CanAlaska, Metal Energy hit nickel in Manitoba

VANCOUVER – CanAlaska Uranium Ltd. [CVV-TSXV; CVVUF-OTCQX; DH7N-FSE] on Wednesday said drilling results have confirmed the presence of nickel-copper-cobalt mineralization on the Manbridge project in Manitoba.

Manbridge is a joint venture held 30% by CanAlaska and 70% by operator Metal Energy Corp. [MERG-TSXV], a company that is funding the drill program.

The joint venture has released assay results from the first 14 holes from a summer 2022 drill program that is focused on the northern extension of the past-producing Manbridge Nickel Mine, which is located in the Thompson Nickel Belt.

It produced 1.3 million tonnes of average grade 2.55% nickel and 0.27% copper between 1971 and 1977.

Drilling highlights include hole MNB014, which intersected 0.8% nickel over 20 metres from 268.5 metres, including multiple metre-scale high-grade intervals.

MNB021 returned 0.61% nickel over 25 metres from 287.5 metres, including 1.42% nickel over 5.0 metres from 307.5 metres.

CanAlaska said the ongoing drill program is planned for 10,000 metres in approximately 33 holes. During the first half of the program, operated between June 6, and July 28, 2022, a total of 5,331 metres were completed in 16 drill holes, with three holes abandoned.

The completed drill hole locations were within 300 to 600 metres of the historic mine workings. The remaining holes will be located within 200 to 350 metres of the former mine workings and drilled to a depth of between 225 and 400 metres.

On November 29, 2022, CanAlaska shares closed at 40.5 cents and currently trade in a 52-week range of 73 cents and 26.5 cents. Metal Energy closed at $0.065 and trades in a 52-week range of 20 cents and $0.045.

CanAlaska is a company that is focused primarily on uranium exploration in Saskatchewan’s Athabasca Basin.

Back in June, 2022, CanAlaska launched a high-resolution helicopter-borne aeromagnetics and radiometrics survey on its Key Extension project near Saskatchewan’s Athabasca Basin.

The company said the survey would be used in conjunction with the recently completed ground gravity survey and previous compilation work to prioritize a ground-based summer prospecting program.

In addition, CanAlaska said it has received approved exploration work permits to conduct diamond drilling and additional ground-based geophysical surveys on the project.

CanAlaska Uranium holds interests in approximately 300,000 hectares in Saskatchewan’s Athabasca Basin, a region that hosts some of the highest grade and lowest cost uranium deposits in the world, including the Cigar Lake, McArthur River and more recently discovered Arrow and Triple R. The company is a project generator that is positioning itself for discovery success in the region.

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