Toronto Stock Exchange (TSX):
CVV
VANCOUVER,
May 11, 2012 /PRNewswire/ -
CanAlaska Uranium Ltd. (TSX: CVV) ("CanAlaska" or the
"Company") is pleased to report strong geophysical responses
matching geology and uranium mineralized boulders from the recent
surveys within the target areas at its NW
Manitoba uranium-REE project ("Project").
Exploration on the NW Manitoba Project had been
suspended since 2007 (see March 27, 2012 news release), but
recommenced last month with new ground resistivity and gravity
geophysical surveys along the Maguire conductive trend, located in
the centre of the NW Manitoba
property. CanAlaska's previous work in this area located a
significant number of uranium boulders in surface till, assaying up
to 66.3% U3O8 as well as hydrothermal
alteration zones and a grab sample of pitchblende vein
mineralization in outcrop containing 9.5%
U3O8.
The Project covers a large area of the Wollaston
Belt in the Province of Manitoba,
where the uranium-rich basement rocks associated with the
Athabasca uranium deposits
intermittently come to surface. CanAlaska has discovered multiple
mineralized zones with extensive boulder dispersion trains and
surface showings of high-grade uranium (>1%
U3O8), rare earths (REE) and molybdenum
mineralization across numerous mineralized belts, either within, or
cutting across all rock types in the area. These near surface
targets host the potential for open pit extraction. Preliminary
results for many of these zones were announced by the Company in a
news release on February 28th, 2008.
The Maguire conductive trend is a large-scale
linear feature that traverses the property and is marked by the
presence of lower Wollaston Group rocks in antiformal position,
partly thrusted and accompanied by slivers of Archean gneisses.
The linear magnetic response within the Maguire
structure is broken by crosscutting structures in six places along
its 35 km strike length. The most significant break is located
within Grid 2 of the recent surveys, where there are also multiple
repetitions of the magnetic horizon. This repetition appears to due
to thrust faulting or tight folding of the horizon, which shows
from CanAlaska's airborne VTEM survey as having fold repetition of
the graphite horizon at depth. Both shearing and clay alteration
were observed together with high-grade uranium mineralisation in
boulders in this area.
The recent ground resistivity and gravity
geophysical surveys localized anomalous features typical of
sulphide-bearing mineralization, and zones of clay alteration
within areas of shallow overburden. The top priority
anomalies A, B, C, and D are shown in Figure 2. There is a striking
correspondence between the location of gravity anomalies and the
low resistivity zones from the survey. Both targets A and B appear
to show a double resistivity low which is associated with the
strong gravity low. In the case of target B, the double resistivity
low is closely matched by a double gravity low.
Hydrothermal alteration related to uranium
mineralization generally produces haloes of clay alteration that
have lower density and lower resistivity than the fresh rock. The
combination of resistivity and gravity surveys has been shown to be
effective in locating basement-hosted unconformity deposits in the
Thelon Basin in Nunavut, where
several such deposits have been discovered away from the sandstone
cover. A similar exploration approach has been employed for the
NW Manitoba project. These
deposits are hosted in an envelope of clay-altered basement rocks.
Two of the gravity lows sit along the Maguire structure in a
location where cross cutting lineaments and other structures are
clearly visible in multiple datasets (magnetics, airborne EM, and
topographic data). The amplitude of the gravity lows is equal or
greater than those of the known deposits in the Thelon Basin and
the anomaly footprint is similar
Dr. Karl Schimann,
CanAlaska's VP - Exploration commented: "The Wollaston Belt
of rocks hosts the majority of the world-class uranium deposits in
the Athabasca Basin, where massive
uranium mineralization has been discovered under up to 900m of
covering sandstone. The advantage of the NW Manitoba project is that we see these
basement rocks on surface, as any overlying sandstone and cover
rock has previously been stripped-off by ice action. There
are many locations where we have found high-grade uranium
(pitchblende bearing boulders, pebbles and outcrop veins) on
surface. The geophysical results have strongly highlighted the most
prospective drill targets on Grid 2 of the Maguire conductive
trend. The very intense gravity anomalies are similar, and
possibly stronger, than those over known uranium deposits recently
discovered in Nunavut. The
combination of the resistivity and gravity surveys, together with
our previous geological targeting, make these very strong drilling
targets. The proliferation of uranium boulders on surface
confirms the high uranium discovery potential of the project. It is
very exciting to now anticipate the first drill programs on these
surface targets."
Peter Dasler, M.Sc.,
P Geo. is the qualified technical person responsible for this news
release.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF --
OTCBB, DH7F -- Frankfurt) is
undertaking uranium exploration in twenty one 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$85 million exploring its properties and has
delineated multiple uranium targets.
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 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.
