CanAlaska Uranium Ltd.: Drill Assay Results Confirm West McArthur Uranium Discovery First two holes on C10 conductor intersect 1.51% U3O8 over 5.5 metres and 1.26% U3O8 over 4.4 metres, highlighted by 4.15% U3O8 over 1.4 metres
CanAlaska Uranium Ltd.: Drill Assay Results Confirm
West McArthur Uranium Discovery
First two holes on C10 conductor intersect 1.51% U3O8 over 5.5 metres and
1.26% U3O8 over 4.4 metres, highlighted by 4.15% U3O8 over 1.4 metres
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2017) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (OTCQB:
CVVUF
) (FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to report final results from drill holes WMA042 and
WMA042-2, on the West McArthur uranium project ("Project"). The drill program was conducted by
Cameco Corporation
("Cameco") as part of their $12.5 million option to earn a 60% interest in the Project.
West McArthur Uranium Project
Grid 5 North
Drilling Results 2017
To view an enhanced version of this graphic, please visit:
http://orders.newsfilecorp.com/files/2864/30477_canalaskax1x1.jpg
Drill holes WMA042 and WMA042-2 were drilled at the northern end of a strong geophysical anomaly which represents the
offset and continuation of the C10 conductor which hosts a new high-grade uranium deposit at nearby Fox Lake (See figure 1).
The two drill holes intersected high-grade uranium within a broad fault controlled zone of strongly bleached sandstone
accompanied by a pyrite halo just above the Athabasca sandstone unconformity.
In drill hole WMA042, strong pervasive brick-red hematite from 697.8 m to 700.2 m transitions into irregular patchy hematite with
pervasive fracture-controlled sooty pyrite and localized perched fracture-controlled uranium mineralization to 715.6 metres. The
remainder of the sandstone column is strongly bleached and overprinted by weak sooty pyrite as a halo about a brittle fault zone
from 738.9 to 743.2 metres that is characterized by strong quartz dissolution (~25% core loss), sooty pyrite, and steeply dipping
fractures. Below the fault, the sandstone is weakly silicified to 773.8 metres, below which pervasive sooty pyrite overprints the
sandstone and is associated with orange-brown oxides, local fracture controlled brick-red hematite and disseminated uranium
mineralization (Table 1). The unconformity was intersected at 782.1 metres.
In drill holes WMA042-2, bleached sandstone with weakly disseminated sooty pyrite leads to a brittle fault zone from 710.8 to
718.2 metres. The fault zone is characterized by broken core, steeply-dipping coated fractures and gouge, core loss as a result
of structurally-controlled quartz dissolution, weak limonite and strong sooty pyrite. Below the fault zone, strong disseminated and
fracture-controlled sooty pyrite and clay alteration continue to 721.3 metres, followed by competent bleached sandstone with
pervasive weak sooty pyrite and local dravitic fractures to 768.4 metres. A brittle sandstone fault is characterized by broken to
unconsolidated core with strong sooty pyrite, 16% core loss, strong quartz dissolution, and strong clay replacement that includes
10-40 cm wide sections of massive clay from 768.4 metres to the unconformity at 778.0 metres. Disseminated uranium
mineralization is hosted within the fault zone, upgraded in the intervals of massive clay (Table 1).
The geochemical uranium halo above the mineralization is extensive. It extends 100 metres above the unconformity and is then
followed by a second, fault controlled, uranium and high boron halo from 170 metres to over 500 metres above the unconformity
(See figure 2.)
Table 1:
Uranium Assay Grades
Drill Hole
From
metres
To
metres
Length,
metres
Grade %
U3O8
WMA042
705.3
709.1
3.8
0.12
WMA042
773.3
778.8
5.5
1.51
WMA042
including
1.4
4.15
WMA042
781.3
782.1
0.8
0.19
WMA042-2
770.1
770.6
0.5
0.16
WMA042-2
773.6
778.0
4.4
1.26
WMA042-2
including
0.9
2.73
Drill holes WMA035 and WMA043-1, located 300 metres to the southeast, intersected the unconformity 30 metres lower,
indicating a step-fault between the two sets of drill holes. These holes are marked by strong bleaching above and below the
unconformity along faults with silicification reaching 300 metres above the unconformity. The uranium halo reaches 350 metres
above the unconformity and is accompanied by a significant high boron halo (780+ metres) that comes close to surface.
Section 6000W (see figure 2 below) shows the four drill holes described above, one drilled in 2016 and three drilled in 2017.
West McArthur Uranium Project
Geology and Mineralization
C10 and C10 South Targets
Line 6000W
To view an enhanced version of this graphic, please visit:
http://orders.newsfilecorp.com/files/2864/30477_canalaskax3x1.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 ($2.9 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, "CanAlaska management is very impressed with the size of the target and the
high-grade uranium intercepted at the C10 conductor. The strong alteration halos, which reach 400-700 metres above the
unconformity, show that there has been extensive fluid flow in the system. We also now know that there is a significant fault
located in the region between the C10 and C10 south conductor targets, and believe more mineralization will be found in this
structure. We look forward to Cameco's next drill program for this target."
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
.
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:
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.