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CanAlaska Uranium Starts Summer Drill Program at West McArthur Joint Venture

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CanAlaska Uranium (CVV.V) has begun its summer drill program as part of the $15 million 2026 exploration program on the West McArthur Joint Venture project in the southeastern Athabasca Basin, it said on Tuesday.

The 2026 West McArthur summer program will focus on continued step outs to the southwest and northeast of the currently defined high-grade mineralized footprint of the Pike Zone to evaluate for additional zones of high-grade uranium mineralization and continuation of the associated large hydrothermal alteration system. The program will consist of three diamond drills operating to achieve an estimated 20 to 25 unconformity target intersections.

The West McArthur project, a Joint Venture with Cameco Corporation (CCO.TO, CCJ), 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 JV.

"The winter exploration program at West McArthur's Pike Zone discovery highlighted extensive unconformity uranium mineralization in association with some very strong alteration and structure along the C10S corridor over more than 1,000 metres strike length," said CanAlaska Chief Executive Cory Belyk. "These encouraging results guide the plan for the summer drill targeting as the team continues to evaluate this area for additional high-grade uranium pods."

The company expects to complete the summer portion of the 2026 exploration program in September. The geochemical assay results from the winter portion of the 2026 exploration program are pending, it said.

Shares of the company closed down 3.6% to $0.54 on Monday on the TSX Venture Exchange.

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