CanAlaska Stakes Three New Uranium Properties in Athabasca Basin

74,283 Hectares with multiple targets near existing uranium deposits

Vancouver, British Columbia--(Newsfile Corp. - November 25, 2021) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce that compilation work by the Company's staff has identified uranium potential in three areas of the western Athabasca Basin and a total of 74,283 hectares have been staked (Figure 1).

Figure 1

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The Chymko project (32,603ha) is adjacent to the Virgin River shear zone and a series of potential shear structures have been identified; a uranium showing is adjacent to one of these structures. The Taggart project (28,328ha) is on trend with the Patterson corridor, which host the Triple R and Arrow deposits with combined reported resources of 472M lbs U₃O₈. The Carswell project (13,352ha) is located in proximity to the Shea Creek and Cluff Lake deposits with total combined resources and production of 135M lbs U₃O₈. A major conductive structure has been identified on this property.

Work will continue to identify key targets on each project in preparation for future exploration programs.

CanAlaska CEO, Cory Belyk, comments, "The addition of these three large project areas in the vicinity of world-class uranium deposits and districts in the Athabasca Basin is another example of CanAlaska successfully deploying its project generator model. We look forward to working with new joint venture partners to move these projects forward."

Other News

The Company has very recently completed drilling on its West McArthur Joint Venture Project in the 42 Zone discovery area, a joint venture with Cameco Corporation. The Company is awaiting results from 433 assay samples and 793 short-wave infrared (SWIR) samples submitted for analysis. The Company's other joint venture partner, Denison Mines, has just completed drilling on the Moon Lake South project.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Dr. Karl Schimann, Ph.D., P.Geo., CanAlaska's Senior Exploration Consultant.

On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: [email protected]

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

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