Vancouver, Canada, February 6th,
2009 - CanAlaska Uranium Ltd. (TSX.V -- CVV)
("CanAlaska" or the "Company") is pleased to announce
results from summer prospecting on its Poplar project. Multiple zones of
uranium mineralization were detailed in basement rocks, just north of the
northern limit of the Athabasca sandstone. High gold and platinum values
are associated with two of the showings. The Poplar project straddles 120
km of the northern edge of the Athabasca Basin in Northern
Saskatchewan.
Poplar Project Location
In 2008, CanAlaska survey crews completed over
15,000 line-kms of shallow seismic profiling over the northern portion of
Lake Athabasca, detailing the edge of the Athabasca sandstone, and the
features surrounding numerous airborne conductors discovered by the
previous season's airborne (VTEM) geophysical surveys.
Prospecting during summer 2008 included work on
13 new and historical uranium showings located along the north shore of
Lake Athabasca. These showings are hosted in various rocks of the Murmac
Bay Group and a series of granites. The assay results for the samples
collected from these zones are reported below.
There are three significant areas of mineralized showings (See Figure 2).
Within these areas, two types of mineralizing styles are recognised:
- Metamorphic
re-concentrations in pegmatitic to granitic rocks with a low U/Th
ratio; these showings contain less than 1 % U3O8.
- Hydrothermal vein-type
showings in a variety of rocks with a high U/Th ratio; these
showings contain distinctly higher U3O8,
reaching over 50% U3O8.
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The Felix Bay, Sharp Bay, Adair Bay, McIntosh
Bay, and Natukam Peninsula target areas are all in the second,
higher-grade mineralized group. Additionally, significant rare earth
mineralization was observed at Adair Bay in granites/pegmatites
associated with the showing (see map).
The gamma spectrometry survey conducted over the central land portion of
the Poplar Project shows a high total count and high uranium background
over most of the area. This high overall uranium signature, together with
the two types of mineralization, form good precursors for unconformity
uranium deposits in areas of the project to the south.
The 2008 airborne EM and waterborne seismic surveys which covered the
southern portion of the Poplar project defined a large number of structural
events and zones of high conductivity and disruption in the sandstone
cover. The data from these surveys is currently being compiled by
CanAlaska personnel. There is strong evidence of structural dislocation
of these conductors, especially in the area of the Felix Bay
uranium-gold-platinum mineralization (see Figure 3). The water-covered
areas were planned to be drill-tested this winter season, but with the
December termination of the previous option agreement with Mega Uranium,
these targets will be re-evaluated and re-scheduled for the 2010 season.
The presence of graphitic conductors in the meta-sedimentary package, as
revealed by the VTEM surveys, and the presence of large scale structural
disturbances, combine well with the uranium enriched-basement to enhance
the potential for unconformity uranium deposits on this project.
Felix Bay Geology
The most significant samples of multi-element mineralization, including
gold and platinum, are located within a zone of hydrothermal alteration
at Felix Bay in the centre of the exploration area.
At this location, a N-S trending sulphidic pelite
is mineralized by E-W trending veinlets of pitchblende uranium
mineralization, accompanied by chloritic and sericite alteration. One
grab sample from very old blast pits assayed 46.9 g/t gold and 19.7 g/t
platinum and 20.8g/t palladium. The mineralization is visible over 10 x
50 metres along the shoreline of the bay. It appears to be parallel to,
or be associated with, a mapped iron formation unit.
A N-S trending EM conductor (see Figure 3) follows the bay and is offset
300 metres inland near the showing. Very limited historical drilling
during the1950's did not report uranium mineralization at depth at the
showings near the lake, but several drill-holes were lost in bad ground
and did not approach the target. The original samples appear to have only
been assayed for uranium. Old reports predicted the expansion of the
target further to the south, where a large NE-SE structure is predicted
to intercept the horizon.
At Sharp Bay, mineralization occurs as
pitchblende fracture filling in strongly hematized granites and in
strongly hematized amphibolite. The granite hosted mineralization from
the historical "Ingrid" uranium showing exhibits the higher
grade. The amphibolite samples are from outcrop and boulders 0.75 km SW
of this showing.
At McIntosh Bay, a 2 cm mineralised vein
cuts across pelitic rocks, part of a pelite-quartzite-pegmatite
assemblage. The vein can be followed for 40 metres before disappearing in
overburden. One sample has high gold values (34g/t). The neighbouring
pegmatites are radioactive and stained yellow.
At Natukam Peninsula (Fall Zone), two
mineralized veins are associated with, and parallel to, a trending NW-SE
fault, cutting across a NE trending paragneiss. Several samples are high
in gold, with a maximum of 12.4 g/t. The very high grade uranium samples
(up to 58% U3O8) listed in Table 4 are small selective samples from the
old trenches, representing traces of lower temperature remobilized
pitchblende mineralization along shears and fractures.
At Adair Bay, the mineralization occurs as
veinlets of pitchblende in mafic metapelites. Rare Earth-yttrium
mineralization is also present, associated with granitic-pegmatitic rocks
with grades ranging from 0.5-2.7 % total REE.
The Hill Lake showing, shown in Figure 4,
consists of a three kilometre long zone within a strongly anomalous
meta-arkose with patches of white to pink pegmatite enriched in uranium.
The uranium mineralization is mostly in the biotite enriched phases of
these pegmatites.
All of the samples from the Poplar project were
submitted to Acme Laboratories Vancouver, an ISO 9001:2000 accredited and
qualified Canadian laboratory, for the Group 4B analysis. These samples
were analyzed for uranium and multi-element geochemistry by tri-acid
digestion and ICP-MS. High grade uranium samples were assayed by
Saskatchewan Research Laboratories and analyzed for multi-element
geochemistry, including uranium and other elements by tri-acid digestion
and ICP. Gold, platinum and palladium with significant gold were analyzed
by fire assay. The samples were collected by CanAlaska field geologists
under the supervision of Dr. Karl Schimann, and were shipped in secure
containment to the qualified Canadian laboratories noted above.
Peter Dasler, M.Sc, P. Geo. is the Qualified Person 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 twenty 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$45 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. A Memorandum of Understanding has also recently been
executed with mining partner East Resources Inc. to commence exploration
on the NE Wollaston Project comprising a potential 100,000 metres of drill
testing.
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: info@canalaska.com
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.
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