CanAlaska Uranium Ltd. announced its mobilization of drill crews and equipment as part of the $10 million 2023 program on the West McArthur Joint Venture project in the eastern Athabasca Basin. The 2023 West McArthur drill program will focus on advancing the Company's new high-grade Pike Zone uranium discovery. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that currently holds a 79.4% ownership in the project.

With cash of approximately $18 million the Company is fully funded to complete its 2023 exploration programs. CanAlaska will fund the 2023 West McArthur program entirely, further increasing its majority ownership in the project. Scheduled for this month, two drills will focus on the new high-grade Pike Zone discovery. The primary goals of the 2023 winter drill program are drill testing the Pike Zone unconformity target and continued definition of the dimensions and controls of the Pike Zone basement mineralization.

The first drill holes of the season will target where the controlling-structure, hosted within a 40- to 50-metre-wide graphitic horizon, intersects the ideal target at the unconformity. This target has not been drill-tested and will be the main priority for the start of the program. In addition, during the winter 2023 drilling program, the Company will begin to step out along strike from the Pike Zone to test the unconformity and basement potential near the known mineralization.

The first step-out target will under-cut WMA073 which intersected a 40 meter wide strongly altered sandstone-hosted structure 200 meters above the ideal unconformity target approximately 160 meters northeast of the Pike Zone. The Company expects to complete the winter portion of the 2023 exploration program in early April. The Pike Zone discovery is located 20 kilometers southwest of Cameco's and Orano's McArthur River uranium mine.

The Pike Zone, discovered in July of 2022, lies along a structural corridor that hosts the Company's 42 Zone as well as the nearby Fox Lake uranium deposit (68 million pounds U3O8 @ 7.99%), immediately to the northeast, discovered by Cameco and Orano. During the 2022 drilling program, the Company reported multiple intersections of high-grade basement-hosted uranium mineralization. The most significant drill holes in the Pike Zone are WMA067 and WMA072-3. WMA067 returned 2.4% U3O8 over 9.0 meters from 906.5 meters and WMA072-3 contained several high-grade intersections over a 12.6-metre-wide zone highlighted by 3.98% U3O8 over 2.3 meters from 845.9 meters which contained a sub-interval of 25.40% U3O8 over 0.3 meters from 846.4 meters.

To date, uranium mineralization has been intersected between 20 and 100 meters vertically below the unconformity. Immediately following the winter drill program, the Company is planning a regional DCIP Resistivity survey over the C10S conductive corridor which hosts the Pike Zone. The corridor is interpreted to be over 15 kilometers in strike length and the Company believes there are multiple opportunities for discovery around the Pike Zone as well as along this new 15-kilometer corridor.

The DCIP Resistivity program will map alteration and structure throughout the sandstone column along this trend and help prioritize drill testing along the C10S corridor and in the immediate Pike Zone area. The Company is planning additional drilling in the summer.