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CanAlaska Uranium Ltd. – Geophysical Surveys Define New Uranium Drill Targets at NW Manitoba Project

May 10, 2012

 Toronto Stock Exchange (TSX): CVV  

VANCOUVER, May 11, 2012 /PRNewswire/ – CanAlaska Uranium Ltd. (TSX: CVV) (“CanAlaska” or the “Company”) is pleased to report strong geophysical
responses matching geology and uranium mineralized boulders from the
recent surveys within the target areas at its NW Manitoba uranium-REE
project (“Project”).

Exploration on the NW Manitoba Project had been suspended since 2007
(see March 27, 2012 news release), but recommenced last month with new ground resistivity and gravity
geophysical surveys along the Maguire conductive trend, located in the
centre of the NW Manitoba property.  CanAlaska’s previous work in this
area located a significant number of uranium boulders in surface till,
assaying up to 66.3% U(3)O(8) as well as hydrothermal alteration zones and a grab sample of
pitchblende vein mineralization in outcrop containing 9.5% U(3)O(8).

The Project covers a large area of the Wollaston Belt in the Province of
Manitoba, where the uranium-rich basement rocks associated with the
Athabasca uranium deposits intermittently come to surface. CanAlaska
has discovered multiple mineralized zones with extensive boulder
dispersion trains and surface showings of high-grade uranium (>1% U(3)O(8)), rare earths (REE) and molybdenum mineralization across numerous
mineralized belts, either within, or cutting across all rock types in
the area. These near surface targets host the potential for open pit
extraction. Preliminary results for many of these zones were announced
by the Company in a news release on February 28th, 2008.

The Maguire conductive trend is a large-scale linear feature that
traverses the property and is marked by the presence of lower Wollaston
Group rocks in antiformal position, partly thrusted and accompanied by
slivers of Archean gneisses.

The linear magnetic response within the Maguire structure is broken by
crosscutting structures in six places along its 35 km strike length.
The most significant break is located within Grid 2 of the recent
surveys, where there are also multiple repetitions of the magnetic
horizon. This repetition appears to due to thrust faulting or tight
folding of the horizon, which shows from CanAlaska’s airborne VTEM
survey as having fold repetition of the graphite horizon at depth. Both
shearing and clay alteration were observed together with high-grade
uranium mineralisation in boulders in this area.

The recent ground resistivity and gravity geophysical surveys localized
anomalous features typical of sulphide-bearing mineralization, and
zones of clay alteration within areas of shallow overburden.  The top
priority anomalies A, B, C, and D are shown in Figure 2. There is a
striking correspondence between the location of gravity anomalies and
the low resistivity zones from the survey. Both targets A and B appear
to show a double resistivity low which is associated with the strong
gravity low. In the case of target B, the double resistivity low is
closely matched by a double gravity low.

Hydrothermal alteration related to uranium mineralization generally
produces haloes of clay alteration that have lower density and lower
resistivity than the fresh rock. The combination of resistivity and
gravity surveys has been shown to be effective in locating
basement-hosted unconformity deposits in the Thelon Basin in Nunavut,
where several such deposits have been discovered away from the
sandstone cover. A similar exploration approach has been employed for
the NW Manitoba project. These deposits are hosted in an envelope of
clay-altered basement rocks. Two of the gravity lows sit along the
Maguire structure in a location where cross cutting lineaments and
other structures are clearly visible in multiple datasets (magnetics,
airborne EM, and topographic data). The amplitude of the gravity lows
is equal or greater than those of the known deposits in the Thelon
Basin and the anomaly footprint is similar

Dr. Karl Schimann, CanAlaska’s VP – Exploration commented:  “The
Wollaston Belt of rocks hosts the majority of the world-class uranium
deposits in the Athabasca Basin, where massive uranium mineralization
has been discovered under up to 900m of covering sandstone. The
advantage of the NW Manitoba project is that we see these basement
rocks on surface, as any overlying sandstone and cover rock has
previously been stripped-off by ice action.  There are many locations
where we have found high-grade uranium (pitchblende bearing boulders,
pebbles and outcrop veins) on surface. The geophysical results have
strongly highlighted the most prospective drill targets on Grid 2 of
the Maguire conductive trend.  The very intense gravity anomalies are
similar, and possibly stronger, than those over known uranium deposits
recently discovered in Nunavut.  The combination of the resistivity and
gravity surveys, together with our previous geological targeting, make
these very strong drilling targets.  The proliferation of uranium
boulders on surface confirms the high uranium discovery potential of
the project. It is very exciting to now anticipate the first drill
programs on these surface targets.”

Peter Dasler, M.Sc., P Geo. is the qualified technical person
responsible for this news release.

About CanAlaska Uranium

CANALASKA URANIUM LTD. (CVV — TSX, CVVUF — OTCBB, DH7F — Frankfurt) is undertaking uranium exploration in twenty one uranium projects in
Canada’s Athabasca Basin — the “Saudi Arabia of Uranium”.  Since
September 2004, the Company has aggressively acquired one of the
largest land positions in the region, comprising over 2,500,000 acres
(10,117 sq. km or 3,906 sq. miles).  To-date, CanAlaska has expended
over Cdn$85 million exploring its properties and has delineated
multiple uranium targets.

For more information, visit www.canalaska.com

On behalf of the Board of Directors

(signed)
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.


Source: PR Newswire