Vancouver, Canada, January 29th, 2010 – CanAlaska Uranium Ltd. (TSX.V — CVV) (“CanAlaska” or the “Company”) is pleased to announce that Kodiak Exploration Limited (KXL — TSX.V) (“Kodiak”) has commenced their initial drill program on the McTavish uranium project (“Project”), situated in the prolific Athabasca Basin of northern Saskatchewan. Kodiak has been granted an option by the Company to acquire an initial 50% interest in the Project for $4,000,000 in exploration, $600,000 of which is to be completed before June, 2010. Additional interests can be earned by Kodiak, with further work programs or the definition of uranium resources on the Project (please refer to the Company News Release of August 10, 2009).
Figure 1 (click on map image for higher resolution)
CanAlaska’s McTavish Project consists of three separate claim groups totaling 16,385 hectares, (see Figure 1).
One claim group is wholly-enclosed by Kodiak’s West Millennium project, and shows a strong airborne geophysical anomaly related to conductive rock units, or sandstone alteration. The other two parcels are intimately intertwined with West Millennium.
UTEM data show that the conductors successfully drilled by Kodiak this past winter at West Millennium extend onto the McTavish property and appear to intensify.
ZTEM survey data also define two other large- scale, high-magnitude conductors on the McTavish project, both of which are untested by drilling, (see Figure 2).
The combined West Millennium-McTavish property package comprises nearly 380 km2 in the heart of the Athabasca Basin, only three kilometres west of Cameco’s Millennium deposit (47M pounds U3O8 with an average grade of 4.5% U3O8).
Kodak’s drill camp is currently operational, and the first drilling equipment has now arrived on the Project, for the commencement of a 6,000 metre drill program on CanAlaska’s and Kodiak’s claims. The first drill target is located on the D1 conductor on CanAlaska’s claims #S111151 and S111152, where previous airborne surveys have indicated a large, structurally-controlled alteration zone, (see Figures 1 and Figure 3 and see Kodiak News Release of Dec 24, 2009)
Prior Kodiak Drilling:
In winter 2009, Kodiak drilled three holes adjacent to the CanAlaska claims. (See Kodiak News Release of May 9, 2009)
Figure 2 (click on map image for higher resolution)
WM09-04: This drill hole, located 400 metres from the CanAlaska claim boundary, was designed to test a very strong EM conductor (D-1) located 200m NW and up-dip from historic Cameco drill hole CX-11. The hole intersected a 69 metre thick fractured graphitic and pyritic pelite unit. The interval exhibits strong chlorite and grey clay alteration with local mylonite and fault gouge.
The overlying sandstone is bleached and unusually hematitic. A ten-metre thick lower sandstone section immediately above the unconformity returned highly anomalous radioactivity from the down-hole gamma probe with a maximum reading of 1,174 cps (about 25X background, see below). Individual drill samples contain up to 0.13% U3O8 uranium and anomalous nickel values within the highly altered basement rocks. The alteration and mineralization defined along the D-1 conductor trend shows that a robust uranium mineralizing event has affected the D-1 conductor structural corridor.
WM09-01: Drilled on the D-1 conductor 3.0 kilometres northeast of WM09-04, encountered a five-metre thick zone of strongly altered graphitic and pyritic pelite, just below the unconformity, and a strong alteration halo extending further down-hole for 28 metres with anomalous radioactivity at the unconformity (5-6 times background). The 20 metre thick lower sandstone section contains highly anomalous boron up to 722 ppm.
WM09-03: This drill hole is also on the D-1 conductor 500 metres along trend from historic drill hole CX-11. Drill hole three cut a 86 metre wide, strongly fractured and altered graphitic-pyritic pelite unit containing fracturing, grey clay and slickensides. The lower sandstone section is fractured and desilicified for about 100 metres above the unconformity. Anomalous radioactivity defined by the down-hole logger reaches 751 cps.
WM-09-01: Tested the D-1 conductor. The unconformity target was intersected at 676m with a total depth of 720m. A five-metre wide strongly altered graphitic pelite occurs from 676m to 681m within a 28m thick highly altered zone from 776m to 704m.
Figure 3 (click on map image for higher resolution)
UTEM data shows that the conductors successfully drilled by Kodiak this past winter at West Millennium extend onto the McTavish Project and appear to intensify. Kodiak drill hole WM09-04, which intersected a 69 metre thick fractured graphitic and pyritic pelite unit containing up to 0.13 % U3O8, is located only 400 metres from the McTavish property.
These drill-hole intersections of uranium and alteration associated with the significant sedimentary graphitic rock package underscores the excellent exploration potential of the Project.
CanAlaska is very pleased to be working with Kodiak on this strategically-located and technically interesting property. Kodiak’s work will allow for immediate exploration of the significant geophysical features identified by CanAlaska’s VTEM airborne surveys, which are observed on the CanAlaska claim blocks.
The Qualified Technical Person for this news release is Peter G. Dasler, P. Geo.About CanAlaska Uranium Ltd. — www.canalaska.com
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in twenty 100%-owned and three optioned uranium projects in Canada’s Athabasca Basin — the “Saudi Arabia of Uranium”. Since September 2004, the Company has aggressively acquired one of the largest land positions in the region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has expended over Cdn$60 million exploring its properties and has delineated multiple uranium targets.
CanAlaska’s geological expertise and high exploration profile has attracted the attention of major international strategic partners. Among others, Japanese conglomerate Mitsubishi Corporation has undertaken to provide the Company C$11 mil. in exploration funding to earn a 50% ownership interest in the West McArthur Project.. Exploration of CanAlaska’s Cree East Project is also progressing under a C$19 mil. joint venture with a consortium of Korean companies led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd., in which the Korean Consortium presently holds a 40.6% ownership interest. Other Company projects in the Athabasca Basin scheduled for drill testing during this Winter 2010 season include McTavish, Collins Bay Extension and Fond Du Lac.
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Emil Fung, Director & V.P. – Corp. Dev.
Email: [email protected]
The TSX Venture 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.