March 22, 2023

Denison Mines Corp. Begins Drilling Program at Moon Lake South JV Project

Vancouver, British Columbia – Denison Mines Corp. has started a 3,600 metre drilling program at the Moon Lake South JV project, according to a press release from CanAlaska Uranium Ltd. The program is designed to evaluate the strike extent of known uranium mineralization, identified in 2021, by testing conductive anomalies from the 2022 geophysical program. The project is operated by Denison and CanAlaska holds a 25% ownership in the project. CanAlaska will fund the Company’s share of the 2023 exploration program.

In October 2021, the Company reported results from a 2,343 metre exploration program on the Moon Lake South project which returned uranium mineralization in multiple drill holes. The program was designed to test the down-dip extension of the mineralization intersected in 2019 and to test for new mineralization along strike to the east and west.

The Moon Lake South project is located in the Athabasca Basin of Saskatchewan, Canada, which is known for its high-grade uranium deposits. The project is situated approximately 20 kilometres south of the McArthur River uranium mine, the world’s largest high-grade uranium mine.

“We are excited to see Denison Mines Corp. begin the drilling program at the Moon Lake South JV project,” said CanAlaska President, Peter Dasler. “The results from the 2021 exploration program were very encouraging and we look forward to seeing what the 2023 program will uncover.”

The drilling program is expected to be completed by the end of April 2023, with results to be released shortly thereafter.

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