Vancouver, British Columbia, November 14,
2016 -- CanAlaska Uranium Ltd. "the Company" (TSX-V:
DH7N) ("CanAlaska" or the "Company")
wishes to update shareholders on activities being carried out by
the Company. CanAlaska is currently active with three uranium
projects, two diamond projects, and ground work being carried
out on its brownfields copper-zinc project in Manitoba. In 2016
the Company initiated Option Agreements with Cameco, De Beers,
Denison Mines, Fjordland Exploration and Canterra Minerals for
cash consideration of $800,000 and work requirements of up to
$38.7 million. These projects are advancing the Company's
West McArthur Uranium Project
This year at West McArthur Cameco has completed 3,342 metres of
drilling at three sites along a 3.5 km section of what appears
to be the continuation of the C10 conductor package. Further to
the east, just beyond CanAlaska's property boundary, the C10
conductor has been shown to host high-grade uranium
mineralization at Fox Lake (approximately 68.1 million pounds
based on 387,000 tonnes at 7.99 per cent of triuranium octoxide).
This next exploration program at West McArthur is being reviewed
and will be finalized and detailed by the end of November.
West Athabasca Diamond Project
Diamond exploration is being carried out by De Beers'
exploration team across 17,400 hectares (43,000 acres) of claims
in western Athabasca. Eighty-five targets have been identified
from low level high resolution airborne geophysical surveys.
Seven of these targets have been tested, but have not
intersected kimberlite. A large number of the targets cannot be
drill tested until after winter freeze. The Company expects to
be able to report on winter exploration plans for the West
Athabasca project by the end of November.
Alberta Diamond Project
The Company is currently evaluating a series of 50 magnetic
anomalies detected from the recent 4,000 kilometre low level,
detailed airborne survey over the Alberta Diamond project.
Previous regional and local surveys had delineated a number of
magnetic, and in several cases, coincident electromagnetic
anomalies. The current work is focused on modelling the
abundance of negative magnetic anomalies which appear west of
the West Carswell project, currently under option to Canterra
Minerals. These targets are in contrast to the magnetic features
currently being evaluated by De Beers on the Company's West
North Ruttan Copper Zinc Project
A field crew, under contract to CanAlaska, carried out work on
the North Ruttan Copper Zinc (VMS) property in late September.
This property is a brownfield exploration project
3.5 km north of the past producing Ruttan Mine. A 1.2km sulphide
horizon has been defined by 15 historical drill holes. This
preliminary drilling from 1980, shows elevated copper gold and
zinc mineralization and widths of sulphide mineralization up to
56 metres (of 0.06% copper and 0.1 % zinc).
The Company is in receipt of a Manitoba Government grant (MEAP)
for a winter program of drill testing of the target as well as
the work permit to complete the drilling.
Moon Uranium Project
The first drill hole by Denison Mines was completed on this
property in early 2016. The core showed weak uranium
mineralization at the unconformity with potential for further
mineralization on section and along strike. One additional hole
was planned for summer work, but was postponed because of local
swampy ground conditions. The Company anticipates further work
by Denison in 2017.
West Patterson Uranium Project
Two drill holes were carried out by Makena Resources that
have now relinquished their option. Elevated uranium, along with
fracturing and clay alteration was encountered at the
unconformity, and within the basement granite and granite
gneisses. The cause of the large gravity anomaly previously
surveyed in this area is not explained by the rocks encountered
in the drill hole, however the large amount of fracturing and
clay alteration indicate potential for a nearby hydrothermally
altered fault zone, with potential for significantly uranium
mineralization. This project is currently being marketed to
NW Manitoba Uranium Project
In 2015, summer drilling explained the source of the Maguire
Lake gravity anomaly, by intersecting significant widths of
hydrothermal clay alteration and elevated uranium
mineralization, along a 500-metre section of the target. Further
drilling of this target is warranted, as is drilling of the "Y"
shaped 1.2 kilometre long gravity target located one kilometre
further north, in the northern part of the Maguire grid. Two
additional large gravity targets are associated with structures
and conductive horizons, 3 km to the south and 2 km to the west
of the current drilling. The project is funded and operated by
Northern Uranium, which have earned a 70% interest in the
project as part of an $11.6 million option to earn an 80%
interest in the project.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V:
DH7N) holds interests in approximately 500,000 hectares
(1.2 million acres), one of the largest land positions in
Canada's Athabasca Basin region -- the "Saudi Arabia of Uranium."
CanAlaska's strategic holdings has attracted major international
mining companies Cameco, Denison, KORES, KEPCO, and the De Beers
Group of Companies. CanAlaska is a project generator and is
positioned for discovery success in the world's richest uranium
For further information, visit
The qualified technical person for this news release is Dr Karl
Schimann, P. Geo, VP Exploration, for CanAlaska.
behalf of the Board of Directors
Peter Dasler, P. Geo.,
President & CEO
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
All statements included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. These forward-looking statements
involve numerous assumptions made by the Company based on its
experience, perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. In addition, these statements
involve substantial known and unknown risks and uncertainties
that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will
prove inaccurate, certain of which are beyond the Company's
control. Readers should not place undue reliance on
forward-looking statements. Except as required by law, the
Company does not intend to revise or update these
forward-looking statements after the date hereof or revise them
to reflect the occurrence of future unanticipated events.