Nisku drilling complete, West McArthur drilling expected
Vancouver, Canada, April 5, 2017 -- CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N),
("CanAlaska" or the "Company") will not be proceeding with the
non-brokered private placement announced February 22, 2017, due
to market conditions. The company remains active with third
party property options and is adequately financed, with
$1,535,897 in the treasury at March 31, 2017.
West McArthur Uranium Project
Cameco has provided the Company with a further update, and by
April 30, they expect to be able to provide us with a program
and budget for summer drilling at West McArthur. It is expected
that drilling will resume at Grid 5.
Nisku Copper-Zinc Drilling
The Company has completed four drill holes to depths of 140 to
260 metres from surface, to test the Nisku geophysical targets
located 12 kilometres northeast of the past producing Ruttan
mine. Four holes were drilled at three sites. Preliminary logs
show that at the first two sites, all three drill holes
intercepted semi-massive to massive sulphide mineralization. The
mineralization, principally pyrrhotite, is very extensive, with
widths up to 16 metres of combined massive and semi massive
sulphide. The mineralization appears to be part of a large
volcanogenic massive sulphide system extending along strike for
several kilometres. The fourth drill hole intersected a more
complex tuffaceous sequence that also included sections of
sulphide mineralisation. Quartz and/or feldspar porphyry dykes,
quartz veining and extensive chlorite and biotite are present in
all drill holes indicating the presence of a hydrothermal
system. Drill assay results are expected in May.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N)
holds interests for uranium in approximately 470,000 hectares
(1.1 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.
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
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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.