Vancouver, Canada, September 22nd, 2009 – CanAlaska Uranium Ltd. (TSX.V — CVV) (“CanAlaska” or the “Company”) is pleased to report assay results from its August 2009 drill program at the Fond Du Lac Project in the Athabasca Basin, Canada. The Company’s drill program of 19 holes was targeted on geophysical features which may represent the location of mineralized feeder zones for the Fond Du Lac unconformity-style sandstone hosted uranium deposit. Hole FDL 017, a step-out hole on the east side of a major crosscutting structure, intercepted a long zone of uranium mineralization in the basement rocks, east of, and below the Fond Du Lac deposit sandstone horizon. This zone starts at 41 metres (134 feet) below surface. Hole FDL017 returned 40.4 metres averaging 0.32% U3O8 , including 6 metres averaging 1.13% U3O8 (22.6 lb/ton), with individual values of half-metre samples grading up to 3.77% U3O8.
Further drill holes from the August program intercepted uranium mineralization in the basement and in the overlying sandstone. Significant assay results for the program are listed in Tables 1 and 2.
These drill results are the second set of significant assay results to be returned from summer work on the Fond Du Lac project. The Company previously reported on results from the West Fond Du Lac area, where a 2.4 km long zone of uranium stringer mineralization was re-sampled and mapped (see Sept 16, 2009 news release). Both areas are shown on the location map in Figure 1 above.
Table 1 – Fond Du Lac August
2009 Drill Program Significant Uranium Intercepts.
|Drill Hole||Rock Type||From||To||Width of Mineralization||%||lb/ton|
The Fond Du Lac project is located on the northern portion of the Athabasca Basin, Saskatchewan, where the Athabasca sandstone units have minimal thicknesses of 20-75 metres overlying the unconformity. This area was explored by AMOK in the 1960’s and AMOK and Eldorado Nuclear in the 1970’s and early 1980’s. The property is part of the Fond Du Lac Denesuline First Nation Reserve Lands, and CanAlaska is working with the community under an option to earn a 49% interest in the project. A small uranium resource (non 43-101 compliant) was previously discovered in the sandstone units, immediately above the unconformity. However, no significant effort was made to explore for structurally-hosted uranium mineralization in the basement rock at that time. The historic zones of uranium mineralization at Fond Du Lac are principally within the Manitou Falls Formation of the Athabasca Sandstone sequence, and are characterized by strong fracturing, intense silicification, zones of hematisation and minor clay alteration. Zoning is apparent, with a central highly-mineralized-core. The mineralization is evident as disseminations and replacement in the sandstone.
The 2009 drilling at Fond Du Lac was successful on two fronts. The drilling defined a new mineralized extension to the historical deposit as well as significant uranium mineralization in the basement.
The intercepts in diamond drill hole FDL017 are located 70 metres North-East of the known uranium deposit, on the east side of a NNW trending mylonite zone. The mineralization occurs as narrow fracture fillings and breccia impregnation in mylonitic garnet-biotite gneisses. The main NNW structure was evident from the geophysical surveys performed by CanAlaska prior to the current drill programs (magnetics, VTEM, gravity and IP-resistivity surveys were carried out). The structural events appear younger than the main deformation associated with the Grease River Shear Zone, which cuts the property south of the area of current drilling.
The morphology of the new mineralized zone is not well known as yet, but appears to be trending in a general E-W direction and with a dip close to vertical. The known deposit to the southwest trends at 050°; an orientation that is parallel to the regional Grease River Shear Zone. Airborne magnetic surveys show that the Grease River Shear fabric offset by the well-developed regional North-West fabric, and to a lesser extent, a North-South fabric.
During the 2009 drilling campaign, uranium mineralization was encountered along high angle structures in biotite gneiss basement rocks where the uranium occurs as coatings on fractures and as rims around fragments within healed breccia. The mineralization has been tested over a vertical extent of 68 metres in the basement, to a depth of 99 metres, with some associated mineralization also occurring in sandstone above this mineralized zone, for a total vertical extent of 90 metres. Associated geophysical features from IP geophysical surveys are shown in Figure 3.
Table 2 – Full Assay Results, Drill Hole # FDL 017
The new drill information is currently being modeled and linked with prior geophysical results and known geological features. The IP-Chargeablity survey appears to show clear basement rock types, and the location of bounding structures (Figure 3). There is also good IP response over the area of the historical uranium deposit. Multiple drill targets have been identified by the Company’s geologists. Some of these are formed from current drilling and surveys, whereas others are loosely-defined by correlating the location of mineralized boulder trains on surface (see attached Figure 4 for mineralized boulder trains and geophysical responses).
CanAlaska is presently fully-funded for its operations and is budgeting for extensive fall-winter 2010 exploration programs, financed by its strategic joint venture partnerships and from current treasury. The Company is presently awaiting further assay results from summer exploration that was undertaken on the Lake Athabasca Project, and from extensive mapping and sampling work at the Poplar Project, where the company has been working for the past month with six Chinese-trained geologists from East Resources Inc. The assay results from these active projects will be provided as they become available to the Company.
All of the prospecting and drill samples from the Fond Du Lac Project were submitted to Acme Laboratories Vancouver, an ISO 9001:2000 accredited and qualified Canadian Laboratory to be analysed for uranium and multi-element geochemistry by tri-acid digestion and ICP-MS., or to the Saskatchewan Research Council Geoanalytical Laboratory for a Multi Element ICP analysis with Aqua Regia digestion The samples were collected by CanAlaska field geologists under the supervision of Dr. Karl Schimann, and were shipped in secure containment to the laboratories noted above. Peter Dasler, M.Sc., P Geo. is the qualified technical person responsible for this news release.
About CanAlaska Uranium Ltd. — www.canalaska.com
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in twenty 100%-owned and three optioned uranium projects in Canada’s Athabasca Basin — the “Saudi Arabia of Uranium”. Since September 2004, the Company has aggressively acquired one of the largest land positions in the region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has expended over Cdn$55 million exploring its properties and has delineated multiple uranium targets.
CanAlaska’s geological expertise and high exploration profile has attracted the attention of major international strategic partners. Among others, Japanese conglomerate Mitsubishi Corporation has undertaken to provide the Company C$11 mil. in exploration funding for its West McArthur Project. Exploration of CanAlaska’s Cree East Project is also progressing under a C$19 mil. joint venture with a consortium of Korean companies led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd. Exploration recently commenced on the Poplar Project with Chinese mining partner East Resources Inc., comprising a potential 100,000 metres of drill testing. In addition, Canadian explorer Kodiak Exploration has also optioned the McTavish Project to advance exploration with the goal of attaining a 60% project interest earn-in by delineating a minimum of 35 million pounds U3O8.
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Investor Contact: Emil Fung, Vice President, Corporate Development
Tel: +1.604.688.3211 Toll Free (North America) 1-800-667-1870 Email: [email protected]
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP#13708P 10 2.
This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission. Not to be construed as an offer to buy or sell securities of CanAlaska Uranium Ltd.