The program was designed to test targets near previously drilled holes that showed significant uranium values. It consisted of 1,347.5 metres of drilling in three holes.

Two of the holes tested the main target near a hole that failed when initially drilled due to strongly faulted sandstone above the unconformity.

The first drill hole, WAT-008, intersected a pyrite-rich zone that contained anomalous nickel, arsenic, cobalt, and zinc values.

At the second hole, WAT-009, drilling intersected at 3.3-metre zone of intense clay alteration containing significant polymetallic mineralization, including 0.5 metres with 405 ppm uranium, 2.42 per cent nickel, 2.34 per cent arsenic, 0.5 per cent zinc, and 801 ppm cobalt.

This mineralization association, or fingerprint, is similar to metal associations at the nearby Cigar Lake orebody, where similar values of nickel, arsenic and cobalt are found with the high-grade uranium.

Cory Belyk, CanAlaska CEO, commented on the results.

“It is a rare event to find this level of alteration at the unconformity, extending deep within the basement, associated with the metal enrichments we have encountered in WAT-009,” he remarked.

“This is an incredible discovery for our shareholders and our team,” he added, “with only the third CanAlaska drill hole on this project.”

CanAlaska Uranium is engaged in the exploration of uranium, nickel, and diamond properties.

Its project portfolio includes West McArthur, Cree East, NW Manitoba, Athabasca Diamond, Waterbury, Moon, Collins Bay Extension, Mouse Mountain Cu-Au, Patterson, McTavish, Key Lake, Thompson Nickel Belt, Kasmere, and Ruttan area Cu-Zn Project.

CanAlaska Uranium Ltd. (CVV) is down 10.61 per cent on the day, trading at $0.59 per share as of 3:29 pm ET.