Bring a large pot of salted water to boil. Dunk basil leaves into the boiling water for 20 seconds. Drain and squeeze out as much excess water as possible.
In a blender, whirl blanched basil leaves with olive and canola oils. Empty into a measuring cup or small pitcher and reserve.
In a medium bowl, whisk together egg yolks, garlic, mustard, lemon juice, salt, and pepper. Whisk in a drop of the basil oil; continue adding drops of oil, whisking until mixture thickens to a mayonnaise-like consistency. Continuing to whisk, pour in remaining basil oil in a very thin stream. Season with additional salt and pepper to taste.
Note: Nutritional analysis is per tablespoon.