Cameco Commences Drill Program on West McArthur Project under Option from CanAlaska Grid 5 and Grid 1 target areas to be drilled this summer with $2.1 million budget
Cameco Commences Drill Program on West McArthur
Project under Option from CanAlaska
Grid 5 and Grid 1 target areas to be drilled this summer with $2.1 million
budget
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2017) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (OTCQB:
CVVUF
)
(FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to announce that
Cameco Corporation (TSX:
CCO
) (NYSE:
CCJ
)
has commenced the summer drill program on the West McArthur uranium project ("Project"). Cameco's recently completed high
definition ground geophysical survey has confirmed the location of three parallel conductors identified as the C10 conductor
package at Grid 5.
At Grid 1 a conductive basement target is defined 180 metres north of the alteration zones and uranium
mineralization reported in historical drill hole EL-12.
The summer drill program will have concurrent drilling on the two target areas.
The work will be carried out by a helicopter
supported team based at Cameco's nearby majority-owned McArthur River mine.
These target areas are detailed and shown in
the figures below.
West McArthur Project
Cameco Option
Grid 5 Target Area
To view an enhanced version, please visit:
http://orders.newsfilecorp.com/files/2864/28051_a1500505843174_70.jpg
At Grid 5 a geophysical program of 42.2 kilometres of Time Domain Electromagnetics (TDEM), characterized the graphitic
conductors located within the ZTEM conductivity high between L12450E and L13250E (see Figure 1).The interpretation shows
three conductive responses in the survey. The middle response is the strongest response and represents the primary target for
the drill program. The northern response represents the second target for the 2017 drill program. The proposed drilling program
will utilize up to three drill-holes and one offcut totaling 3,400 metres.
The second target to be tested this summer is located at Grid 1. This target is a linear magnetic low that correlates with high
conductivity in the ZTEM survey east of CanAlaska's historical drill hole WMA002. Nearby historical drill hole EL-12 had over 50
metres of strong alteration high within the sandstone followed by recurring smaller alteration zones down to unconformity.
Disseminated pitchblende with strong chloritization occurs in sandstone just above the unconformity (1.45m @ 0.03% U
3
O
8
).
The basement contained a moderately graphitic healed fault breccia and some elevated uranium related to secondary hematite.
At least two new drill holes will be carried out to test for mineralization at and below the unconformity for a total of approximately
1,900 metres of drilling.
Figure 2 shows the updated conductor interpretation of Grid 1. The primary target is at Site 1, 180
metres north of EL-12. A second conductive response has been identified 180 m south of EL-12 at Site 2.
West McArthur Project
Cameco Option
Grid 1 Target Area
To view an enhanced version, please visit:
[
http://orders.newsfilecorp.com/files/2864/28051_a1500505844471_86.jpg
]
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, "The detailed geophysical survey carried out in June by Cameco's team has now
given us well defined targets in two highly prospective areas of the West McArthur property. Both of the target areas appear to
host large mineralizing systems and it is encouraging to see the priority that Cameco's team has given this Project during
challenging times. We are looking forward to the results of this significant drill program."
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"
Peter Dasler, M.Sc., P.Geo.
President & CEO
CanAlaska Uranium Ltd.
Contacts:
Peter Dasler, President
Tel: +1.604.688.3211
x 138
Email:
John Gomez, Corporate Development
Tel: +1.604.484.7118
Email:
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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.
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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.