June-September program targets high-grade uranium
Vancouver, Canada, May 28, 2019 — CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) (“CanAlaska” or the “Company”) is pleased to report that drill and camp contracts have been awarded for the summer drill program at the West McArthur uranium project. The program is intended to locate high-grade uranium hosted in faults along the C10 horizon, the major regional fault structure. Two previous drill holes intersected high-grade uranium – up to 5% U3O8 – just west of the projection of the C10 horizon and near the unconformity contact. CanAlaska believes the controlling structure of this high-grade mineralization has yet to be intersected in drilling.
The summer drill program is being operated by CanAlaska, and follows on the three-year target definition by Cameco’s drill team. The ten holes drilled along a 1.6 kilometre (one mile) long stretch of Grid 5 included three significant uranium mineralized drill holes. See figure 1.
The wide spaced drilling also mapped an extensive zone of intense fluid alteration extending into the sandstone above the unconformity with basement rocks. The alteration rises 700 metres above the unconformity and is marked by broad halos of uranium, boron, arsenic and accompanying base metals, typical environments of major uranium deposits in the Athabasca Basin. The alteration and geochemical influx are associated with steep faults observed in the drill holes within the sandstone.
The first objective of the drill program by CanAlaska is to locate the mineralized fault structure(s), believed to be very close to drill holes WMA 42 and 42a see figure 2, and further detail at www.canalaska.com.
The targets for exploration are where the mineralized structures intersect the C10 horizon, which is one of three key graphitic horizons in the rocks below the unconformity. Flexures (major structure bends) along graphitic horizons are key areas to look for uranium mineralization and uranium deposits. Mineralized targets at West McArthur are associated with this flexure event, where structural complexity likely occurs.
CanAlaska President Peter Dasler comments, “The extent of the mineralization and in multiple areas over 1.6 kilometres (one mile) provides the scenario for a “Tier One” mineralizing event similar to the nearby world class McArthur River and Cigar Lake mines. We are fully financed to carry out the work program. This is truly a break-out discovery opportunity for CanAlaska.”
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 152,000 hectares (375,000 acres), in Canada’s Athabasca Basin — the “Saudi Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company’s properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds.
For further information visit www.canalaska.com.
The qualified technical person for this news release is Dr Karl Schimann, P. Geo, CanAlaska director and VP Exploration.
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
|Cory Belyk, COO
Tel: +1.604.688.3211 x 306
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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.