Mr. Cory Belyk reports

CANALASKA ANNOUNCES START OF DRILL PROGRAM AT GEIKIE URANIUM PROJECT

Canalaska Uranium Ltd. has mobilized drill crews and equipment as part of the 2024 drill program on the Geikie uranium 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-financed by Basin Energy Ltd. Canalaska currently holds a 40-per-cent ownership in the project.

Two thousand twenty-four Geikie exploration program

The planned 2,500-metre program will be split between 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. In September of 2023, the company announced results from the maiden drilling program on the Geikie project which were highlighted by 0.5 metre at 0.27 per cent triuranium octoxide (U3O8) in drill hole GKI002 (see news release dated Sept. 27, 2023). 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 follow-up 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 survey at the intersection of major north- to northwest-trending faults, and a graphitic conductor.

In the Aero Lake target area, direct follow-up will focus on high-priority gravity anomalies adjacent to GKI002, where the highest uranium value of the 2023 drill program was intersected.

In addition, regional first-pass exploration drill testing is planned for the 2024 program in the Hunter North and Johnson Lake prospects, which were developed from the integration of high-resolution airborne radiometric, magnetic, electromagnetic and gravity data, with geochemical sampling, structural mapping and critical observations from the phase 1 drilling.

The 2024 program is intended to identify fertile fault structures in the key target areas on the Geikie project. These fault zones can provide an ideal location for uranium mineralizing fluids to focus and precipitate. This is evidenced by the nearby GMZ-ACKIO mineralized zone, owned by 92 Energy and Baselode Energy, which is approximately 10 kilometres east of the Geikie project in a similar structural target scenario.

The Geikie project is currently being sole-financed by Basin Energy under an option earn-in agreement with the company.

Cory Belyk, Canalaska's chief executive officer, comments: "I am very pleased the Geikie project will be advanced with phase 2 drilling in early 2024. The intersection of basement-hosted uranium mineralization in the second drill hole completed on the project in 2023 highlights the potential of this project to deliver a significant uranium discovery. Canalaska shareholders can expect continued news flow from this drilling program in the coming months."

About Canalaska Uranium Ltd.

Canalaska Uranium holds interests in approximately 500,000 hectares (1,235,000 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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