Targets Focused Within Shadow of Past-Producing Mine
Meet Management at Prospectors and Developers Association of Canada Convention June 13 – 15
Vancouver, Canada, June 8, 2022 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) (“CanAlaska” or the “Company”) is pleased to announce that its partner, Metal Energy (TSX-V: MERG), has started a phase two 10,000 metre drill program on the Manibridge high-grade nickel project in the Thompson Nickel Belt, Manitoba (Figure 1). Drilling will be focused within the shadow of the past-producing Manibridge Nickel Mine that produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977.
Thirty-three drill holes, for a total of 10,000 metres, are planned within 600 metres of the past-producing Manibridge high-grade nickel mine. The program will consist of a series of drill fans along 50-metre spaced drill setups designed to characterize the nickel-copper sulphide mineralization and geology of the mineral system.
The planned program will follow up on the results of a recently completed six drillhole program operated by CanAlaska in the spring of 2022 where disseminated and remobilized nickel-copper sulphide mineralization was intersected in all six drillholes. Occurrences of massive and net-textured sulphides were documented in several holes and intense serpentinization alteration of the sulphide-bearing ultramafic host rocks was also noted. A handheld portable Niton XRF confirms the presence of nickel and copper within the sulphide-bearing intervals and assays are pending.
The summer 2022 drilling program is being solely funded by the current operator, Metal Energy Corp., as part of a staged earn-in option agreement. CanAlaska currently holds a 51% interest in the project.
CanAlaska CEO, Cory Belyk, comments, “The phase one drilling program completed this past winter had a 100% success rate intersecting nickel mineralization highlighting the potential of the Manibridge area to host additional significant high-grade nickel. The phase two program is designed to continue to build on this initial success and take this project to the next level of understanding. This work is well-timed in a nickel market that continues to strengthen and build momentum. The Thompson Nickel Belt is a great place to find high-grade sulphide nickel deposits and CanAlaska’s shareholders are starting to benefit from our project generator activity in Manitoba. We look forward to the next results from Metal Energy’s summer program.”
About the Manibridge Project
Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden, Manitoba, which has significant infrastructure and capacity that has supported previous exploration programs, including year-round highway access via Highway 6.
The Company will be participating in the Prospectors and Developers Association of Canada (PDAC) convention from June 13th – 15th, 2022. Please visit booth 2145 to speak with CanAlaska representatives about our exciting project portfolio and opportunities for Joint Venture development.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 300,000 hectares (750,000 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.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska’s Vice President, Exploration.
For further information visit www.canalaska.com.
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo.
CanAlaska Uranium Ltd.
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: [email protected]
Cory Belyk, CEO and Executive Vice President
Tel: +1.604.688.3211 x 138
Email: [email protected]
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.
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.