 | | | Publié le 31 mai 2016 | Cameco Plans Summer Drilling at CanAlaska's West McArthur |
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NEWS RELEASE
Cameco Plans Summer Drilling at CanAlaska's West McArthur Project
First Drill Hole Intercepts C10 South Structure
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Vancouver, Canada, May 31, 2016 - CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N), ("CanAlaska" or the "Company") is pleased to announce that the first drill hole of Cameco's (Cameco Corporation (TSX: CCO; NYSE: CCJ) year 1 program at West McArthur (the "Project"), WMA035, has successfully intersected the C10 south structure with strong sandstone alteration in what appears to be the hanging wall of the targeted conductor. Crews will move back onto the Project in early June, and drilling is due to start by mid June, with an expected 3,000 metres of drilling. Under an option agreement, Cameco may earn up to a 60% interest in the Project through total expenditures of $12.5 million consisting of cash payments to the Company and accelerated exploration programs, culminating in a joint venture.
Drill Hole WMA035:
Three significant south-southeast dipping fault zones were intersected in the sandstone of the C10 South structure, see figures 1 and 2. These faults are characterized by broken core, quartz dissolution, clay healed breccias, core loss, and localized sandy-clay gouge. The sandstone in and around these fault zones is bleached with weak sooty pyrite and structurally controlled clay. The main fault strand is associated with pervasive silicification and elevated uranium as halos about fault zones.
A broad boron anomaly from unconformity to 375 metres above is evident in the sandstone column, associated with dravite and the main fault. The drill hole intersected elevated uranium in the sandstone with locally uranium (2.74 ppm), molybdenum (3.1 ppm), copper (9.36 ppm ), arsenic (2.21 ppm), and 2,500 ppm boron. The drill hole appears to have overshot the target zone (see figure 2 map below).
The West McArthur Uranium Project covers 35,830 hectares (88,536 acres) commencing 6 kilometres (4 miles) northwest of Cameco's majority owned McArthur River uranium mine. Importantly, the Project is immediately adjacent to Cameco's recently disclosed Fox Lake uranium discovery with reported inferred resources of approximately 68.1 million pounds based on 387,000 tonnes at 7.99% U3O8. The Fox Lake discovery is within the Read Lake project operated by Cameco (Cameco 78.2%, Areva 21.8%).
The Grid 5 target is believed to host the western continuation of the C10 and C10 South conductors being explored by Cameco nearby on the Fox Lake deposit trend. The first drill hole, WMA035, is 600 metres east of historical drill hole EL-007 which was drilled in 1989 and this has strongly silicified and altered rock in the upper 400 metres of the sandstone column. The alteration and structures in the latest drill hole are similar to the alteration and structures intersected in the historical drill hole. The fault structure controlling the Fox Lake high-grade uranium mineral trend is related to the C10 conductor. The figure 1 map shows a ZTEM anomaly along the northeastern end of the Grid 5 conductor, and the C10 and C10 south conductors, the focus of the current drill program.
CanAlaska president Peter Dasler comments, "We are very pleased with the structural interpretation and alteration mineralogy in this first hole. The fault zones are characterized by localized sandy-clay gouge, broken core, fracture controlled clay, weak sooty pyrite and moderate to locally strong quartz dissolution. We now have evidence of a very large mineral system extending from hole WMA028 to WMA035, a distance of 3.5 kilometres. We are eagerly awaiting the restart of drilling program scheduled for early June, and feel very confident that Cameco's staff will be able to test the structures."
Stay informed of Company and industry developments by subscribing to our email list: http://www.canalaska.com/s/RequestInformation.asp.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 700,000 hectares (1.7 million acres), one of the largest land positions in Canada's Athabasca Basin region - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings has attracted major international mining companies Cameco, Denison, KORES, KEPCO, and the De Beers Group of Companies as partners. CanAlaska is a project generator and is positioned for discovery success in the world's richest uranium district. For further information visit www.canalaska.com.
About Cameco Corporation
Further information on Cameco can be found at www.cameco.com
The qualified technical person for this news release is Dr. Karl Schimann, P. Geo, CanAlaska director and Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President & CEO
CanAlaska Uranium Ltd.
Tel: +1.604.688.3211 Extension 138
Email: info@canalaska.com
John Gomez
Tel: +1.604.484.7118
Email: jgomez@canalaska..com
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP# 13708P 10 2.
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Données et statistiques pour les pays mentionnés : Canada | Tous Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous
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Canalaska Uranium Ltd
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EXPLORATEUR |
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CODE : CVV.V |
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ISIN : CA13708P2017 |
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Canalaska Uranium est une société d’exploration minière d'uranium basée au Canada. Canalaska Uranium détient divers projets d'exploration au Canada et en Australie. Ses principaux projets en exploration sont GLITTER LAKE, VBE 1 CLAIMS, ALBERTA, HELMER, KEY LAKE, LAKE ATHABASCA, COLLINS BAY EXTENSION, WATERBURY, BLACK LAKE PROJECT, POPLAR PROJECT, GREASE RIVER, VBE 2 CLAIMS, NE WOLLASTON, ARNOLD PROJECT, CAMSELL, CARSWELL PROJECT, CREE WEST, HODGSON, KASMERE, MCTAVISH, MISTY, MOON, CREE EAST PROJECT, WEST MCARTHUR, FOND DU LAC, ATIKOKAN AREA, CENTRAL ZEBALLOS MINE et LAC ROCHER au Canada et RISE AND SHINE en Nouvelle-Zelande. Canalaska Uranium est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 14,5 millions CA$ (11,6 millions US$, 10,1 millions €). La valeur de son action a atteint son plus haut niveau récent le 05 janvier 2007 à 9,70 CA$, et son plus bas niveau récent le 17 octobre 2014 à 0,08 CA$. Canalaska Uranium possède 27 340 000 actions en circulation. |
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