Significant Uranium Mineralization Reported at CanAlaska's West McArthur Project Diamond drill hole WMA042 intersects 1.34% eU3O8 over 5.65metres, drilling continuing
Significant Uranium Mineralization Reported at
CanAlaska's West McArthur Project
Diamond drill hole WMA042 intersects 1.34% eU3O8 over 5.65metres, drilling
continuing
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2017) -
CanAlaska Uranium Ltd. (TSXV:
CVV
) (OTCQB:
CVVUF
) (FSE:
DH7N
)
("CanAlaska" or the "Company") is pleased to report interim results from drill hole WMA042 on the
West McArthur uranium project ("Project") where testing of the C10 conductor package at Grid 5 continues. See earlier news of
July 20 2017.
A further drill hole is underway.
Drill hole WMA042 is located approximately 300 metres north of drill hole WMA035 completed in 2016, which is located on the
east end of Grid 5. The drill program is being conducted by
Cameco Corporation (TSX:
CCO
) (NYSE:
CCJ
)
The calculated grade of the uranium intercept, as measured by calibrated probe, is 1.34% eU
3
O
8
over 5.65 metres. The uranium
mineralization is disseminated in the basal sandstone column near the unconformity and is footwall to an altered fracture zone
with perched mineralization 80 metres higher in the drill hole. A wedge hole from WMA-042 is being drilled to test the optimum
target location.
West McArthur Project
Cameco Option
Grid 5 Target Area
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WMA042 was designed to test a Stepwise Moving Loop Time Domain Electromagnetic response interpreted to represent the
C10 fault and stratigraphy. Below 217.1 metres, strongly bleached sandstone is intersected to 595.7 metres and hosts two brittle
fault intervals from 300.8 to 309.7 metres and 448.6 to 451.4 metres. A fault zone from 522.7 to 540.6 metres is characterized
by dravitic breccias and fracture coatings. Strong pervasive brick-red hematite from 697.8 to 700.2 metres transitions into
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. The fault is characterized by strong quartz dissolution (25% core loss),
strong sooty pyrite, and steeply dipping fractures. Pervasive sooty pyrite overprints the basal sandstone below 772.7 metres and
is associated with orange-brown oxides, local fracture-controlled brick-red hematite and disseminated uranium mineralization.
Equivalent U
3
O
8
results are summarized in Table 1 (0.1% eU
3
O
8
cut-off grade). The unconformity is intersected at 782.1 metres.
Table 1:
Hole
Number
Depth
From
(m
etres
)
Depth To
(metres
)
Length
(m)
Avg Grade
(% eU
3
O
8
)
GT (m%)
WMA042
704.22
707.32
3.1
0.13
0.39
WMA042
708.77
709.97
0.2
0.13
0.03
WMA042
773.07
778.72
5.65
1.34
7.55
WMA042
781.02
782.12
1.1
0.17
0.19
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 ($1.1 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, "I congratulate Cameco's team and their drill contractor for this significant
uranium discovery on the West McArthur property. We all look forward to continuing successes."
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 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. 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:
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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.
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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.