CanAlaska Options Quesnel Porphyry Copper Project in BC to Omineca Mining and Metals Ltd 291.6 Hectares, 11 Kilometres from Quesnel, BC, near Wingdam Project; Focus on 1.5km Zone of Historic Porphyry Copper Showings; Breccia-Hosted 0.36% Copper over 20
CanAlaska Options Quesnel Porphyry Copper
Project in BC to Omineca Mining and Metals
Ltd
291.6 Hectares, 11 Kilometres from Quesnel, BC, near
Wingdam Project; Focus on 1.5km Zone of Historic Porphyry
Copper Showings; Breccia-Hosted 0.36% Copper over 20
Metres in Drill Hole
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2020) -
CanAlaska Uranium Ltd.
(TSXV:
CVV
) (OTCQB:
CVVUF
) (FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to
announce that it has entered into an Option agreement with Omineca Mining and Metals Ltd ("OMM") to
allow OMM to earn a 50% interest in CanAlaska's 100%-owned Quesnel porphyry copper project in
British Columbia, Canada (the "Project") (Figure 1).
Figure 1
To view an enhanced version of Figure 1, please visit:
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OMM may earn up to an 50% interest in the Project by issuing 300,000 common shares of OMM, and by
completing a 2,000 metre drill diamond program within 12 months of the TSX Venture Exchange
approval date.
After successful completion of the option, a joint venture will be formed and the parties will either co-
contribute on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. If the
Company or OMM dilute down to less than 10% Project interest, the party diluting will relinquish its
remaining Project interest and a 2% net smelter return ("NSR") royalty will be granted to the diluting
party.
The Quesnel Porphyry Copper Project
The project is centered on Mouse Mountain which has a hydrothermal system with copper-gold
mineralization spread over a large area (over 1.5km along strike) associated with typical copper
porphyry style alteration. Additional smaller copper showings extend further out from this system
indicating potential for a large-scale copper and gold system.
Previous drilling conducted by various companies focused on surface showings and related resistivity
targets, and did not fully test the surrounding geophysical chargeability anomalies.
The last drill hole
(RVC08-19) completed by Richfield (the previous property operator), intersected a non-magnetic
monzonite breccia assaying 0.36% copper between 398 to 418 meters depth.
This hole is located
immediately adjacent to the northern end of the large chargeability anomaly on the west flank of Mouse
Mountain.
Additional exploration targets related to soil geochemistry remain to be tested. In 2012,
CanAlaska crews sampled new showings north of Mouse Mountain and discovered altered volcanic
breccias containing up to 5.4% copper.
Regional geophysical surveys indicate the Mouse Mountain area
is underlain by a large intrusive system and IP surveys provide chargeability targets associated with
magnetic embayments.
CanAlaska President, Peter Dasler, comments, "Management is very pleased that Omineca's team will
be able to utilize their current exploration activities to advance the proposed exploration and drilling at
Mouse Mountain.
There are compelling and untested drill targets, as well as new showings to explore.
The property lies within the trend of porphyry copper deposits hosted in the Quesnel Trough and is
located close to established infrastructure.
We are looking forward to working with Omineca to advance
the existing discoveries."
Omineca states, "The agreement to option into the Mouse Mountain project in the Quesnel Trough
furthers our commitment to exploration and development in the Cariboo Mining District. Omineca
controls a large contiguous package of mineral claims in the Barkerville Terrane and south across the
Slide Mountain Terrane and Quesnel Trough as well. The Trough is remarkably well endowed with alkalic
porphyry Cu-Au deposits in British Columbia, which includes the Mount Polley, New Afton and Copper
Mountain mines".
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in
approximately 152,000 hectares (375,000 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 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:
Cory Belyk, COO
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.
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