Fontaine Lake

The Fontaine Lake Project is located in the Grease River area, northeast of Lake Athabasca in the Saskatchewan province, a premium mining district and leading global source of high-grade uranium. Work at the project has demonstrated evidence of uranium mineralisation along favourable structural trends and Fulcrum intends to undertake a modern systematic geologic evaluation to determine the resource potential.

The project area has been intermittently explored for uranium deposits since at least 1969. This work has included air and ground geophysical surveying, prospecting and mapping, and rock, soil, and lake sediment sampling adjacent to or on ground now covered by the project area.

Fontaine Lake is located near the Beaverlodge District on the northern edge of the Athabasca Basin, where the uranium mineral pitchblende was first discovered in 1946. Uranium production from the Beaverlodge District occurred between 1953 and 1982, yielding approximately 28,560 t U3O8, from ore that graded from 0.15% to 0.25 % U (Dieng et al., 2015). The majority of the uranium (~80%) was produced at the Ace-Fay and Gunnar Mines, operated by Eldorado Mining and Refining. The Beaverlodge District is proximal to the Fulcrum property and is located in similar crustal position and could serve as an analogue for uranium mineralisation.

The Company has identified East Addie Lake as a priority target based on a radiometric anomaly. CanAlaska recommend further prospecting and evaluation be completed around the area of the radiometric anomaly to determine the presence and extent of alteration diagnostic of a hydrothermal mineralising system.