CanAlaska Announces Start of Drill Program at Waterbury East Uranium Project

Modern Airborne VTEM Survey Highlights New Target Areas

Drill Program is Fully Partner-Funded Under an Option Agreement

Vancouver, October 2, 2024 - Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce mobilization of drill crews and equipment as part of the 2024 drill program on the Waterbury East uranium project (the "Project"). The 2024 Waterbury East drill program will focus on newly developed high-resolution airborne geophysical targets in combination with direct follow up of historical drilling results. The Waterbury East Project is located in the northeastern Athabasca Basin 25 kilometres northeast of the Cigar Lake Mine (Figure 1). The Waterbury East project is currently being sole-funded by Bayridge Resources Corp. (CSE: BYRG) under an option agreement with the Company.

Figure 1 - Waterbury East Project Location

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/225316_2892bf1cc4d47bb0_002full.jpg

2024 Waterbury East Exploration Program

The planned 2,100 metre program will consist of 4 to 6 drill holes testing multiple targets. Target areas have been generated based on historical drill results combined with newly developed high-resolution airborne geophysical targets. The new airborne geophysical targets are from a recently completed helicopter-supported Versatile Time-Domain Electromagnetic (VTEM) survey on the Project which was designed to identify and prioritize basement conductors, characterize lithological and alteration features, map the structural setting of the project, and produce priority drill targets. VTEM interpretation by in3D Geoscience indicates that the historical drilling on the project may have been insufficient to intersect the conductive targets.

Figure 2 - Waterbury East 2024 Drill Target Area

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/225316_2892bf1cc4d47bb0_004full.jpg

CanAlaska CEO, Cory Belyk, comments, "I am very pleased the Bayridge team is moving the Waterbury East project forward with drilling in 2024. Results from the recently completed VTEM survey highlight new targets that will be a focus in this drilling campaign. This project is very well situated in the heart of the eastern Athabasca Basin near mining and milling infrastructure owned by Cameco and Orano. Market fundamentals are strong and the time is now for uranium deposit discovery, making the Waterbury East drilling program very well timed. I look forward to delivering results from this drilling program to our shareholders through the fall and early winter."

About the Waterbury East Project

The Waterbury East Project is located in the northeastern Athabasca Basin, 25 kilometres northeast of the Cigar Lake Mine. The Project has approximately 200 metres of Athabasca sandstone cover overlying the basement rocks of the Wollaston Domain. The Project consists of 1 mineral claim covering 1,337 hectares.

Early exploration on the Waterbury East Project consisted of historical regional and project scale ground and airborne geophysical surveys, followed by focused prospecting and boulder sampling programs. CanAlaska acquired the Project in the early 2000's through staking and completed property-wide airborne geophysical surveys, including GEOTEM and VTEM. Following the geophysical surveys, six drillholes were completed on the conductive corridor, with results highlighted by faulted and altered basement rocks containing local uranium enrichment.

Other News

The Company will be presenting a webinar hosted by Red Cloud on October 2^nd, 2024. Registration is available through the following link: https://redcloudfs.com/events/rcwebinar-cvv-4/

The Company invites you to view a special video tour of the West McArthur uranium project. This video provides an exclusive look at our key exploration activities and the exciting potential of the Pike Zone discovery. The video tour is available on the Company's YouTube channel or through the following link: Inside West McArthur: Exploring High-Grade Uranium with CEO Cory Belyk and VP Nathan Bridge (youtube.com)

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) is a Canadian based exploration company and holds interest in approximately 500,000 hectares (1,235,000 acres) in Canada's Athabasca Basin focused on exploration and discovery of high-grade unconformity uranium deposits. The Company is actively advancing the Pike Zone discovery - a new high-grade uranium discovery on its West McArthur Joint Venture project in the eastern Athabasca Basin. In addition, the Company has several other uranium-focused exploration programs. CanAlaska deploys a hybrid project generator model, focusing on the acquisition and sale of prospective projects, while also executing exploration programs on CanAlaska's most strategic land holdings. The Company's extensive portfolio has attracted international mining companies, including Cameco Corp. and Denison Mines as active partners. CanAlaska is led by an experienced team of professionals with a proven track record of discovery.

The Company's head office is in Saskatoon, Saskatchewan, Canada with a satellite office in Vancouver, BC, Canada. 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:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225316