CanAlaska Begins Drill Program at Nebula Project

CanAlaska Uranium Ltd. has commenced its 2026 winter drilling program at the Nebula uranium project in Saskatchewan's southeastern Athabasca Basin, marking a significant exploration milestone for the company. The program targets basement-hosted uranium deposits within a 13-kilometre-long conductive corridor that has never been drill-tested, representing one of the few remaining untested highly conductive target corridors in the eastern Athabasca Basin. The project's strategic location just 30 kilometres south of the past-producing Key Lake Mine and currently operating Key Lake Mill complex provides exceptional infrastructure advantages for potential future development.

The technical approach focuses on two high-priority target areas identified through recent high-resolution airborne geophysical surveys. The first target area lies up-ice from the historically identified Karpinka Lake radioactive boulder train, which has yielded grab samples with uranium grades up to 0.35%. The second target encompasses the long-linear conductive trend that parallels the highly prospective Wollaston-Mudjatik transition zone, known to host several unconformity-associated uranium deposits in the Eastern Athabasca Basin. CEO Cory Belyk, drawing on his five years as Chief Mine Geologist at Cameco's Eagle Point deposit, noted the geological similarities between Nebula and Eagle Point, describing the opportunity as truly exciting and potentially overlooked by previous explorers.

The winter program will deploy one diamond drill to complete an estimated six to eight drillholes, targeting areas of interpreted structural complexity where bends and breaks in conductive rocks may have created conditions for uranium mineralization. The exploration strategy focuses on the graphitic metasedimentary rocks of the lower Wollaston Domain, where conductor-parallel and cross-cutting fault zones intersect to create high-priority exploration targets. This systematic approach reflects CanAlaska's project generator model and positions the company to potentially discover significant uranium mineralization in a jurisdiction with established mining infrastructure and regulatory framework.

For the broader uranium sector, the Nebula program represents continued exploration momentum in one of the world's premier uranium districts. With CanAlaska fully financed for the 2026 drill season and maintaining approximately 500,000 hectares of uranium properties in the Athabasca Basin, the company is well-positioned to capitalize on the growing global demand for uranium. The proximity to existing infrastructure and the untested nature of the primary target corridor suggest significant discovery potential that could materially impact both the company's portfolio and regional uranium supply considerations.