3,000 Metre Drill Program Started on CanAlaska Uranium's High-Grade Manibridge Nickel Project
Multiple Targets Within and Near Historical Mineralized Nickel ZoneCanAlaska Has Ongoing Uranium and Nickel Exploration Activity on Multiple Projects
Vancouver, March 8, 2022 - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce that a planned 3,000 m drill program has started on the high-grade Manibridge nickel project in the Thompson Nickel Belt, Manitoba (Figure 1). Drilling will focus near the past-producing Manibridge Nickel Mine that produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977.
Figure 1
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Nine drill holes, for a total of 3,000 m, are planned within one kilometre of the past-producing high-grade nickel mine. The program is designed to test several different target concepts that will provide new geological information to help advance the Manibridge project to the next stages of exploration (Figure 2). This drilling program is being solely funded by Metal Energy Corp. as part of a staged earn-in option agreement. CanAlaska is the current operator on the project.
CanAlaska CEO, Cory Belyk, comments, "With the price of nickel taking off and nickel inventories at an historic low, now is the time to advance high-grade sulphide nickel projects such as Manibridge to the next level of exploration and investment. We are excited to be part of the inaugural drilling program under this new option agreement with Metal Energy. With CanAlaska's extensive Thompson Nickel Belt holdings, our shareholders are well positioned to take advantage of the increasing nickel market fundamentals."
Figure 2
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About the Manibridge Project
Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden, Manitoba, which has significant infrastructure and capacity that has supported previous exploration programs, including year-round highway access via Highway 6.
Other News
The Company is actively drilling on it's 100%-owned Waterbury South uranium project in the northeastern Athabasca Basin, near the Cigar Lake uranium mine.
Additionally, the Company's Stepwise Moving Loop Time Domain Electromagnetic Survey continues on its West McArthur Joint Venture project.
A ground gravity survey on the Company's new Key Extension project has commenced and is anticipated to be completed by month's end.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 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 Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com
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.
Forward-looking information
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.