CanAlaska Uranium Ltd. ($CVV) has announced the commencement of its 2026 ground-based geophysical program on the Waterbury South project, located in the eastern Athabasca Basin, Saskatchewan. This project is strategically situated about 10 kilometers from the operational Cigar Lake Mine and only 2 kilometers from the Cigar Lake haul road.
The objective of the Waterbury South geophysical survey is to refine conductive corridors, thereby generating new drill targets centered around historical mineralization found on the Project. CanAlaska President and CEO, Cory Belyk, expressed enthusiasm about the project’s potential, stating, "The Waterbury South project has been on our radar for years as we advanced the West McArthur Pike Zone discovery. With new access to lower-cost capital, we are poised to push this initiative forward, especially in light of significant findings from our drilling campaigns in 2021 and 2022."
The winter exploration program will feature a ground-based electromagnetic survey designed to map the conductive corridors of the Project. Utilizing the advanced Stepwise Moving Loop Time Domain Electromagnetic (SWML-TDEM) technology, the survey encompasses eight geophysical grid lines aimed at identifying the graphitic basement conductors where they intersect the sandstone and basement unconformity. Approximately 90 km of SWML-TDEM surveying will be conducted using the Volterra-EM acquisition system, known for its high-resolution three-component electromagnetic data generation.
Located along the prolific Collins Bay fault system, the Waterbury South project has seen limited historical exploration by key players such as SMDC, Noranda, and Cameco. Previous drilling in the 1980s and early 2000s has indicated the presence of uranium mineralization, including a notable intersection of 0.12% U3O8 over 0.1 m.
CanAlaska acquired the Project in the mid-2000s and has since identified promising targets through various surveys. The exploration efforts in 2021 highlighted significant polymetallic mineralization, further solidifying the Project’s potential.
The 2026 winter exploration program aims to map and refine these conductive corridors while targeting the historical mineralization identified in previous drilling campaigns. SJ Geophysics will execute the survey, with interpretation and processing from Convolutions Geoscience, expected to conclude by early April.
CanAlaska will showcase its developments at the Red Cloud Pre-PDAC Mining Showcase on February 26th and 27th, followed by participation in the 2026 PDAC Convention from March 1st to 4th, where representatives will be present at booth #2140.
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