CanAlaska Uranium confirms high-grade uranium intersections at West McArthur Project, Saskatchewan

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CanAlaska Uranium Ltd. [CVV-TSXV; CVVUF-OTCQX; DH7N-FSEW] reported mobilization of the crews for the summer exploration drilling program. The company is also pleased to report that it has received assay results from the 2023 winter drill program at the West McArthur project in the Athabasca Basin, northern Saskatchewan.

Geochemical assay results are highlighted by drill hole WMA079 which returned a high-grade intersection grading 2.80% U3O8 over 2.6 metres, including a sub-interval of 20.20% U3Oover 0.3 metres.

The assay results confirm uranium mineralization intersected in six of the nine drill holes completed during the winter program, including several intersections of unconformity-associated uranium mineralization at Pike Zone. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska currently holding a 79.4% ownership in the project. CanAlaska is sole-funding the 2023 West McArthur program, further increasing its majority ownership in the Project.

During the winter drill program, the company focused on drill testing unconformity targets in the vicinity of the Pike Zone as well as continued definition of the high-grade basement mineralization. Each of the holes completed during the winter program intersected indicative alteration and structural disruption in the lower sandstone and basement related to faulting along the C10S conductor corridor, a structural bifurcation from the C10 corridor on the project. The C10 corridor is host to CanAlaska’s nearby 42 Zone discovery, and Cameco and Orano’s high-grade Fox Lake uranium deposit.

During the winter drill program, the Pike Zone basement mineralization was expanded and remains open in all directions. Highlights from the basement mineralization include WMA079 which intersected two intervals, 0.77% U3O8 over 2.5 metres and 2.80% U3O8 over 2.6 metres, including a sub-interval of 20.20% U3Oover 0.3 metres.

In addition, unconformity-associated uranium mineralization was discovered on two drill fences located 100 and 160 metres northeast of the original Pike Zone discovery.

Results from the winter program indicate high priority targets exist in the basement and at the unconformity at Pike Zone. In the basement, high priority targets are located immediately northeast of the Pike Zone, below the recent unconformity uranium intersections. Numerous high priority unconformity-related targets exist immediately southwest and northeast of the Pike Zone.

In addition to the winter drilling program, CanAlaska completed a 3D DCIP Resistivity survey over the C10S conductive corridor.

Drill crews and geological staff have been mobilized to the project to begin the summer exploration program. The two-drill summer program is part of the $10 million 2023 approved program on the West McArthur Joint Venture and will be focused on the immediate Pike Zone area. This includes continued expansion of basement-hosted high-grade uranium mineralization as well as continued unconformity target testing.

Based on the very positive results of the recent 3D DCIP Resistivity survey, the company will drill test the most prolific resistivity breach targets that were imaged along the C10S corridor.

CanAlaska CEO, Cory Belyk, commented, “Assay confirmation of uranium grades from the winter drilling program are very encouraging. With the Pike Zone now returning indications of significant uranium mineralization over more than 160 metres length in the basement and at the unconformity, and remaining open in multiple directions, the CanAlaska team is excited to get back to West McArthur to further expand the mineralization footprint of this potential major discovery. As we anticipated, the recent resistivity survey is highlighting the immense discovery potential of the C10S mineralized corridor with discrete targets on equivalent scale to other major unconformity uranium deposits such as Fox Lake and Phoenix. A new target area located just 1.8 kilometres from Pike Zone is extremely compelling and well within the length extent of a McArthur River or Cigar Lake deposit analogue.”

CanAlaska Uranium. holds interests in approximately 350,000 hectares (865,000 acres), in Canada’s Athabasca Basin. Its strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the company’s properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds.

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