March 22, 2023

CanAlaska Uranium Ltd. has announced its successful acquisition of the Mel Nickel Deposit and surrounding mineral claims. The acquisition was made possible through the acceptance of CanAlaska’s offer by B. Riley Farber Inc., acting as Trustee in Bankruptcy of the property, assets, and undertakings of Victory Nickel Inc. The acquisition provides CanAlaska with 100% ownership of the mineral lease that hosts the Mel Deposit, as well as ten mineral claims covering a total of 2,613 hectares in the Thompson Nickel Belt in Manitoba.

The Mel project claims are contiguous with the Company’s 100% owned Hunter and Strong projects, which will allow for seamless integration of the newly acquired assets into CanAlaska’s existing operations. The acquisition of the high-grade Mel nickel deposit and its surrounding exploration targets is a significant milestone for CanAlaska, as it expands the Company’s portfolio of high-quality mineral assets.

CanAlaska CEO, Cory Belyk, expressed his excitement about the acquisition, stating that “the Mel project is a highly prospective nickel deposit with significant exploration potential. We are thrilled to have acquired this asset and look forward to advancing it through exploration and development.”

The Thompson Nickel Belt is a world-class nickel mining district, and the acquisition of the Mel Nickel Deposit and surrounding mineral claims further solidifies CanAlaska’s position as a leading player in the Canadian mining industry. The Company’s focus on acquiring high-quality mineral assets and advancing them through exploration and development has been a key driver of its success, and the acquisition of the Mel project is expected to further enhance the Company’s growth prospects.

With the acquisition now complete, CanAlaska is poised to begin exploration and development activities at the Mel Nickel Deposit and surrounding mineral claims. The Company’s experienced team of geologists and mining professionals will work to unlock the full potential of the Mel project, with the goal of creating significant value for shareholders and stakeholders alike.

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