CanAlaska Identifies Three Priority Targets at Key Extension Project

New Gravity Targets Defined Along the Key Lake Fault Structure

Surface Samples With Up To 0.13% U

Planned Summer Work Program Includes Drilling Priority Targets

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce successful results from the new ground gravity geophysical survey at its Key Extension project (the "Project" - Figure 1). The survey has identified multiple gravity lows associated with interpreted structural corridors and domain boundaries in the southeast Athabasca Basin region, adjacent to the Key Lake uranium mine and milling complex.

Figure 1 – Key Extension Property Map

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The most prominent gravity low anomaly is located at the intersection of two structural lineaments, the important boundary between the Wollaston and Mudjatik domains and the interpreted Key Lake Fault (Figure 2). A coincident historical north to northeast-trending VTEM conductor is mapped with this broad gravity low anomaly. The Key Lake fault is host to the Key Lake deposits and associated zones approximately 10 km from the northeastern project boundary. The Key Lake deposits consist of a series of southwest-northeast striking pods of unconformity associated uranium mineralization, which have historically produced over 150 million lbs U₃O₈ from the Gaertner and Deilmann open pits.

Two additional priority gravity anomalies are identified along strike in both directions from the main gravity anomaly associated with the interpreted Key Lake fault and the Wollaston-Mudjatik boundary location. This includes immediately to the northeast of the main anomaly where a gravity low is developed along the main Key Lake fault structure and a coincident conductor. West of this area, historical boulder and outcrop samples taken in the Orchid Lake area returned up to 0.13% U in weakly to strongly altered pegmatite boulders, some of which contained graphite (Figure 2). In addition, in the southwestern part of the survey area, where the Key Lake fault is interpreted to exist parallel to the Wollaston-Mudjatik boundary, a significant gravity low has been identified. This series of gravity low anomalies running through the project area associated with conductors and fault structures generate multiple high-priority target areas that will require drill testing.

Figure 2 – Ground gravity survey results show multiple anomalies associated with structural corridors.

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The ground gravity survey, consisting of 3,100 stations on 200 m x 50 m grid was completed in March by MWH Geophysics Ltd. Processing of the data resulted in the identification of several residual Bouguer anomalies corrected at 1.9 g/cm³, represented by several prominent gravity lows. Hydrothermal fluids associated with high-grade basement-hosted uranium deposits cause extensive clay alteration of the host rock, resulting in reduced density relative to the surrounding country rocks. This density contrast will be expressed as a gravity low and is a priority drill target when coincident with other indicators of uranium mineralization. Similar gravity lows are associated with recent discoveries of basement-hosted uranium deposits in the Athabasca Basin, most notably the discovery of the Arrow Uranium Deposit which is host to 337.4 million pounds U₃O₈ in measured, indicated, and inferred categories.

The Company is completing work on the Project under a Property Option Agreement with Durama Enterprises Limited ("Durama"), a private company, which allows CanAlaska to earn up to 100% interest in the Project (Figure 1) (See News Release Dated October 6^th, 2021).

Planned Work Programs

Work permit applications have submitted to the Saskatchewan Ministry of Environment for a 2022 drilling program on the Key Extension project. A fully-permitted regional geological prospecting program is planned for the summer of 2022 in advance of the drilling program. In addition, the Company plans to complete a high-resolution airborne radiometrics survey and a re-interpretation of the historical VTEM survey data.

CanAlaska CEO, Cory Belyk, comments, "The results of this gravity survey and initial compilation work are incredibly encouraging and provide multiple drill targets for immediate follow-up along a previously untested portion of the prolific Key Lake structure. The presence of nearby historical uranium in boulders and outcrop highlight the potential of this property to host significant basement-hosted uranium mineralization. Multiple datasets are pointing directly to these three priority target areas which are likely to be the focus of CanAlaska's inaugural drill program at Key Extension."

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 Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors

"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com

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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