Vancouver, Canada. July 10, 2018 -
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N)
, ("CanAlaska or the "Company") is pleased to announce being able to model historical drill data and define a 400 metre long high-grade nickel target within a 1,200 metre long horizon of semi-continuous nickel mineralization, north of the former producing Manibridge nickel mine, in the Thompson Nickel Belt, Manitoba.
The Manibridge project is located in an area of generally high nickel tenor mineralization, outlined by discovery drill holes and recent airborne geophysical surveys, as well as a number of untested targets.
Additional airborne survey work is currently being tendered by the Company, with the aim to have several drill targets ready by fall 2018.
Historical drilling in the mineral zone reported significant nickel values over mineable widths, as shown in figure 2. Many of the assays have a very high nickel tenor ([Ni]100 >20), indicating possible remobilization and enrichment, a significant benefit in processing.
The Thompson Nickel Belt is a 350 kilometre long mineral belt of nickel deposits located in northern Manitoba.
The Manibridge nickel deposit was mined from 1971 to 1977. Original resources were 1.5 million tons at 2.25% nickel and 0.27% copper. Although cobalt was not reported, cobalt mineralization exists in other deposits in the Thompson Nickel Belt.
The Belt's extensive nickel mineralization, associated with mafic-ultramafic rocks, makes the region a major exploration frontier for discovery of new sulphide nickel-cobalt deposits.
CanAlaska president Peter Dasler comments, "CanAlaska now has three large projects in the Thompson Nickel Belt. The Manibridge target shows a significant concentration of high grade nickel within a broad fold structure that appears to extend to depth. Our compilation work shows additional structural targets associated with high geophysical response from the historical VTEM and GEOTEM surveys. We will be gathering additional data on these targets with a planned airborne survey, with the expectation of outlining additional drill targets."
Exhibitor at Sprott Natural Resource Symposium Vancouver July 17-20 2018
CanAlaska management will be in attendance at the Sprott Natural Resource Symposium, booth 43, as well as presenting "Positioned for Success" in the British Room, Wednesday July 18 at 3:40 pm.
Sale of Fleetwood Zinc property
The Company has now completed the sale of the Fleetwood zinc property near Harrison BC. for a cash payment of
$10,000 and issuance of 200,000 common shares of Inomin. CanAlaska
has retained a 2% NSR royalty, 1% of which may be purchased by Inomin for $500,000.
Retirement of Nana Lampton, Board Advisor
The Company has accepted the resignation from the Advisory Board of Nana Lampton. Members of the board appreciate the insight and support that Nana has given over the years, and wish her well in her retirement.
About CanAlaska Uranium
CanAlaska Uranium Ltd.
holds interests in approximately 102,870 hectares (254,000 acres), one of the largest land positions in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district.
The Company also holds properties prospective for nickel, copper, gold and diamonds
. For further information visit www.canalaska.com
The qualified technical person for this news release is Dr Karl Schimann, P. Geo, CanAlaska director and VP Exploration.
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo.
President & CEO
CanAlaska Uranium Ltd.
Peter Dasler, President
Tel: +1.604.688.3211 x 138
CanAlaska Uranium Ltd.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.
In particular, this news release contains forward-looking information regarding the private placement offering and the use of proceeds of such offering.
These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
These assumptions include, but are not limited to: future costs and expenses being based on historical costs and expenses, adjusted for inflation; and market demand for, and market acceptance of, the offering.
In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.