Canalaska to Drill Manibridge High Grade Nickel Zone
TSX VENTURE: CVV
Manibridge nickel; first holes planned for February 2019 - Further work underway on uranium and diamond projects
Vancouver, Canada--(Newsfile Corp. - January 14, 2019) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") reports that contracts have been signed for drill testing of the Manibridge high grade nickel targets, in the southern Thompson Nickel Belt ("TNB") Manitoba. CanAlaska 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. 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, will be tested with an initial 1000 metres of core drilling. This zone and the main nickel drill intersections are shown on the accompanying figure. Further data is available on the Company's website www.canalaska.com.
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. CanAlaska owns 100% of the project, which for the past several months has been under a LOI with Canada Metals. CanAlaska is currently working with Canada Metals to conclude a long term property funding agreement.
CanAlaska president Peter Dasler comments, "There is a strong need of nickel for EV battery development and the most suitable material for this comes from sulphide nickel ore bodies. The Thompson Nickel Belt is the fifth largest sulphide nickel mining camp in the world, and hosts numerous nickel deposits, with new deposits ready to be developed. It is a very good time to show the potential of this part of CanAlaska's Energy Metals project portfolio."
The company is active on a number of other fronts: CanAlaska is currently reviewing summer drilling for the West McArthur uranium project. The company is also supporting the current initiatives being undertaken by Northern uranium, the Company's JV partner on the NW Manitoba uranium project. Further VTEM and magnetic airborne survey work is currently being carried out and processed for some of the West Athabasca Kimberlite targets.
CanAlaska also announces that it has granted incentive stock options to certain directors, officers and consultants of the Company to purchase up to an aggregate of 2,240,000 common shares of the Company pursuant to the company's share option plan. The options are exercisable for a period of two years at a price of $0.325 per share.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 152,000 hectares (375,000 acres), 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
John Gomez, Corporate Development
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. 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. 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.