The Cree East project is funded under a joint venture with the Company's Korean strategic partners, comprising Hanwha Corporation, Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd. The Company recently received
The 2010 uranium exploration program at Cree East is currently budgeted at
The first stage of this extensive drill program has now commenced. Previous geophysical modelling and initial drill tests have outlined four zones (Zones A-D) of uranium mineralization and hydrothermally-altered rocks associated with major basement offsets along a 4 km mineralizing trend. Drill-hole spacing in the target areas from previous drilling in 2008 and early 2009 is from between 100 to 200 metres. Most of the 2010 targets are located between existing holes, or are short step-outs from existing holes. The new drilling will attempt to cross-cut the fault and alteration modelled by the existing holes, geology and geophysics.
Additional targets on the Cree East project have been defined following intensive airborne and ground geophysical work over summer 2009. At Zones G, H and I, there appear to be further areas of extensive hydrothermal alteration. Correlation of the current surveys with anomalous uranium and alteration in six historical holes dating from 1981 (two fences of three holes at Zone G), shows the strong potential for additional structurally-controlled uranium mineralization in the basement, and possible significant enrichment at the unconformity.
Outlook -------
Despite the continuing uncertainties in the economy, the Company is pleased to be engaging in one of the most aggressive seasons of uranium exploration in its history. CanAlaska continues to distinguish itself among the Canadian uranium exploration community in maintaining highly complementary strengths in both technical operations and financial acuity. The Company is able to commit to the aggressive exploration program outlined above based on its strong internal treasury, which presently totals over
The Qualified Technical Person for this news release is Mr.
About CanAlaska Uranium Ltd. -- www.canalaska.com
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 --
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
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.