Vancouver, BC (PRWEB) August 30, 2005
CanAlaska Ventures Ltd. (TSX.V-CVV: OTCBB-CVVLF) http://www.canalaska.com, Toll Free 1.800.667.1870, is pleased to report the first quantitative results from uranium exploration and sampling at the Company's North East Athabasca Project. This large project consists of 490,340 acres (1984 km2) and straddles the Saskatchewan-Manitoba border. Athabasca sandstone outliers to the west and south (Reilly Basin) indicate the strong possibility that this area was once covered by Athabasca sandstone. The North East Project exploration licenses cover the northern extension of the Wollaston Belt, which underlies all of the major uranium mines in the eastern Athabasca Basin.
This summer the Company has carried out detailed lake sediment sampling over the entire license area, and is awaiting results on the majority of the 1,900 individual lake samples. Previous exploration work in the North East Project area in the late 1970s identified uranium boulder trains and uranium-rich lake sediments. CanAlaska's current program of surface follow-up and prospecting with a field staff of 15 geologists and prospectors has led to the discovery of new areas of mineralised boulders and outcrops.
Canalaska Ventures has defined fourteen anomalous zones. Of these, seven have had previous exploration, and seven are either new zones or significant additions to previous work. The geochemical results obtained from the early part of this year's survey of six of the zones are tabulated below. An extensive boulderfield in the Hook Lake Zone has uranium values from 0.2% to 3.65% U3O8 (4lb Â 73 lb / ton U3O8), and is located south of mineralised outcropping zones of pelitic gneiss which have returned preliminary values from 0.31% to 0.81% U3O8 (6.2 Â 16.2 lb / ton U3O8). Significant molybdenum mineralisation is associated with most samples, along with occasional higher gold values. These priority areas are now receiving detailed follow-up exploration by the Company's field crews to establish drill testing priorities.See
- Extensive uranium mineralisation in basement immediately to north of Athabasca contact
- Uranium boulder trains 0.2% to 3.65 % U3O8 on surface
- 14 target zones, with 6 priority zones identified
- Blanket coverage with over 1,900 lake sediment samples
- New outcrop discoveries of 0.31% to 0.81% uranium from current work
About the Athabasca Basin
The Athabasca Basin hosts a number of major uranium deposits including Cigar Lake and McArthur River, two of the largest and highest grade uranium deposits in the world. Production from the Athabasca Basin accounts for over 30% of the world's supply of uranium. For the past two decades, uranium exploration within the Athabasca Basin has been at a relatively low level and it is evident that the potential for the discovery of other deposits remains high. Peter Dasler, President of CanAlaska, has noted that Âbefore commencing our staking program, CanAlaska carried out a comprehensive analysis of existing geological and geophysical data, and the Company has identified and acquired properties that are well located and have considerable potential. The results of our initial airborne surveys have produced targets which support this potential.Â 83
The Company and its shareholders are positioned for what CanAlaska believes will be the largest expansion in uranium exploration since the 1970s. Harry Barr, Chairman of CanAlaska has stated, ÂCanAlaska holds one of the largest uranium exploration portfolios in the Athabasca Basin and is actively exploring its propertiesÂ.
About CanAlaska Ventures Ltd.
CanAlaska is a mineral exploration company concentrating on exploration for uranium in the Athabasca Basin of Saskatchewan, Canada, where the Company has recently assembled a large land package (over 1,650,000 acres).
Additional CanAlaska Information can be viewed at: Message from the President of CanAlaska Ventures Ltd.,
http://www.canalaska.com/s/AboutUs.asp?ReportID=91419; Investor Relations Information Package, Recent CanAlaska News Releases
http://www.canalaska.com/s/InvestorRelations.asp?ReportID=38704; Recent CanAlaska News Releases http://www.canalaska.com/s/NewsReleases.asp; To receive a FREE CanAlaska Ventures WorldWide News Weekly Uranium Report go to: http://www.canalaska.com/s/Projects.asp?ReportID=103681
The qualified person for this release is Peter Dasler, P.Geo, President of CanAlaska Ventures Ltd.
On behalf of the Board of Directors
Peter Dasler, President
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP#137089108. 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.
Spiros Cacos, Corporate Development
Toll Free: 1.800.667.1870
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