CanAlaska Starts Airborne Surveys at Frontier Project in Northeastern Athabasca Basin

Rhea-AI Summary

CanAlaska Uranium (TSXV: CVV, OTCQX: CVVUF, FSE: DH7) has initiated high-resolution helicopter-supported airborne surveys on its 100%-owned Frontier project in the northeastern Athabasca Basin. These surveys aim to identify basement conductors, map structural settings, and refine areas for ground prospecting. The project, near the McClean Lake mill complex and Roughrider uranium deposit, targets a 25-kilometre-long northeast trending magnetic low corridor. The VTEM Plus survey covers about 916 line-km at 200m spacing, followed by a 3,651 line-km magnetics and radiometrics survey at 50m spacing. These surveys will support drill target identification and are expected to be completed in 6-8 weeks, with results anticipated in Q3 2024.

Positive

• Initiation of high-resolution airborne surveys.
• Targeting a 25-kilometre-long prospective mineralized corridor.
• Potential for tier 1 basement-hosted uranium deposits.
• Proximity to existing mill and mine infrastructure.
• Completion expected in 6-8 weeks with results in Q3 2024.

Negative

• No immediate financial gain from the surveys.
• Completion and interpretation of surveys may take up to 8 weeks.
• No guarantee of discovering economically viable uranium deposits.

Results Will Advance Exploration Strategy Targeting Basement-Hosted Uranium Discovery Near Mill Infrastructure

25 Kilometres of Untested Roughrider Mineralized Corridor Targeted

Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce it has commenced a series of high-resolution helicopter-supported airborne surveys on its 100%-owned Frontier project (the "Project"). The surveys will consist of a Versatile Time-Domain Electromagnetic Plus (VTEM Plus) survey, followed by high-resolution magnetics and radiometrics. The purpose of the surveys is to identify and prioritize basement conductors, characterize lithological and alteration variations, refine areas of interest for ground prospecting, and map the structural setting of the project to support future drill targets. The Project is located in the northeastern Athabasca Basin approximately 30 kilometres northeast of the McClean Lake mill complex and Roughrider uranium deposit, and 35 kilometres north of Cameco's Eagle Point uranium mine (Figure 1).

Figure 1 – Frontier Project Location

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These surveys represent a critical step in the Company's exploration strategy looking for tier 1 basement-hosted uranium deposits. The Company has deliberately generated a strategic land portfolio in the infrastructure-rich northeastern Athabasca Basin region along corridors that show geological and structural similarities to the Arrow and Eagle Point basement-hosted uranium deposits.

The Frontier project is located five kilometres northeast of the present-day Athabasca Basin edge. Compilation work on the project has highlighted a prominent 25-kilometre-long northeast trending magnetic low corridor, termed here as the Roughrider Mineralized Corridor ("RMC"). This regional-scale corridor, which continues off property to the southwest, hosts multiple uranium deposits and showings, including Roughrider, Midwest, J Zone, Dawn Lake, Moonlight, Osprey, and the McClean Lake mine and mill complex. The first stage of this exploration strategy is a VTEM Plus survey, which has already commenced, that will consist of approximately 916 line-km's of helicopter-borne surveying at 200 metre line spacing across the Project. Following completion of the VTEM Plus survey, a high-resolution helicopter-borne magnetics and radiometrics survey will be completed across the Project that consists of approximately 3,651 line-km's of surveying at 50 metre line spacing. The completion of these surveys will create a levelled high-resolution geophysical data set across the project and will allow for drill target identification and prioritization.

The surveys are being conducted by Geotech Ltd. of Aurora, Ontario. Survey management and processing are being conducted by Condor Consulting, Inc. The surveys are expected to take approximately six to eight weeks to complete and final survey results are expected in Q3 of 2024.

CanAlaska CEO, Cory Belyk, comments, "Advancing the Frontier project toward discovery through completion of airborne surveys is a great first step in the evaluation process. This project is host to a very extensive belt of rocks that display geological similarities to the Roughrider Mineralized Corridor, a corridor already host to several significant uranium discoveries near mine and mill infrastructure. The CanAlaska team believes the discovery potential is high in this underexplored portion of the eastern Athabasca Basin."

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) 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. 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. For further information visit www.canalaska.com.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.

On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, CEO and President
Tel: +1.306.668.6900
Email: cbelyk@canalaska.com

General Enquiry
Tel: +1.306.668.6915
Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213638

FAQ

What is CanAlaska's Frontier project?

The Frontier project is CanAlaska's 100%-owned exploration site in the northeastern Athabasca Basin, targeting basement-hosted uranium deposits.

What type of surveys is CanAlaska conducting at the Frontier project?

CanAlaska is conducting a Versatile Time-Domain Electromagnetic Plus (VTEM Plus) survey, followed by high-resolution magnetics and radiometrics surveys.

When will the survey results for CanAlaska's Frontier project be available?

The survey results are expected to be available in Q3 2024.

What is the stock symbol for CanAlaska Uranium in the OTC market?

The stock symbol for CanAlaska Uranium in the OTC market is CVVUF.

How extensive are the airborne surveys being conducted by CanAlaska?

The VTEM Plus survey covers approximately 916 line-km at 200m spacing, followed by a 3,651 line-km magnetics and radiometrics survey at 50m spacing.

What is the potential significance of the surveys at CanAlaska's Frontier project?

The surveys aim to identify and prioritize basement conductors, map structural settings, and refine areas for ground prospecting, supporting future drill targets for potential uranium discovery.