CanAlaska Begins Summer Drill Program at West McArthur Joint Venture
Rhea-AI Summary
CanAlaska Uranium (OTCQX: CVVUF) has begun the 2026 summer drill program at the West McArthur Joint Venture in the southeastern Athabasca Basin. The fully funded program is part of a $15 million 2026 exploration budget and targets expansion of the high-grade Pike Zone.
Using three diamond drills, CanAlaska plans 20–25 unconformity target tests along the C10S corridor to the southwest and northeast of Pike Zone. The project is a joint venture with Cameco, with CanAlaska operating and holding 88.89% ownership. The summer program is expected to run to September 2026.
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Positive
- Part of a fully funded $15 million 2026 exploration program
- Summer drilling plans 20–25 unconformity target intersections
- Three diamond drills dedicated to West McArthur summer program
- CanAlaska holds 88.89% ownership in the West McArthur Joint Venture
- Exploration funded jointly by CanAlaska and Cameco
- C10S corridor hydrothermal system defined over 1.3 km strike, with >1 km mineralized
Negative
- C10S corridor remains sparsely tested over 530 m northeast and 630 m southwest of Pike Zone core
- Geochemical assay results from winter 2026 drilling are still pending
News Market Reaction – CVVUF
On the day this news was published, CVVUF declined 4.61%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Drilling Focused on Continued Step Outs to Evaluate Trend for Additional Zones of High-Grade Uranium Mineralization
Anticipate 20 to 25 Unconformity Target Tests in Fully Funded Summer Program
Saskatoon, Saskatchewan--(Newsfile Corp. - June 9, 2026) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce the start of the summer drill program as part of the
Figure 1 – Project Location Map
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CanAlaska CEO, Cory Belyk, comments, "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."
Figure 2 – Drill Rigs on Site at the West McArthur Project.
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2026 West McArthur Summer Exploration Program
The 2026 summer drill program on the West McArthur project will consist of three diamond drills operating to achieve an estimated 20 to 25 unconformity target intersections. The summer drill program will continue to build on results from the successful winter exploration program where the Company stepped out 350 metres southwest and 350 metres northeast from previous drilling, intersecting continued strong alteration, structure, graphitic host stratigraphy, and multiple drill fences with unconformity-associated and basement-hosted uranium mineralization (See News Release dated May 5, 2026). The primary focus for the summer program will be continued systematic testing to evaluate the C10S corridor for additional pods of high-grade uranium mineralization. Target areas are concentrated both to the southwest and northeast of the high-grade Pike Zone core. The drill program will focus on additional step-outs along the trend and infill testing of larger gaps along the trend where strong hydrothermal alteration and lower-grade uranium mineralization indicate the potential for additional pods (Figure 3). The Company will continue to utilize the recent geophysical survey results for targeting, which indicate interpreted structural complexity with sharp changes in orientation of the main conductor trend in the immediate four kilometres of strike length around the Pike Zone.
Figure 3 – 2026 Summer Exploration Targets Along C10S Corridor
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Results from recent drill programs on the Project have defined the hydrothermal system associated with the unconformity target area along the C10S corridor over 1.3 kilometres strike length, with over one kilometre strike length containing uranium mineralization. The target corridor remains sparsely tested over 530 metres strike length to the northeast and 630 metres strike length to the southwest from the 140-metre-long high-grade core of the Pike Zone. The results from recent drill programs show similar continued hydrothermal alteration intensity, styles, and types as those that are observed in direct association with the Pike Zone near the most significant high-grade intersections drilled to date. The Company believes that the recent positive drill program results coupled with the already proven uranium endowment of the C10 and C10S corridors highlights the significant potential for the discovery of additional unconformity-related high-grade zones of uranium mineralization. As a result, continued systematic evaluation for additional high-grade pods of unconformity-associated uranium mineralization in both directions along the C10S corridor is the main priority for the summer drill program.
The Company expects to complete the summer portion of the 2026 exploration program in September. The geochemical assay results from the winter portion of the 2026 exploration program are pending.
About CanAlaska Uranium
CanAlaska is a leading explorer of uranium in the Athabasca Basin of Saskatchewan, Canada. With a project generator model, the Company has built a large portfolio of uranium projects in the Athabasca Basin. CanAlaska owns numerous uranium properties, totaling approximately 330,000 hectares, with clearly defined targets in the Athabasca Basin covering both basement and unconformity uranium deposit potential. The Company has recently concentrated on the West McArthur high-grade uranium expansion with targets in 2024 and 2025 leading to significant success at Pike Zone. Fully financed for the 2026 drill season, CanAlaska is focused on uranium deposit discovery and delineation in a safe and secure jurisdiction. The Company has the right team in place with a track record of discovery and projects that are located next to critical mine and mill infrastructure.
The Company's head office is in Saskatoon, Saskatchewan, Canada with a satellite office in Vancouver, BC, Canada.
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:
| Cory Belyk, CEO and President | General Enquiry |
| Tel: +1.306.668.6900 | Tel: +1.306.668.6915 |
| Email: cbelyk@canalaska.com | Email: info@canalaska.com |
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. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. 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. Actual events or results may differ materially from those projected in the forward-looking statements and the Company cautions against placing undue reliance thereon.
The Company believes that the expectations reflected in forward-looking statements included herein are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to revise or update these forward-looking statements, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300655