Vancouver, British Columbia - September 12, 2017 (Newsfile Corp.) (Investorideas.com Newswire) CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to report interim results from drill hole WMA042-2, a wedge from mineralized drill-hole WMA042 (1.4% eU3O8 over 5.1 metres), on the West McArthur uranium project ("Project"). The ongoing drill program is being conducted by Cameco Corporation (TSX: CCO) (NYSE: CCJ).
Drill hole WMA042-2 commenced at 275 metres downhole in strongly bleached sandstone with characteristic clays and alteration similar to that overlying nearby uranium deposits. Seven fault zones are reported. The drill hole is across the conductor trend and intersected the unconformity approximately 24 metres southeast of the mineralized intersection reported for WMA042. (see news August 30 2017) The calculated average grade of the uranium intercept, as measured by calibrated probe, is 1.4% eU3O8 over 5.1 metres (Table 1).
The uranium mineralization is disseminated within a brittle sandstone fault at 768.4 meters to the unconformity at 778.0 metres. The fault is characterized by broken to unconsolidated core with strong sooty pyrite, 16% core loss, strong quartz dissolution, and strong clay replacement that includes 10-40 cm wide sections of massive clay. Detailed assays and interpretation from the drill program is expected to be reported in October.
Cameco is carrying out the current work as part of an option to earn a 60% interest in the West McArthur project. Cameco has paid CanAlaska an initial $725,000 and has the right to earn a first stage 30% interest for a $5 million exploration program within 3 years ($1.1 million to date) on two separate target areas: Grid 1 and Grid 5. Cameco will then have the right, after a $500,000 payment, to carry out a further $6.275 million of work on the Project over the following 3 years to earn a further 30% interest and form a Joint Venture (JV) with CanAlaska.
The West McArthur Uranium Project covers 35,830 hectares (88,536 acres) commencing 15 kilometres (9 miles) west of Cameco's majority-owned McArthur River uranium mine. More importantly, the Project is immediately adjacent to Cameco's Fox Lake uranium discovery with reported inferred resources of approximately 68.1 million lbs based on 387,000 tonnes at 7.99% U3O8. The Fox lake discovery is within the Read Lake project operated by Cameco (Cameco 78.2%, Areva 21.8%). Further information on Project is available at http://www.canalaska.com/s/West_McArthur.asp?ReportID=560713.
CanAlaska president Peter Dasler comments, "Cameco's team has confirmed our expectation of significant uranium mineralization on the C10 conductor. I expect that we will be further rewarded as drilling progresses to the west where historical drill hole EL07 intersected intense silicification which reaches to near surface. In the meanwhile we await further drill results from Cameco's drilling which is testing the nearby C10 south conductor."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: 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. 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. 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
John Gomez, Corporate Development
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.
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