Canadian Uranium Corp. Initiates First Steps on Castle South Uranium Project

Executive Summary

• Canadian Uranium Corp. announced a three‑phase exploration program for its newly acquired 80 % earn‑in interest in the Castle South Uranium Project, slated to begin Q1 2026.
• Phase 1 (Q1 2026) will conduct a Magnetotelluric (MT) survey and compile historical data to identify subsurface anomalies.
• Phases 2 and 3 will involve surface prospecting, ground geophysics, and an anticipated 10,000 m of NQ2 diamond drilling starting September 2026, targeting depths of 100–550 m.

Key Details

• Project Scope: Castle South Uranium Project (formerly Cable Lake Property) covers 20,600 ha on the southern margin of the Athabasca Basin.
• Phase 1 – MT Survey & Data Compilation (Q1 2026):
• Magnetotelluric survey to map electrical resistivity down to >1 km depth.
• Focus on graphitic conductors within magnetic lows indicative of unconformity‑type uranium systems.
• Integration of historical datasets with new MT results.
• Phase 2 – Field Prospecting & Ground Geophysics (Spring–Summer 2026):
• Radiometric surveys, ground magnetic (Mag) and induced polarization (IP) geophysics.
• Man‑portable Shaw drilling to test surface expressions of identified anomalies.
• Phase 3 – Diamond Drilling Program (Start Sep 2026):
• Planned ~10,000 m of NQ2 diamond drilling based on Phase 1‑2 results.
• Target depths anticipated between 100 m and 550 m.
• Target Highlights: At least five high‑priority target areas identified, including magnetic highs linked to listric/dyke structures, high‑conductive anomalies, and ~52 km of electromagnetic conductors from a 2007 airborne survey.
• Management Quote: CFO Geoff Balderson stated the program “marks an exciting step forward… reflects our commitment to disciplined exploration and confidence in the project’s potential to deliver meaningful discovery.”

Notable Quotes

“Preparing our exploration strategy and exploration permit applications for the Castle South Uranium Project, marks an exciting step forward as we advance one of the more highly anticipated uranium targets in the basin. This milestone reflects our commitment to disciplined exploration and our confidence in the project’s potential to deliver meaningful discovery.” – Geoff Balderson, CFO

Materiality Assessment: Non‑Material – Positive (operational update with no immediate financial impact).