Focus on High Priority Targets with Large Gravity  Anomalies
  • Mineralization Encountered in Drillhole GKI002 will be Followed Up

Vancouver, Canada, February 13, 2024 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX:  CVVUF; Frankfurt: DH7) (“CanAlaska” or the “Company”) is pleased to announce mobilization  of the drill crews and equipment as part of the 2024 drill program on the Geikie uranium project  (the “Project”) near the Athabasca Basin margin (Figure 1). The 2024 Geikie drill program will  focus on direct follow up targets associated with gravity lows adjacent to the alteration, uranium  mineralization, and pathfinder anomalism identified during the 2023 drill campaign and regional  exploration targets from the integration of high-resolution airborne geophysical data. The Geikie  project is currently being sole-funded by Basin Energy Limited (ASX: BSN). CanAlaska currently  holds a 40% ownership in the project.

Figure 1 – Geikie Project Location Map


2024 Geikie Exploration Program 

The planned 2,500 metre program will be split between direct follow up targets associated with  gravity lows adjacent to the alteration, uranium mineralization, and pathfinder anomalism  identified during the 2023 drill campaign and regional exploration targets from the integration of  high-resolution airborne geophysical data (Figure 2). In September of 2023, the Company  announced results from the maiden drilling program on the Geikie project which were highlighted  by 0.5 metres @ 0.27% U3O8 in drillhole GKI002 (see news release dated September 27, 2023).  The 2023 drilling program also successfully intersected graphitic host rocks with evidence of  multiple episodes of post-Athabasca structural reactivation events along north-south and  northwest trending faults. Results confirmed the presence of hydrothermal alteration systems  hosted within a complex structural framework, which are leading indicators in the formation of  basement-hosted high-grade uranium deposits such as Eagle Point or Arrow. In addition, the  Company completed an Airborne Gravity Gradiometer (‘AGG’) survey that has provided a series  of high priority targets that warrant next phase drill testing. The AGG survey successfully identified  multiple gravity low targets within the Project, interpreted to be related to alteration zones caused  by fluids that are potentially related to mineralizing events.

The planned program will focus on direct follow up targets in the Preston Creek and Aero Lake  target areas. During the 2023 program, drilling in the Preston Creek target area, identified  anomalous uranium enrichment in a zone of structural disruption, where north to northwest  trending faults intersect the graphitic conductor trend. This target area is characterized by large,  reactivated basement faults of up to 30 metres in width, consisting of clay gouge and breccias  within variably graphitic pelitic host rocks. Hydrothermal alteration enveloping the major fault  zones consists of hematite, chlorite, clay, and structurally-enhanced graphitic clays. Gravity low  anomalies were highlighted by the Airborne Gravity Gradiometer (AGG) survey at the intersection  of major north to northwest trending faults, and a graphitic conductor.

In the Aero Lake target area, direct follow up will focus on high-priority gravity anomalies adjacent  to GKI002 where the highest uranium value of the 2023 drill program was intersected.

In addition, regional first-pass exploration drill testing is planned for the 2024 program in the  Hunter North and Johnson Lake prospects which were developed from the integration of high resolution airborne radiometric, magnetic, electromagnetic and gravity data with geochemical  sampling, structural mapping and critical observations from the phase one drilling.

The 2024 program is intended to identify fertile fault structures in the key target areas on the  Geikie project. These fault zones can provide an ideal location for uranium mineralizing fluids to  focus and precipitate. This is evidenced by the nearby GMZ-ACKIO mineralized zone, owned by  92 Energy and Baselode Energy, which is approximately 10 kilometres east of the Geikie  project in a similar structural target scenario.

Figure 2 – Geikie 2024 Drill Target Areas

The Geikie project is currently being sole-funded by Basin Energy Limited (ASX: BSN) under an  option earn-in agreement with the Company.

CanAlaska CEO, Cory Belyk, comments, “I am very pleased the Geikie project will be advanced  with phase 2 drilling in early 2024. The intersection of basement-hosted uranium mineralization  in the second drill hole completed on the project in 2023 highlights the potential of this project to  deliver a significant uranium discovery. CanAlaska shareholders can expect continued news flow  from this drilling program in the coming months.”

About CanAlaska Uranium 

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) holds interests in  approximately 500,000 hectares (1,235,000 acres), in Canada’s Athabasca Basin – the “Saudi  Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining  companies. CanAlaska is currently working with Cameco and Denison at two of the Company’s  properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for  discovery success in the world’s richest uranium district. The Company also holds properties  prospective for nickel, copper, gold and diamonds. For further information visit

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral  Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for  CanAlaska Uranium Ltd., who has reviewed and approved its contents.

On behalf of the Board of Directors

“Cory Belyk”

Cory Belyk, P.Geo., FGC

CEO, President and Director

CanAlaska Uranium Ltd.


Cory Belyk, CEO and President General Enquiry

Tel: +1.604.688.3211 x 138 Tel: +1.604.688.3211

Email: Email:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX  Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects,  believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements  involve numerous assumptions made by the Company based on its experience, perception of historical trends, current  conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition,  these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that  the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are  beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as  required by law, the Company does not intend to revise or update these forward-looking statements after the date  hereof or revise them to reflect the occurrence of future unanticipated events.

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