CanAlaska Uranium Ltd. (CVV) has completed its first winter drill program at the Nebula project, located in the southeastern Athabasca Basin. The exploration effort involved eight diamond drill holes totaling 1,618 metres, testing priority targets identified through airborne geophysical surveys. The drilling successfully intersected wide packages of strongly graphitic pelite containing re-activated fault zones and associated hydrothermal alteration, both of which are considered essential markers in the search for basement-hosted uranium deposits.

The primary focus of the program was a 32-kilometre conductive corridor, of which the company evaluated approximately 3.5 kilometres. Within this trend, particularly in drillholes NEB005 and NEB006, the team encountered significant clay-altered and hematized fault structures spanning up to 35 metres in core length. While one additional hole, NEB007, was drilled to investigate a radioactive boulder field at Karpinka Lake, the results from that specific site did not provide a definitive source for the surface mineralization.

"The first Nebula project drilling program by CanAlaska was a resounding success. Strongly graphitic fault zones in association with intense clay alteration are great indicators of the potential for uranium deposition nearby. On first pass drill programs the CanAlaska team looks for the right rocks, right structure and right alteration. All three are present in abundance on Nebula, which is a great start so early in the discovery process. I am optimistic the pending assay results will reveal the correct geochemical fingerprint to go along with these other positive features."

— Cory Belyk, CEO

CanAlaska operates as a project generator, managing an extensive portfolio of approximately 330,000 hectares across the Athabasca Basin. The company has been active in expanding its ground holdings, recently staking five new mining claims near the Nebula project between early June and early July 2026. This activity underscores the company's broader exploration strategy in the region. Investors are currently awaiting the return of geochemical assay results from the winter drilling, which will provide further clarity on the geochemical signature of the structures intersected. Uranium is currently priced at $85.60 per unit.

Read the full announcement: CanAlaska Announces Results from Nebula Winter Drill Program