Toronto Stock Exchange (TSX): CVV
VANCOUVER, Sept. 20, 2013 /CNW/ - CanAlaska Uranium Ltd. (TSX - CVV)
("CanAlaska" or the "Company") is pleased to report the approval by the TSX
Venture Exchange to the Patterson Property Option with Makena Resources Inc.
The option allows Makena to acquire a 50-per-cent interest in the Patterson
West, North and East projects (6,687 hectares) located in the Athabasca Basin
region of Saskatchewan. Consideration is $100,000 cash, 2.5 million shares,
one million share purchase warrants and $1.4-million in exploration
expenditures over a three-year period. The Patterson property was staked by
CanAlaska in December 2012, immediately on the opening of claim staking in the
Patterson Lake area. The agreement with Makena allows for work to commence
immediately on the follow-up of targets indicated from historical VTEM and
MEGATEM airborne surveys.
Property Update for Shareholders:
The Company focus is uranium exploration. Our mission is still to secure
success with our drill programs and attain the discovery of substantial
uranium deposits for all of our investors to benefit. No other place in this
world exhibits the large tonnage and high-grade uranium deposits available in
the Athabasca Region, and this is where we continue our efforts. The
substantial funding which we have invested in our projects allows us to
maintain our assessment on large areas of prospective property. With outside
project funding through options, joint ventures and sales, management intends
to protect CanAlaska shareholders from unnecessary share dilution, and still
look forward to new discovery.
The Company is fortunate to have the support of its Asia based Joint Venture
Partners on the large key projects at West McArthur, and Cree East. Both of
these exploration projects have advanced with the discovery of intensive
uranium related hydrothermal alteration zones within the claim areas (see
website for detail for each property).
These two projects have been funded with over $35M of work, and they now show
multiple targets with potential for the discovery of new uranium deposits.
They are in the Eastern Athabasca basin, near to existing mines and
discoveries. They each have over 15 years of assessment work applied, and
are significant assets for the Company.
Our Cree East property shows an intense alteration zone above a very large
target at ZONE B. The hydrothermal system extends at least 400 metres to the
east and is open to the west. The multiple-element geochemical halo, the fluid
dissolution effects, as well as the sporadic higher uranium responses indicate
that the main target in this area is part of an intense chemical and physical
hydrothermal event, typically associated with a large uranium deposit.
At our West McArthur property we have targets at Grid1, Grid 4, and a new
target developing at Grid 5, just to the west of where Cameco Corporation has
been intensely drilling its Fox Lake discovery. Each of these targets require
further drill testing, which would be possible following a market recovery.
Uranium Properties for Option
CanAlaska has been actively marketing its non-core projects, and the Agreement
with Makena is a positive sign of the increased momentum of activity. Our 100%
owned NW Manitoba property has continued to generate significant interest, and
is a reflection of the extensive work carried out by the Company in the
past. We have identified the geophysical signature of a typical basement
hosted uranium mineralizing system at the Maguire showings. This geophysical
target is located under shallow overburden in an area where we had previously
found uranium mineralization in rock outcrop and boulders. The Company is also
continuing to present each of the other eleven uranium projects located within
the Athabasca Basin to potential financial and exploration groups.
Non Uranium Properties
CanAlaska's non uranium projects have also generated outside option and joint
venture interest, our Alaskan and BC, gold and copper projects, as well at the
North Ruttan VMS project in Manitoba have been marketed over the past months.
Additionally, over the past month, the Company staked mineral claims in
north-central Saskatchewan to cover specific geophysical targets within the
area of the new Pikoo kimberlite discovery. The option agreement with
Atlantic Industrial Minerals on the Reefton Gold project has been terminated,
and this project is also being newly marketed.
The Company has continued to maintain a strong local community involvement
with the Fond Du Lac First Nations, the Black Lake First Nation, Hatchet Lake
First Nation and Patuanak First Nation in Saskatchewan. In Manitoba, we
still have strong support from the community of Lac Brochet to carry out the
next phases of exploration on our NW Manitoba licence area.
Shareholders are reminded of the Company's AGM, which will be held at the
Corporate Offices at 10am on September 26 2013. Shareholder voting forms have
been mailed, and additional information is available on the Company website.
Shareholders and investors can review detailed information on the Company's 18
uranium projects and joint ventures on the Company's website at
Peter Dasler, M.Sc., P Geo. is the qualified person responsible for this news
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7F -- Frankfurt) has
undertaken uranium exploration on multiple uranium projects in
Canada'sAthabasca Basin -- the "Saudi Arabia of Uranium" since 2005. The
Company has major international partners for its West McArthur and Cree East
properties, and is concentrating its activities on these advanced projects.
For more information, visit www.canalaska.com
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo., President & CEO,
CanAlaska Uranium Ltd.
The TSX 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.
Contact: Peter Dasler, President and CEO. Tel: +1.604.688.3211 x318
To view this news release in HTML formatting, please use the following URL:
CO: CanAlaska Uranium Ltd.
ST: British Columbia
-0- Sep/20/2013 14:28 GMT
Press spacebar to pause and continue. Press esc to stop.