Vancouver, Canada, Jan. 23rd, 2012 -
CanAlaska Uranium Ltd. (TSX -- CVV)
("CanAlaska" or the
"Company") is carrying out
two major programs totalling over
14,000 metres of drilling exploration
this winter at its West McArthur and
Cree East uranium projects in
Canada's Athabasca Basin. The
West McArthur project is a 50/50
joint venture between the Company and
MC Resources Canada Ltd., a
subsidiary of Japan's Mitsubishi
Corporation. The Cree East project is
a 50/50 joint venture between the
Company and a Korean consortium
comprising Hanwha Corp., Korea
Resources Corp. (KORES), Korea
Electric Power Corp. (KEPCO) and SK
Networks.
West McArthur Project:
A program of 6,800 metres in seven
diamond drill holes has been laid out
within the Grid 5 target area,
located near Epp Lake in the centre
of the project area. Camp access has
been constructed and drilling with
two drills is expected to commence by
January 30th, 2012.
The Company has carried out extensive
ground geophysical work in this area
over the past two years and has
defined a series of conductors and
multiple areas of low resistivity in
the sandstone, suggestive of possible
clay alteration. These clay-altered
"breaches" in the sandstone
cover are typical for all the known
major uranium deposits in the
Athabasca Basin. The geophysical
targets in this area are supported by
sub-anomalous lake sediment and
surface sandstone boulder
geochemistry, together with a few
inferred geological structures.
The Grid 5 targets lie along a
basement conductor, which appears to
trend to the east into the Fox Lake -
C10 conductor, which Cameco
Corporation describes under its
adjacent as showing "potential
of hosting a significant
deposit" with "significant
mineralization found 90 to 150 metres
above unconformity" from a total
of 8 holes drilled in 2008 along the
C10 conductor.
Cree East Project:
Winter geophysical survey work
commenced on the Cree East project in
December 2011, and was completed
early in January 2012. Diamond
drilling of 7,600 metres in 18 drill
holes within Zones A, B, C, D, G, I,
and J with two drills is due to
commence on January 25th, 2012. Crews
are currently setting-up the camp and
preparing drill site access.
The main drill targets on the Cree
East project have been defined by
previous drill programs, the most
recent significant drill hole being
CRE073, which was lost in a
highly-altered zone of strongly
hematised massive clay in basement
rock at Zone A. This hole was a
100-metre step out to the northwest
of holes CRE035 and CRE037. Within
this immediate area all previous
drill-holes have located major fault
offsets, with hematization and clay
alteration both in the sandstone and
basement units. In CRE073, the
basement was intersected 40-50 metres
higher than expected and the drill
hole cut a repetition of the
sandstone, in what is thought to be a
reverse fault, but the drill hole was
lost at a major clay zone,
approximately 100 metres from its
target depth. The analyses of drill
core samples show elevated silver
(see ), associated with elevated
copper, cobalt, nickel, zinc and
minor uranium mineralization in the
basement clay zones and in the
associated pegmatites and pelites.
The target will be one of the first
drill holes of the 2012 program.
This CRE 073 drill intersection is
depicted on cross-section A-A'
below (Fig 2). The section shows that
the uranium halo (including anomalous
nickel, arsenic and lead) in the
sandstone reaches more than 100
metres above the unconformity.
Further areas of co-incident low
resistivity in the sandstone of these
areas have been outlined by
geophysical surveys and represent the
prime targets for drill-testing under
the newly approved budget.
President Peter Dasler commented:
"At both West McArthur and Cree
East, we are working on two
physically large projects with
multiple significant targets. These
targets are now being progressively
tested by drill programs. On each
project, we have the strong support
and financing of our major
international joint venture partners.
Our crews are very experienced in the
work that they are doing, and Company
management is confident that they
have the ability to complete this
work successfully. Our prime targets
match the features characteristic of
major zones of uranium mineralization
elsewhere in the Athabasca Basin, and
our significant knowledge gained from
previous drill programs provide us
with the confidence for the current
programs to be very
successful."
Peter Dasler, M.Sc., P Geo. is the
qualified technical person
responsible for this news
release.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX,
CVVUF -- OTCBB, DH7F -- Frankfurt) is
undertaking uranium exploration in
twenty one uranium projects in
Canada's Athabasca Basin -- the
"Saudi Arabia of Uranium".
Since September 2004, the Company has
aggressively acquired one of the
largest land positions in the region,
comprising over 2,500,000 acres
(10,117 sq. km or 3,906 sq. miles).
To-date, CanAlaska has expended over
Cdn$75 million exploring its
properties and has delineated
multiple uranium targets.
On behalf of the Board of
Directors
"Peter Dasler"
Peter Dasler, P. Geo.,
President & CEO
Contact:
Emil Fung, Director & V.P. - Corp.
Dev.
Tel: +1.604.688.3211
Email:
The TSX has not reviewed and does not
accept responsibility for the
adequacy or accuracy of this release:
CUSIP# 13708P 10 2. This news release
contains certain
"Forward-Looking
Statements" within the meaning
of Section 21E of the United States
Securities Exchange Act of 1934, as
amended. All statements, other than
statements of historical fact,
included herein are forward-looking
statements that involve various risks
and uncertainties. There can be no
assurance that such statements will
prove to be accurate, and actual
results and future events could
differ materially from those
anticipated in such statements.
Important factors that could cause
actual results to differ materially
from the Company's expectations
are disclosed in the Company's
documents filed from time to time
with the British Columbia Securities
Commission and the United States
Securities & Exchange Commission.
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