CanAlaska Launches $15 Million 2026 Drill Campaign at West McArthur’s High-Grade Pike Zone

CanAlaska Uranium ( (TSE:CVV) ) has shared an announcement.

CanAlaska Uranium has approved and is preparing a $15 million exploration program for 2026 at its West McArthur Joint Venture in the southeastern Athabasca Basin, where it holds roughly 88.86% and operates alongside partner Cameco. The campaign, to be co-funded on a pro-rata basis, will deploy three drill rigs from early January to step out from the high-grade Pike Zone discovery along the C10S trend, targeting both southwest and northeast extensions where drilling to date has been sparse and geophysical and geochemical indicators suggest strong potential for additional unconformity-related uranium zones. Building on 2025 results that significantly expanded the Pike Zone footprint and delivered some of the project’s best high-grade intercepts, the 2026 program will also test broader sections of the largely underexplored 16-kilometre C10/C10S conductive corridor, aiming to demonstrate further uranium endowment and potentially enhance the project’s scale and strategic value within the Athabasca uranium camp.

The most recent analyst rating on (TSE:CVV) stock is a Hold with a C$0.61 price target. To see the full list of analyst forecasts on CanAlaska Uranium stock, see the TSE:CVV Stock Forecast page.

Spark’s Take on TSE:CVV Stock

According to Spark, TipRanks’ AI Analyst, TSE:CVV is a Neutral.

The score is held back primarily by weak financial performance (no revenue, ongoing losses, and substantial cash burn). Technicals also remain bearish with the price below key moving averages and negative MACD. Offsetting factors include positive corporate developments (successful financing and expanded exploration potential), while valuation provides limited support due to negative earnings and no dividend data.

To see Spark’s full report on TSE:CVV stock, click here.

More about CanAlaska Uranium

CanAlaska Uranium Ltd. is a uranium exploration company focused on high-grade uranium discoveries in Canada’s Athabasca Basin, operating projects such as the West McArthur Joint Venture with Cameco Corporation. The company’s core activity is drilling and exploration along major conductive corridors to delineate unconformity-associated uranium deposits and expand its mineral resource potential in a region hosting some of the world’s richest uranium mines.

Average Trading Volume: 774,562

Technical Sentiment Signal: Hold

Current Market Cap: C$151.8M

Learn more about CVV stock on TipRanks’ Stock Analysis page.