CanAlaska Completes Winter Drill Program at Cree East

April 29, 2025

CVVUF; Frankfurt: DH7) (“CanAlaska” or the “Company”) is pleased to announce successful completion of the winter drill program on the Cree East Project (the “Project”) in the southeastern Athabasca Basin (Figure 1). The program, which was the first on the Project in over a decade, focused on a series of new high -priority targets identified based on the results of historical drilling and re-interpreted geophysical surveys in Target Area B. During the program, the Company successfully tested the targeted graphitic stratigraphy and intersected associated basement and sandstone hydrothermal alteration, re-activated semi-brittle basement and sandstone faults, and elevated radiometry within the graphitic fault zones.

Figure 1 – Cree East Project Location

CanAlaska CEO, Cory Belyk, comments, “The first drilling in over a decade on this very large project located just west of the Key Lake mill has substantially upgraded one of the main target areas by intersecting related alteration, faults, and elevated radiometry. In many ways, the Cree East project is revealing a potential deposit fingerprint that is commonly observed near significant uranium mineralization in the eastern Athabasca Basin. Early results from this modest drilling program have been highly encouraging and the CanAlaska team is looking forward to future drilling programs to advance this project toward discovery.”

2025 Cree East Winter Drill Program Complete

The 2025 winter drill program on the Cree East project is now complete. The program consisted of seven diamond drill holes, five of which intersected the unconformity target horizon, for a total of 3,339 metres (Table 1; Figure 2). Two drillholes were lost due to technical issues. All of the drillholes were completed in Target Area B due to encouraging results as the program progressed.

Figure 2 – Winter Drill Program Results

Drill program results are highlighted by CRE094 which intersected extensive hydrothermal alteration consisting of strong bleaching, limonite, clay, and sooty pyrite in the lower sandstone column. In the basement of CRE094, a broad graphitic pelite interval was intersected that contained multiple fault intervals associated with bleaching, chlorite alteration, and localized elevated radiometry ranging from 10 – 40 cm in width and 100 – 300 cps. In addition, multiple drillholes contained broad sandstone fault intervals characterized by broken, blocky, and faulted core with associated strong bleaching, clay, and sooty pyrite alteration (Figure 3).

Figure 3 – CRE098 Core Photograph Showing Portion of Sandstone Fault Interval. Core is NQ-size.

The 2025 drilling program successfully intersected graphitic host rocks showing evidence of post-Athabasca structural reactivation events, hydrothermal alteration, and elevated radioactivity. In the lower sandstone column, the Company also identified significant structure and hydrothermal alteration, now defined over approximately 450 metres of strike length. These features are commonly associated with basement-hosted uranium deposits. Results of the first drill program in over a decade on the Cree East project indicate evidence of potential uranium-bearing hydrothermal fluids moving through Target Area B.

Assay results for the drill holes completed during the winter 2025 exploration program are pending.

The Cree East Project is located approximately 35 kilometres west-northwest of the Key Lake Mine and Mill complex. The Project is currently 100% owned by CanAlaska and work is being sole-funded by Nexus Uranium Corp (CSE: NEXU) under an option earn-in agreement with the Company (see News Release Dated March 19, 2024).

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