CanAlaska's project updates. — Photo: CanAlaska Vancouver, Canada, March 3, 2017 - CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N
CanAlaska's project updates. — Photo: CanAlaska
Vancouver, Canada, March 3, 2017 - CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N), ("CanAlaska" or 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.
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.
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.
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.
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/
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.
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.
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.
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.
