CanAlaska Commences Airborne Survey at Key Extension Project in Athabasca Basin

Airborne Magnetics and Radiometrics to Confirm Targeting Near Large Gravity Anomalies

Summer Ground Prospecting and Drill Program Now Permitted

Vancouver, British Columbia--(Newsfile Corp. - June 27, 2022) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's strategically located Key Extension project in the Athabasca Basin (Figure 1). The property-wide magnetics and radiometrics survey will be used in conjunction with the recently completed ground gravity survey and previous compilation work to prioritize a ground-based summer prospecting program. In addition, the Company is pleased to report that it has received approved exploration work permits to conduct diamond drilling and additional ground-based geophysical surveys on the project.

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Figure 1 – Key Extension Property Location Map
 
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The Key Extension project is located approximately 10 km from the Key Lake Mine and Mill complex, along the main provincial Highway. Based on the geology and geophysics, the main fault system which controls the Key Lake uranium deposits is interpreted to trend through the centre of the property. Historical work on the project has identified electromagnetic conductors associated with uranium boulder and outcrop samples. The Project lands have undergone minimal drill testing despite the prolonged regional exploration around the Key Lake deposit discoveries and mining in the area. The Company recently completed a ground gravity survey on the northeastern claim block that identified large, prominent, and discrete gravity low anomalies (Figure 2). The discovery of these gravity anomalies associated with the electromagnetic conductors and the geological interpretation provide a strong impetus for drill testing on the project. The new airborne survey will add finer details to the targets and should assist in determining the extent of the uranium bearing boulders identified from historical prospecting.

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Figure 2 – Key Extension Ground Gravity Survey Results.
 
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Three prominent and large gravity low features were identified this winter during the ground gravity survey. The most prominent gravity low anomaly is located at highly prospective boundary between the Wollaston and Mudjatik domains and the interpreted location of the Key Lake Fault. This gravity feature is particularly interesting because of the coincidental intersection of the two structural features with a north to northeast-trending VTEM conductor. Two additional priority gravity anomalies identified are also associated with the interpreted Key Lake Fault. These two anomalies are along strike in both directions from the main gravity feature and are also associated with VTEM conductors. All these features represent high-priority target areas for drill testing.

The high-resolution airborne radiometric and magnetics survey is being conducted by Precision GeoSurveys Inc. of Langley, British Columbia. The survey consists of 1,746 line-km's of airborne surveying at 100 m line-spacing across the Key Extension project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling programs.

CanAlaska's Key Extension project is located approximately 10 km south of the Athabasca Basin, within basement rocks of the Wollaston-Mudjatik transition zone in northern Saskatchewan. The Key Lake deposits and associated showings are located approximately 10 km from the northeastern project boundary. The Key Lake deposits consisted of a series of east-northeast striking pods of high-grade unconformity associated uranium mineralization, which have historically produced over 150 million lbs U3O8 from the Gaertner and Deilmann open pits.

The Company is completing work on the Project under a Property Option Agreement with Durama Enterprises Limited ("Durama"), a private company, which grants CanAlaska a right to earn up to 100% interest in the Project (See News Release Dated October 6th, 2021).

CanAlaska CEO, Cory Belyk, comments, "This new geophysics survey will add valuable information to help guide the next steps in target definition on the Key Extension project in advance of the first prospecting and drilling programs. The size and coincidence of the anomalies identified to date are very encouraging signs the CanAlaska team is on the right path to discovery within kilometres of Cameco and Orano's Key Lake milling complex. I am very pleased with how this project is responding to our shareholders investment in this strategic property."

Other News

The Company is actively drilling on it's West McArthur uranium project in the eastern Athabasca Basin as part of an approved $5 million 2022 program. The West McArthur drilling program is focused on continued expansion of the 42 Zone mineralization, exploration within the 1.8 km 42 Zone extension target area, and testing of multiple new targets generated during the winter geophysical program. The West McArthur project is operated by CanAlaska, who currently holds a 76.51% ownership in the project.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's 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. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com

Peter Dasler, President
Tel: +1.604.688.3211 x 138
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.

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