Mr. Cory Belyk reports

CANALASKA BEGINS 2024 DRILL PROGRAM AT WEST MCARTHUR JV

Canalaska Uranium Ltd. has mobilized the drill crews and equipment as part of the $7.5-million 2024 program on the West McArthur joint venture 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 per cent U3O8 (triuranium octoxide) over 6.3 metres, including a subinterval of 2.82 per cent U3O8 over 1.9 metres. The West McArthur project, a joint venture with Cameco Corp., is operated by Canalaska. Canalaska currently holds an 83.29-per-cent ownership in the project.

Two thousand twenty-four West McArthur exploration program

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 continued 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 3-D DCIP (direct current induced polarization) resistivity survey in conjunction with the 2022 SWML TDEM (stepwise moving loop time-domain electromagnetic) data. Results from the joint processing have highlighted at least two large priority target areas, both southwest and northeast along the C10S corridor. In these target areas, the conductivity iso-surface has breached the unconformity contact into the lower part of the sandstone column. This conductivity breach into the lower sandstone may represent structural disruption and clay alteration related to the movement of uranium mineralizing fluids. The C10 corridor is host to Canalaska's nearby 42 zone discovery, as well as Cameco's and Orano's high-grade Fox Lake uranium deposit (68.1 million pounds uranium at 7.99 per cent U3O8 average grade). 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-financing the 2024 West McArthur program, further increasing its majority ownership in the project.

Cory Belyk, Canalaska's chief executive officer, comments: "I am very pleased with the results of the 2023 drilling program. Last year, the Pike zone was expanded and extended in the basement, and at the unconformity with connected mineralization now extending at least 160 metres along the unconformity and at least 160 metres down-plunge into the basement rocks. This discovery is proving to be part of a very large mineralizing event, the extents of which are not yet known. Drilling in 2024 will work toward continued expansion of Pike zone. In addition, final processing of our geophysics data has located two untested, prominent and large target features, like pearls on a string, along the unconformity near Pike zone. These priority targets will also be drill tested in 2024. With the uranium price now above $100 per pound, results from West McArthur in 2024 could be a game-changer for our shareholders."

Two thousand twenty-three West McArthur fall exploration program assay results

In November of 2023, the company announced continued expansion of the Pike zone, where high-grade, basement-hosted uranium mineralization was extended in the upper basement and has now been confirmed over 160 metres into the basement along the controlling fault structures (see news release dated Nov. 7, 2023). Geochemical assay results received confirm the presence of uranium mineralization (see the table entitled "2023 West McArthur fall geochemical assay intersections"). These results are highlighted by WMA082-2, which returned a high-grade intersection grading 1.03 per cent U3O8 over 6.3 metres, including a subinterval of 2.82 per cent U3O8 over 1.9 metres immediately below the unconformity.

Other news

The company will be attending the Vancouver Resource Investment Conference (VRIC) on Jan. 21 and Jan. 22, in Vancouver, B.C., and will have representatives at booth No. 635.

Geochemical sampling procedures, analysis and data verification

All drill core samples from the 2023 fall program were shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Sask., in secure containment for preparation, processing, and multielement analysis by ICP-MS (inductively coupled plasma mass spectrometry) and ICP-OES (inductively coupled plasma optical emission spectrometry) using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 weight-per-cent 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 m to 0.5 m continuous half-core split samples over the mineralized interval. One-half of the split sample is retained and the other sent to the SRC for analysis. A 0.1-per-cent U3O8 cut-off with a maximum internal dilution of one metre is used for compositing and reporting the data. 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. For results from the West McArthur project, a qualified person employed by Canalaska has performed detailed QA/QC and data verification, where possible, of all datasets 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.

About Canalaska Uranium Ltd.

Canalaska Uranium holds interests in approximately 350,000 hectares (865,000 acres) in Canada's Athabasca basin -- the Saudi Arabia of uranium. Canalaska's strategic holdings have attracted major international mining companies. 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.

The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc, PGeo, vice-president of exploration for Canalaska Uranium, who has reviewed and approved its contents.

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