Max Power
15 years ago
CanAlaska Uranium Ltd. - Non-brokered private placement
Press Release
Source: CanAlaska Uranium Ltd.
On Monday October 5, 2009, 8:30 am EDT
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VANCOUVER, Oct. 5 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV) ("CanAlaska" or the "Company") wishes to announce the combination of a non-brokered Flow-Through Unit private placement and a non-brokered Ordinary Unit private placement for up to $2,500,000.
The Flow-Through Units will be issued at a price of $0.21 per unit. Each Flow-Through unit will consist of one common share of the Company and one-half of a share purchase warrant. Each whole warrant will be exercisable into one common share at a price of $0.28 per common share for a period of 18 months from the close of the Flow-Through private placement.
The Ordinary Units will be issued at a price of $0.19 per unit. Each regular unit will consist of one common share of the Company and one-half of a share purchase warrant. Each whole warrant will be exercisable into one common share of the Company at a price of $0.28 per share for a period of 18 months from the close of the private placement.
The proceeds from the unit offerings will be utilized for uranium exploration in Canada and for general corporate purposes. Finders fees may be payable in connection with these proposed placements. The above private placement is subject to regulatory approval.
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 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$55 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 undertaken to provide the Company 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. Exploration recently commenced on the Poplar Project with Chinese mining partner East Resources Inc., comprising a potential 100,000 metres of drill testing. In addition, Canadian explorer Kodiak Exploration has also optioned the McTavish Project to advance exploration with the goal of attaining a 60% project interest earn-in by delineating a minimum of 35 million pounds U(3)O(8).
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP No. 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.
For further information
Emil Fung, Director & V.P. - Corp. Dev., Tel: (604) 688-3211, Email: info@canalaska.com
Max Power
15 years ago
CanAlaska finds uranium mineralization along 2.4 km trend at West Fond Du Lac
Press Release
Source: CanAlaska Uranium Ltd.
On Wednesday September 16, 2009, 6:30 am EDT
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VANCOUVER, Sept. 16 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV) ("CanAlaska" or the "Company") has carried out a summer program of surface trench sampling and mapping on the western portion of the Fond Du Lac project, as well as a separate drill program on the Fond du Lac mineral deposit. Both areas contain significant surface, and near surface, uranium mineralization. For the western target area, the Company is pleased to report high grades of uranium mineralization obtained from the first saw-cut representative channel samples from the Adair Showing. This mineralized zone is located north of the Company's Helmer Project and within the western portion of its Fond Du Lac Project, which is situated on the reserve lands of the Fond Du Lac Denesuline First Nation, (see Fig 1).
Figure 1: http://www.canalaska.com/i/maps/Map_FDL_Sep162009.pdf
The main showing consists of two historical trenches within a gossanous area on the southeast side of a 3 km swampy topographic low. This linear trend coincides with a magnetic low on the south side of a sharp linear magnetic feature. Historical drilling (1953) consisted of 14 holes spread over a length of 2.8 km of this zone. The eight southern holes covering 1.2 km of this zone intercepted uranium mineralization underneath the zone and its projected extensions. The northern four holes are not reported to have significant mineralization, however recent samples from surface outcrops show a continuation of the zone in this area, (see Fig 2). There has been no modern exploration in this area since the 1960's, when the area was deemed a First Nation reserve. CanAlaska sampling programs in 2008 identified significant mineralization in the area, with values over 5% U(3)O(8) from grab samples. In summer 2009, the area was revisited and systematic representative sampling was carried out.
Figure 2: http://www.canalaska.com/i/maps/Map_FDL_Sep162009_1.pdf
Off-scale scintillometer readings across a narrow (5-10cm wide) mineralized zone define the target for over 35 metres in an area where old trenches and stripping have exposed bedrock near the centre of the zone (see Fig 3). Further exposures are intermittent along the structure, which has been confirmed by drilling. Along with mapping and prospecting, CanAlaska geologists collected a set of six representative saw-cut channel samples, each of 50 cm length, across the fracture fill mineralization. The average uranium content of these samples is 0.94% U(3)O(8) (18.8 lb/ton U(3)O). Two of the samples also reported gold grades of 0.7g/t Au, and two samples contained anomalous platinum mineralization. Sample values are reported in Table 1.
Table 1. - Representative Channel Samples from 35 metres of Adair
Showing, Fond Du Lac Project
Grid Grid Sample Width U(3)O(8) U(3)O(8) Au Pt Pd
Sample X Y Location cm % lb/ton g/t g/t g/t
GS069 503 094 35 50 1.42 28.4 0.771 2 2
GS072 506 092 31 50 0.25 5 0.59 2 3
GS071 516 088 21 50 0.1 2 0.719 323 397
GS070 518 086 18 50 1.77 35.4 0.027 26 29
GS068 530 078 4 50 0.63 12.6 0.018 2 14
GS067 532 6075 0 50 1.49 29.8 0.075 2 2
Prior Drill Holes and Down-hole Radiation Measurements
Historical drilling consisted of 14 drill holes with an average depth of 185 feet (56 metres), along 2.8 km of the zone. A review of (limited) historical records indicated that at least 5 drill holes (DDH's No. 5, 7, 9, 10, and 13) were significantly mineralized with uranium, based on down-hole probe information.
Figure 3: http://www.canalaska.com/i/maps/Map_FDL_Sep162009_2.pdf
DDH No. 11 is lacking probe information, but is reported to intersect garnet biotite gneiss, with some mafic layers and frequently pyritic. This drill hole (No. 11) was not probed because the hole collapsed near surface at a 10 foot wide (3 metre) highly sheared and brecciated zone. DDH No. 11 is 204 feet (62 metres) deep and contains four zones of sheared, brecciated, and hematised chloritic schist, some of which is graphitic. The core logging for this drill hole is very similar to that of the mineralised sections in the other drill holes, but it contains a larger number of schist sections.
No chemical assays are available from the samples from the historical core, and similarly, the archived drill logs do not contain radioactivity measurements of the core. However, the historical records do show that the drill holes were measured by doing point by point measurements with a probe, up and down the holes, presumably using a Geiger Muller detector. The radioactivity is expressed in counts per minute, rather than the current higher counts per second of a modern scintillometer.
CanAlaska's evaluation of this data is that the probing defines a consistent mineralized zone. The reported probe measurements from the zones intercepted down-hole, indicate values of up to 120 times the normal background radiation. The following table represents these data, but a direct comparison to current scintillometer readings is not applicable, because of the non-linear correlation and factoring required to perform the computation. The best current comparison is with the assay grades reported here in Table 2, from surface exposures within the middle of the zone.
Table 2. Adair Zone: Geiger Measurements of Down-hole Radioactivity
-------------------------------------------------------------------------
Width of
From To mineralization Peak radiation
Drill hole (ft) (ft) (ft) vs background
-------------------------------------------------------------------------
DDH No. 6 121 123 2 9 times
-------------------------------------------------------------------------
DDH No. 7 38 40 2 70 times
-------------------------------------------------------------------------
DDH No. 7 44 45 1 120 times
-------------------------------------------------------------------------
DDH No. 9 175.5 176 0.5 25 times
-------------------------------------------------------------------------
DDH No. 9 209 211 2 25 times
-------------------------------------------------------------------------
DDH No. 10 45.5 46.6 1 25 times
-------------------------------------------------------------------------
DDH No. 13 120 122 2 20 times
-------------------------------------------------------------------------
DDH No. 13 169.5 172 2.5 35 times
-------------------------------------------------------------------------
The grade and consistency of the mineralized structure provides a significant target for future exploration efforts. The topographic low along which the mineralization occurs coincides with a magnetic low as measured by the recent airborne surveys. This magnetic low is interpreted as a large shear zone which cuts the basement stratigraphy at a low angle. The Company is now evaluating early winter drilling along the zone.
CanAlaska is fully-funded for current operations and is budgeting for extensive fall-winter 2010 exploration programs, financed by its strategic joint venture partnerships and from current treasury. The Company is presently awaiting assay results from drill samples from summer exploration that was undertaken in a separate region of the Fond Du Lac Project, and from extensive mapping and sampling work at the Poplar Project, where the company has been working for the past month with six Chinese-trained geologists from East Resources Inc. The drill and assay results from these active projects will be provided as they become available to the Company.
All of the prospecting and drill samples from the Fond Du Lac Project were submitted to Acme Laboratories Vancouver, an ISO 9001:2000 accredited and qualified Canadian Laboratory to be analysed for uranium and multi-element geochemistry by tri-acid digestion and ICP-MS., or to the Saskatchewan Research Council Geoanalytical Laboratory for a Multi Element ICP analysis with Aqua Regia digestion. 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 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$55 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 undertaken to provide the Company 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. Exploration recently commenced on the Poplar Project with Chinese mining partner East Resources Inc., comprising a potential 100,000 metres of drill testing. In addition, Canadian explorer Kodiak Exploration has also optioned the McTavish Project to advance exploration with the goal of attaining a 60% project interest earn-in by delineating a minimum of 35 million pounds U(3)O(8).
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP No. 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.
For further information
Emil Fung, Director & V.P. - Corp. Dev., Tel: (604) 688-3211, Email: info@canalaska.com
http://finance.yahoo.com/news/CanAlaska-finds-uranium-cnw-3332650959.html?x=0&.v=1
Max Power
15 years ago
CanAlaska closes additional tranche of private placement
Press Release
Source: CanAlaska Uranium Ltd.
On Friday August 21, 2009, 6:00 am EDT
VANCOUVER, Aug. 21 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV, OTCBB - CVVUF, Frankfurt - DH7) ("CanAlaska" or the "Company") is pleased to announce that it has closed an additional tranche of its non-brokered private placement previously announced in its news release of July 23, 2009 (http://www.canalaska.com/s/News.asp?ReportID=356843), and has issued an additional 1,145,000 units at $0.17/unit ("Unit") for gross proceeds of $240,550.
In connection with this closing, the Company has paid a finder's fee comprising of 5% in cash and an aggregate 57,250 compensation options. Each compensation option entitles the holder to acquire one Unit at a price of $0.17/Unit for a period of 24 months.
All securities issued pursuant to this private placement are subject to a Canadian hold period expiring December 21st, 2009.
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$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 Ltd, a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$10 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 Poplar Project comprising a potential 100,000 metres of drill testing. In addition, Kodiak Exploration has also optioned the McTavish Project to advance exploration with the goal of attaining a 60% project interest earn-in by delineating a minimum of 35 million pounds U3O8.
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP No. 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.
For further information
Emil Fung, Director & V.P. - Corp. Dev., Tel: (604) 688-3211, Email: info@canalaska.com
SPARK
15 years ago
CanAlaska welcomes Chinese geological team to Poplar Uranium Project
Fri Aug 14, 7:30 AM
http://ca.news.finance.yahoo.com/s/14082009/31/link-f-prnewswire-canalaska-welcomes-chinese-geological-team-poplar-uranium-project.html
VANCOUVER, Aug. 14 /PRNewswire-FirstCall/ - CanAlaska Uranium Ltd. (TSX.V - CVV, OTCBB - CVVUF, Frankfurt - DH7) ("CanAlaska" or the "Company") is pleased to announce the commencement of exploration by operator East Resources Inc. at its Poplar uranium Project, situated on the northern rim of the Athabasca Basin of Saskatchewan, Canada.
A team of six Chinese geologists from East Resources Inc. have teamed together with CanAlaska personnel to undertake geological mapping and prospecting at 5 target zones on the project in preparation for extensive drill testing this coming winter.
Pursuant to an Memorandum of Understanding between CanAlaska and East Resources (see News Release dated June 25th, 2009), East Resources may earn a 40% interest in the Poplar project by undertaking a minimum of 100,000 metres of diamond drilling within 5 years. ERI may earn a 70% interest in the project by undertaking a minimum of 50,000 metres of diamond drilling, successfully completing a feasibility study for a minimum economic reserve of 15 million pounds U3O8 and fully-financing the costs of mine construction. ERI may earn an 80% interest in the Project by undertaking a minimum of 50,000 metres of diamond drilling, successfully completing a feasibility study for a minimum economic reserve of 35 million pounds U3O8 and fully-financing the costs of mine construction. ERI may also earn an additional 15% interest in the Project to hold a cumulative 95% ownership by granting to CanAlaska a 5% gross revenue royalty from the production and sale of minerals.
The Company warmly welcomes the participation of the geological team from China and looks forward to their constructive and fruitful engagement in the exploration of this highly-promising property.
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$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 Ltd, a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$10 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 Poplar Project comprising a potential 100,000 metres of drill testing. In addition, Kodiak Exploration has also optioned the McTavish Project to advance exploration with the goal of attaining a 60% project interest earn-in by delineating a minimum of 35 million pounds U3O8.
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
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.
SOURCE CanAlaska Uranium Ltd.
SPARK
15 years ago
CanAlaska updates current uranium exploration
Thu Aug 13, 8:00 AM
http://ca.news.finance.yahoo.com/s/13082009/31/link-f-prnewswire-canalaska-updates-current-uranium-exploration.html
VANCOUVER, Aug. 13 /PRNewswire-FirstCall/ - CanAlaska Uranium Ltd. (TSX.V - CVV, OTCBB - CVVUF, Frankfurt - DH7) ("CanAlaska" or the "Company") is pleased to provide an update of its current exploration at its uranium projects in the Athabasca Basin of Saskatchewan, Canada.
At the Cree East Project, an additional $880,000 was recently advanced to fund summer exploration by the Korea Consortium, comprising Hanwha Corporation, Korea Electric Power Corporation, Korea Resources Corporation and SK Energy Co. Ltd. This additional work includes hi-resolution airborne magnetic, airborne VTEM and ground TDEM geophysical surveys. The results from this summer's surveys will be used to prepare winter drilling targets.
At the Fond Du Lac Project, exploration has been further extended based on mineralization recently discovered in basement structures. The Company had been testing known sandstone uranium mineralization, but is now concentrating on encouraging uranium mineralized intersections in structures located below the unconformity. Current drilling is focusing on the eastern end of the deposit, where major structures intersect the trend of the sandstone-hosted mineralization. This new basement-hosted mineralization extends the length of the known deposit by approximately 75 metres.
The Company has now received TSX Venture approval for the terms of its non-brokered private placement (see July 23rd News Release). Proceeds from the private placement will be applied towards ongoing uranium exploration at the Company's projects, including additional drilling at the Fond Du Lac project.
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$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 Ltd, a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$10 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 Poplar Project comprising a potential 100,000 metres of drill testing. In addition, Kodiak Exploration has also optioned the McTavish Project to advance exploration with the goal of attaining a 60% project interest earn-in by delineating a minimum of 35 million pounds U(3)O8.
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
SPARK
15 years ago
CanAlaska drills 140 ppm uranium and elevated nickel in first holes at Black Lake
Press Release
Source: CanAlaska Uranium Ltd.
On Wednesday August 5, 2009, 7:30 am EDT
VANCOUVER, Aug. 5 /PRNewswire-FirstCall/ - CanAlaska Uranium Ltd. (TSX.V - CVV) ("CanAlaska" or the "Company") has received additional results from drilling at the Platt Creek conductive trend on the Black Lake project, located within the Black Lake Denesuline First Nation Reserve on the northern rim of the Athabasca Basin, Saskatchewan - see Figure 1.
Figure 1
http://www.canalaska.com/i/maps/20090805CVV-newsrelease_fig1.pdf
The winter-spring drill program intersected the main conductive horizon in the north, where it was associated with elevated uranium values to 12 ppm, strong boron enrichment and extensive hematization of the splay fault offsets - see News Release - June 5, 2009.
During further spring drilling in the southern target area, the fence of three holes did not intercept the conductor, but the eastern-most drill hole intersected 140 ppm uranium just below the unconformity in a 20 metre zone of elevated nickel response (to 1,000 ppm Ni). All the southern drill holes showed geochemically-elevated nickel and boron in the 20 to 50 metres of basement immediately below the unconformity. Drill hole BLK007 also contained anomalous boron in the lower 60 metres of sandstone which is confirmed by the presence of visible dravite. The elevated geochemical signature in these holes is indicative of a favourable hydrothermal mineralizing system.
The fourth hole in the southern zone also failed to intersect the main conductor. However, subsequent down-hole EM surveying located a conductive target approximately 25 metres from the termination of the hole. This conductor lies between hole BLK009 and hole BLK010 - see Figure 2.
Figure 2
http://www.canalaska.com/i/maps/Map_blacklake_aug52009.pdf
The drill program at Black Lake is following-up on geological and geophysical targets identified from a prospecting and mapping program in summer 2008 in the Platt Creek area. This work discovered uranium mineralized sandstone boulders down-ice of the 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 from summer 2008 work were collected from low swampy ground and are detailed below in Table 1.
Table 1. Platt Creek Samples: June 2009 Drill area
Sample Location Type Rock Unit Alteration % U3O8
SB044 Platt Creek Boulder Amphibolite Hematite 1.8
TP161 Platt Creek Outcrop Norite Hematite 0.11
RWM593 Platt Creek Boulder Sandstone 0.51
All of the prospecting and drill 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.
Corporate Matters
The Company is fully-funded for current operations and is budgeting for further extensive summer-fall 2009 exploration programs, through its joint venture partnerships and from current treasury. Current drilling is progressing on the Fond du Lac Project, located west of Black Lake. Drill and assay results from active projects will be provided as they become available to the Company.
Subsequent to the Company's July 23rd, 2009 News Release regarding its non-brokered private placement with the MineralFields Group, the Company has received a request for additional operating information from Mineralfields prior to formalizing its subscription. Consequently, the date of closing for the private placement has been extended and the Company will issue a further news release upon receiving confirmation of MineralFields' subscription.
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$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 Ltd, a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$10 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 Poplar Project comprising a potential 100,000 metres of drill testing.
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
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
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