Assays Confirm Nickel Mineralization in Ongoing Phase 2 Summer Drill Program at Manibridge

CanAlaska at Mines and Money London “Resourcing Tomorrow” Event From November 29th to December 1st

Vancouver, Canada, November 30, 2022 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7N) (“CanAlaska or the “Company”) is pleased to announce that assay results in the first 14 reported holes from the summer 2022 drill program have confirmed the presence of nickel-copper-cobalt mineralization on the Manibridge project. The ongoing drill program is focused along the northern extension of the past-producing Manibridge Nickel Mine, located in the Thompson Nickel Belt, Manitoba, which produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977 (Table 1).

Highlights from the drill program include:

  • MNB014, which intersected 0.8% Ni over 20.0 metres, from 268.5 metres, which includes multiple metre-scale high-grade intervals;
  • MNB021, which intersected 0.61% Ni over 25.0 metres, from 287.5 metres, which includes 1.42% Ni over 5.0 metres from 307.5 metres;
  • MNB 020, which intersected 0.6% Ni over 19.5 m, from 253.5 metres, which includes 1.26% Ni over 4.0 metres from 261.5 metres.

The sulphide mineralization, which contains nickel, copper, and trace cobalt occurs as either disseminations within the mafic to ultramafic host rocks, remobilizations along foliation and shears, vein-hosted, net-textured, or brecciated. Sulphide-mineralization from the 2022 summer drilling program is shallow, with true vertical depth to mineralization ranging from 100 metres to 350 metres below the surface.

The ongoing drill program is planned for 10,000 metres of diamond drilling in approximately 33 drill holes. During the first half of the program, operated between June 6 and July 28, 2022, a total of 5,331 metres were completed in 16 drill holes with 3 abandoned drill holes (Table 2).  The completed drill hole collar locations were within 300 to 600 metres of the historic mine workings. The remaining planned drill holes will focus within 200 to 350 metres of the historic mine workings. The average planned drill hole depths are between 225 and 400 metres and all drill holes will be inclined between -45 and -85 degrees. Figure 2 shows the completed and planned drill hole locations with respect to the historic Manibridge Mine.

CanAlaska currently holds a 30% interest in the project, with the remaining 70% held by the operator, Metal Energy Corp. (TSX-V: MERG) who has provided the funding for the drill program.

Assay results for drill holes MNB024 and MNB025 are still pending.

CanAlaska CEO, Cory Belyk, comments, “As this drilling program continues it is very encouraging to have nickel mineralization of significant width and grade continue to be intersected. This work is highlighting the likely untapped potential of the Thompson Nickel Belt to host additional resources of class 1 nickel mineralization which the world needs in order to help provide clean and affordable electricity to society. Battery storage will become increasingly important as part of this electrification and CanAlaska shareholders are well positioned to participate in this nickel market through our landholdings in Manitoba”

Table 1 – Manibridge Phase 2 Drill Hole Nickel-Copper-Cobalt Assay Results (MNB 007 to MNB022)

Geochemical Sampling Procedures

All drill core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and whole-rock multi-element analysis by ICP-MS1 using total 4-acid digestion (HF:HNO3:HCl:HClO4). Assay samples comprise 0.3 – 1.0 metre continuous split-core samples over the nickel-sulphide mineralized intervals. Point samples comprise an isolated 0.1 m sample to characterize the rock types, alteration, structure, and potential for mineralization. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Metal Energy and the SRC in accordance with Metal Energy’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Metal Energy and CanAlaska prior to disclosure.

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.

Other News

CanAlaska will be attending the Mines and Money London “Resourcing Tomorrow” event from November 29th to December 1st. Visit our team and learn more about the Athabasca Basin’s most recent high-grade uranium discovery and our 2023 exploration plans. Mines and Money London | 29 November – 1 December 2022 | Europe’s largest mining investment event

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: 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.

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

For further information visit www.canalaska.com.

On behalf of the Board of Directors

“Peter Dasler”
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.

Contacts:

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: [email protected]

Cory Belyk, CEO and Executive Vice President
Tel: +1.604.688.3211 x 138
Email: [email protected]

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.