VANCOUVER, April 13 /PRNewswire-FirstCall/ - CanAlaska
Uranium Ltd. (CVV - TSX.V) (the "Company") is pleased to report
preliminary information from the winter drill program at the Cree
East project ("Project"). The Project is located in the
southwestern region of the Athabasca Basin, Saskatchewan. Exploration at the Project is
being funded by a consortium of Korean companies comprising Hanwha
Corp., Korea Electric Power Corp., Korea Resources Corp. and SK
Energy Co. Ltd. ("Korean Consortium") under a Cdn$19 million option to acquire a 50% ownership
interest in the Project. The Company recently received Cdn$4.12 million in funding from the Korean
Consortium to support 2010 exploration. The Korean Consortium
presently holds a 40.6% ownership interest in the partnership,
having contributed a total of Cdn$12.6
million in investment funding.
To view figures visit:
http://www.canalaska.com/s/News.asp?ReportID=394480
In 2009, the Korean Consortium planned for an enhanced 2010
exploration program of $5.8 million,
divided into winter and summer programs. Logistical considerations
allowed four zones (Zones A, D, G and I) to be targeted for 2010
winter drilling. Abnormally warm weather conditions only allowed
for fourteen drill holes to be completed in February and
March 2010, and priority was given
based on accessibility.
Initial information from the winter drill program indicates four
areas of basement faulting, hydrothermal alteration, and
radioactivity, consistent with Athabasca uranium deposit models. At the
commencement of the program, ten separate target zones had been
defined by airborne and ground geophysics, along a 5 kilometre
trend. Locally, these features exhibited strong electromagnetic
responses. The first test drilling in 2008 and 2009 yielded
detailed hydrothermal clays, anomalous geochemical response in the
sandstone, and local uranium mineralization associated with these
systems. The latest Winter 2010 drilling has strongly enhanced the
potential for uranium mineralization at Zones A, G and I.
The Company is currently awaiting laboratory assay results from
drill core zones with high radiometric counts, as well as the
results of the trace element geochemistry for these and surrounding
drill holes.
Based on the preliminary Winter 2010 results, Zone A warrants
additional drilling in the summer of 2010 to precisely test the
East-West structural trends, and the associated large fault uplifts
(over 50 metres vertical). These fault zones are normally the
location of uranium mineralization in typical Athabasca uranium mineralizing environments.
Zones G and H are also planned for drill testing during the summer
program. Due to their waterborne locations, Zones C, D, and the
strong target developed at Zone I will be scheduled for winter
drilling in 2011.
Initial Summary of Drilling Results:
Of the four target zones which were drilled this winter, (A, D,
G and I), only Zones A and D had been previously drill-tested.
Zone G Target
-------------
Zone G is associated with a broad, strong VTEM conductor, on
which six historical (1981) drill holes located across the trend to
the north demonstrated positive results. The 2010 drilling of Zone
G consisted of four new drill holes, which were designed to be part
of a 1.4 kilometre long fence running across the anomaly.
The most successful of the four drill holes is drill hole CRE043
at Zone G (see Figure 2). This hole exhibited several zones of
strong fracturation and bleaching in the sandstone over 97.5 metres
(from 231 metres to the unconformity at 328.5 metres). At this
location, the basement rocks also gave indications of uranium
mineralization at 402 metres (maximum of 2,224 counts per second on
probe), this equates to a radiometric grade of 2.15 metres @ 0.024
eU(1). CRE043 also exhibited hematite alteration to 431 metres
depth. This particular Zone G location represents a priority target
for follow-up summer 2010 drilling.
Zone I Target
-------------
Zone I is located between two previously-drilled areas, Zones A
and C. Both of these previously-defined zones gave very positive
results, with large clay alteration halos and anomalous uranium
geochemical halos in previous drilling. The target at Zone I is
located near an important East-West offset off the strong regional
basement magnetic high detected by the airborne geophysical survey.
Drill holes CRE040 and CRE042 tested this target. The holes are 100
metres apart on a NW-SE fence. Each hole intercepted extensive
broken and clay altered ground in the overlying sandstone. There
are altered basement rocks in both holes, with drill hole CRE042
indicating a 10 metre basement offset at the unconformity. CRE040
intersected graphitic basement, which is typically a favourable
host for uranium mineralization. The sandstone was strongly
fractured and altered down to 120 metres. Uranium mineralization
occurs in drill hole CRE040 just above the unconformity (maximum of
5,068 cps on probe; equating to a radiometric grade of 0.75 metre @
0.093 % eU(1))
Drill hole CRE042 at Zone I shows the similar zones of
fracturation and alteration (hematization, bleaching, and
desilicification) with rotated blocks in the overlying sandstone,
caused by dissolution. This is similar to drill hole CRE040, but
this drill hole did not intersect uranium mineralization. The area
between these two drill holes and to the NW will require additional
drilling in winter 2011 to follow-up the mineralization intersected
in drill hole CRE040.
The drilling at Zone D consisted of three new drill holes. It
confirmed the location of a West-East 35 metre basement offset. The
eastern most drill hole (CRE034) is strongly hematite-altered to
the end of the hole. This hematite alteration extends 120 metres
into the basement, indicating the presence of strong hydrothermal
alteration associated with the fault displacement. Down-hole
geophysics data suggests a conductive target NE of this drill hole.
This location will require winter conditions for further
development.
Zone A Target
-------------
Zone A showed the most promise for new discovery. Drilling in
the winter of 2010 confirmed the general structural pattern to the
deformation in the basement rocks and emphasized the relative
importance of each structure. A very large basement offset in
excess of 50 metres (over 160 feet), along a significant East-West
trend has been defined between drill holes CRE008 and CRE016 &
018 (See Figures 3 & 4) and
appears to be a very significant target.
The main geological features of interest within Zone A are as
follows:
- Two sets of fault directions:
- NW-SE, parallel to a major magnetic lineament; and
- EW or WSW-ENE with the larger offsets (60 to 70 metres)
- Two types of structural basement breccia:
- Related to a quartzite bearing silicate iron formation with
abundant hematization and occasional uranium mineralisation (In
drill hole CRE035; analysis of the probe counts indicate 0.5
metres @ 0.083 % eU(1))
- Related to faulting in a graphitic hematized, clay altered calc-
silicate-pelite assemblage (as seen in drill holes CRE008, 009,
and 012) along the East-West structure.
- Strong brecciation in the overlying sandstone column in drill holes
CRE001 and CRE002 suggesting the presence of a second East-West
structure.
- Strong geochemical anomaly, and as indicated by results of down-hole
probing of CRE032, correspond to a radiometric grade of 40 ppm eU(1)
in the sandstone. This zone is 40 metres above the unconformity,
indicating a strong up-flow from the mineralizing event.
After reviewing the preliminary winter 2010 drilling results
from the Project, President Peter
Dasler commented, "the multiple targets, which were
identified from the airborne surveys on the Cree East project, have
now been narrowed to a series of interpretable geological features.
These show all of the characteristics of typical Athabasca uranium deposits. The very large
fault displacements are likely to host the central portion of each
of the postulated mineralizing events. The traces of uranium
mineralization in the overlying sandstone, as well in basement
drill intercepts, indicate uranium mineralization in the
hydrothermal systems. It is very exciting that we now have enough
detailed information of the targets to confidently drill test these
central cores during the planned summer exploration program."
Note 1. - In this news release "Equivalent uranium grades" (eU)
have been calculated using a dead-time correction and K factor
specific to each natural gamma probe based on calibration runs in
the Saskatchewan Research Council test pits. Equivalent uranium
grade assumes that in these mineralized intersections, the
radioactivity is produced by uranium and that there are only
negligible amounts of other radioactive elements present.
The Qualified Person for this news release is Peter G. Dasler, P. Geo.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 --
Frankfurt) is undertaking uranium
exploration in twenty 100%-owned and three optioned uranium
projects in Canada's Athabasca Basin -- the "Saudi Arabia of Uranium". Since September 2004, the Company has aggressively
acquired one of the largest land positions in the region,
comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles).
To-date, CanAlaska has expended over Cdn$60
million exploring its properties and has delineated multiple
uranium targets.
CanAlaska's geological expertise and high exploration profile
has attracted the attention of major international strategic
partners. Among others, Japanese conglomerate Mitsubishi
Corporation has provided the Company C$11
mil. in exploration funding to earn a 50% ownership interest
in the West McArthur Project. Exploration of CanAlaska's Cree East
Project is also progressing under a C$19
mil. joint venture with a consortium of Korean companies led
by Hanwha Corporation, and comprising Korea Electric Power Corp.,
Korea Resources Corp. and SK Energy Co, Ltd., in which the Korean
Consortium presently holds a 40.6% ownership interest. Other
Company projects in the Athabasca
Basin scheduled for drill testing during this winter 2010 season
include McTavish, Collins Bay Extension and Helmer.
For more information visit www.canalaska.com
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
The TSX Venture has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release: CUSIP
# 13708P 10 2. This news release contains certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities
& Exchange Commission.
SOURCE CanAlaska Uranium Ltd.
