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CanAlaska Uranium Ltd

Canalaska Uranium shares up as it acquires third nickel-cobalt project in Thompson nickel belt

The company has staked 15 claims to cover historical nickel and possible cobalt mineralization, it said

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Cobalt is used in making electric vehicles

Canalaska Uranium Ltd (CVE:CVV) shares gained ground as it said it had acquired a third nickel-cobalt project in the Thompson Nickel Belt.

The company has staked 15 claims (about 3,800 hectares) to cover historical nickel and possible cobalt mineralisation adjacent to the Manibridge nickel mine in north central Manitoba.

"The Thompson Nickel Belt hosts world class nickel deposits, and there is ample evidence to expect further discoveries in the Belt," said CanAlaska president Peter Dasler.

"At Thompson there is evidence of significant remobilization and re-concentration (kinesis) of nickel mineralisation.

"Within the current resources 120 MT at 2.2% Nickel, there is also significant cobalt mineralisation, generally matching 10% of the nickel mineral grade.

"As part of the renewed exploration at Manibridge, CanAlaska will be re-assaying samples and looking for any zones of cobalt enrichment, as well as for new zones of high grade nickel."

Mined in the 1970s..

The Manibridge nickel deposit was mined in the 1970s and original resources were 1.5mln tons at 2.25% nickel and 0.27% copper.

Although cobalt was not reported, cobalt mineralisation exists in other deposits in the Thompson Nickel Belt.

A key component of first work will be to establish the grade of the cobalt mineralisation within the target area as well as look for any possible higher grade re-concentration of cobalt.

The Thompson Nickel Belt is a 350km long nickel dominant belt in northern Manitoba, which hosts a number of massive to disseminated nickel sulphide deposits.

Major nickel sulphide deposits include the Thompson, Birchtree, Soab and Manibridge deposits.

Mines in the Thompson area have produced over 4bn pounds (1.8bn kilograms) of nickel over the past 50 years, as well as significant cobalt.

Vale operates the Birchtree and Thompson nickel mines. Mines in the Thompson area have produced over 4bn pounds (1.8bn kilograms) of nickel over the past 50 years, as well as significant cobalt.

Canalaska shares added 4.05% in Toronto to C$0.38.

Quick facts: CanAlaska Uranium Ltd

Price: $0.22

Market: TSX-V
Market Cap: $9.98 m
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