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CanAlaska News Release - Mar 22 2010
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Vancouver, Canada, March 22nd, 2010 -- CanAlaska Uranium Ltd. (CVV
-- TSX.V) (the "Company") is pleased to report that its sixth
drill program is underway on its Helmer project, situated along
the Northern rim of the Athabasca Basin. The drilling will test
a group of strong targets along the Grease River fault, which
were modeled from Airborne EM and gravity surveys.
The target area is just south of CanAlaska's Fond Du Lac
project, and is located on the eastern part of the Helmer
project. Previous airborne surveys provided strong evidence of
conductive targets in the lower levels of the Athabasca
sandstone, immediately above a strong zone of dislocation in the
Grease River Fault system.
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Click on map for high resolution image |
The Grease River Fault is a major tectonic event in the
Athabasca region, and the structure can be traced for over 200
kilometres, both inside and outside of the Athabasca Basin.
There are numerous zones with multiple mineralizing events of
gold, nickel and uranium along the trace of the fault,
indicating how it is a significant focus of fluid flow and
mineralization. The Company tested a uranium-mineralized splay
associated with the fault system on the adjacent Fond Du Lac
project in September of 2009, and intercepted a uranium zone
assaying 40.4 metres @ 0.32% U3O8. The Company plans to first
test the large target at Helmer, and then return to further
drilling at Fond Du Lac.
The following images show the Helmer target, as a plan view of
the EM conductors, faults and gravity target, and also in
cross-section, showing the digital trace of the airborne survey
response above the target.
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Click on map for high resolution image |
The Helmer drill program has been contracted to Driftwood
Drilling, and will comprise of 2-3 reconnaissance drill holes to
be completed before break-up. Additional targets are available
for summer drilling. The drill is currently on site, and
drilling is underway.
Other Activity:
The Company expects to have drilling approvals for the adjacent
Fond Du Lac project in April, and will schedule further drilling
around the Fond Du Lac deposit, and across the zone containing
last September's mineralized intercepts at the earliest
opportunity, weather and access conditions permitting.
Elsewhere in the Athabasca Basin, the Company is active with
drill programs at West McArthur, Collins Bay Extension, and at
Cree East. At the Cree East project, drilling is scheduled to
continue through the summer period. The Company understands that
drilling is continuing at the McTavish project under the
direction of Kodiak Exploration, which has commenced exploration
under a $4M earn-in option earn-in.
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About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 --
Frankfurt) is undertaking uranium exploration in twenty
100%-owned and three optioned uranium projects in Canada's
Athabasca Basin -- the "Saudi Arabia of Uranium". Since
September 2004, the Company has aggressively acquired one of the
largest land positions in the region, comprising over 2,500,000
acres (10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has
expended over Cdn$60 million exploring its properties and has
delineated multiple uranium targets.
CanAlaska's geological expertise and high exploration profile
has attracted the attention of major international strategic
partners. Among others, Japanese conglomerate Mitsubishi
Corporation has provided the Company C$11 mil. in exploration
funding to earn a 50% ownership interest in the West McArthur
Project. Exploration of CanAlaska's Cree East Project is also
progressing under a C$19 mil. joint venture with a consortium of
Korean companies led by Hanwha Corporation, and comprising Korea
Electric Power Corp., Korea Resources Corp. and SK Energy Co,
Ltd., in which the Korean Consortium presently holds a 40.6%
ownership interest. Other Company projects in the Athabasca
Basin scheduled for drill testing during this winter 2010 season
include McTavish, Collins Bay Extension and Helmer.
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On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, P. Geo.,
President & CEO
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Contact:
Emil Fung, Director & V.P. - Corp. Dev.
Tel: +1.604.688.3211
Email: info@canalaska.com
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The TSX Venture has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release: CUSIP# 13708P 10 2. This news release contains certain
"Forward-Looking Statements" within the meaning of Section 21E
of the United States Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical
fact, included herein are forward-looking statements that
involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from
those anticipated in such statements. Important factors that
could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed from time to time with the British Columbia Securities
Commission and the United States Securities & Exchange
Commission. |
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