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CanAlaska Uranium Ltd

Cree East

  • Located 35 kms from the Key Lake Mine, over 56,000 hectares land package.
  • Minimum target size of 50M+ lbs Uranium.
  • Extensive uranium bearing systems, 10 target areas being tested.
  • Korean Consortium has contributed $19M for a 50% interest in the partnership.

Location

The Cree East project is a high-priority property located in the south-eastern portion of the Athabasca Basin, 35 km west of the formerly producing Key Lake mine and 5 to 22 km north of the south rim of the Athabasca Basin. The project is comprised of 16 contiguous mineral claims totaling 55,935 ha.

Geology

The project area covers Athabasca group conglomerates and sandstones. Sandstone unconformably overlies basement at depths in the order of 200 to 300 metres in the south. Structural breaks which trend across the across the property further drop the basement to estimated depths of 800 to 900 metres across the northern edge of the property The basement is composed of the Lower Proterozoic, (Trans Hudson) Mudjatik domain, granitoids and associated minor supercrustals (psammites, pelites and metavolcanics) A significant portion of the property is considered to be underlain by rocks of the highly prospective Wollaston Domain.

Past Exploration

Due to the project's proximity to the Key Lake mine, the area has been explored since the early 1970's by SMDC and Uranerz among others. Most of this exploration was on the southern rim of the project area, as previous airborne geophysical surveys had limited depth penetration, and the depth to the unconformity increases to the north. Regional geochemical studies and geophysics have located numerous conductors around the southern and eastern edge of the property. Some of these conductors have been drilled, but the results have been inconclusive.

Recent Exploration

CanAlaska carried out VTEM airborne surveys across the property area in 2005 and determined priority targets. In 2006, detailed collection of over 2,000 surface rock samples and over 400 lake sediment samples by CanAlaska's field crews defined three large areas of dravite and clay alteration on surface, and localized boulder samples containing anomalous uranium. Before April 30, 2007, initial ground geophysical data from the first lines of IP-Resistivity surveys, provided the Company with evidence of strong alteration in the sandstone horizons overlying these basement conductors. Additional IP-Resistivity and Audio Magneto Telluric geophysical surveys were used to further define these targets this year. Drill programs started on the project in late February 2008 and large zones of alteration were intercepted. Extreme clay alteration and unconsolidated sands prohibited the Company from completing the majority of the drill holes.

During the summer of 2008, CanAlaska Uranium Ltd (CanAlaska) undertook a multi-faceted $1.6M exploration programme at its consisting of IP/Resistivity surveying on land and high-resolution single channel seismic data collection on Cree and McIntyre Lakes, lake sediment sampling on Cree Lake, and a 5- hole diamond drilling programme.

All of the drill holes reached their target depth in basement. The 2008 summer-drilling produced very positive results:
  • Strong fracturation and alteration in most drill-holes.
  • Faulting between many of the drill-holes
  • Geochemical enrichment in uranium and other elements both in the basement and in the sandstone.
  • Boron is distinctly anomalous in the top sandstone of all drill-holes, comparable to the results of the regional sandstone boulder sampling in this area.

The winter 2009 Cree East exploration programme was successful in drilling 15 holes for a total length of 6,747 metres, with only one drill-hole abandoned in bad ground near surface. All of the holes but one reached their targeted depth, and showed multiple zones of uranium and basemetal enrichment, as well as basement offsets and hydrothermal alteration.

In summer 2009 detailed geophysical surveys, and infill VTEM surveys were used to prioritize target areas for 2010 drilling.

Potential

The potential of this project is for unconformity style Uranium mineralization of both the Simple (Low REE, basement hosted) and the Complex (High REE, Sandstone hosted) types of Uranium. The area has numerous conductors and faults which act as both the conduit and the trap for potential Uranium mineralization. A number of structures and conductive targets have been identified from the Company's exploration efforts.

Strategic Partnership

The Cree East Project is funded by a Korean consortium, comprising Hanwha Corporation, Korea Electric Power Corporation, Korea Resources Corporation and SK Energy Co. Ltd. In December, 2007, CanAlaska entered in a joint venture whereby the Korean consortium may earn a 50% ownership interest in the Cree East Project by investing Cdn$19.0 mil. towards exploration of the project.

Technical Report 43-101