CanAlaska Consolidates and Advances Key Extension Uranium Project

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF) is a uranium exploration company focused on the prolific Athabasca Basin region of Saskatchewan, Canada. With one of the largest land holdings in the region totalling over 350,000 hectares, CanAlaska has attracted major partnerships with Cameco and Denison to advance its portfolio of projects. The company is well positioned to make the next major discovery in the world's highest-grade uranium district.

Strategic Consolidation of Key Extension Project

CanAlaska has consolidated a 100% interest in the Key Extension uranium project, located only 10km southwest of the formerly producing Key Lake uranium mine. By meeting the expenditure and payment requirements outlined in its agreement with the vendor Durama Enterprises, the company has secured ownership of this strategic land package totalling 13,707 contiguous hectares.

The Key Extension project covers a section of the Key Lake shear zone that hosts the existing Key Lake deposits. This is considered one of the most fertile structural corridors for unconformity-related uranium deposits in the eastern Athabasca Basin. The project's proximity to existing mining infrastructure including the Key Lake mill, roads and power represents a significant advantage for exploration and potential development.

Winter Drilling Confirms Uranium Enrichment

A maiden 7-hole, 2,239 meter diamond drilling program was completed at Key Extension over the past winter. The results successfully confirmed multiple zones of uranium enrichment associated with favourable basement geology and structural features.

The best uranium mineralization was encountered in drill holes KEY007 and KEY010, located in the Target Area 1 zone. These holes intersected a sequence of stacked, faulted graphitic pelitic units with associated clay, silica and hematite hydrothermal alteration.

KEY010 returned 0.05% U3O8 over 0.3m from 243m depth, related to uranium enrichment within a sheared, altered granite immediately beneath the graphitic sequence. 500m to the southeast, KEY007 intersected 0.013% U3O8 over two separate downhole intervals of 3 and 6 meters. Again, the uranium enrichment coincides with zones of shearing and chlorite alteration affecting the granite beneath the graphitic package.

These initial results confirm the presence of uranium-bearing fluids proximal to the intersected fault and shear structures. The associated clay, silica and hematite alteration patterns are commonly observed adjacent to unconformity-related uranium deposits in the Athabasca Basin.

Multiple Target Corridors Across 15km Structure

Importantly, over 15km of prospective target corridors have now been identified along the Key Lake shear zone across the Key Extension project. Geophysical surveys have outlined interpreted structural features and alteration zones that will be systematically drill tested going forward.

In addition to the known Target Area 1 mineralization, new high-priority drill targets have been defined 1.8km along trend to the northeast. There is tremendous potential to outline additional zones of uranium enrichment across this robust mineralized structural corridor.

Ideal Location Close to Key Lake InfrastructureThe project's strategic location close to established mining infrastructure provides CanAlaska with a unique advantage in the Eastern Athabasca Basin region. Any future uranium deposit delineated could likely leverage the existing Key Lake processing plant and facilities located just 10km away.

Key Extension - Exciting Results for Patient Uranium Investors

As CanAlaska systematically explores its large portfolio of uranium projects in the Athabasca Basin, the initial drill results from Key Extension provide a glimpse of the big discovery potential that may lie ahead. Although early stage, the confirmed uranium mineralization and favorable geology reinforce the project's prospectivity.

For investors with a positive medium- to long-term outlook on the uranium market, CanAlaska offers upside leverage through its first-mover advantage in exploring new targets across known mineralized corridors. The Key Extension results showcase the ultimate company-maker potential within CanAlaska's strategic land holdings.

Conclusion

CanAlaska Uranium is ideally positioned to capitalize on an impending uranium bull market, driven by growing demand for nuclear power and security of supply concerns. With district-scale land holdings, proven technical expertise, and partnerships with leading uranium producers, CanAlaska provides investors with leveraged exposure to the next major uranium discovery.

The recently consolidated Key Extension project and the initial drill results confirming uranium enrichment represent a key de-risking milestone for the company. As exploration continues to systematically test new targets across this land package, there is strong potential for additional high-grade discoveries. Investors looking for upside leverage to a rising uranium market should take a close look at CanAlaska Uranium today.