CanAlaska Uranium Ltd. commencement of a 4,000 m, winter drill program at the Waterbury South uranium project in the northeastern Athabasca Basin. The project is located approximately 10 km southeast of the Cigar Lake uranium mine and is 100% owned and operated by CanAlaska. The drill program will focus on the extension of polymetallic unconformity uranium mineralization associated with nickel, arsenic, cobalt, and zinc, intersected during the previous 2021 winter drill program.

During the 2021 drill program, the Company completed three drillholes for a total of 1,347.5 m. Results of this program highlighted sandstone alteration and structure indicative of a mineralizing uranium event along the drill fence containing WAT-008 and WAT-009 which were drilled near failed Cameco drill hole SOD-253. WAT-008 intersected a pyrite-rich zone associated with a fault in the mid-sandstone column well above the unconformity, followed by a thick graphitic unit in the basement which was the target for WAT-009. WAT-009 intersected bleaching throughout the lower 100 m of the sandstone column that increases in intensity near the unconformity where a 3.3 m wide interval of intense clay alteration with associated sooty pyrite, nickel-sulfides, and chlorite straddles the unconformity.

The strongly altered lower sandstone column is associated with polymetallic uranium mineralization characterized by 0.5 m with 405 ppm uranium, 2.42 % nickel, 2.34 % arsenic, 0.5 % zinc, and 801 ppm cobalt from 349 - 349.5 m. In the upper basement of WAT-009, 20 m below the unconformity, a seven-metre-long structure of broken rock with intense clay and hematite alteration was intersected. The basement below this structure consists of several intervals of clay and chlorite altered graphitic pelite with well-developed re-activated semi-brittle fault zones that show evidence for strong fluid-rock interaction and represent targets at the unconformity that have not yet been drilled. The Company has started mobilization to the field with 6 to 8 drillholes planned for the winter program.

Equipment is currently being moved into site and drilling is expected to begin next week. The first drillholes will focus on following up the encouraging results in WAT-009.