CanAlaska Uranium Ltd. reported that it has received assay results from the drillholes completed on the Pike Zone during the winter of 2024. Geochemical assay results confirm composited high-grade intersections highlighted by WMA082-6 grading 14.9% U3O8 over 9.6 metres, and WMA082-4 grading 9.9% U3O8 over 14.5 metres. Drilling at the Pike Zone was completed as part of the ongoing winter exploration program on the West McArthur Joint Venture project in the eastern Athabasca Basin.

The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that holds an 83.35% ownership in the Project. CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project. The Company announced completion of the 2024 winter drill program on the West McArthur project.

The 2024 winter program was focused on continued expansion of the Pike Zone discovery and along strike unconformity testing to the northeast and southwest of the Pike Zone. During the drill program, eight unconformity target tests were completed for a total of 6,201 metres. All three drillholes (WMA082-4, WMA082-5, WMA082-6) completed on the Pike Zone intersected uranium mineralization.

The mineralization in drillholes WMA082-4 and WMA082-6 represent the highest-grade mineralized intersections drilled to date on the West McArthur project. Geochemical assay results confirm that drillhole WMA082-4 intersected one main composited interval of 7.4% U3O8 over 19.5 metres, including 9.9% U3O8 over 14.5 metres, followed by several additional mineralization intervals down hole. The mineralization in WMA082-4 is characterized by massive to semi-massive, blebby, disseminated, clay-hosted, and fracture-controlled uranium mineralization associated with yellow and orange uranium secondaries at the contact between the Athabasca sandstone and the underlying basement rocks.

The mineralized intervals are hosted within a broad zone of intense clay and chlorite alteration, resulting in complete replacement of the original rock fabric and textures. Intervals of no core recovery, due to poor ground conditions, were intersected within the WMA082-4 mineralized intersection. In intervals of no core recovery, downhole radiometric equivalent uranium grades, calculated based on an updated radiometric equivalent grade curve that has been correlated against geochemical assay results obtained during the winter drill program, are inserted in place of missing core and reported as part of the larger composited interval.

Geochemical assay results confirm that drillhole WMA082-6 intersected one main composited interval of 12.9% U3O8 over 11.1 metres, including 14.9% U3O8 over 9.6 metres, followed by an additional mineralized interval down hole. The mineralization in WMA082-6 is hosted directly at the unconformity contact between the Athabasca sandstone and the underlying basement rocks and is characterized by massive to semi-massive and nodular uranium mineralization associated with yellow and orange uranium secondaries and hematite alteration. Uranium mineralization continues into the basement rocks of WMA082-6 and is characterized by nodular, disseminated, clay-hosted, foliation- controlled, and fracture-controlled veinlets of uranium mineralization associated with localized pale- yellow uranium secondaries and strong basement alteration.

One interval of no core recovery was intersected within the WMA082-6 mineralized intersection. In this interval of no core recovery, downhole radiometric equivalent uranium grades, calculated based on an updated radiometric equivalent grade curve that has been correlated against geochemical assay results obtained during the winter drill program, are inserted in place of missing core and reported as part of the larger composited interval. Geochemical assay results confirm that drillhole WMA082-5 intersected one interval of sandstone- hosted uranium mineralization grading 1.5% U3O8 over 4.6 metres.

The mineralization in WMA082-5 is located directly above the unconformity contact between the Athabasca sandstone and underlying basement rocks. The mineralization in WMA082-5 is characterized by disseminated and nodular uranium mineralization hosted within a dark grey to black sulfide- and clay-altered sandstone column with localized intervals of lost core due to high rock friability. The basement of WMA082-5 immediately below the unconformity is strongly clay and chlorite altered, resulting in replacement of the original rock fabric textures.

One interval of no core recovery was intersected within the WMA082-5 mineralized intersection. In this interval of no core recovery, downhole radiometric equivalent uranium grades, calculated based on an updated radiometric equivalent grade curve that has been correlated against geochemical assay results obtained during the winter drill program, are inserted in place of missing core and reported as part of the larger composited interval. This most recent drill fence on the Pike Zone is located approximately 30 metres along strike to the northeast of high-grade uranium mineralization intersected in WMA082-2, which intersected 1.03% U3O8 over 6.3 metres, including a sub-interval of 2.82% U3O8 over 1.9 metres.

Currently, the unconformity target at the Pike Zone remains open in all directions around WMA082-4, WMA082-5, and WMA082-6. The Company is actively planning the 2024 summer drill program on the West McArthur project. The drill program is expected to start in early June and will consist of two diamond drills targeting approximately 9,000 metres of additional diamond drilling. The program is expected to be completed by September.

In addition, the Company has retained the services of Understood Mineral Resources Ltd. of Saskatoon. With the assistance of Understood, the Company has generated an updated radiometric probe equivalent grade curve utilizing the geochemical assay confirmed intersections from the Pike Zone. This updated radiometric probe equivalent curve, which factors in the ultra high-grades intersected during the winter drill program, will allow for better defined equivalent uranium calculations of potential future high-grade intersections.

Understood will also be providing the Company with geostatistical- based resource modelling services in preparation for a potential future resource calculation on the Pike Zone. All drill core samples from the 2024 program were shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Assay samples are chosen based on downhole probing radiometric equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks.