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CanAlaska Uranium Ltd. (TSXV:CVV) – Initial Assays Confirm High Grades Reported in Radiometric Results

Impact: Very Positive

CanAlaska reported assays from four holes (WMA082-8, -11, -7, and -9), completed at the Pike zone of its 83.35%-owned West McArthur JV in the Athabasca Basin. These four intercepts gain 15% grade thickness (GT) on 47% higher grades compared to the previously released gamma probe results (read here and here), resulting in a 6% rise in our overall estimated Pike zone GT and 18% higher weighted average grades. Highlights include 6.47% U3O8 over 25.8m, including 22.78% U3O8 over 4.0m (WMA082-11). Our estimate for the Pike zone increases to 6.5% U3O8 over 11.66m (GT of 75.79) after swapping the gamma probe results for just these four holes. Assays remain pending for other gamma probe intercepts. While we expect slightly more accurate probe results in the field, at least higher grades are getting higher, and the lower grades and getting slightly lower. Management appears to also be targeting higher-grade zones. As a result, the widths of the high-grade zones are not being reduced much, but low-grade zones might see some narrowing, perhaps because management wants to only use the higher-grade portions of those zones when compiling composites. Overall, these results are positive for future contained pound estimates, and higher grades would be good for project economics. The Pike zone continued to grow during the summer 2024 program with 12 of 15 holes targeting the zone. Two notable pods of mineralization were identified, located approximately 100m apart. We suspect there is a good chance to see these two pods combined which would be positive from a contained pounds point of view. Plus there is an entire 1,000m of untested strike immediately to the west of the westernmost pod. Budgets and exploration plans will be announced when arranged with JV partner Cameco (TSX:CCO, Not Rated), with drilling scheduled to resume in January. We suspect drilling may become slightly more aggressive with three rigs on site vs two this summer.

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