CanAlaska Uranium posts results from Key Extension winter drill program, Saskatchewan

CanAlaska Uranium Ltd. [TSXV: CVV; OTCQX: CVVUF; FSE: DH7] reported results from the winter drill program on its Key Extension project in the southeastern Athabasca Basin, Saskatchewan. The drill program focused on multiple high-priority target areas identified from recent airborne geophysical surveys and the results of historical drilling.

During the program, the company successfully confirmed the presence of strongly graphitic stratigraphy with re-activated semi-brittle basement fault zones containing associated hydrothermal alteration. The results from the drill program highlight the potential for discovery of basement-hosted uranium mineralization on the Project. The Key Extension project is 100% CanAlaska-owned and is located approximately 15 km southwest of the past-producing Key Lake Mine and current operating Key Lake Mill.

Cory Belyk, CEO, commented, “Early results from the Key Extension project are very good. The presence of graphitic fault zones with alteration, in places deep into the basement, are leading indicators of potential uranium-bearing fluids penetrating the right basement rocks. Basement-hosted uranium deposits like Eagle Point and Arrow can extend to depths reaching 1,000 metres below surface leaving abundant opportunity for significant uranium deposit discovery at depth on the Key Extension project. I look forward to the summer drilling program that is designed to test for the source of the nearby radioactive boulder train.“

The 2026 winter drill program on the Key Extension project consisted of five diamond drill holes for a total of 1,251 metres in two target areas. The program was focused on early-stage evaluation of a series of high-priority target areas identified based on the recent airborne geophysical surveys and the review of historical drilling. Results from the winter program on the Project are highlighted by the consistent intersection of graphitic stratigraphy containing re-activated graphitic fault zones with associated hydrothermal clay and chlorite alteration.

During the drill program, two high-priority target areas were successfully tested.

Follow Up on Historical Drilling: Three drillholes were completed to test conductive stratigraphy along strike of anomalous historical drillholes that contained a graphitic fault zone associated with clay, chlorite, and hematite alteration, and 487.3 ppm uranium over 0.15 metres in drillhole KEY-001. KEY013, KEY014, and KEY015 successfully extended the strike length of the graphitic corridor in the target area. KEY014, which was the deepest test of the graphitic corridor, displayed the strongest chlorite and clay alteration associated with re-activated fault structures at depth.

These results suggest that additional drilling in this target area should focus on testing deeper below surface on the conductive corridor for increasing hydrothermal alteration and the potential for basement-hosted uranium mineralization.

Up-Ice of the Orchid Lake Radioactive Boulder Field: Two drillholes were completed to test a series of conductive targets up-ice along the interpreted glacial ice direction of the historically reported Orchid Lake radioactive boulder field. KEY017 and KEY018 successfully intersected graphitic stratigraphy containing semi-brittle fault zones associated with localized chlorite and clay alteration. Results from the drillholes in this target area did not explain the source of the Orchid Lake radioactive boulder field. Additional drilling should be completed both closer to, and further along strike of, the conductive stratigraphy to continue to evaluate for the source of the Orchid Lake radioactive boulder field.

Due to seasonal access challenges, the company was unable to test several additional high-priority target areas on the Project including the Western Conductive Trend, the Eastern Conductive Trend, and drill targets more proximal to the Orchid Lake radioactive boulder field.

The high-priority target areas on the Key Extension project remain focused on a series of long-linear magnetic low corridors associated with conductivity high corridors that are interpreted to extend from the Key Lake Mine and Mill complex area through the company’s Key Extension and Nebula projects. The magnetic lows with associated conductivity highs are interpreted to represent the graphitic metasedimentary rocks of the lower Wollaston Domain in the highly prospective Wollaston-Mudjatik transition zone. Drill targets on the Key Extension project within the graphitic metasedimentary package are focused on areas of interpreted structural complexity, where interpreted bends and breaks in the conductive rocks may create the potential for transport and trap of hydrothermal uranium-bearing mineralizing fluids.

The company is currently in the process of planning a helicopter-supported fall drill program on the Key Extension project. Priority targets for the planned program will be those that were inaccessible due to seasonal access challenges, including the Western Conductive Trend, the Eastern Conductive Trend, and drill targets more proximal to the Orchid Lake radioactive boulder field. The Company will provide details about the planned fall drilling program, which is anticipated to begin in September, in the coming weeks.

Geochemical assay results from the winter drill program on the Key Extension project are pending.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

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 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.