June 20, 2014 CanAlaska Shareholder Update - NW Manitoba Project
CanAlaska News Release - June 20 2014
CanAlaska Shareholder Update
MPVC receives final Radonex results and prepares summer drill
program for its North West Manitoba Uraniu Project
Kelowna, Canada -- 20th June 2014 -- MPVC Inc. (TSXV : UNO) ("MPVC",
the "Company") is pleased to report the final RadonEx results
for the Company's Northwest Manitoba Uranium project which was
recently optioned from CanAlaska Uranium Limited.
Final Radon in Water Results
MPVC has now received the final results from the RadonEx radon
in lake water survey completed at Maguire Lake, located within
the 143,603 hectare Northwest Manitoba project. The radon survey
was conducted by RadonEx Exploration Management of St. Lazare,
Quebec and comprised of 1,399 samples collected over the 10km
length of Maguire Lake. Sample stations were located at 25m
intervals along lines spaced at 200m.
The final survey results varied slightly as expected from the
preliminary results announced May 7, 2014. The highest radon in
water result increased from 573 picocuries per litre (pCi/L) to
Of the 1,399 samples, 33 samples had results greater than 100
pCi/L, 13 samples had results greater than 200 pCi/L, 7 samples
had results greater than 300pCi/L and 4 samples had results
greater than 400pCi/L.
In RadonEx's final report they identify 7 priority one drill
targets and 5 priority two drill targets from the survey. These
targets are centred in the radon in water trends thought to be
indicative of bedrock-hosted uranium mineralization.
Significantly RadonEx state that the radon in water values at
Maguire Lake approach closely the highest values received at the
Patterson Lake South uranium discovery.
Summer Drill Program
Having now obtained a complete radon flux map for the whole of
the Maguire Lake structural trend (both on-shore and in the
lake) the drilling of the high priority land based targets will
commence shortly. It is estimated that approximately 40 holes
will be drilled to test these anomalous "on-land" AlphaTrack
radon targets. Maps displaying these radon flux results are
available within a presentation on the Company's new website
Within the Maguire Lake focus area there are three distinct
regions which contain a total of 39 high priority drill targets.
Southeast of Maguire Lake
On the south-east side of the lake approximately fifteen high
priority drill targets have been identified. In this area there
is a distinct gravity low along the north-east end of the lake
that strikes north-south and corresponds to a number of
AlphaTrack radon anomalies, this gravity trend may connect up
with the very large AlphaTrack anomaly area L-15, which measures
1.0 by 1.5 km in areal extent. Area L-15 contains numerous radon
highs (at least 14 locations with readings greater than 500
Another notable feature on this side of the lake is the
existence of a mineralized boulder train over 1.5 km in length
(with over 40 anomalous uranium occurrences) located
approximately 800 metres south-east. The up-ice projection of
this boulder train coincides with AlphaTrack anomaly area L-6.
The L-6 anomaly contains over 5 radon occurrences greater than
500 T/mm2. Area L-6 may be the source of these anomalous
Islands in Maguire Lake
There are numerous islands within Maguire Lake and twelve high
priority drill targets have been identified on these islands.
Anomalous areas L-23, L-24 and L-57 were observed on the largest
island and contain numerous AlphaTrack radon readings in excess
of 500 T/mm2. These targets are located along a distinct
magnetic low feature. In addition to this, a string of small
islands in the northern part of the lake corresponding to a
gravity low trend (over 2.5 km long) contain over 7 high
priority targets (Area L-19) with coincident AlphaTrack radon
occurrences, some greater than 500 T/mm2. These land based
AlphaTrack radon anomalies are adjacent (only 50 metres away) to
radon-in-water anomalies detected from the recent RadonEx
survey. This correspondence of anomalies from both the
AlphaTrack and RadonEx surveys significantly increases the
Company's confidence in both data sets.
At the extreme northeast end of the lake a large VTEM conductor
corresponds with a distinct AlphaTrack anomaly (795 T/mm2).
Northwest of Maguire Lake
The most distinguishing feature of the north-west side of the
lake is the large Maguire conductive trend. This large VTEM
anomaly has a strike length of over 35 km. Seven anomalous
AlphaTrack radon anomalies were observed along this trend
supporting the presence of five high priority drill targets.
Parallel to this VTEM anomaly and slightly offset to the
southeast from it are a number of distinct gravity lows. These
gravity lows also correspond to resistivity lows detected in a
previous land based survey. Along these gravity lows seven high
priority drill targets corresponding to AlphaTrack radon
anomalies in excess of 500 T/mm2 have been identified. The
highest AlphaTrack reading observed (3,309 T/mm2) is located on
one of these gravity low trends.
MPVC is pleased to announce that it proposes to raise up to two
million dollars through a flow through (FT) share and unit
private placement. Up to $1.5 million dollars is to be raised by
the issuance of up to 15 million FT shares at a price of $0.10
per FT share. Up to $500,000 is to be raised by the issuance of
5 million units priced at $0.10 per unit. Each unit consists of
one common share and one-half warrant, each warrant having an
exercise price of $0.15.
The funds raised from the financing will primarily be used by
MPVC to drill targets within the Northwest Manitoba Property
along the Maguire structural trend.
In summary we have 39 high priority drill targets on land and
seven first priority lake and five second priority lake targets.
The Company looks forward to commencing the drill testing of the
land based high priority drill targets in the near future.
The technical information and results reported here have been
reviewed by Chad Ulansky, PGeo, a qualified person under
National Instrument 43-101, who is responsible for the technical
content of this release.
Dr. Charles Fipke
For Further Information:
Chad Ulansky, President & CEO, +1-250-448-4110
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
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