Vancouver, Canada, June 18th, 2014 – CanAlaska Uranium Ltd. (TSX — CVV) (“CanAlaska” or the “Company”) is pleased to announce that the winter geophysics program at the Cree East Project has defined a 1.8 km long graphitic basement EM conductor adjacent to the Zone B quartz ridge uplift and its surrounding large hydrothermal alteration halo. The Cree East Project is a 50/50 joint venture between the Company and a consortium of South Korean companies, comprising Hanwha Corp., KEPCO, KORES and SK Networks.
A drill rig and equipment operated by Cyr Drilling was mobilized to the Zone B target in late April, and is on standby for the next drill program. The Joint Venture has also approved a 5000 metre drill program for the project, subject to funding.
The winter geophysics provided detailed EM coverage of the target area. It localized the graphitic unit to 25 metres south of drill hole CRE088, and shows that the conductor continues 1,300 metres to the north east, well beyond drill hole CRE084. More importantly the EM survey has continued to trace the graphitic conductor in a curving arc 500 metres to the south west, where it abruptly terminates. It is believed that the conductor terminates against a north trending fault, which also is associated with the Zone A target 1.5km away to the north west.
The drill holes at Zone B discovered a major hydrothermal system. At the target the entire 400-metre sandstone column is heavily fractured, clay altered and friable, with large rotated sandstone blocks. Three drill holes could not be completed due to extremely difficult drilling conditions related to the intensely hydrothermally altered aureole in the overlying Athabasca sandstone units. At drill hole CRE084, 400 metres away to the north east there is significant alteration in the basement within graphitic pelite units, with uranium and gold mineralization. See News May 31 2012,
https://canalaska.com/s/News.asp?ReportID=528209.
A recent 43-101 technical report is also available on our Cree Project webpage:
https://canalaska.com/s/Cree_East.asp?ReportID=560708.
The last drill hole in Zone B in March 2012, CRE091, could not be completed because of deteriorating rock and field operating conditions. The drill hole was targeting a zone of major basement offsets (at least 50 metres) in proximity to an EM basement conductor, with zones of clay alteration, de-silicification and zones of rotated sandstone blocks in the sandstone. The hole was stopped at about 150 metres above the unconformity. The drill casing is in place, and the drill rig is at site.
Dr. Karl Schimann, CanAlaska’s V.P. – Exploration commented; “The last drill programs at Zone A and Zone B successfully localized targets in our continued exploration efforts for the discovery of a major unconformity uranium deposit. The recent information from the winter geophysical survey has located the graphitic conductor trace, and helped us understand the deformation of the basement rocks, and the most prospective locations for the deposition of a significant uranium deposit.”
Peter Dasler, President, commented; “This is the largest target that we have seen in our work in the Athabasca, it is good to see the momentum building again on this project. Elsewhere we are active with our exploration partners carrying out geophysics at Patterson Lake, and at NW Manitoba two drills have been mobilized to the property, with summer work due to commence. For the adjacent Kasmere South property we are expecting the balance of the $1.8M cash payment before month end.”
The qualified technical person for this news release is Peter Dasler, P. Geo.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV — TSX, CVVUF — OTCBB, DH7F — Frankfurt) has undertaken uranium exploration on multiple uranium projects in Canada’s Athabasca Basin — the “Saudi Arabia of Uranium” since 2005. The Company has major international partners for its West McArthur and Cree East properties, and is concentrating its activities on these advanced projects.
For more information visit www.canalaska.com
On behalf of the Board of Directors
“Peter Dasler”
Peter Dasler, P. Geo., President & CEO
Contact:
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
Email: info@canalaska.com
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.
