CanAlaska Obtains 100% of the Cree East Uranium Project, One of the Largest Properties in the Eastern Athabasca Basin Multiple Targets with Assessment Credits to 2033
CanAlaska Obtains 100% of the Cree East Uranium
Project, One of the Largest Properties in the Eastern
Athabasca Basin
Multiple Targets with Assessment Credits to 2033
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2017) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (OTCQB:
CVVUF
)
(FSE:
DH7N
)
("CanAlaska"
)
is pleased to report that it has increased its interest in the Cree East uranium project, one of the
largest land positions in the eastern Athabasca. CanAlaska now owns an unencumbered 100% interest in the project which
covers 57,752 hectares, (223 square miles) of highly prospective terrain. The project has land assessment credits banked until
2033 and hosts multiple large scale uranium targets.
Cree East Korean JV Project
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CanAlaska bought back the 50% interest in the Limited Partnership earned by the Korean partners Hanwha, KORES, KEPCO
and SK (the "Partners") in consideration for certain indemnities which it provided to the Partners. In addition, all funds previously
invested by the Partners that were held in the Partnership's bank account on the date of closing were returned to the Partners at
closing.
Since 2007, the Korean Partners have funded C$19 million of exploration on the Cree East Project and delineated multiple
zones of uranium mineralization associated with graphitic conductors and large hydrothermal alteration halos. The uranium is
found in basement and sandstone environments, at depths ranging from 100 metres to 450 metres below surface.
The
systematic multi-phase exploration programs on the project were reduced in scale in 2011 and exploration drilling has been
suspended since 2012. The property has two priority exploration targets at Zone A and Zone B, where uranium has been
discovered above and below the unconformity, at approximately 400 metres depth.
Details of these targets and the project 43-
101 report on exploration potential is available on the company's website at:
http://www.canalaska.com/s/Cree_East.asp?
ReportID=560708
Cree East Project
Winter 2014 EM Survey
ZONE B Conductor
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President Peter Dasler commented, "CanAlaska is again very grateful for the support of each of the four Korean Industry
Partners management and staff for their guidance and financial support on the project. CanAlaska is now working to find new
partners to advance the drill testing of the targets that have been delineated. Management believes that there are a number of
parties who are building interest in funding exploration on advanced exploration projects such as Cree East, in recognition that
nuclear power is a fundamental cornerstone of clean energy production. Nuclear plant construction is at a 25 year high, with a
projected doubling of nuclear power reactors by 2050. There is a predicted shortage of uranium for these new power plants, and
current oversupply is being addressed by short term production cutbacks by the major producers. New exploration on advanced
projects such as Cree East provide the opportunity for multiple large discoveries which could be timed to match market
demand."
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 has attracted major international mining companies and currently include Cameco Corp. and
Denison Mines Corp., CanAlaska is a project generator and is positioned for discovery success in the world's richest uranium
district. For further information visit
www.canalaska.com
.
The qualified technical person for this news release is Dr Karl Schimann, P. Geo, VP Exploration, for CanAlaska.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President & CEO
CanAlaska Uranium Ltd.
Contacts:
Peter Dasler
President
CanAlaska Uranium Ltd.
Tel: +1.604.688.3211
x 138
Email:
John Gomez
Corporate Development
CanAlaska Uranium Ltd.
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.
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.