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 shareholders.
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 2140.
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.
On 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.