Location 

The Alberta project is located on the west side of the Athabasca basin and covers the western arm of Lake Athabasca. This large project is a 20km by 90 km block that comprises 13 contiguous permits totaling 97,147 ha covering most of the Alberta portion of Lake Athabasca. It stretches from the Saskatchewan border to just north of the community of Fort Chipewyan.

Geology

The project covers the contact between the overlying sandstone of the Athabasca group and the underlying granites, gneisses, and metasediments collectively known as the Talston domain. The project also covers such major structures as the Thelon tectonic zone and associated shears and faults. The basement rocks in this area are similar to those further to the north and east, where there is abundant uranium mineralization. Along the western contact, the basin and Athabasca Unconformity is shallow but slowly deepens towards the centre to a depth of 700 metres. The Company's prime interest is for the discovery of uranium mineralization at the unconformity, similar to Maybelle River, Maurice Bay, and the south Cluff lake area. The area is analogous to the highly mineralized Eagle Point-Cigar Lake-McArthur River-Key Lake uranium belt, but with little exploration to date.

Exploration

Despite the presence of the Maybelle River and the Maurice Bay deposits in this sector of the Athabasca basin, the project area had no historical exploration, undoubtedly due to the fact that it lies completely in the lake.The lake however, is very shallow in the project area, (3 -- 14 metres), and does not pose a problem for modern exploration techniques.

In the early part of 2006, the Company flew a MEGATEM(r) electromagnetic airborne survey over the property, which was then sent for further processing by Condor Consulting of Denver and in 2005 and 2006 marine seismic surveying was carried out to define major fault structures and fractured and displacements in the sandstone cover. First-pass grid coverage of the entire project was accomplished using deep-penetrating multi-channel seismic equipment.

In early 2008, a geophysical survey camp operated in the Fiddler Point area to define a series of targets identified by the previous work programs utilizing IP and AMT surveys. These targets are drill ready.

Potential

The potential of this project is for unconformity style U mineralization of both the Simple (Low REE, basement hosted) and the Complex (High REE, Sandstone hosted) types of Uranium deposits. Immediately to the north of the project area, airborne radiometrics performed by the Canadian government has located several regions of elevated basement Uranium. There are major structures crosscutting the project area, which were active during the mineralizing event. CanAlaska's airborne and marine geophysical surveys have defined target areas within this block.

Drilling would normally be carried out in the winter when the ice forms to a thickness which will support a drill.