Multiple exploration programs planned
including drilling at the North Ruttan Copper-Zinc project
Vancouver, Canada, March 3, 2017 -- CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N), (the "Company")
will be exhibiting at the PDAC mining conference in Toronto,
March 5-9, and is pleased to provide this project update to
Waterbury West Uranium Project
AREVA as operator of the Waterbury UEM joint venture with Cameco
is currently drilling at the Waterbury West property. The
Company sold the project to Cameco in early 2016, and the
property was transferred to the joint venture. CanAlaska retains
a 2% royalty interest. Discussions are underway with other
uranium groups on the Company's other Waterbury properties.
Moon South Uranium Project
Denison has now completed line cutting in preparation of the
DCIP Resistivity survey which is scheduled to commence in early
April 2017. A second phase drill program is planned for the
summer 2017. Work will be focussed along the CR-3 conductive
trend which is located approximately 2 kilometres west of the
K-trend which hosts the Gryphon deposit on Denison's adjacent
Wheeler River property. An initial hole drilled at Moon South in
2016 (MS-16-01) on the CR-3 trend, near the southern boundary of
the Moon South property, intersected 0.1% U3O8 over 0.5 metres
at the sub-Athabasca unconformity and was encompassed by a
significant sandstone alteration and geochemical halo. The CR-3
trend has been interpreted over a distance of approximately five
kilometres on the Moon South property and is completely untested
to the northeast of drill hole MS-16-01.
West McArthur Uranium Project
Cameco has advised us that they expect to provide details of
their 2017 drill program to us by March 14. It is expected that
drilling will resume at Grid 5, and additional planning for a
drill program at Grid 1.
NW Manitoba Uranium Project
We are awaiting drill program information from operator Northern
Uranium. The details of a number of proposed targets can be
found on their website presentation (http://www.northernuranium.com/projects/)
West Athabasca Diamond Project
We have received all property data from De Beers, and have
commenced geophysical review of the targets which show potential
for pipe-like features. Discussions have commenced with third
parties concerning exploration of the targets.
Alberta Diamond Project
We have flown 40% of the property with low level, close spaced
airborne magnetics. A number of positive and negative magnetic
features have been identified, and modeling is currently being
carried out on 30 of the most significant targets.
North Ruttan Copper-Zinc Project
We have two large geophysical targets adjacent to and northeast
of the past producing Ruttan copper-zinc mine. This mine was the
third largest mined VMS deposit in Canada (82 million tonnes).
Our target immediately north of the mine has been outlined by 15
shallow drill holes along a 1.2 kilometre strike length. The
next drill program on this target will be to test the VMS
horizon between 100 metres and 500 metres depth. In March we
expect to mobilize a diamond drill for two exploratory holes on
a further large target located seven kilometres to east of the
North Ruttan zone. This target, labeled "Nisku", shows evidence
of a large magnetic and conductive target which is believed to
be near surface for approximately 1,000 metres.
At the current time the Company has a cash position of $1.6
million. The current funding is sufficient for at least two
years of operations and activities based on the Company's
continued project generation and third party operations. The
Company has a further seven uranium projects ready for
third-party option. Further information about the Company's
projects is available at www.canalaska.com.
Shareholders and interested parties are invited to meet
management at the PDAC conference in Toronto March 5-8, at Booth
The qualified technical person for this news release is Dr Karl
Schimann, P. Geo, VP Exploration, for CanAlaska.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: 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 have attracted major international mining companies
Cameco, Denison, KORES, and KEPCO. CanAlaska is a project
generator positioned for discovery success in the world's
richest uranium district. For further information visit www.canalaska.com.
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.