CanAlaska Begins Summer Drill Program at West McArthur Joint Venture

Executive Summary

• CanAlaska Uranium has commenced its fully funded 2026 summer drill program at the West McArthur Joint Venture Project in the southeastern Athabasca Basin.
• The program will deploy three diamond drills to conduct 20 to 25 unconformity target tests, focusing on step-outs southwest and northeast of the Pike Zone to evaluate for additional high-grade uranium mineralization and hydrothermal alteration.
• The exploration is co-funded by operator CanAlaska (88.89% JV interest) and Cameco Corporation, with completion expected by September 2026.

Key Details

• Project & JV Structure: West McArthur Joint Venture Project in the southeastern Athabasca Basin, operated by CanAlaska with an 88.89% ownership interest; co-funded by Cameco Corporation.
• Program Scope & Funding: Part of a fully funded $15 million 2026 exploration program.
• Drilling Equipment & Targets: Three diamond drills will be deployed to achieve an estimated 20 to 25 unconformity target intersections.
• Primary Focus: Continued systematic testing of the C10S corridor for additional pods of high-grade uranium mineralization, with step-outs concentrated southwest and northeast of the high-grade Pike Zone core.
• Geological & Structural Targets: Targeting unconformity-associated and basement-hosted uranium mineralization, strong hydrothermal alteration, graphitic host stratigraphy, and structural complexity.
• Testing Status & Gaps: The hydrothermal system is defined over 1.3 km of strike length (>1 km contains uranium mineralization). The target corridor remains sparsely tested, with 530 metres of strike length to the northeast and 630 metres to the southwest remaining untested from the 140-metre high-grade core.
• Winter Program Context: Recent winter drilling stepped out 350 metres southwest and 350 metres northeast, intersecting strong alteration, structure, and mineralization. Geochemical assay results from the winter program are currently pending.
• Geophysical Integration: Utilizing recent geophysical survey results to identify interpreted structural complexity and sharp changes in conductor trend orientation within a 4-kilometre strike length around the Pike Zone.
• Timeline: The summer portion of the 2026 exploration program is expected to be completed in September 2026.

Notable Quotes

• Cory Belyk, CEO & President: "The winter exploration program at West McArthur's Pike Zone discovery highlighted extensive unconformity uranium mineralization in association with some very strong alteration and structure along the C10S corridor over more than 1,000 metres strike length. Some of the intersected and diagnostic alteration, specifically in the southwest direction, is among the strongest CanAlaska has encountered to date in the Pike Zone area. This is a clear indication of a continuing and strong mineralizing event that is focused at the unconformity. These encouraging results guide the plan for the summer drill targeting as the team continues to evaluate this area for additional high-grade uranium pods."