Vancouver, British Columbia, July 26, 2016 — CanAlaska Uranium Ltd. “the Company” (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) (“CanAlaska” or the “Company”) is pleased to report that Cameco’s (Cameco Corporation (TSX: CCO; NYSE: CCJ) exploration team will resume drilling shortly at CanAlaska’s West McArthur project along trend from Cameco’s high-grade Fox Lake uranium discovery. Makena Resources will also be drilling at the Company’s West Patterson property to followup the first drill hole that encountered radioactivity along the entire length of rock tested.
Cameco to Resume Drilling Along Trend of High-Grade Fox Lake Discovery
Cameco’s uranium exploration team has now established access to the C10 conductor targets south of drill hole WMA035, which was drilled in April of this year. This planned drilling, announced on May 31, has been delayed because of ground conditions which hampered summer access. Drilling is scheduled to commence in late July or early August.
CanAlaska and Cameco are exploring the West McArthur Uranium project under a $12.5 million Agreement. The project covers 35,830 hectares (88,536 acres) commencing 6 kilometres (4 miles) northwest of Cameco’s majority owned McArthur River uranium mine. Importantly, West McArthur is immediately adjacent to Cameco’s recently disclosed Fox Lake uranium discovery with reported inferred resources of approximately 68.1 million pounds 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%). For more information about the West McArthur project visit https://canalaska.com/s/West_McArthur.asp?ReportID=560713.
Makena to Resume Drilling on Large Gravity Target on West Patterson Property
Makena Resources Inc. has scheduled the next phase of drilling at the West Patterson prospect in the Athabasca basin of Saskatchewan for early August. Makena anticipates the drill program to consist of at least three to five holes. A previous drill hole intersected a continuous section of anomalous radiometric response over the entire 113 metres of basement intersection. Shearing and brecciation occurs all along the 113 metres of granitic basement core, associated with clay alteration and alternating bleached and hematized sections down to the end-of-hole.
CanAlaska’s West Patterson Lake property is located in the southwestern Athabasca Basin, approximately 10 kilometres northwest of NexGen Energy’s (TSX: NXE) Rook I project and Fission Uranium’s (TSX: FCU) Triple R deposit. For further information seehttps://canalaska.com/s/News.asp?ReportID=731650.
CanAlaska president, Peter Dasler states, “Cameco’s drill program is aimed to test uranium mineralized alteration zones, which were intersected in previous drilling. This second round exploration has an excellent chance of intersecting further uranium mineralization closer to the centre of the mineral system in this highly prospective area. Makena’s previous drilling has shown that there is anomalous uranium mineralization in the target area. We expect this drilling will vector towards a larger uranium target in the centre of a prominent gravity anomaly.”
About Cameco Corporation
Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. The company’s competitive position is based on controlling ownership of the world’s largest high-grade reserves and low-cost operations. Cameco’s uranium products are used to generate clean electricity in nuclear power plants around the world. Headquartered in Saskatoon, Saskatchewan, the company also explores for uranium in the Americas, Australia and Asia. Shares of Cameco trade on the Toronto and New York stock exchanges. Further information on Cameco can be found at www.cameco.com
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: 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 has attracted major international mining companies Cameco, Denison, KORES, KEPCO, and the De Beers Group of Companies. CanAlaska is a project generator and is positioned for discovery success in the world’s richest uranium district. For further information visit, visit www.canalaska.com.
The qualified technical person for this news release is Dr Karl Schimann, P. Geo, VP Exploration, for CanAlaska.
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
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.