March 27, 2012 Exploration Recommences at NW Manitoba Uranium-REE Project
CanAlaska News Release - Mar 27 2012
Vancouver, Canada, March 27th, 2012 - CanAlaska Uranium
Ltd. (TSX -- CVV) ("CanAlaska" or the "Company") is pleased to
announce the commencement of geophysical field work on its
high-potential NW Manitoba uranium-REE project ("Project").
Exploration on the NW Manitoba Project had been suspended since
2007 due to consultation meetings between the Government of
Manitoba and local First Nation communities. With the
Government's conclusion of a consultation protocol and the
recent execution of a memorandum of understanding (MOU) to
facilitate co-operation for exploration and future development
between CanAlaska and the Northlands Denesuline community of Lac
Brochet, the Company is now pleased to announce the
recommencement of exploration work.
The Project covers a large area of the geologically-favourable
Wollaston Belt in the Province of Manitoba, where the
uranium-rich basement rocks associated with the Athabasca
uranium deposits intermittently come to surface. CanAlaska has
discovered multiple mineralized zones with extensive boulder
dispersion trains and surface showings of high-grade uranium
(>1% U3O8), rare earths (REE) and molybdenum mineralization
across numerous mineralized belts, either within, or cutting
across all rock types in the area.
The geological targets across the vast NW Manitoba Project match
the styles of basement mineralization reported from the massive
uranium deposits further south in the Athabasca Basin. There is
clear observation of late-replacement pitchblende mineralization
in vein zones, fractures and as disseminations in host rocks at
uranium grades exceeding 60% U3O8. There is also evidence of
more disseminated mineralization across stratigraphic horizons
and multitudes of pegmatitic intrusive events, many of them
containing primary uranium mineralization, or with brecciation
and later uranium mineralization. These outcropping targets host
the potential for open pit extraction Preliminary results for
many of these zones were announced by the Company in a news
release on February 28th, 2008.
The current resistivity and gravity geophysical surveys will be
used to localize targets of sulphide-bearing mineralization, and
other zones of clay alteration within areas of shallow
overburden. The survey will concentrate on areas in the vicinity
of current showings and mineralized boulders in preparation for
an initial drill program.
Dr. Karl Schimann, CanAlaska's VP - Exploration commented: "The
Wollaston Belt of rocks host the majority of the world-class
uranium deposits in the Athabasca Basin, where massive uranium
mineralization has been discovered under up to 900m of covering
sandstone. The advantage of the NW Manitoba project is that we
see these basement rocks on surface, as any overlying sandstone
and cover rock has previously been stripped-off by ice action.
There are many locations where we have found high-grade uranium
(pitchblende bearing boulders, pebbles and outcrop veins) on
surface. It is very exciting to now be able to plan for the
first drill programs on these surface targets,"
Peter Dasler, M.Sc., P Geo. is the qualified technical person
responsible for this news release.
About CanAlaska Uranium CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7F --
Frankfurt) is undertaking uranium exploration in twenty one
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$75 million
exploring its properties and has delineated multiple uranium
Emil Fung, Director & V.P. - Corp. Dev.
The TSX 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
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