CanAlaska Intersects 21.6 Metres of 3.44% eU₃O₈ at Pike Zone on West McArthur Joint Venture

• Intersection Includes 5.4 metres of 10.90% eU₃O₈ at the Unconformity
• Two-Drill Summer Program Continues at West McArthur Project

Vancouver, Canada, July 9, 2024 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) (“CanAlaska” or the “Company”) is pleased to report that drillhole WMA082-7 has intersected 3.44% eU₃O₈ over 21.6 metres, including 10.90% eU₃O₈ over 5.4 metres at the Pike Zone as part of the ongoing summer exploration program on the West McArthur Joint Venture project (the “Project”) in the eastern Athabasca Basin. WMA082-7 was the first drillhole completed at the Pike Zone during the summer program where the focus is continued delineation and expansion of the ultra high-grade Pike Zone uranium discovery at the unconformity. The program is focused on following up two recent high-grade intersections in WMA082-6 (14.9% U₃O₈ over 9.6 metres) and WMA082-4 (9.9% U₃O₈ over 14.5 metres). The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that holds an 83.35% ownership in the Project (Figure 1). CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project.

During active exploration programs drillholes are radiometrically logged using calibrated downhole GeoVista NGRS and TGGS (Triple GM) gamma probes which collect continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades (“eU₃O₈”) are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe at the Saskatchewan Research Council facility in Saskatoon and from the comparison of probe results against geochemical analyses. At extremely high radiometric equivalent uranium grades, downhole gamma probes may become saturated, resulting in the probe being overwhelmed, which in turn can create difficulties in accurately determining extremely high-grade radiometric equivalent uranium grades, and a cap may be applied to the grade. The equivalent uranium grades are preliminary and are subsequently reported as definitive assay grades following sampling and chemical analysis of the mineralized drill core. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons employed by CanAlaska prior to disclosure.

Drillhole WMA082-7 intersected one main interval of 3.44% eU₃O₈ over 21.6 metres, including 10.90% eU₃O₈ over 5.4 metres at the unconformity with additional lower grade intervals throughout the hole (Figure 2; Table 1). The unconformity contact between the Athabasca sandstone and underlying basement rocks is interpreted to be at 800.5 metres down-hole. The unconformity mineralization is characterized by massive to semi-massive, clay-hosted uranium mineralization associated with yellow and orange uranium secondaries and hematite alteration (Figure 3). Uranium mineralization continues into the basement rocks of WMA082-7 and is characterized by nodular, disseminated, clay-hosted, and fracture-controlled veins of uranium mineralization associated with localized pale-yellow uranium secondaries and strong basement alteration.

The lower sandstone column of WMA082-7 is strongly bleached, limonite and clay altered, and contains several multi-metre scale fault zones with abundant clay-filled breccias, core loss related to broken and blocky core, and zones of quartz dissolution extending over 70 metres above the uranium mineralization. Intervals of lost core occur within the lower sandstone column within areas of uranium mineralization due to high rock friability. The basement of WMA082-7 is strongly clay and chlorite altered with multiple re-activated fault zones. Within the basement rocks, localized intervals of lost core occur due to strong alteration.

Summer Drill Program
The summer drill program on the West McArthur project is currently progressing with two diamond drills. The Company is planning approximately 9,000 metres of drilling during the summer to achieve an estimated 10 to 14 unconformity target intersections. The Company is continuing to use downhole mud-motor deviation technology for increased drilling efficiency and targeting ability.

WMA082-7 was the first drillhole completed at the Pike Zone during the summer program and extends the high-grade unconformity associated uranium mineralization on the WMA082-4 and WMA082-6 fence. Subsequent drill tests planned for the summer program at the Pike Zone will continue to evaluate the extents of the high-grade unconformity-associated uranium mineralization along the current drill fence and to the east and west along strike. The ultra high-grade unconformity target at the Pike Zone remains open in all directions.

In addition, the Company plans to continue testing the unconformity target areas in the immediate Pike Zone area and along strike to the northeast and southwest for potential unconformity mineralization extensions. The C10 corridor is host to CanAlaska’s 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 grade^{1 (refer to “References” below)}). The 15-kilometre-long C10S corridor is sparsely tested to the southwest of Pike Zone and to the northeast between the Pike Zone and 42 Zone mineralization. Based on the recent positive results and the proven uranium endowment of the C10 and C10S corridors, the Company believes there is significant potential for additional unconformity-related high-grade uranium mineralization.

The Company expects to complete the summer portion of the 2024 exploration program in September.

Geochemical Sampling Procedures and Use of Radiometric Equivalent Grades
All drill core samples from the 2024 program will be 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. Assay sample intervals comprise 0.3 – 0.8 metre continuous half-core split samples over the mineralized interval. Select density samples, comprising 0.1 metre continuous whole core samples that are subsequently split and assayed, may be taken within the mineralized interval. With all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by CanAlaska and the SRC in accordance with CanAlaska’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by CanAlaska prior to disclosure.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

References
1) Refer to: https://www.cameco.com/invest/overview/reserves-resources/inferred for information on the Fox Lake uranium deposit.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) holds interests in approximately 500,000 hectares (1,235,000 acres) in Canada’s Athabasca Basin. CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco on the West McArthur JV project and Denison on the Moon Lake South JV project 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. For further information visit www.canalaska.com.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.

On behalf of the Board of Directors
“Cory Belyk”
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.

Contacts:

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Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.  These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control.  Readers should not place undue reliance on forward-looking statements.  Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.