High-Grade Drill Results Demonstrate Discovery Potential in the Athabasca Basin

About Canalaska Uranium

Canalaska Uranium Ltd (TSX-V: CVV) is a Canada-based uranium exploration company focused on discovering high-grade deposits in Saskatchewan's prolific Athabasca Basin. With promising recent drill results and a newly approved supplemental exploration budget, Canalaska offers investors upside exposure to potential new uranium discoveries.

High-Grade Drill Results at Moon Lake South

Canalaska recently reported that assay results from its 2023 winter drill program at the Moon Lake South project returned high-grade uranium mineralization of 2.46% U3O8 over 8.0 metres, including 3.71% U3O8 over 4.5 metres. This represents the highest-grade intersection drilled to date at the project. Moon Lake South is operated by Denison Mines with Canalaska owning a 25% stake.

The mineralized zone is open along strike and at depth, indicating room for resource expansion. Previous drilling over 4km of the CR-3 conductor has confirmed uranium mineralization in multiple areas. The positive results have led the joint venture to approve expanded spending and drilling for 2023. A summer drill program starting in September will test for extensions of the high-grade mineralization.

Promising Athabasca Basin Portfolio

With Cameco continuing to find high-grade uranium at basement depths and global demand for nuclear power rising, the Athabasca Basin is attracting renewed interest. Canalaska offers leverage to potential discoveries in this premier jurisdiction. The company has strategic land holdings covering approximately 350,000 hectares in the Basin, attracting partners like Cameco, Denison and Purepoint Uranium.

Canalaska employs a project generator model, advancing early-stage projects before seeking partners to continue exploration. This reduces dilution and captures upside from new discoveries. The portfolio approach also mitigates risk.

In addition to Moon Lake South, active exploration by partners is underway at Canalaska’s West McArthur, Hook Lake and Manibridge projects. Near-term catalysts include ongoing drill results and possible new joint ventures.

Well-Positioned for Uranium Market Improvement

With around $12 million in cash, Canalaska is fully funded through 2023. The experienced management team has a track record of discovery in the Basin.

Uranium demand is forecasted to rise long-term with nuclear power's role increasing in clean energy transitions. Though prices have lagged, new supply is required to meet growing reactor requirements. This bodes well for Athabasca explorers like Canalaska.

For risk-tolerant investors, Canalaska provides an opportunity to gain exposure to potential high-grade uranium discoveries in a strengthening market. With active exploration across a large portfolio, funded drill programs and promising early results, the company offers discovery upside in a strategic mining jurisdiction.

5 Key Takeaways for Investors

1. Canalaska offers leverage to potential high-grade uranium discoveries in Canada's premier Athabasca Basin through its large strategic land package and project generator model.
2. Recent drill results including 2.46% U3O8 over 8m at Moon Lake South demonstrate upside potential - mineralization is open along strike and at depth.
3. Supported by partners like Cameco and Denison, exploration is fully-funded in 2023 across multiple projects with several near-term catalysts.
4. Uranium demand forecasts are strong long-term, driven by new nuclear reactor construction and small modular reactors. Supply needs to catch up.
5. After a prolonged bear market, fundamentals for uranium are improving. However, price weakness could persist in the near-term - requires patience.

In summary, Canalaska provides speculative but compelling exposure to a potential recovery in the uranium market, with exploration upside in a strategic jurisdiction. Key is drill results validating high-grade discovery potential.