CanAlaska Intersects New High-Grade Uranium Mineralization 250 Metres Northeast of Pike Zone on the West McArthur JV Drillhole WMA101-02 Intersects 5.2 Metres at 3.10% eU 3 O 8 at the Unconformity Strong Alteration and Uranium Mineralization Continue to the Southwest
CanAlaska Intersects New High-Grade
Uranium Mineralization 250 Metres Northeast
of Pike Zone on the West McArthur JV
Drillhole WMA101-02 Intersects 5.2 Metres at 3.10% eU
3
O
8
at the Unconformity
Strong Alteration and Uranium Mineralization Continue to the Southwest
Saskatoon, Saskatchewan--(Newsfile Corp. - March 2, 2026) -
CanAlaska Uranium Ltd. (TSXV:
CVV) (OTCQX: CVVUF) (FSE: DH7)
("
CanAlaska
" or the "
Company
") is pleased to provide an
update on the ongoing winter drill program at the Pike Zone on the West McArthur Joint Venture Project
(the "Project") in the eastern Athabasca Basin (Figure 1). To date, the Company has successfully
expanded the mineralized footprint to southwest and northeast at the Pike Zone, where the strong
hydrothermal mineralizing system remains open in both directions. The Company has successfully
intersected new high-grade unconformity-associated uranium mineralization approximately 250 metres
to the northeast of the Pike Zone high-grade core,
highlighted by drillhole WMA101-02 which
intersected 5.2 metres at 3.10% eU
3
O
8
. To the southwest, the Company has further expanded the
mineralized footprint by approximately 50 metres. The West McArthur project, a Joint Venture with
Cameco Corporation, is operated by CanAlaska, which holds an 88.89% ownership in the Project. The
2026 exploration program is being co-funded by Cameco and CanAlaska under the Joint Venture.
Figure 1 – Project Location Map
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CanAlaska CEO, Cory Belyk, comments,
"The West McArthur project continues to deliver new
discovery results. Initial results from the 2026 winter drilling program have intersected new high-grade
unconformity-related uranium mineralization 250 metres northeast of the main Pike Zone pod that
had been outlined in prior drilling programs. In addition, and to the southeast, the alteration intensity
in the lower sandstone and upper basement continues to increase in strength. The winter drilling
program is ongoing and will continue into April. I look forward to more results from the West McArthur
project which is located in the southeastern Athabasca Basin near existing infrastructure."
2026 West McArthur Exploration Program Update
The primary focus for the ongoing West McArthur winter drill program is continued step outs to the
immediate southwest and northeast of the currently defined mineralized footprint of the Pike Zone high-
grade mineralization. The program is designed to evaluate for additional pods of high-grade uranium
mineralization and continuation of the associated large hydrothermal alteration system. To date in 2026,
the Company has completed seven unconformity target intersections in three key target areas.
Figure 2 – Winter Drill Program Progress Update
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The key highlight from the winter program to date is the expansion of the Pike Zone hydrothermal
mineralizing system to both the northeast and southwest along the C10S trend (Figure 2). Results to the
northeast along the trend are highlighted by drillhole WMA101-02, which intersected strong hydrothermal
alteration, intense structural disruption, and
new high-grade unconformity-associated uranium
mineralization approximately 250 metres to the northeast along the C10S trend
. To the
southwest drillhole WMA100-02 intersected strong hydrothermal clay and sooty pyrite alteration, intense
structural disruption, and unconformity-associated uranium mineralization approximately 50 metres to the
southwest along the C10S trend. The results from the first few drillholes of the winter program indicate
that the strong hydrothermal mineralizing system remains open in both directions along the C10S
corridor, with potential early indications of a new pod of mineralization to the northeast.
The 2026 winter drill program on the West McArthur project continues with three drills currently operating
to achieve an estimated 20 to 25 unconformity target intersections. The Company will continue to take a
results-based approach, evaluating on a hole-by-hole basis continued step outs along the C10S corridor
to the southwest and northeast. Based on the recent positive drill program results and the already proven
uranium endowment of the C10 and C10S corridors, the Company believes there is significant potential
for the discovery of additional unconformity-associated high-grade zones of uranium mineralization. The
Company expects to complete the winter portion of the 2026 exploration program in April. As part of the
approved 2026 exploration program and budget, a summer drilling program is planned.
Drillhole Details - Eastern Step Outs from Pike Zone
To date, as part of the winter exploration program, three drillholes have been completed stepping out to
the northeast from Pike Zone. All three drillholes in this target area contained uranium mineralization
(Table 1). The lower sandstone columns of the drillholes are bleached with limonite alteration extending
40 to 60 metres above the unconformity. In the basal 10 metres of the WMA101-02 sandstone column,
strong sooty pyrite alteration is intersected as a halo above the unconformity-hosted uranium
mineralization. Unconformity-hosted uranium mineralization in WMA101-02 is characterized by blebby,
nodular, and disseminated mineralization associated with strong clay, hematite, and sooty pyrite.
Basement-hosted uranium mineralization in WMA101, WMA101-01, and WMA101-02 is characterized
by blebby, disseminated, foliation-parallel, and massive, structurally-controlled mineralization associated
with hematite, chlorite, carbonate, and clay alteration. The basement of the drillholes is bleached, clay,
and chlorite altered as a halo associated with re-activated graphitic and chloritic fault zones. One drill is
currently working in this target area, continuing to test the newly discovered high-grade uranium
mineralization.
Drillhole Details - Western Step Outs from Pike Zone
To date, as part of the winter exploration program, three drillholes have been completed stepping out to
the southwest from Pike Zone. WMA100-02, completed in this target area, contained uranium
mineralization (Table 2). The lower sandstone columns of the drillholes are bleached with limonite
alteration extending 70 to 90 metres above the unconformity. In WMA100 and WMA100-02, the lower 40
metres of the sandstone column are strongly bleached with sooty pyrite alteration increasing in intensity
with proximity to the unconformity. In the lower sandstone column of WMA100 and WMA100-02, multiple
metre-scale fault zones were intersected and are characterized by broken to blocky core, intervals of
hydrothermal dravitic breccias with localized re-activation, intervals of complete clay replacement, and
zones of strong quartz dissolution. Unconformity-hosted uranium mineralization in WMA100-02 is
disseminated and is associated with intense sooty pyrite alteration and quartz dissolution. The
basement of the drillholes is bleached, clay, and chlorite altered as a halo associated with re-activated
graphitic and chloritic fault zones. One additional drillhole, WMA100-01, was abandoned in this target
area approximately 35 metres above the unconformity due to bad ground conditions caused by intense
structure and alteration. Two drills are currently working in this target area, continuing to step out in both
directions from the uranium mineralization intersected at the end of the summer 2025 drill program.
Table 1 - Radiometric Equivalent Uranium Grades - Eastern Step Outs
DDH
From
(m)
To
(m)
Length
(m)
3
Average Grade
(% eU
3
O
8
)
4
WMA101
1,2
823.2
823.5
0.3
0.23
WMA101
1,2
827.0
828.4
1.4
0.27
WMA101-01
1,2
823.2
823.7
0.5
0.34
WMA101-02
1,2
812.1
817.3
5.2
3.10
WMA101-02
1,2
818.5
819.0
0.5
0.86
WMA101-02
1,2
821.9
822.3
0.4
11.76
1
.
WMA101, WMA101-01, and WMA101-02 were drilled at an azimuth of 320˚ with an inclination of -76.0˚, collared at 477,603 mE / 6,396,665
mN, 595 m A.S.L. (UTM NAD83 Z13N) as a pilot hole and subsequent daughter holes from WMA101. WMA101 intersected the unconformity at
814.6 metres, WMA101-01 at 816.7 metres, and WMA101-02
at 817.5 metres.
2
.
Intersection interval is composited above a cut-off grade of 0.1% eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
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.
4
.
Radiometric equivalent ("eU
3
O
8
") derived from a calibrated gamma downhole probe.
Table 2 - Radiometric Equivalent Uranium Grades - Western Step Outs
DDH
From
(m)
To
(m)
Length
(m)
3
Average Grade
(% eU
3
O
8
)
4
WMA100-02
1,2
831.6
831.8
0.2
0.14
WMA100-02
1,2
832.8
833.2
0.4
0.38
1
.
WMA100-02 was drilled at an azimuth of 280˚ with an inclination of -76.0˚, collared at 477,037 mE / 6,396,365 mN, 607 m A.S.L. (UTM
NAD83 Z13N) as a daughter hole from WMA100. WMA100-02 intersected the unconformity at 831.7 metres.
2
.
Intersection interval is composited above a cut-off grade of 0.1% eU
3
O
8
with a maximum of 1.0 m of internal dilution.
3
.
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.
4
.
Radiometric equivalent ("eU
3
O
8
") derived from a calibrated gamma downhole probe.
Drillhole Details - Hanging Wall Conductor Test Around Pike Zone
To date, as part of the winter exploration program, one drillhole has been completed to evaluate the
stacked geophysical conductor anomalies identified from the 2025 geophysical survey across strike
directly to the south of the Pike Zone. WMA102 targeted the location where an interpreted mineralized
cross-cutting fault zone from the high-grade core of the Pike Zone intersects the newly identified
geophysical conductors immediately to the south of the Pike Zone. WMA102 intersected a hanging wall
graphitic package with re-activated fault zones approximately 140 metres below the unconformity
contact. The surrounding pelitic rocks are chloritized and bleached with frequent quartz-carbonate
veining as a halo around the structured graphitic package. When projected to the unconformity, the
graphitic package in WMA102 represents an additional conductor target between the WMA102 drillhole
and the Pike Zone.
Other News
The Company will be attending the 2026 PDAC Convention from March 1
st
- 4
th
in Toronto, ON and will
have representatives at booth #2140.
Technical Disclosure - Use of Radiometric Equivalent Grades and Geochemical Assay
Sampling Procedures
During active exploration programs drillholes are radiometrically logged using calibrated downhole
GeoVista NGRS and TGGS (Triple GM) gamma probes which collect continuous readings along the
length of the drillhole wall. Downhole logging is not a direct measurement of the recovered core and
represents the wall rock material of the drillhole. Preliminary radiometric equivalent uranium grades
("eU
3
O
8
") are then calculated from the downhole radiometric results. The probe is calibrated using an in-
house algorithm calculated from the calibration of the probe at the Saskatchewan Research Council
facility in Saskatoon and from the comparison of probe results against previously reported geochemical
analyses. At extremely high radiometric equivalent uranium grades, downhole gamma probes may
become saturated, resulting in the probe being overwhelmed, which in turn can create difficulties in
accurately determining extremely high-grade radiometric equivalent uranium grades, and a cap may be
applied to the grade. The equivalent uranium grades are preliminary and are subsequently reported as
definitive assay grades following sampling and chemical analysis of the mineralized drill core. In the
case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades
are considered to be more representative of the mineralized intersection and may be reported in the
place of assay grades. Radiometric equivalent probe results are subject to verification procedures by
qualified persons employed by CanAlaska prior to disclosure.
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.
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 500,000 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 upcoming 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 assumes any
obligation, to revise or update these forward-looking statements, except as required by applicable law.
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