CanAlaska Reports Higher Grades of Unconformity Uranium Mineralization at Moon Lake South Assay Results Return 2.46% U 3O8 Over 8.0 Metres; Including 3.7 1% U 3O8 Over 4.5 Metres Supplemental 2023 Exploration Budget Approved – Drilling In September
TSX Venture Exchange: CVV
News Release Page 1 July 26, 2023
NEWS RELEASE
CanAlaska Reports Higher Grades of Unconformity Uranium
Mineralization at Moon Lake South
Assay Results Return 2.46% U 3O8 Over 8.0 Metres; Including 3.7 1% U 3O8
Over 4.5 Metres
Supplemental 2023 Exploration Budget Approved – Drilling In September
Vancouver, Canada, July 26, 2023 – CanAlaska Uranium Ltd. (TSX -V: CVV; OT CQ X:
CVVUF; Frankfurt: DH7N) ( “CanAlaska” or the “Company”) is pleased to report that assay results
have been received from the 2023 winter drill program completed by the Moon Lake South Joint
Venture (“MLSJV”). Geochemical assay results returned a high-grade intersection grading 2.46%
U3O8 over 8. 0 metres, including 3.71 % U 3O8 over 4.5 metres in drill hole MS -23-10A.
Additionally, the Company is pleased to report that the MLSJV has doubled the 2023 exploration
budget with the approval of a newly planned supplemental drill program that will test for extensions
of the high-grade uranium mineralization intersected this winter. The MLSJV is 75%-owned and
operated by Denison Mines Corp. (“Denison”), and CanAlaska holds a 25% ownership (Figure 1).
CanAlaska is funding the Company’s share of the 2023 exploration programs.
Figure 1 – Moon Lake South Project Location Map
News Release Page 2 July 26, 2023
2023 Moon Lake South Winter Exploration Program Highlights
Drill hole MS-23-10A intersected 2.46% U3O8 over 8.0 metres, including 3.71% U3O8 over 4.5
metres, approximately 30 metres above the unconformity (Table 1). The mineralization in MS -
23-10A represents the highest-grade mineralized intersection drilled to date along the CR -3
conductor on the Moon Lake South project. Given the limited number of drill holes completed
during the winter program, the mineralization discovered in MS-23-10A remains open in multiple
directions. The winter exploration program results, combined with previous drill programs, have
confirmed uranium mineralization in multiple zones over a strike length of four kilometres along
the CR -3 target corridor. At the conclusion of the winter drill program, the mineralization
intersected on the southern portion of the CR-3 corridor remains open along strike for at least 1.2
kilometres to the northeast (Figure 2).
2023 Moon Lake South Supplemental Drilling Program
As a result of the winter drill program results, the MLSJV has approved an increase to double the
planned exploration spending for 2023 by including a summer drill program. The approved
supplemental program is expected to consist of between 4 and 8 drillholes for a total of up to
Figure 2 – Target Corridor and MS-23-10A Assay Results
News Release Page 3 July 26, 2023
4,400 metres. The drilling is expected to focus on testing the northeast strike extension of the
high-grade mineralization in MS-23-10A. The supplemental drill program is anticipated to start in
mid-September.
Table 1 – MS-23-10A Geochemical Assay Intersections
DDH From (m) To (m) Length
(m)4
Average Grade
(% U3O8)
Maximum Grade
(% U3O8)
MS-23-10A1,2 418.1 426.1 8.0 2.46 7.17
Including 3 420.6 425.1 4.5 3.71 7.17
1. MS-23-10A was drilled at an azimuth of 311˚ with an inclination of -81.5˚, collared at 466620.0 mE / 6366779.4 mN, 518.5
m A.S.L. (UTM NAD83 Z13N).
2. Intersection interval is composited above a cut-off grade of 0.05% U3O8 with a maximum of 1.0 m of internal dilution.
3. Intersection interval is composited above a cut-off grade of 2.0% U3O8 with a maximum of 1.0 m of internal dilution.
4. All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true
thicknesses, which have yet to be determined.
CanAlaska CEO, Cory Belyk, comments, “An increase in the high- grade mineralization by 78%
over the expected grade based on down-hole radiometric equivalents is an exciting outcome for
the Moon Lake South JV and CanAlaska shareholders. These results clearly indicate this could
be a very significant high-grade uranium discovery in the heart of the eastern Athabasca Basin
near all the critical infrastructure of currently producing uranium mines and mills. Accordingly, the
Moon Lake South JV is moving the project ahead aggressively through approval of this
supplemental budget for summer of 2023. I am very encouraged by these early drill results, and
I look forward to how this discovery continues to develop for CanAlaska shareholders.
Sampling, Analysis and Data Verification
Assay sample intervals are generally 50 centimetres long, except where higher or lower -grade
mineralization boundaries fall within the interval. In that case, two 25 centimetre samples are
collected. Flank samples of 1.0 metre are always collected where mineralization is located.
Systematic geochemistry samples are collected every 10 metres down the hole.
All assayed core is split in half, with one half retained and the other sent to the Saskatchewan
Research Council Geoanalytical Laboratory in Saskatoon for analysis. Control samples are
routinely assayed with each batch of core samples analyzed.
For results from Moon Lake South, Denison, as operator, has performed detailed QAQC and data
verification, where possible, of all datasets. CanAlaska has performed additional QAQC and data
verification of the drilling database.
About CanAlaska Uranium
CanAlaska Uranium Ltd. ( TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7N ) holds interests in
approximately 350,000 hectares ( 865,000 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
News Release Page 4 July 26, 2023
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.
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
General Enquiry
Tel: +1.604.688.3211 x 138 Tel: +1.604.688.3211
Email: [email protected] Email: [email protected]
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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.