CanAlaska Announces Results from Nebula Winter Drill Program Drilling Program Confirms Significant Graphitic Fault Zones and Associated Hydrothermal Alteration Results Highlight Potential for Basement-Hosted Uranium Mineralization
CanAlaska Announces Results from Nebula
Winter Drill Program
Drilling Program Confirms Significant Graphitic Fault Zones and Associated Hydrothermal
Alteration
Results Highlight Potential for Basement-Hosted Uranium Mineralization
Saskatoon, Saskatchewan--(Newsfile Corp. - July 14, 2026) -
CanAlaska Uranium Ltd. (TSXV: CVV)
(OTCQX: CVVUF) (FSE: DH7)
("
CanAlaska
" or the "
Company
") is pleased to announce results from
the winter drill program on its Nebula project (the "Project") in the southeastern Athabasca Basin (Figure
1). 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 pelite with re-activated cross-cutting and conductor parallel
semi-brittle basement fault zones that had associated hydrothermal alteration. The results from the drill
program highlight the potential for continued exploration for basement-hosted uranium mineralization on
the Project. The Nebula project is 100% CanAlaska-owned and is located approximately 30 km
southwest of the past-producing Key Lake Mine and currently operating Key Lake Mill (Figure 1).
Figure 1 – Project Location Map
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CanAlaska CEO, Cory Belyk, comments,
"The first Nebula project drilling program by CanAlaska was
a resounding success. Strongly graphitic fault zones in association with intense clay alteration are
great indicators of the potential for uranium deposition nearby. On first pass drill programs the
CanAlaska team looks for the right rocks, right structure and right alteration. All three are present in
abundance on Nebula, which is a great start so early in the discovery process. I am optimistic the
pending assay results will reveal the correct geochemical fingerprint to go along with these other
positive features."
2026 Nebula Exploration Drill Program
The 2026 winter drill program on the Nebula project consisted of eight diamond drill holes for a total of
1,618 metres in two target areas (Table 1; Figure 2). The program was focused on first-pass exploration
testing 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 Nebula project were
highlighted by a wide-graphitic package with multiple re-activated fault zones that had associated
structurally-controlled hydrothermal alteration.
Figure 2 – Nebula Winter Drill Program Results
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Figure 3 – NEB006 Core Photograph Showing Structure and Alteration
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During the drill program, first-pass exploration testing of two high-priority target areas on the Nebula
project was successfully completed:
Long-Linear Nebula Conductive Trend:
Seven drillholes were completed as a first-pass test of a long
linear conductive trend that runs the entire length of the Nebula project. This conductive trend is
interpreted to represent over 32 kilometres of conductive target stratigraphy on the Project that parallels
the highly prospective Wollaston-Mudjatik transition zone. During the winter drilling program, the
Company successfully evaluated approximately 3.5 km of a previously untested 13-kilometre-long
segment of this conductive corridor using a widely spaced drill pattern. Drilling results returned a wide
package of strongly graphitic pelite with large conductor parallel and cross-cutting re-activated fault
zones with hydrothermal chlorite alteration. In drillholes NEB005 and NEB006, strongly hematized and
clay-altered fault structures, ranging from metre-scale to up to 35 metres in drill core length, were
intersected and confirm the potential for a hydrothermal system that could produce basement-hosted
uranium mineralization along this long linear conductive corridor (Figure 3).
Up-Ice of the Karpinka Lake Radioactive Boulder Field:
One drillhole, NEB007, was completed to
test a conductive target up-ice along the interpreted glacial ice direction of the historically reported
Karpinka Lake radioactive boulder field. NEB007 successfully intersected graphitic stratigraphy with
narrow fault zones. Results from NEB007 did not explain the source of the Karpinka Lake radioactive
boulder field.
Overall, the drill program on the Nebula project was successful in completing first-pass evaluation of a
small segment of the larger conductive corridor. Drill results revealed a broad continuous graphitic
package with associated structural re-activation and hydrothermal alteration. Continued testing of the
larger conductive corridor remains a priority for the Company. Specifically, future testing will be focused
on areas of interpreted structural complexity, where bends and breaks in the conductive rocks
associated with cross-cutting fault zones may create the potential for transport and trap of hydrothermal
uranium-bearing mineralizing fluids.
Geochemical assay results from the winter drill program on the and Nebula project are pending.
Table 1 - 2026 Winter Drill Hole Collar Summary
Drill Hole
Easting
Northing
Elevation
(m A.S.L.)
Azimuth
(˚)
Dip
(˚)
EOH
(m)
NEB001
431403
6312095
559.9
300
-72
206
NEB002
431561
6311974
568.3
350
-75
269
NEB003
431089
6311806
565.3
300
-69
143
NEB004
430264
6310579
563.5
300
-70
200
NEB005
430614
6311095
564.6
297
-75
142
NEB006
430645
6311082
564.5
265
-68
222
NEB007
433452
6311972
561.9
280
-68
209
NEB008
432829
6312865
561.4
280
-65
227
Notes: Easting and Northing coordinates are reported in UTM Zone 13N (NAD83 datum). EOH = end of hole. m A.S.L. = metres above sea level.
Technical Disclosure - Geochemical Assay Sampling Procedures, Historical Results, and
Neighbouring Properties
All assay drill core samples from the program, completed as NQ-sized core, were shipped to the
Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in
secure containment for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES
using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U
3
O
8
wt% assay
by ICP-OES using higher grade standards. Assay samples are chosen based on downhole probing
radiometric equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay sample
intervals comprise 0.3 - 0.8 metre continuous half-core split samples over the mineralized intervals. With
all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. The
SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory.
Blanks, standard reference materials, and repeats are inserted into the sample stream at regular
intervals by CanAlaska and the SRC in accordance with CanAlaska's quality assurance/quality control
(QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified
persons employed by CanAlaska prior to disclosure.
The historical results contained within this news release have been captured from the Saskatchewan
Mineral Assessment Database (SMAD) as available and may be incomplete or subject to minor location
inaccuracies. Management cautions that historical results collected and reported by past operators
unrelated to CanAlaska have not been verified nor confirmed by a Qualified Person; however, the
historical results form a scientific basis for ongoing work on the subject projects. Any historical rock /
boulder samples are selective samples by nature and as such are not necessarily representative of the
mineralization hosted across the property.
This news release refers to neighbouring properties in which the Company has no interest. Results,
discoveries, or mineralization on proximate land or neighboring properties, whether in stated current
resource estimates or historical resource estimates, are not necessarily indicative of results,
discoveries, or mineralization on the Company's properties.
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.
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:
Email:
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.
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