CanAlaska Uranium Ltd. announced mobilization of the drill crews and equipment as part of the 2024 drill program on the Geikie uranium project (the "Project") near the Athabasca Basin margin. The 2024 Geikie drill program will focus on direct follow up targets associated with gravity lows adjacent to the alteration, uranium mineralization, and pathfinder anomalism identified during the 2023 drill campaign and regional exploration targets from the integration of high-resolution airborne geophysical data. The Geikie project is currently being sole-funded by Basin Energy Limited.

CanAlaska currently holds a 40% ownership in the project. The planned 2,500 metre program will be split between direct follow up targets associated with Gravity lows adjacent to the alteration, Uran mineralization, and pathfinder anomalies identified during the 2023 drill campaigns and regional exploration targets from the integrate of high-resolution airborne geochemical data. In September of 2023, the Company announced results from the maiden drilling program on the Geikie project which were highlighted by 0.5 metres @ 0.27% U3O8 in drillhole GKI002.

The 2023 drilling program also successfully intersected graphitic host rocks with evidence of multiple episodes of post-Athabasca structural reactivation events along north-south and northwest trending faults. Results confirmed the presence of hydrothermal alteration systems hosted within a complex structural framework, which are leading indicators in the formation of basement-hosted high-grade uranium deposits such as Eagle Point or Arrow. In addition, the Company completed an Airborne Gravity Gradiometer ('AGG') survey that has provided a series of high priority targets that warrant next phase drill testing.

The AGG survey successfully identified multiple gravity low targets within the Project, interpreted to be related to alteration zones caused by fluids that are potentially related to mineralizing events. The planned program will focus on direct followup targets in the Preston Creek and Aero Lake target areas. During the 2023 program, drilling in the Preston Creek target area, identified anomalous uranium enrichment in a zone of structural disruption, where north to northwest trending faults intersect the graphitic conductor trend.

This target area is characterized by large, reactivated basement faults of up to 30 metres in width, consisting of clay gouge and breccias within variably graphitic pelitic host rocks. Hydrothermal alteration enveloping the major fault zones consists of hematite, chlorite, clay, and structurally-enhanced graphitic clays. Gravity low anomalies were highlighted by the Airborne Gravity Gradiometer (AGG) survey at the intersection of major north to northwest trending faults, and a graphitic conductor.

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.