Target selection completed for West McArthur uranium project
Multiple conductors and targets in 1.6 km (one mile) long zone
Large geochemical halos reach surface
Vancouver, Canada. January 16, 2019 - CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N), ("CanAlaska or the "Company") reports that plans have been made for drill testing of the northern portion of Grid 5, where Cameco identified multiple intercepts of uranium mineralization in the most recent drill programs. See previous news December 11, 2018. Under the Joint Venture with Cameco, CanAlaska will act as Operator and plans to drill 7000 metres in 10 drill holes this summer to endeavor to intersect lenses of higher-grade uranium mineralization.
West McArthur uranium discovery
In August 2017, Cameco intersected the first high grade uranium mineralized intervals on the northern portion of the five-kilometre long Grid 5 target area at the West McArthur uranium project. The project extends over 36,000 hectares and the eastern boundary is 6 kilometres (4 miles) northwest of Cameco's majority-owned McArthur River uranium mine and associated infrastructure.
To date three holes have intersected mineralization, up to a maximum of 1.51% U3O8 over 5.5 metres. The main anomalous zone is situated at a flexure in the three recognizable conductors, (the "C10" graphitic conductor package). Four kilometres to the east, the C10 conductor hosts the Cameco/Orano Fox Lake high grade uranium deposit.
Three graphite-bearing rock units ("conductors") define a 6.6 km long conductive trend west from the Fox Lake uranium deposit onto the West McArthur project. The first 1.6 kilometres (one mile) of this trend onto the project hosts a significant flexure, and the conductors rotate to the south. The large ZTEM geophysical anomaly shows that this trend continues for a further five kilometres to the south, and is shown as insert in Figure 1. High grade mineralization was intersected at target B, where the trend bends southward, 1,600 metres west of the property boundary.
The eight drill holes carried out by Cameco, under their previous option to earn 30% of the project, intersected a series of geochemical halos around and above uranium mineralization. The halos are very distinctive and characteristic of known uranium deposits. The size of the halos, with boron and uranium values to near surface, and high uranium and base metal values at the unconformity, suggest the possible presence of significant uranium mineralization. These targets are shown in yellow on Figure 1.
The long section, shown in Figure 2, transects the three conductors and shows the extent of anomalous uranium intersected in the sandstone, extending 1600 metres in length and as much as 700 metres in height above the unconformity (Figures 1&2), with uranium mineralized zones at, and above, the unconformity.
The most obvious target for the next drilling will be close to the intersections in drill holes WMA042 and WMA042-2 where a five metre uranium mineralized horizon was intersected at the unconformity. The nearest drill hole (WMA044) is 127 metres to the SSE, and this has not explained the basement offset between the target and drill hole WMA035, which is 300 metres to the SE. This is shown as Target B in Figure 1.
The identified priority targets shown in Figure 1 are as follows:
Target A: has extensive uranium and boron in sandstone. Drill holes WMA045 and WMA048, respectively, overshot and undershot the C10 & C10N conductors.
Target B: with high grade intersections requires close-in follow up; WMA042 and 42-2 overshot the C10 conductor missing the main target but matching basement alteration of WMA044.
Target C: The first program drill holes undershot C10S target intersection with a uranium-arsenic anomalous fault zone in sandstone of WMA044.
Target D: The drill holes undershot conductor C10S and overshot C10. There is an extensive fault zone in the sandstone of WMA046 which projects to the location of conductor C10 at the unconformity.
Target E: Reconnaissance drill hole WMA050 overshot the C10N conductor target. This is shown by the anomalous uranium and arsenic perched in the fractured sandstone. This zone projects eastwards to the location of conductor C10N at the unconformity.
CanAlaska's President, Peter Dasler, comments: "We have a series of exciting targets in a complex geological setting at the flexure of the three conductors. The recent reconnaissance drilling has given us mineralized targets for detailed delineation. We have been able to attract senior staff who were associated with the project during the option period and we all look forward to operating the project, a good summer drill season, and new successes."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 152,000 hectares (375,000 acres), one of the largest land positions 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.
About Cameco Corporation
Further information on Cameco can be found at www.cameco.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, M.Sc., P.Geo.
President & CEO CanAlaska Uranium Ltd.
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Cory Belyk, COO
Tel: +1.604.688.3211 x 306
John Gomez, Corporate Development
CanAlaska Uranium Ltd.
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. In particular, this news release contains forward-looking information regarding the private placement offering and the use of proceeds of such offering. 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. These assumptions include, but are not limited to: future costs and expenses being based on historical costs and expenses, adjusted for inflation; and market demand for, and market acceptance of, the offering. 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.