CanAlaska Intersects New High-Grade Uranium Mineralization 250 Metres Northeast of Pike Zone on the West McArthur JV

CanAlaska Uranium Ltd. has announced significant progress from its ongoing winter drill program at the Pike Zone on the West McArthur Joint Venture Project in Saskatchewan's Athabasca Basin. The company has successfully intersected new high-grade unconformity-associated uranium mineralization approximately 250 metres northeast of the previously defined Pike Zone, highlighted by drillhole WMA101-02 which returned 5.2 metres grading 3.10% eU3O8. Additional mineralization was also discovered 50 metres southwest of the main zone, demonstrating the expansion potential of the hydrothermal system.

The West McArthur project represents a strategic asset for CanAlaska, operating as an 88.89% owner in joint venture with Cameco Corporation, which co-funds the exploration program. The 2026 winter drilling campaign has completed seven unconformity target intersections across three key areas, with three drills currently operating to achieve an estimated 20-25 unconformity intersections. The drilling has revealed that the strong hydrothermal mineralizing system remains open in both directions along the C10S corridor, with early indications of a potential new mineralization pod to the northeast.

The technical results demonstrate the robust nature of the uranium system, with mineralization characterized by blebby, nodular, and disseminated styles associated with strong clay, hematite, and sooty pyrite alteration. The basement rocks show extensive bleaching and alteration associated with reactivated graphitic and chloritic fault zones, indicating a large-scale hydrothermal system. Lower sandstone columns exhibit bleaching with limonite alteration extending 40-90 metres above the unconformity, suggesting significant fluid flow and alteration.

These results position the West McArthur project as an increasingly important uranium exploration asset in the prolific Athabasca Basin. The successful expansion of the mineralized footprint, combined with the ongoing drilling program scheduled to continue through April and a planned summer program, suggests significant potential for additional high-grade uranium discoveries. The project's location near existing infrastructure in the southeastern Athabasca Basin enhances its strategic value for potential future development.