Nickel Mineralization Confirmed In Ongoing Phase 2 Summer Drill Program At Manibridge

VANCOUVER - CanAlaska Uranium Ltd. reported that assay results in the first 14 reported holes from the summer 2022 drill program have confirmed the presence of nickel-copper-cobalt mineralization on the Manibridge project. The ongoing drill program is focused along the northern extension of the past-producing Manibridge Nickel Mine, located in the Thompson Nickel Belt, Manitoba, which produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977.

Highlights from the drill program include: MNB014, which intersected 0.8% Ni over 20.0 meters, from 268.5 meters, which includes multiple meter-scale high-grade intervals; MNB021, which intersected 0.61% Ni over 25.0 meters, from 287.5 meters, which includes 1.42% Ni over 5.0 meters from 307.5 meters; and MNB 020, which intersected 0.6% Ni over 19.5 m, from 253.5 meters, which includes 1.26% Ni over 4.0 meters from 261.5 meters.

The sulphide mineralization, which contains nickel, copper, and trace cobalt occurs as either disseminations within the mafic to ultramafic host rocks, remobilizations along foliation and shears, vein-hosted, net-textured, or brecciated. Sulphide-mineralization from the 2022 summer drilling program is shallow, with true vertical depth to mineralization ranging from 100 meters to 350 meters below the surface.

The ongoing drill program is planned for 10,000 meters of diamond drilling in approximately 33 drill holes. During the first half of the program, operated between June 6 and July 28, 2022, a total of 5,331 meters were completed in 16 drill holes with 3 abandoned drill holes. The completed drill hole collar locations were within 300 to 600 meters of the historic mine workings. The remaining planned drill holes will focus within 200 to 350 meters of the historic mine workings. The average planned drill hole depths are between 225 and 400 meters and all drill holes will be inclined between -45 and -85 degrees.

CEO, Cory Belyk, said, "As this drilling program continues it is very encouraging to have nickel mineralization of significant width and grade continue to be intersected. This work is highlighting the likely untapped potential of the Thompson Nickel Belt to host additional resources of class 1 nickel mineralization which the world needs in order to help provide clean and affordable electricity to society. Battery storage will become increasingly important as part of this electrification and CanAlaska shareholders are well positioned to participate in this nickel market through our landholdings in Manitoba."