CanAlaska Announces: Assays Confirm High- Grade Nickel in All Drill Holes from Phase 1 Winter Program Completed at Manibridge Results Support Geological Model at Nearby Resting and Halfway Projects New On-site Videos for the West McArthur Uranium Project Available on Website
CanAlaska Announces: Assays Confirm High-
Grade Nickel in All Drill Holes from Phase 1
Winter Program Completed at Manibridge
Results Support Geological Model at Nearby Resting and Halfway Projects
New On-site Videos for the West McArthur Uranium Project Available on Website
Vancouver, British Columbia--(Newsfile Corp. - August 4, 2022) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(
OTCQX:
CVVUF)
(FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to announce assay
results from the winter 2022 drill program have confirmed the presence of high-grade nickel
mineralization on the Manibridge project, located in the Thompson Nickel Belt, Manitoba (Table 1). The
drill program successfully intersected high-grade nickel-sulphide mineralization in all six holes over a
one-kilometre strike length within the shadow of the past-producing Manibridge mine that produced 1.3
million tonnes at 2.55% nickel and 0.27% copper from 1971 to 1977 (Figure 1).
Figure 1 - Manibridge Project Location
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/132799_76dcf31804b079af_001full.jpg
Highlights from the drill program include:
MNB004, which intersected
0.92% Ni eq. over 32.95 m
, from 150.45 m, which includes 1.24% Ni eq.
over 11.45 m from 169.1 m;
MNB003, which intersected
0.81% Ni eq. over 13.5 m
, from 337.5 m;
and MNB 006, which intersected
1.13% Ni eq. over 9.0 m
, from 700.0 m, which includes 1.62% Ni eq.
over 5 m from 701.0 m.
The sulphide mineralization, which contains nickel, copper, and cobalt is characterized by disseminated,
massive, and net-textured sulphides associated with intense serpentinization alteration of the ultramafic
host rocks. The program consisted of six diamond drill holes for a total of 2,350 metres. Drill hole collar
locations are provided in Table 2 and Figure 2 shows the locations of the drill hole results on a long-
section of mineralization.
Table 1 - Winter 2022 Diamond Drill Hole Nickel-Cobalt-Copper Mineralization Assay Results
DDH
From
To
Interval
Ni%
Co%
Cu%
Ni eq.%
GT (Ni eq%*m)
MNB001
247.00
263.90
16.90
0.50
0.01
0.01
0.52
8.79
includes
263.45
263.90
0.45
2.36
0.02
0.26
2.46
1.11
268.90
270.50
1.60
0.32
0.02
0.05
0.36
0.58
MNB002
207.50
213.80
6.30
1.26
0.02
0.04
1.31
8.25
includes
209.50
213.25
3.75
1.63
0.02
0.06
1.69
6.34
MNB003
249.30
257.30
8.00
0.92
0.02
0.03
0.96
7.68
includes
249.30
253.30
4.00
1.26
0.02
0.06
1.30
5.20
278.50
293.85
15.35
0.36
0.02
0.02
0.40
6.14
323.85
329.50
5.65
0.93
0.02
0.03
0.97
5.48
includes
324.85
328.50
3.65
1.26
0.02
0.05
1.31
4.78
337.50
351.00
13.50
0.77
0.01
0.04
0.81
10.94
includes
343.50
344.50
1.00
1.11
0.02
0.05
1.16
1.16
and
346.50
347.50
1.00
1.32
0.02
0.09
1.38
1.38
MNB004
150.45
183.40
32.95
0.88
0.02
0.03
0.92
30.31
includes
153.45
154.45
1.00
1.07
0.03
0.05
1.13
1.13
and
163.45
166.45
3.00
1.35
0.02
0.04
1.41
4.23
and
169.10
180.55
11.45
1.20
0.02
0.04
1.24
14.20
191.10
198.10
7.00
0.83
0.02
0.03
0.87
6.09
includes
193.10
197.10
4.00
1.07
0.02
0.04
1.12
4.48
227.95
239.00
11.05
0.80
0.02
0.05
0.84
9.28
includes
233.10
238.20
5.10
1.26
0.02
0.10
1.33
6.78
MNB005
193.50
194.50
1.00
0.39
0.01
0.01
0.41
0.41
213.20
223.00
9.80
0.65
0.01
0.01
0.68
6.66
includes
213.20
213.70
0.50
1.45
0.03
0.16
1.54
0.77
225.50
227.50
2.00
0.59
0.01
0.01
0.61
1.22
263.10
263.50
0.40
0.40
0.02
0.05
0.52
0.21
MNB006
700.00
709.00
9.00
1.08
0.02
0.07
1.13
10.17
includes
701.00
706.00
5.00
1.55
0.03
0.09
1.62
8.10
Notes:
1. Ni% cut-off grade is 0.30%
2. Ni% cut-off grade for
includes
/
and
is 1.00% Ni
3. Reported widths do not contain greater than 2 m of consecutive core with less than cut-off grades
4. Ni eq.% is calculated as the sum of Ni% + Co% * ($50,354/$27,065) + Cu% ($6,680/$27,065)
5. Price of Ni = $27,065/metric ton, price of Co = $50,354/metric ton, price of Cu = $6,680/metric ton
6. Metal prices were derived from Shanghai Metal Market website (
www.metal.com
) on July 22, 2022
7. Ni = nickel, Co = cobalt, Cu = copper
Drill holes MNB001 and MNB003 both filled gaps in the mineralization model, defined by historic drill
hole results, which indicates that the mineralization is still open along strike and at depth. Drill holes
MNB002, MNB004, and MNB005 all intersected mineralization starting shallower than approximately
200 m from surface. Drill hole MNB006 successfully defined the continuation of high-grade
mineralization beneath the old mine workings indicating that mineralization controls of the Manibridge
system are continuous down to at least 700 m depth. The results of the 2022 winter drilling program
indicate that the Manibridge system remains open in both the up- and down-dip directions as well as
along strike, leaving multiple targets for future drill programs.
Figure 2 – Winter 2022 Drill Holes Within Manibridge Mineralization Shell (Looking West)
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/132799_76dcf31804b079af_004full.jpg
Metal Energy is the operator of Manibridge and owns 49% of the Project. Metal Energy has surpassed
the work commitments required to earn 70% ownership, with a short-term objective to achieve 100%
ownership of Manibridge from CanAlaska Uranium Ltd.
CanAlaska CEO, Cory Belyk, comments, "Assay results from the winter program confirm the Manibridge
project is host to significant sulphide nickel mineralization in the shadow of a past-producing high-grade
nickel mine. These results also highlight the discovery potential that exists within CanAlaska's nearby
Resting and Halfway nickel projects that were project generated by the team on the same geological
model as Manibridge. Class 1 nickel that is found in the Thompson Nickel Belt is a critical metal needed
for electrification of the world as we move toward a clean energy utopia. CanAlaska's nickel portfolio
provides its shareholders with exposure to discovery of this critical metal, and we are very pleased with
results from this drilling program."
Table 2 - Winter 2022 Diamond Drill Hole Collar Data (UTM NAD83 Datum, Zone 14N)
DDH
Target Area
East
(m)
North
(m)
Elevation
(m)
Azimuth
(˚North)
Dip
(˚)
EOH
(m)
MNB001
Manibridge Mine
511,145
6,062,665
236
272
-72
338
MNB002
Manibridge Mine
510,891
6,062,315
236
293.5
-73
352
MNB003
Manibridge Mine
510,854
6,062,210
237
292
-73
369
MNB004
Manibridge Mine
510,762
6,062,175
236
295
-56
272
MNB005
Manibridge Mine
510,723
6,062,083
237
298
-53
284
MNB006
Manibridge Mine
510,936
6,061,699
244
268
-75
735
Total: 6 DDH
2,350.0
Notes:
Elevation is recorded as "metres above sea level"
EOH = End of hole
About the Manibridge Project
Manibridge encompasses 4,368 hectares within the world-class Thompson Nickel Belt. The Project is
20 kilometers southwest of Wabowden, which has significant infrastructure and capacity that has
supported previous exploration programs and mine development, including year-round highway access
via Highway 6.
Geochemical Sampling Procedures
Drill core samples were shipped to the Saskatchewan Research Council Geoanalytical Laboratories
(SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and multi-
element analysis by ICP-OES using total 4-acid digestion (HF:NHO
3
:HCl:HClO
4
). Assay samples
comprise 0.35 to 1.0 m continuous split-core samples over nickel-sulphide mineralized intervals. The
SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory.
Blanks, standard reference materials, and repeats were inserted into the sample stream at regular
intervals by CanAlaska and the SRC in accordance with CanAlaska's quality assurance / quality control
(QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified
persons employed by CanAlaska prior to disclosure.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not
represent true thicknesses, which have yet to be determined.
Other News
The Company is actively advancing a new uranium discovery on its West McArthur uranium project in the
eastern Athabasca Basin. As part of the summer program, the Company reported a 6.3 metre long
interval of elevated radioactivity in the basement of WMA067, 100 m below the unconformity. WMA067
is located along a newly defined exploration trend, approximately 6 kilometres along strike to the
southwest of the Company's 42 Zone mineralization. The summer drilling program is part of an approved
$5 million program operated by CanAlaska, who currently holds a 77.13% ownership in the project.
CanAlaska's latest on-site videos for the West McArthur project can be viewed at
www.canalaska.com
.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in
approximately 300,000 hectares (750,000 acres), 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. The Company also holds properties prospective for nickel, copper, gold
and diamonds. For further information visit
www.canalaska.com
.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice
President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email:
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email:
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/132799