CanAlaska Uranium Ltd. Announces Results from Property-Wide Airborne Geophysical Surveys on 16,000 Hectare

Published: 2025-06-19 13:05:55 ET CVV.V

Published on 06/19/2025 at 13:05

CanAlaska Uranium Ltd. announced results from a series of property-wide airborne geophysical surveys completed on its 100%-owned Frontier Project (the "Project"). The results from high-resolution helicopter-borne Versatile Time Domian Electromagnetic (VTEM Plus), horizontal magnetic gradient, and radiometric surveys identified several exploration target zones on the Project. The purpose of the surveys was 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. 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 recently completed VTEM Plus survey consisted of 931 line-km's of helicopter-borne surveying at a 200 metre line spacing across the Project. This was followed by a high-resolution magnetics and radiometrics survey that consisted of 3,739 line-km's of helicopter -borne surveying at 50 metre line spacing across the Project; The surveys were conducted by Geotech Ltd. of Aurora, Ontario and survey management and processing were conducted by Condor Consulting Inc. Upon completion, the results of the airborne surveys were processed using 3D magnetic in versions and subsequently processed through a GeoInterp data analysis.

GeoInterp is a form of data analysis to extract lithostratigraphic and structural elements from magnetic data. As a result of data processing and the GeoInterp analysis, a series of target zones were identified on the Frontier Project. The target zones are concentrated around large-scale north to northwest trending faults that are associated with shorter strike length faults and conductors.

The highest priority target zones are those where magnetic low structural corridors are associated with cross-cutting fault features. The Point Lake Anomaly, a historical lake sediment sample collected in the early 1990's by the Geological Survey of Canada that returned 34.7 ppm uranium associated with elevated cobalt, copper, molybdenum, and nickel, is located along one of the main north-south trending features within the central target area. The airborne surveys completed on the Frontier Project 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 Company is actively seeking Joint Venture partners to move the Project to the next exploration stage. The Company also announces that it has granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 6,060,000 common shares of the Company pursuant to CanAlaska's omnibus equity incentive plan. These options are exercisable for a period of three years at a price of $0.88 per share.

Pursuant to TSX Venture Exchange ("TSXV") policies, 50,000 of these options granted to an investor relations consultant will vest as to 25% on each of 3,000 on each of 3,000 of these options will vest as to 25% On each of 3,000 of the Company.