Vancouver, Canada, March 23rd, 2009 – CanAlaska Uranium Ltd. (TSX.V — CVV) (“CanAlaska” or the “Company”) is currently conducting drill programs on three uranium projects in the Athabasca Basin, Canada. The Company is drilling at the Cree East project with two drills and at the West McArthur property with one drill. A further drill program at Black Lake has now commenced. This drill program at Black Lake is following-up on geological and geophysical targets identified from airborne and ground surveys carried out by the Company. The current drill targets are along the Platt Creek fault/conductor, which starts in the north at the limit of the Black Lake First Nation Reserve and extends south into claims held by UEX/AREVA. The following update provides detail of recent assays and the target areas at Black Lake.
During the late summer and fall of 2008, surface sampling of uranium-rich boulders and outcrop provided the Company with strong evidence of uranium mineralizing events associated with the target areas. Previous exploration in this area had been undertaken in the 1960’s by Mokta, and in the 1970’s-1980’s by Eldorado Nuclear. There has been no exploration on the project area since it became part of the Black Lake Denesuline First Nation Reserve in the 1980’s. CanAlaska entered into an exploration agreement with the community of Black lake in 2006 and received ratification of the agreement from INAC (Indian and Northern Affairs Canada) in August 2008.
The Company recently received the sample assay results for uranium mineralized samples from four areas of the property, and one area of outwash sandstone boulders, just outside the property boundary, but located immediately downstream of the first drill target. These latter stream boulders are mineralized with stringer pitchblende uranium mineralization, with values up to 1.3% U3O8. There is limited area from where they can be derived, as they are located on the northern limits of the sandstone. They are most likely recently removed from outcropping mineralized sandstone upstream of their current location. Historical sampling by Eldorado located a number of other boulders of similar character and radioactivity response continuing up ice direction to the current target area. The location of the Black Lake project is shown in Figure 1, and the regional geology and structures are shown in Figure 2, along with the regional magnetics image.
Drilling has commenced on the first of a series of very strong geophysical targets which the Company has defined from airborne and ground surveys. One historical drill hole (SW of Butch Showing) located approximately 200 metres north of the centre of the first target zone intercepted strongly deformed graphitic metasediments with up to 100 cps radioactivity, before being lost in bad ground conditions. This was the most southerly hole of three holes, and had the most intense alteration recorded.
The assay samples from an outcropping amphibiolite unit just north of the first target area, in the Butch/Patterson Creek area, are shown in Table 1. These samples contain significant uranium values (up to 1.17% U3O8), as well as associated gold (one sample at 48 g/t Au), platinum and palladium mineralization.
The first CanAlaska holes are collared south of this zone, and are testing a very strong conductive zone located at a structural break. The boulder samples collected downstream of this target, but outside the property, are shown in the following Table 2.
Table 1 Mineralized Amphibolite from first drill target area.
Table 2 Rapids Area Samples (downstream but outside property)
Mineralized sandstone boulders were also found during prospecting at in the Platt Creek area down-ice of the second major geophysical target. The Platt Creek fault is a major regional fault system, which has previously shown high-grade uranium mineralization in drill holes on the adjacent mineral exploration property (Black Lake Property owned by UEX/AREVA). The mineralized boulder samples were collected from low, swampy ground, and are detailed below in Table 3.
Table 3. Platt Creek Samples: Drill area 2.
Two other separate areas of uranium mineralization have previously been identified on the project. One of these, the Black Lake NE sample area, is closely-related to mineralization near the historical producing “Nisto” mine (106 tons at 1.38% U3O8). The second area is located on a major structural feature which branches between the Black Lake fault system and the Platt Lake fault system. The North Middle Lake samples are part of the historic Dees showings. Samples from both of the mineralized areas are shown in Table 4. These areas have not received surface geophysical surveys as follow-up, and will be evaluated for drill testing at a later date.
Table 4. Other Areas of Surface Uranium Mineralization
The Company is very pleased with current operations, and is fully-funded for the summer-fall 2009 exploration programs through its joint venture partnerships and from current treasury. The current drill programs at the West McArthur project, partnered with Mitsubishi Development Pty and the Cree East project, partnered with the Korean Consortium, are operating well and will be continuing through March. Multiple targets are being evaluated on each project. Drill and assay results will be provided as they become available to the Company and its partners.
All of the samples from the Black Lake project were submitted to Acme Laboratories Vancouver, an ISO 9001:2000 accredited and qualified Canadian Laboratory, for their Group 4B analysis. These samples were analysed for uranium and multi-element geochemistry by tri-acid digestion and ICP-MS. The samples were collected by CanAlaska field geologists under the supervision of Dr. Karl Schimann, 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 Ltd. — www.canalaska.com
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in nineteen 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). To-date, CanAlaska has expended over Cdn$50 million exploring its properties and has delineated multiple uranium targets. The Company’s geological expertise and high exploration profile 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 for its 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.
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Investor Contact: Emil Fung, Vice President, Corporate Development
Tel: +1.604.688.3211 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.