CanAlaska Uranium Cancels Financing and Updates on Drilling

CanAlaska Uranium Ltd. (TSXV:CVV,OTCQB:CVVUF) announced that due to market conditions it will not be moving forward with a non-brokered private placement announced on February 22, 2017.
The company also provided updates on drill programs at two of its projects:

West McArthur Uranium Project

Cameco has provided the Company with a further update, and by April 30, they expect to be able to provide us with a program and budget for summer drilling at West McArthur. It is expected that drilling will resume at Grid 5.
Nisku Copper-Zinc Drilling

The Company has completed four drill holes to depths of 140 to 260 metres from surface, to test the Nisku geophysical targets located 12 kilometres northeast of the past producing Ruttan mine. Four holes were drilled at three sites. Preliminary logs show that at the first two sites, all three drill holes intercepted semi-massive to massive sulphide mineralization. The mineralization, principally pyrrhotite, is very extensive, with widths up to 16 metres of combined massive and semi massive sulphide. The mineralization appears to be part of a large volcanogenic massive sulphide system extending along strike for several kilometres. The fourth drill hole intersected a more complex tuffaceous sequence that also included sections of sulphide mineralisation. Quartz and/or feldspar porphyry dykes, quartz veining and extensive chlorite and biotite are present in all drill holes indicating the presence of a hydrothermal system. Drill assay results are expected in May.

Click here to read the full CanAlaska Uranium Ltd. (TSXV:CVV,OTCQB:CVVUF) press release.