CanAlaska Begins Fall Drill Program at Key Extension Project Drilling Focused on High-Priority Targets for Basement- Hosted Uranium Deposits Focus is Up-Ice of Orchid Lake Boulder Field and Along Western Conductive Trend
CanAlaska Begins Fall Drill Program at Key
Extension Project
Drilling Focused on High-Priority Targets for Basement-
Hosted Uranium Deposits
Focus is Up-Ice of Orchid Lake Boulder Field and Along Western Conductive Trend
Saskatoon, Saskatchewan--(Newsfile Corp. - September 8, 2026) -
CanAlaska Uranium Ltd. (TSXV:
CVV)
(OTCQX: CVVUF) (FSE:
DH7)
("
CanAlaska
" or the "
Company
") is pleased to announce the
start of the 2026 fall drill program on the Key Extension project (the "Project") in the southeastern
Athabasca Basin (Figure 1). The 2026 Key Extension fall program will focus on a series of high-priority
target areas identified from recent high-resolution airborne geophysical surveys and the review of
historical drilling programs on the project. One drill has been mobilized to the project site and drilling has
now begun (Figure 1). The Key Extension project is 100% CanAlaska-owned and is located
approximately 15 km south of the past-producing Key Lake Mine and currently operating Key Lake Mill.
Figure 1
– Key Extension Project Location Map
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CanAlaska CEO, Cory Belyk, comments,
"The Key Extension project is a high-priority project within
the CanAlaska portfolio. In the winter drill program, the team discovered the right rocks with large-
scale structures and hydrothermal alteration. The style of alteration encountered is a good indication
that hydrothermal fluids, possibly uranium-bearing, have passed through the rocks in a significant
way. The team is now on the hunt for where uranium may have been deposited within these
hydrothermal systems along these structural zones. CanAlaska is fully funded to carry out the Key
Extension program."
2026 Key Extension Fall Exploration Program
The 2026 fall drill program on the Key Extension project will consist of one diamond drill operating to
complete an estimated 6 to 10 drillholes. The primary focus for the fall program will be on continued drill
testing of a series of high-priority target areas identified based on the recent airborne geophysical
surveys (Figure 2). The Company recently completed a winter drill program on the Project that
highlighted the consistent intersection of graphitic stratigraphy containing re-activated semi-brittle
basement fault zones with associated hydrothermal clay and chlorite alteration (See News Release
Dated June 23
rd
, 2026). The high-priority exploration 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.
For the fall drill program, the Company is focused on two key target areas on the Key Extension project:
Up-Ice of the Orchid Lake Boulder Field:
A series of drillholes are planned to continue testing the
conductive stratigraphy along the western conductive trend up-ice of the historically reported Orchid
Lake radioactive boulder field where up to 0.13% uranium was reported in historical boulder grab
samples. Drilling in this target area will build upon the results from the recent winter program, where
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 boulder field and as such, additional targets positioned
immediately up-ice along the interpreted glacial ice direction of the Orchid Lake boulder field are
planned (Figure 2).
Figure 2 – Key Extension Drill Program Target Areas
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Western Conductive Trend:
A series of drillholes are planned to test the long-linear conductive trend
along the western margin of the Key Extension project. This conductive trend, which represents over 10
kilometres of sparsely tested conductive target stratigraphy, parallels the highly prospective Wollaston-
Mudjatik transition zone. Along the trend, multiple conductor-parallel fault zones have been interpreted
from the high-resolution geophysical data. The interaction between these conductor-parallel and cross-
cutting fault zones represents high-priority exploration targets for basement-hosted uranium deposits. A
drill program on the Key Extension project in 2023 successfully intersected graphitic host rocks showing
evidence of multiple post-Athabasca structural reactivation events, hydrothermal alteration, and
associated uranium enrichment along the western conductive trend (see News Release dated August
29
th
, 2023).
The Company expects the fall 2026 drilling program on the Project to be completed in late October.
Geochemical assay results from the winter drill program on the Key Extension project are pending.
Technical Disclosure - Historical Results, Neighbouring Properties, and Grab Samples
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 375,000 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:
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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 assumes any
obligation, to revise or update these forward-looking statements, except as required by applicable law.
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