Drilling to start at West McArthur uranium discovery this week
New Nickel targets developed at Thompson Properties
New Diamond projects acquired
Exhibiting at Metals Investors Forum and Vancouver Resource Investment conference
Vancouver, Canada, January 18, 2018 — CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N)) (“CanAlaska” or the “Company”) reports that ground geophysical surveys are complete and drilling is planned to commence this week at the Company’s West McArthur uranium property (“Project”) in the Athabasca Basin, to followup the summer uranium discovery. A 6,200 metre drill program will target the immediate vicinity of discovery drill holes WMA042 and WMA042-2. The drill program will be conducted by Cameco Corporation (TSX: CCO; NYSE: CCJ)(“Cameco”) as part of their two part $12.5 million option to earn a 60% interest in the Project. Details of the current discovery can be accessed athttps://canalaska.com/s/News.asp?ReportID=808946. The image below shows the target areas and the Airborne geophysical conductors.
New Targets Developed at Thompson Nickel Belt Properties
In Manitoba the Company has continued Project Generation activities, with licence acquisitions in the Thompson Nickel Belt. Compilation work has continued and additional targets have been developed on the Strong and Hunter properties. On the Strong property a series of VTEM geophysical anomalies with characteristics similar to nearby nickel deposits have been modeled. Six of these targets are classified as high priority for drill testing. On the Hunter property previous drill intersection of >2% nickel await follow-up. There is extensive ground geophysical survey coverage on the property, and it is planned to integrate this with a further airborne survey in 2018. These two properties are being marketed to third party interests.
New Diamond Projects Acquired in the Basin
In other news the Company has recently acquired four new claims groups in the western Athabasca Basin for diamond exploration, three of these in the area just north of current claims in the Patterson Lake area. These claims complement the Western Athabasca diamond project, previously optioned by De Beers. In the Patterson area, the magnetic features identified by the airborne surveys, have strong electromagnetic response (VTEM) in addition to their distinctive magnetic pattern as shown in figure 1 below.
Management will be presenting details of the Company’s projects at the following conferences.
Metals Investment Forum, January 19 – 20, 2018
Rosewood Hotel Georgia, Vancouver, BC
Further information: https://canalaska.com/s/Conferences.asp?ReportID=812363
Vancouver Resource Investment Conference, January 21 – 22, 2018
Vancouver Convention Centre West, Vancouver, BC
Further information: https://canalaska.com/s/Conferences.asp?ReportID=812364
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N)) ) holds interests in approximately 152,000 hectares (375,000 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. For further information visit www.canalaska.com.
About Cameco Corporation
Further information on Cameco can be found at www.cameco.com.
The qualified technical person for this news release is Dr Karl Schimann, P. Geo, CanAlaska director and VP Exploration.
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.