VANCOUVER, Nov. 15, 2011 /CNW/ - CanAlaska Uranium Ltd. (TSX - CVV) ("CanAlaska" or the "Company") is pleased to report the results of an
extensive program of surface geophysical moving loop TDEM and DC
Resistivity surveys carried out on the West McArthur project through
2011 winter and summer. The Cdn$2.4 million program has delineated
several new drill targets at Grids 1, 5 and 7. The Grid 5 drill targets
have been approved by the joint venture and are scheduled for drill
testing in the first quarter of 2012.
The West McArthur Project is located in the eastern portion of the
Athabasca Basin, Saskatchewan, immediately to the west of Canada's
largest uranium mine at McArthur River. Exploration at the project is
being carried out under a 50/50 joint venture with MC Resources Canada
Ltd. (100% subsidiary of Mitsubishi Corporation) and CanAlaska.
Between now and 2014, the joint venture is planning to expend
Cdn$3.5-$4.2 million annually to carry out a Phase 1 reconnaissance
exploration program to discover uranium mineralization within many
prospective areas on the project. Upon successful delineation of
mineralization, Phase 2 follow-up programs will be undertaken under
To view map please visit: http://www.canalaska.com/s/News.asp?ReportID=490701
The Grid 5 geophysical surveys followed up on geological modeling of
airborne survey results, and current exploration information on
potential uranium bearing basement stratigraphy. The EM surveys on
Grid 5 have defined an east to north-east trending conductor package,
located 12 km south of the Grid 1 conductor trend and 6 km north of the
Grid 4 conductor trend. The Grid 5 conductor, as a result of follow-up
DC Resistivity surveys, exhibits six discrete zones of low sandstone
resistivity overlying the graphitic conductor where low resistivity
breaches the surface. Dr. Karl Schimann comments: "These DC
Resistivity anomalies are similar to the anomalies over the Phoenix
Deposit at the Wheeler River project operated by Denison Mines (ref. NI
43-101 report), and of the Shea Creek deposit of AREVA and UEX (ref.
Sask. assessment files)." The recently-approved 2012 drill program on
Grid 5 will test three of the stronger targets with about 6,700 m of
drilling in this prospective zone.
The Grid 1 geophysical surveys confirmed the character of the main
conductor and possible locations of apparent sandstone breaches. The
2011 results have delineated several new drill targets in proximity of
current drill holes at Grid 1 West. In the northern sector of the
project at Grid 7, a new basement conductor has been traced, and
structural offsets with possible sandstone alteration have been
located. These areas are scheduled for additional geophysical surveys
in 2012 as part of the Phase 1 reconnaissance evaluation by the joint
CanAlaska is very pleased to be supported by its major international
partners. The Company is presently preparing for drill programs on
three Athabasca Basin projects, commencing early this winter.
Additional work is also being planned on the NW Manitoba project, where
the Company's earlier surveys located base and precious metals enriched
zones, and highlighted a strong association of rare earth minerals with
many of the surface outcropping uranium occurrences.
The Qualified Person for this news release is Peter G. Dasler, P. Geo.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7N -- 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$75 million exploring its properties and has delineated
multiple uranium targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
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
SOURCE CanAlaska Uranium Ltd.
For further information:
| Contact: |
Emil Fung, Director & V.P. - Corp. Dev.
Tel: +1.604.688.3211 x318