Vancouver, Canada, March 22nd, 2010 — CanAlaska Uranium Ltd. (CVV — TSX.V) (the “Company”) is pleased to report that its sixth drill program is underway on its Helmer project, situated along the Northern rim of the Athabasca Basin. The drilling will test a group of strong targets along the Grease River fault, which were modeled from Airborne EM and gravity surveys.
The target area is just south of CanAlaska’s Fond Du Lac project, and is located on the eastern part of the Helmer project. Previous airborne surveys provided strong evidence of conductive targets in the lower levels of the Athabasca sandstone, immediately above a strong zone of dislocation in the Grease River Fault system.
|Click on map for high resolution image|
The Grease River Fault is a major tectonic event in the Athabasca region, and the structure can be traced for over 200 kilometres, both inside and outside of the Athabasca Basin. There are numerous zones with multiple mineralizing events of gold, nickel and uranium along the trace of the fault, indicating how it is a significant focus of fluid flow and mineralization. The Company tested a uranium-mineralized splay associated with the fault system on the adjacent Fond Du Lac project in September of 2009, and intercepted a uranium zone assaying 40.4 metres @ 0.32% U3O8. The Company plans to first test the large target at Helmer, and then return to further drilling at Fond Du Lac.
The following images show the Helmer target, as a plan view of the EM conductors, faults and gravity target, and also in cross-section, showing the digital trace of the airborne survey response above the target.
The Helmer drill program has been contracted to Driftwood Drilling, and will comprise of 2-3 reconnaissance drill holes to be completed before break-up. Additional targets are available for summer drilling. The drill is currently on site, and drilling is underway.
The Company expects to have drilling approvals for the adjacent Fond Du Lac project in April, and will schedule further drilling around the Fond Du Lac deposit, and across the zone containing last September’s mineralized intercepts at the earliest opportunity, weather and access conditions permitting.
Elsewhere in the Athabasca Basin, the Company is active with drill programs at West McArthur, Collins Bay Extension, and at Cree East. At the Cree East project, drilling is scheduled to continue through the summer period. The Company understands that drilling is continuing at the McTavish project under the direction of Kodiak Exploration, which has commenced exploration under a $4M earn-in option earn-in.
About CanAlaska Uranium
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 provided 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 Helmer.
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.