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CanAlaska (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) Reports Further Uranium from West McArthur Drill Program

Cameco's drilling outlines zones of structural complexity in a large system

 

Vancouver, British Columbia - April 19, 2018 (Newsfile Corp.) (Investorideas.com Newswire) CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to report results from Cameco's winter drill program at the 5 kilometre long Grid 5 target area at the West McArthur uranium project. Cameco's drilling concentrated on developing an overall view of the geology and alteration between hole WMA047, located 1.4 kilometres to the southwest of the uranium mineralization in hole WMA042, through to hole WMA050 located 800 metres to the northeast, see Figure1.

Key Points:

New TDEM conductor along holes WMA048 and WMA050 in large magnetic embayment

Two other graphitic conductors to the south, with complex basement offsets

Large offset near mineralized holes WMA042 and WMA42-2 not yet intersected.

New uranium mineralization in WMA045 and anomalous values in WMA048

The follow-up drill hole to mineralization intersected in drill hole WMA042 targeted the unconformity 100 metres to the southeast, but did not intersect the structural offset, however the next drill hole 300 metres to the northeast intercepted further uranium mineralization. Additional drill holes over a two kilometre trend also intercepted encouraging alteration and additional graphitic horizons. Of the seven drill holes completed this winter, six had significant faulting and alteration and one was mineralized (WMA045) see Table 1. Drill location and technical details are available with tables and maps at www.canalaska.com

Table 1: WMA045 U3O8 Assay Grades (0.1% U3O8 cut-off)

Elevation changes:

The drilling outlines a broadly curving graphitic rock package, with basement elevations of -165 to - 178 metres ASL in the north, separated from elevations of -193 to -201 metres ASL elevation in the south. More detailed correlation of the surface geophysics with drill information is underway. The targets are associated with a large magnetic embayment and a strong ZTEM conductive anomaly.

figure 1

The "offset" in the basement rocks is thought to represent a major cross structure. At the current time CanAlaska would interpret the mineralization in holes WMA042 and WMA042-2 to be associated with an east-west trending structure located south of drill hole WMA044 see Figure 1. This is the area where basement elevations change by 15 metres. There is insufficient drilling to detail the exact location and trace of the faults, but this will be the subject on ongoing interpretation.

Extensive sandstone alteration:

The sandstone horizons are fractured and with high and low angle faults which show extensive hydrothermal alteration extending to the medial sandstone. Figure 2 shows two sections with examples of the complex structures observed in this area. Drill hole WMA048 includes a zone of pyrite alteration with increased radioactivity from the gamma survey at 554 to 578 metres depth below a fault zone at 381-383 metres. The Company is very encouraged that there is now direct evidence of mineralizing solutions pervading the medial sandstone in the areas where the surface and airborne geophysics had indicated the potential for an extensive mineralizing system.

figure 2

President Peter Dasler commented, "We are starting to understand the geology, but more detail is needed to trace uranium mineralized zones in drill holes WMA042 and WMA042-2. The fifteen holes drilled to date have revealed multiple zones of alteration, locally intense, in the sandstone and the trace of at least three graphitic conductors in the basement rocks. These are associated with the strongest parts of the three kilometre long northern ZTEM electromagnetic anomaly. We are very encouraged by the extent of the mineralized area and believe that there is significant room for us to find a large mineral deposit in this area."

Other current events:

CanAlaska Uranium president, Peter Dasler, will be presenting the Company during the Canadian Mining Symposium in London, UK, April 24-25, 2018. The Symposium, by invitation-only to delegates, brings together leading Canadian companies with top investment professionals, high-net investors, and executives from mining firms domiciled in the U.K. and Europe. See detail at: http://www.northernminer.com/canadian-mining-symposium/

An additional presentation of the Company will be made at the Mining Capital Conference in London, UK, on 3rd May 2018. Shareholders and interested investors are welcome, and are invited to register for this conference at: http://www.miningcapital.com/conferences

The qualified technical person for this news release is Dr Karl Schimann, P. Geo, CanAlaska director and VP Exploration.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV:CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 102,870 hectares (254,000 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. For further information visit www.canalaska.com.

On behalf of the Board of Directors
"Peter Dasler"

Peter Dasler, M.Sc., P.Geo.
President & CEO
CanAlaska Uranium Ltd.

Contacts:

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com

John Gomez, Corporate Development
Email: jgomez@canalaska.com

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.

Forward-looking information

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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