First drill hole showed potential for larger
uranium mineralized system
Vancouver, British Columbia, December 6,
2016 -- CanAlaska Uranium Ltd. "the Company" (TSX-V:
DH7N) ("CanAlaska" or the "Company")
is pleased to report the start of ground surveys
in preparation for a further drill program on CanAlaska's Moon
South claim in the Athabasca Basin, Saskatchewan. Exploration is
being conducted by Denison Mines Corp. (TSX:
DNN), ("Denison") ahead of proposed drilling in summer.
The current target on the Moon South property is
underlain by 450 metres to 550 metres of Manitou Falls and Read
formation sandstones. These in turn overlie granitic gneisses of
probable Archean age and Paleoproterozoic Wollaston Super group
metasedimentary rocks of the eastern Mudjatik Domain. The main
conductive trend on the property is the southwest-northeast
trending CR-3 conductor where previous drilling has intersected
strong sandstone/basement alteration and elevated radioactivity
at the unconformity.
In the first drill hole (MS-16-01) completed on the property,
the lower 50 metres of the sandstone was moderately altered and
structurally disrupted with pyrite nodules up to 4 centimetres
in size. Directly above the unconformity there was 0.5 metres of
0.102% U3O8 followed by a graphitic unit below the unconformity.
The CR-3 conductor is a southwest-northeast trending conductor
that is currently under evaluation at Denison's adjacent
Crawford Lake property. The CR-3 is interpreted to be a parallel
trend to the K-Zone (Gryphon) on Denison's Wheeler River
Project. The portion of the CR-3 conductor on the Moon South
property has five kilometres of untested strike length. One hole
is proposed along strike of MS-16-01 following the current
CanAlaska Management is very pleased with
Denison's interpretation of the geology, and the good
indications for a significant target within this south-eastern
area of the Athabasca Basin. The current successes by Denison at
the nearby Gryphon and Phoenix discoveries show the significant
potential for high grade uranium discoveries in this area.
Under the terms of the option, Denison will carry out $200,000
of exploration work on the claim over two years to acquire a 51%
interest. CanAlaska has also granted to Denison the right to
increase its interest in the claim to 75% for further $500,000
in expenditures. The claim currently has a royalty payable to
Denison. The option agreement includes provisions for the
formation of a joint venture and a 2% NSR Royalty which will be
automatically granted if either party's interest is decreased
below 10% ("NSR Dilution Royalty). The NSR Dilution Royalty may
be purchased by the non-diluting party for $500,000.
In other matters the Company is waiting for final 2017 program
details from De Beers and Cameco.
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
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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
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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.