Company Adds to Strategic Sulphide Nickel Land Package
Focused on Tier 1 High-Grade Nickel Discovery
Vancouver, Canada, April 28, 2022 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) (“CanAlaska” or the “Company”) is pleased to announce it has commenced an airborne Versatile Time Domain Electromagnetic (“VTEM”) Survey on it’s 100%-owned Hunter project in the Thompson Nickel Belt (Figure 1). The VTEM Survey consists of 867 line-km’s of airborne surveying across the Hunter project to identify conductive targets within the Ospwagan Group metasediments which are host to the nearby world-class Thompson nickel deposits (Figure 2).
Figure 1: Hunter Project Location Map
CanAlaska’s Hunter project is located 20 km north of Thompson, Manitoba. The project is underlain by Archean rocks and Ospwagan Group metasediments with ultramafic intrusions. The project area was explored by a variety of companies from the 1950’s to 1970’s, which led to the discovery of the MEL deposit, located immediately to the east of the Hunter project. Modeled conductor targets along the extensions of host geological horizons that are associated with the MEL deposit trend onto the Hunter project lands. In addition, historical drill intersections on the property and in the surrounding claims have high-grade nickel sulfide mineralization associated with the Ospwagan metasediments. Extensive electromagnetic (UTEM and AMT) and magnetic surveys from 2000-2005 resulted in a number of drill targets, only some of which were drilled tested by Inco. Based on recent compilation work, the Company believes that several significant exploration targets exist on the Hunter project and the VTEM survey, which maps discrete conductive anomalies, will be used in conjunction with the compilation data to further define and prioritize drill targets. The program is being conducted by Geotech Ltd. of Aurora, Ontario and is estimated to be completed in mid- to late-May.
Figure 2: VTEM Survey Area Overlain on Geology
Figure 3: North Thompson Nickel Belt MEL Applications
The Company is also pleased to report that it has applied for an additional three Mineral Exploration Licenses (“MELs”) totaling 25,606 ha of prospective ground to extend it’s North Thompson Nickel Belt land package (Figure 3). The land application was based on a compilation of VTEM anomalies and a revised geological map that takes into account the magnetic and electromagnetic geophysical data along with the historical drilling. Historical drilling within the newly applied MELs intersected Ospwagan Group metasediments and ultramafics (Thompson Mine Sequence), which are host to many high-grade nickel deposits in the Thompson Nickel Belt. In addition, a VTEM survey completed in 2008 identified an abundance of priority anomalies and targets that were never followed up with diamond drilling. Based on this compilation work, the Company interprets the prospective geological corridor related to the Thompson Mine Sequence, outlined by the Ospwagan metasediments and ultramafics within intercalated Archean gneisses, to extend into the Wilson, Strong Extension, and Moak North, MEL application areas. Work is ongoing to develop targets for future exploration programs.
CanAlaska CEO, Cory Belyk, comments, “This airborne survey at Hunter is designed to generate drill-ready targets for future exploration programs and will complement the many drill-ready targets on CanAlaska’s adjacent Strong project. The new MEL applications cover highly prospective lands for high-grade sulphide nickel discovery in the 5th largest nickel belt in the world and near to Vale’s Thompson operations. These projects will provide CanAlaska shareholders with a nickel exploration portfolio second to none, purposefully designed to take advantage of a carbon-free energy future and anticipated high nickel demand. CanAlaska is actively seeking joint venture partners to help move these projects toward discovery.”
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.