CanAlaska’s Geikie property, totaling 35,084 ha, is located 7 km Southeast of the present-day Athabasca Basin edge, in Saskatchewan, Canada. The property straddles the extension of a fertile corridor of biotite gneisses hosting the Agip S high-grade uranium showing (up to 58% U3O8), and the recent Baselode Energy radioactive intersections near Beckett Lake. These uranium showings appear similar to 92 Energy’s GM uranium zone and Baselode Energy’s ACKIO uranium zone, recently discovered approximately 10 km away. On the Geikie property, the Mud Lake uranium-molybdenum showing, containing up to 0.225% U3O8, 5.2% Mo, and 1.4% Cu, and the Marina lead-zinc showings, containing up to 2.03% Pb, 7.2% Zn and 0.93 oz/t Ag, have been documented. With its partner, Basin Energy, CanAlaska has completed multiple high-resolution airborne surveys on the project.
The Company recently announced results from the 2023 summer drill program representing CanAlaska’s first drill holes on the Geikie project. The drill program was focused on a 15-kilometre-long conductive structural corridor with three main target areas. Results from the program confirmed the presence of hydrothermal alteration systems hosted within a complex structural framework at Geikie which is important in the formation of basement-hosted high-grade uranium deposits. In addition, the Company announced uranium mineralization in the second hole, GKI002, containing 0.27%U3O8 over 0.5 metres from 185.0 metres.
The results of a high-resolution airborne gravity survey indicate multiple large gravity targets exist on the property. The purpose of the gravity survey, a demonstrated successful technique in identifying uranium alteration systems in the Athabasca Basin, was to identify potential target areas of enhanced basement alteration associated with previously interpreted and drill-defined structural corridors. Gravity low features are interpreted to represent low-density rocks with indications of clay alteration caused by intensified fluid movement along fault zones, potentially related to uranium mineralizing systems in the Athabasca Basin. The Company is actively planning a 2024 drilling program to follow up the results of this survey.
