February 19, 2026 — Leads & Copy — CanAlaska Uranium Ltd. has commenced its 2026 ground-based geophysical program on the Waterbury South project in the eastern Athabasca Basin. The program aims to refine conductive corridors and identify targets for future drilling, focusing on historical mineralization on the Project.
The Waterbury South project, wholly owned by CanAlaska, is located approximately 10 km southeast of the Cigar Lake Mine and 2 km from the Cigar Lake haul road.
CanAlaska CEO Cory Belyk stated that the Waterbury South project has been on the company’s opportunity list while advancing the West McArthur Pike Zone discovery. With access to lower-cost capital, CanAlaska intends to move the project toward discovery by following up on results from the 2021 and 2022 drill programs. Belyk noted the polymetallic mineralization in WAT009 is similar to that of the nearby Cigar Lake uranium mine. He added that new geophysical data will support drilling, and with Cigar Lake’s production life ending in 2036, it is an opportune time to advance the project.
The winter 2026 exploration program will employ a ground-based electromagnetic survey to map conductive corridors. A Stepwise Moving Loop Time Domain Electromagnetic survey (SWML-TDEM) will be conducted, consisting of eight geophysical grid lines oriented perpendicular to a linear magnetic low corridor. The survey aims to map the location of graphitic basement conductors where they intersect the sandstone and basement unconformity, covering approximately 90 km of SWML-TDEM surveying using the Volterra-EM acquisition system.
The Waterbury South project is situated along the Collins Bay fault system, which runs from northeast of Cameco’s Eagle Point Mine through the Eagle Point, Collins Bay, and Rabbit Lake uranium deposits and into the Project area. Historical exploration by SMDC, Noranda, COGEMA, and Cameco included geochemical surveys and airborne and ground-based geophysical surveys. Noranda identified basement-hosted uranium mineralization grading 0.12% U3O8 over 0.1 m from 283 m in the 1980s. In the early 2000s, Cameco completed an EM survey and three drill holes. SOD-253 intersected pervasively bleached sandstone with weak sooty pyrite alteration.
CanAlaska acquired the Project in the mid-2000s and completed an airborne electromagnetic survey followed by a DC Resistivity survey that identified likely sandstone resistivity low breaches. In 2021, CanAlaska completed three drillholes, with WAT009 intersecting a strongly altered lower sandstone column with polymetallic mineralization at the unconformity, characterized by 0.5 m with 405 ppm uranium, 2.42% nickel, 2.34% arsenic, 0.5% zinc, and 801 ppm cobalt from 349 – 349.5 m. An additional six drillholes in 2022 confirmed a complex structural network with sandstone and basement alteration.
The 2026 winter exploration program will focus on mapping and refining conductive corridors, specifically targeting the strike extension of historical mineralization and geochemical anomalism. The Company believes that modern ground-based geophysical data will provide accurate targets for future exploration.
The survey, anticipated to be completed by early April, will be conducted by SJ Geophysics with interpretation and processing support from Convolutions Geoscience.
CanAlaska will attend the Red Cloud Pre-PDAC 2026 Mining Showcase on February 26th and 27th and the 2026 PDAC Convention from March 1st – 4th in Toronto, Ontario.
Historical results from the Saskatchewan Mineral Assessment Database (SMAD) may be incomplete or subject to minor location inaccuracies. Management cautions that historical results collected by past operators have not been verified; however, they form a scientific basis for ongoing work.
The news release refers to neighboring properties in which the Company has no interest. Results, discoveries, or mineralization on neighboring properties are not necessarily indicative of results on the Company’s properties.
All reported depths and intervals are drill hole depths and intervals and do not represent true thicknesses.
CanAlaska is a leading uranium explorer in the Athabasca Basin of Saskatchewan, Canada, with a large portfolio of uranium projects. The company owns properties totaling approximately 500,000 hectares with targets covering basement and unconformity uranium deposit potential. CanAlaska has focused on the West McArthur high-grade uranium expansion and is fully financed for the 2026 drill season.
The Qualified Person for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd.
Source: CanAlaska Uranium Ltd.
