CanAlaska Completes Airborne Electromagnetic and Magnetic Survey at Hunter Project in Thompson Nickel Belt Survey Defines Multiple Target Areas for Thompson-Style Nickel-Sulphide Deposits; Focused on Tier 1 High-Grade Nickel Discovery
CanAlaska Completes Airborne
Electromagnetic and Magnetic Survey at
Hunter Project in Thompson Nickel Belt
Survey Defines Multiple Target Areas for Thompson-Style
Nickel-Sulphide Deposits; Focused on Tier 1 High-Grade
Nickel Discovery
Vancouver, British Columbia--(Newsfile Corp. - August 18, 2022) -
CanAlaska Uranium Ltd. (TSXV:
CVV) (OTCQX:
CVVUF
) (FSE:
DH7N
)
("CanAlaska or the "Company") is pleased to announce it has
received and processed the results of an airborne Versatile Time Domain Electromagnetic ("VTEM
Plus") and Horizontal Magnetic Gradiometer geophysical survey on its 100%-owned Hunter project in the
Thompson Nickel Belt (Figure 1). Preliminary evaluation of the geophysical survey has identified several
target areas within the Hunter Project (Figure 2). The survey was completed by Geotech Ltd. of Aurora,
Ontario and consisted of 882 line-kms of surveying.
Figure 1 – Hunter Project Location Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2864/134175_7cbabfcfd4869b50_002full.jpg
The Hunter project is underlain by Archean rocks and Ospwagan Group metasediments with ultramafic
intrusions. The project area was explored by a variety of companies from the 1950's to 2000's, which led
to the discovery of the Mel nickel deposit, located immediately to the east of the project. In addition,
historical drill intersections on the property and in the surrounding claims have high-grade nickel sulphide
mineralization associated with ultramafic rocks within Ospwagan Group metasediments. The Ospwagan
Group metasediments, specifically the Pipe Formation, are host to the world-class Thompson Nickel
Deposit.
Figure 2 – Hunter Project Geophysical Survey Results and Priority Target Areas
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2864/134175_7cbabfcfd4869b50_004full.jpg
The Company's newly completed VTEM Plus survey shows a good correlation between the interpreted
geology and geophysical survey data, both in the electromagnetic and magnetic responses. The survey
highlights NE-SW magnetic lineament trends associated with variably conductive electromagnetic
responses, interpreted to represent Ospwagan Group metasediments and associated ultramafics. In
addition, the survey identified geophysical signatures that may suggest more Ospwagan Group
metasediments (nickel deposit host stratigraphy) in the project area than previously documented. The
VTEM Plus survey also confirmed that the modeled conductor interpreted to be the extension of the host
geological horizons associated with the Mel nickel deposit to the east of the project area trend onto the
Hunter project. The Company has identified three initial high-priority target areas based on the newly
acquired survey data and the presence of known mineralized occurrences within and along trend of
these targets. The Company is completing a 3D magnetic vector inversion (MVI) of the VTEM Plus
survey data and Maxwell Modelling of electromagnetic anomalies to further refine drill targets.
CanAlaska CEO, Cory Belyk, comments,
"This airborne survey has provided a significant amount of
new detail to the Hunter project target inventory. The possible identification of additional host
stratigraphy than was previously known highlights the value-add of this new survey to prioritize areas
for future drilling campaigns. The Hunter project is just one piece of the Company's extensive land
holdings in this prolific and world-class nickel belt that provides our shareholders with discovery
opportunity of a critical metal for a clean energy future. CanAlaska is actively seeking joint venture
partners to help move these nickel projects toward discovery."
About the Hunter Project
CanAlaska's Hunter project encompasses 8,232 hectares within the world-class Thompson Nickel Belt.
The Project is located 20 km north of Thompson, Manitoba, which has significant infrastructure and
capacity that has supported previous exploration programs and mine development, including year-round
highway access.
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 a $5 million
program operated by CanAlaska, which 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
.
Metal Energy has acquired a 70% interest in the Manibridge nickel project, effective August 16, 2022, as
a result of recent work programs. In addition, the Company has received notice from Metal Energy of
their intention to acquire 100% ownership in the Manibridge project based on positive results from the
phase 1 and phase 2 drilling programs. The Company has received a total of 5,000,000 Common
Shares of Metal Energy (TSX:V MERG) and $100,000 cash as part of the notification of intent to achieve
100% ownership.
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/134175