CanAlaska Uranium Ltd. announced mobilization of the drill crews and equipment as part of the $7.5 million 2024 program on the West McArthur Joint Venture project (the "Project") in the eastern Athabasca Basin. The 2024 West McArthur drill program will focus on continued expansion of the Pike Zone discovery and along strike unconformity testing to the northeast and southwest. The Company is also pleased to report that it has received assay results from the 2023 fall drill program at the West McArthur project.

Geochemical assay results are highlighted by drill hole WMA082-2 in the Pike Zone which returned a high-grade intersection grading 1.03% U3O8 over 6.3 metres, including a sub-interval of 2.82% U3O8 over 1.9 metres. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska. CanAlaska currently holds an 83.29% ownership in the project.

For the winter exploration season, the Company will have two drills active on the West McArthur project. Results from the recently completed drill programs indicate that priority targets exist both at the Pike Zone and as unconformity and basement extensions along the C10 South target corridor. At the Pike Zone, the drill program will focus on continues expansion of basement mineralization along the controlling fault structure, to the southwest where mineralization remains open, and to the northeast below the unconformity mineralization intersected in 2023.

In addition, the Company plans to continue testing the unconformity target areas both in the immediate Pike Zone area and along strike to the northeast and southwest as potential unconformity extensions. The Company has completed additional processing of the recent 3D DCIP Resistivity survey in conjunction with the 2022 SWML TDEM data. The C10 corridor is host to CanAlaska's nearby 42 Zone discovery, as well as Cameco and Orano's high-grade Fox Lake uranium deposit (68.1 million pounds uranium at 7.99% U3O8 average grade1).

The 15-kilometre-long C10S corridor remains completely untested to the southwest of Pike Zone and only sparsely tested to the northeast between the Pike Zone and 42 Zone mineralization. Based on the positive 2023 drill program results and the uranium fertility of the C10-C10S corridor, the Company believes significant potential for unconformity-related mineralization exists at Pike Zone and nearby along the C10 South corridor. The Company expects to complete the winter portion of the 2024 exploration program in April.

CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project.