URANIUM EXPLORATION: CanAlaska outlines $15-M budget for 2010

SASKATCHEWAN — Exploration spending by CanAlaska Uranium of Vancouver will be at least $15 million next ...






SASKATCHEWAN — Exploration spending by CanAlaska Uranium of Vancouver will be at least $15 million next year, most of which is earmarked for projects in the Athabasca Basin. In 2009 the company spent $6.8 million and discovered a new zone of uranium mineralization in the basement rocks at Fond Du Lac.


The company has set aside $6.0 million to follow up at Fond Du Lac at the eastern end of Lake Athabasca. The mineralogical study, geophysical interpretations and geological modeling indicate that the historical mineralization in the sandstone may be a re-mobilized event. The trend of the main fault offsets radiating from the mineralized zones were intersected in earlier drilling and will be re-tested with close-spaced holes. Additional drilling will attempt to locate further mineralized pods and basement faults.


At the West McArthur project near the producing McArthur River mine, CanAlaska is mounting a $3.5-million drill program. The nature of the alteration associated with the drilling, as well as from the earlier geophysical surveys, indicated a number of discrete targets which have been the subject of intense review, re-testing and prioritization for the past field seasons. At least seven drill holes will be completed over the winter season on these high-priority targets, said the company.


At the Cree East project close to the former Key Lake mine, CanAlaska will spend $5.8 million on a program of 32 planned drill holes. Four zones of uranium mineralization and hydrothermally altered rocks associated with major basement offsets along a 4-km trend have been identified at the project. The company is planning new holes between old holes and short step-outs from them.


CanAlaska's 2010 exploration program also includes drilling the Collins Bay Extension ($600,000), the Poplar project (with East Resource), the start of a $4-million exploration earn-in at the McTavish project (optioned to Kodiak Exploration), and re-activation of exploration at the NE Wollaston and Kasmere projects in Manitoba.


More information about any of the company's two dozen uranium projects can be found at www.CanAlaska.com.


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