CanAlaska Uranium drills 10.84% eU3O8 over 11.5 metres on West McArthur Joint Venture, Saskatchewan

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CanAlaska Uranium Ltd. [TSXV-CVV; OTCQX-CVVUF; FSE-DH7] reported that two additional drillholes have been completed on the Pike Zone during the 2024 winter drilling program. Drilling at the Pike Zone was completed as part of the ongoing winter exploration program on the West McArthur Joint Venture project in the eastern Athabasca Basin, Saskatchewan.

The West McArthur project, a Joint Venture with Cameco Corp. [CCJ-NYSE; CCO-TSX], is operated by CanAlaska that holds an 83.35% ownership in the Project. CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project.

WMA082-6 has intersected 10.84% eU3O8 over 11.5 metres, including 12.99% eU3O8 over 9.5 metres. WMA082-5 has intersected 1.40% eU3O8 over 4.5 metres, including 2.78% eU3O8 over 2.0 metres. These drillholes were completed as follow-up targets to WMA082-4 which intersected 13.75% eU3O8 over 16.8 metres, including 40.30% eU3O8 over 4.7 metres and 13.54% eU3O8 over 2.4 metres.

Drillhole WMA082-6 intersected one main interval of uranium mineralization grading 10.84% eU3O8 over 11.5 metres from 798.0 metres. The mineralization in the sandstone immediately at the unconformity contact between the Athabasca sandstone and underlying basement rocks, interpreted to be at 803.0 metres, is characterized by massive to semi-massive and nodular uranium mineralization associated with yellow and orange uranium secondaries and hematite alteration. Uranium mineralization continues into the basement rocks of WMA082-6 and is characterized by nodular, disseminated, clay-hosted, foliation-controlled, and fracture-controlled veinlets of uranium mineralization associated with localized pale-yellow uranium secondaries and strong basement alteration.

Drillhole WMA082-5 intersected two intervals of sandstone-hosted uranium mineralization grading 1.40% eU3O8 over 4.5 metres from 804.3 metres and 0.13% eU3O8 over 0.5 metres from 812.4 metres. The mineralization in WMA082-5 is located immediately above the unconformity contact between the Athabasca sandstone and underlying basement rocks, interpreted to be at 815.2 metres. The mineralization in WMA082-5 is characterized by disseminated and nodular uranium mineralization hosted within a dark grey to black sulfide- and clay-altered sandstone column with localized intervals of lost core due to high rock friability.

WMA082-5 overshot the intended target at the unconformity due to a significant unconformity elevation difference of approximately 9 metres between the original drillhole on the fence, WMA082-4, and the intended target. This unconformity elevation difference is interpreted to represent structural offset along the C10S corridor. This drill fence is located approximately 30 metres along strike to the northeast of high-grade uranium mineralization intersected in WMA082-2, which intersected 1.03% U3O8 over 6.3 metres, including a sub-interval of 2.82% U3O8 over 1.9 metres. WMA082-6 has confirmed continuity of high-grade uranium mineralization along the drill fence. In addition, WMA082-5 indicates that mineralization remains open to the north. Currently, the unconformity target at Pike Zone remains open in all directions around WMA082-4, WMA082-5, and WMA082-6.

Drilling at the Pike Zone for the winter drill program has been completed. The Company will continue focusing on the Pike Zone during the summer drill program, planned to start in June. The current winter drill program on the West McArthur project should be completed in early April with one drill currently drill-testing high-priority targets along strike of the Pike Zone. The main objectives of the 2024 drill program are continued expansion of the Pike Zone discovery and along strike unconformity testing to the northeast and southwest.

Assay results for all drillholes completed during the winter program are currently pending.

CanAlaska CEO, Cory Belyk, comments, “The Pike Zone continues to deliver very high-grade uranium mineralization at the unconformity contact based on results from the last two holes of the winter program. This is an encouraging indication that high-grade mineralization is continuing and can be expanded upon in future drilling which is currently scheduled to resume in June. Assay confirmation of these high-grade uranium intersections is expected ahead of the summer drilling program. The Pike Zone target continues to expand and is now delivering excellent results at or near the unconformity in multiple drillholes. We are very impressed with these results and the CanAlaska team will now prepare for further delineation work through the summer.”

CanAlaska Uranium holds interests in approximately 500,000 hectares (1,235,000 acres), in the Athabasca Basin.

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