Vancouver, Canada, February 28th, 2008 — CanAlaska Uranium Ltd. (CVV — TSX.V) (the “Company”) is pleased to be able to (finally) present confirmed assay results for high uranium content surface rock and boulder samples collected from the NE Wollaston project during the summer 2007 season. The NE Wollaston is one of the nineteen uranium exploration projects controlled by CanAlaska, and has advanced significantly over the past two years. The project covers a large area in Manitoba, where the uranium rich basement rocks associated with the Athabasca Uranium deposits intermittently come to surface. This release details 1,620 samples from multiple zones with extensive higher grade boulder dispersion trains and surface uranium mineralization.
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Laboratory backlog caused the delay and restricted the Company’s ability to interpret the relationship of associated rare-earth mineralization, high uranium grades and the relationship to molybdenum and base metal mineralization for the hundreds of samples collected from forty four separate target areas within this extensive (approx 80km x 40 km) project land area. The Company herein provides a listing of the sampling records for all samples over 0.05% U3O8 and 0.05% REE on these targets for all work to-date so as to allow for full interpretation. Previously, only the complete results from three of the forty four zones were released as full files, as reconnaissance sampling progressed slowly over these large areas.
The NE Wollaston project area, shown in the attached location map, was historically explored for base metal mineralization,(1960’s-1980). In the late 1980’s, reconnaissance work identified several areas with anomalous uranium mineralization. Limited exploration was carried out, but radon surveys, and a few isolated drill holes, indicated that there was potential for uranium mineralization in sediments and granites. In 2004, CanAlaska acquired the mineral leases in the area and began systematic prospecting and lake sediment sampling. With encouraging results, this continued into reconnaissance, and then detailed airborne surveys. In 2006, exploration was accelerated, and a framework of discoveries highlighted extensive uranium-mineralized belts, either within, or cutting across all rock types in the area. In many of these areas, shallow glacial cover, or local swamps or lakes, mask the basement rocks. However, the nature of the sample distribution, and the characteristics of the glacial outwash as confirmed by Government surveys and CanAlaska observations, provide encouragement that most boulder fields occur within 500 metres to 2,000 metres of their source. In many areas, CanAlaska’s geophysical surveys and mapping have targeted the postulated source areas. The Company aborted drill testing of initial targets in early 2007 due to drill contractor difficulties. However, further detailed work was carried out in Summer, 2007 on each of the current targets as well as on additional preliminary targets. The Company is awaiting local and Government approvals to commence the next stages of exploration.
The geological targets across the NE Wollaston project match the styles of mineralization reported from mineral deposits further south in the Athabasca Basin. There is clear observation of late replacement pitchblende mineralization in vein zones, fractures, and as disseminations in host rocks. There is also evidence of more disseminated mineralization across stratigraphic horizons, and multitudes of pegmatitic intrusive events, many of them containing primary uranium mineralization, or with brecciation and later uranium mineralization.
Previous announcements made public by CanAlaska of results from the NE Wollaston project include our press releases of October, 2006, November, 2006, August 2007 and November 2007. The Company is now able to present complete data on all forty seven zones, along with more detailed information and maps to show sample distribution for some of the most advanced zones.
|There is an extensive Table of individual assay results attached to this news release. In the Table the 2007 results are highlighted in bold. Individual zones are discussed as follows: |
Grevstad 2 (GR2)
The Grevstad 2 showings, shown in the attached map, cover an area, 750 m x 500 metres with predominantly intrusive hosted mineralization, with some pelites, but mostly as boulder trains. Uranium averages 0.2% U3O8, with a max of 0.8% U3O8. There are only two outcrop samples, one being at 0.18 % U3O8. Some of the results from long linear zones in the SE have previously been released (Nov 2006), but the new main zone shows disseminated pegmatitic boulders within multiple felsenmeer covered zones, over a 600 metre by 1,000 metre area. There is a constant association with Rare Earth mineralization (REE) of up to 0.9% in the granites and there is molybdenum mineralization associated with many of the samples. Of particular note is that uranium mineralization is found in ALL rock types, and most specifically in sediments. Elsewhere nearby, late stage cross cutting pitchblende stringers are also found in the sediments. There is extensive structural deformation in the area, and fracturing in the uranium rich pegmatites which is also expected to also occur in the adjacent sedimentary package.
This is a 3.5 km zone of mineralized white granite boulders discovered in the NW part of Grevstad 2 in 2007 and shown in the attached map. There is uranium mineralization with consistent REE mineralization associated with the white granites in this area, with above average uranium values in the sample distribution, as well as distinctly enriched molybdenum values. There are multiple target zones over 2,000 metres along a regular NE trend, all showing high REE and uranium. However, one zone to the south supports uranium values but no REE, so is probably indicative of another local source.
Mostly white granite and pegmatite with some pelites, with good uranium values and moderate REE enrichment. Some frost-heave and outcrops, with up to 0.56 % U3O8.
A significant area of Archean gneisses to meta-psammites with some white and pink granite and pegmatites. A large number of high grade boulders, generally associated with moderate to high REE enrichment in most samples, and very significant molybdenum values is shown in the attached map. There are two significant zones of uranium bearing outcrop, (and some pitchblende stringer mineralization, which was identified in the 1970’s on nearby Hook Lake zone, where mineralization in outcrop and boulders is of the same type, but lower grade.) The surface exploration by CanAlaska crews in 2006 and 2007 has now identified separate mineralized boulder trains with high grade uranium values in an area 2,000 metres x 1,500 metres, located further to the east of historical exploration. Airborne survey information for this area identifies a number of structural and stratigraphic targets.
High uranium values to over 3.0% U3O8 with a very strong association with rich REE, mostly in the mixed granite rocks, the average REE/U = 4. There are three probable source areas, over a 2,000 metre x 3,000 metre area, as indicated by the dispersion patterns shown in the attached map. The boulders are mostly pink and white granite, some calcsilicates with up to 3.3 % U3O8 in calcsilicate.
Mostly pink and white granite boulders over a 5,000 metre trend, some calcsilicates, with up to 1.15% U3O8, and slight enrichment in molybdenum and up to 1% REE.
White pegmatite and granite boulders, and frost heave samples from a newly discovered area. There is little uranium to go with the radioactivity noted. Most of the radioactivity is due to Thorium. There is highly anomalous REE mineralization, in the 0.6 to 8.6 % range.
Three zones of boulders of mostly pink and white granite, some calcsilicates over an area of 2,000 metres x 3,000 metres. U3O8 averages 0.23%, with a max of 1.9% U3O8. Each of these zones is associated with slight enrichment in molybdenum and REE.
In this area, very high uranium values are sometimes associated with REE and, locally, there is very good molybdenum mineralization in boulders. There are four discrete zones of boulder mineralization over a 500 metre x 1,000 metre area, within a general target 1,000 metre x 1,500 metre. The zone was discovered in 2007 and is predominantly fine-grained mafic-poor calcsilicate, with uranium mineralization as fine wisps in the calcsilicate. The uranium averages 0.98% U3O8 with a maximum of 6.4% U3O8. There is minimal REE, but some high molybdenum and phosphate.
This zone is located adjacent to major structures and lineaments and is approximately 2,000 metres long. The more significant geophysical targets are linear, and mostly covered by narrow lakes. There is a mixture of boulders and outcrop, the highest uranium value in outcrop is 9.5% U3O8. The lithologies, which are mineralized, are varied, including calcsilicates, granitic and psammitic/arkosic rocks, as well as some syenites. The uranium averages 0.5% U3O8 (excluding a sample at 65% U3O8). The U/Th ratio is high with some REE and molybdenum (up to 0.5%). About half the samples are enriched in P2O5 (up to 28%).
A concentration of higher grade boulders over a 150m long zone, with outlying boulders to 500 metres away across strike. This is a preliminary target, with U3O8 to 1.63%. Further work is to be carried out.
Snyder 4 -Hook Lake-Island
A 5,000 metre zone of varied lithologies of quartzites, psammites, pelites, calcsilicates and white granite. The uranium averages 0.76% U3O8, with a max of 2.8% U3O8. The U/Th ratio is 13, and there is minor molybdenum enrichment. One of the high grade samples has been described as coming from a shear zone. This showing is the original showing from the 1970-80’s work, and there are early reports of 6% U3O8 boulders combined with a very high lake sediment sample (100+ ppm U)
The following three zones were previously released:
Pitchblende Ridge (Nov. 1, 2007)
Crazy Train (Aug 23, 2007)
The U3O8 averages 0.39% with a maximum of 1.24 % U3O8. Thorium and molybdenum are very low, but there is high phosphate (P2O5, average 9.7%). There is enriched in REE (max 6.3%) and Yttrium, with a LREE/HREE ratio of 3.
|Table of results of all samples over 0.05% U3O8 or 0.05% REE from NE Wollaston Project (2005-2007)|
All of the samples were submitted to qualified Canadian laboratories for analysis. Samples submitted to Saskatchewan Research Laboratories were analysed for multi-element geochemistry and including uranium by tri-acid digestion and ICP. Samples submitted to Acme Laboratories in Vancouver, BC for assay for trace element geochemistry were analysed by aqua regia digestion and ICP analysis. The samples were collected by CanAlaska field geologists under the supervision of Dr. Karl Schimann, P. Geo. and were shipped in secure containment to the laboratories noted above. Peter Dasler, M.Sc. P Geo. is the qualified technical person responsible for this news release.About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in seventeen 100%-owned and two optioned uranium projects in Canada’s Athabasca Basin. 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). CanAlaska has expended over Cdn$24 million exploring its properties in the Athabasca Basin and has delineated multiple uranium targets. Initial drilling results from the West McArthur Project revealed uranium mineralization and significant zones of hydrothermal alteration, indicative of a favourable environment for uranium deposition. Active drilling and exploration has continued through the Summer, and Fall 2007 seasons at West McArthur and at 2 other significant projects. The Company’s high profile in the prominent Athabasca Basin has attracted the attention of major international strategic partners. Among others, Mitsubishi Development Pty., a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$11 mil. in exploration funding to earn 50% of the West McArthur Project. In addition, exploration of CanAlaska’s Cree East Project has commenced under a C$19 mil. agreement executed with a consortium led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd.
On behalf of the Board of Directors”Peter Dasler”Peter Dasler, P. Geo., President & CEO
|Investor Contact: Emil Fung, Vice President, Corporate Development|
|Tel: +1.604.688.3211 Toll Free (North America) 1-800-667-1870 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. Not to be construed as an offer to buy or sell securities of CanAlaska Uranium Ltd.|