CanAlaska Uranium drills 3.44% eU3O8 over 21.6 metres at Pike Zone, West McArthur Joint Venture, Saskatchewan

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CanAlaska Uranium Ltd. [TSXV-CVV; OTCQX-CVVUF; FSE-DH7] reported that drillhole WMA082-7 has intersected 3.44% eU3O8 over 21.6 metres, including 10.90% eU3O8 over 5.4 metres at the Pike Zone as part of the ongoing summer exploration program on the West McArthur Joint Venture project in the eastern Athabasca Basin, Saskatchewan.

WMA082-7 was the first drillhole completed at the Pike Zone during the summer program where the focus is continued delineation and expansion of the ultra high-grade Pike Zone uranium discovery at the unconformity. The program is focused on following up two recent high-grade intersections in WMA082-6 (14.9% U3O8 over 9.6 metres) and WMA082-4 (9.9% U3Oover 14.5 metres). The West McArthur project, a Joint Venture with Cameco Corp. [TSX-CCO; NYSE-CCO], 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.

Cory Belyk, CanAlaska CEO, commented, “The continuation of ultra high-grade uranium mineralization at the unconformity and over significant width in the first drillhole of the summer program is a very encouraging indication that the Pike Zone discovery will incrementally grow as drilling continues through the summer. The CanAlaska team has been working methodically to understand and evaluate the current drill section. Drilling on adjacent sections will be designed to start defining the potential footprint of the known high-grade mineralization. CanAlaska shareholders can expect continued news flow during this time as this exciting discovery is advanced with the drill-bit.”

Drillhole WMA082-7 intersected one main interval of 3.44% eU3O8 over 21.6 metres, including 10.90% eU3O8 over 5.4 metres at the unconformity with additional lower grade intervals throughout the hole. The unconformity contact between the Athabasca sandstone and underlying basement rocks is interpreted to be at 800.5 metres down-hole.

The summer drill program on the West McArthur project is currently progressing with two diamond drills. The Company is planning approximately 9,000 metres of drilling during the summer to achieve an estimated 10 to 14 unconformity target intersections. The Company is continuing to use downhole mud-motor deviation technology for increased drilling efficiency and targeting ability.

WMA082-7 was the first drillhole completed at the Pike Zone during the summer program and extends the high-grade unconformity associated uranium mineralization on the WMA082-4 and WMA082-6 fence. Subsequent drill tests planned for the summer program at the Pike Zone will continue to evaluate the extents of the high-grade unconformity-associated uranium mineralization along the current drill fence and to the east and west along strike. The ultra high-grade unconformity target at the Pike Zone remains open in all directions.

The company plans to continue testing the unconformity target areas in the immediate Pike Zone area and along strike to the northeast and southwest for potential unconformity mineralization extensions. The C10 corridor is host to CanAlaska’s 42 Zone discovery, as well as Cameco and Orano’s high-grade Fox Lake uranium deposit (68.1 million pounds uranium at 7.99% U3O8 average grade).

The 15-km-long C10S corridor is sparsely tested to the southwest of Pike Zone and to the northeast between the Pike Zone and 42 Zone mineralization. Based on the recent positive results and the proven uranium endowment of the C10 and C10S corridors, the Company believes there is significant potential for additional unconformity-related high-grade uranium mineralization.

The company expects to complete the summer portion of the 2024 exploration program in September.

CanAlaska Uranium holds interests in approximately 500,000 hectares (1,235,000 acres) in Canada’s Athabasca Basin. CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco on the West McArthur JV project and Denison on the Moon Lake South JV project in the Eastern Athabasca Basin. The company also holds properties prospective for nickel, copper, gold and diamonds.

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