Canada One Mining Corp. (TSXV: CONE) (OTC Pink: COMCF) (FSE: AU31) ("Canada One" or the "Company") is pleased to announce the launch of its 2025 field exploration program at its flagship Copper Dome Project ("Copper Dome", "Property" or "Project"), located 18 km south of Princeton, British Columbia.
2025 FIELD WORK PROGRAM HIGHLIGHTS
Peter Berdusco, President & CEO of the Company, commented: "We are excited to kick off our 2025 field work at Copper Dome. The Boundary Zone—a recently identified 1 × 2 km Cu–Au anomaly with historical rock samples up to 43% Cu—will anchor our systematic mapping and geochemistry. In parallel, we will refine the Friday Creek, Combination, and Haul Road zones and re-log historical core to deliver a ranked, data-driven target matrix."
2025 Field Work Program Summary
The 2025 program will prioritize exploration of the Boundary Zone, a newly defined target characterized by a 1 km by 2-km copper-gold soil geochemical anomaly (See Figure 1: "Map of Copper Dome Zones with Historical Work and Prospective Area"). Historical rock sampling on the western margin of the Boundary Zone returned exceptional assays of up to 43% Cu, 28.16 g/t Au, and 18.19 g/t Pd. Given the limited historical work in this area, the Company's field efforts will focus on systematic geochemical rock sampling and detailed geological mapping. This work aims to better understand the nature of copper-gold mineralization, identify alteration assemblages, and evaluate the proximity of potential porphyry centers relative to the Boundary Zone.
In addition, follow-up rock sampling and geological mapping will be conducted on the Friday Creek, Combination, and Haul Road zones which are adjacent to the Boundary Zone (See Figure 2: "Location Map of the Copper Dome Project"). The Friday Creek and Combination zones have seen limited historical diamond drilling that tested both geophysical and geochemical anomalies, with notable results including:
Understanding the geological framework of these zones will be critical in developing a comprehensive target matrix for future drill testing. The Company's objective is to define the specific geological settings of each target and identify those with the most favourable characteristics for copper-gold porphyry centers.
As part of the 2025 program, field crews will also evaluate the condition of historical drill core for relogging, cataloguing, and reinterpretation, with particular attention to the most significant historical intercepts.
Figure 1: Map of Copper Dome Zones with Historical Work and Prospective Area
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Figure 2: Location Map of the Copper Dome Project
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About The Copper Dome Project
Copper Dome is located in the lower Quesnel Trough porphyry belt, one of British Columbia's most prolific mining districts. The Project directly adjoins Hudbay Minerals Inc.'s (TSX: HBM) producing Copper Mountain Mine to the north which hosts Proven and Probable Reserves of 702 million tonnes grading 0.24% Cu, 0.09 g/t Au, and 0.72 g/t Ag. Multiple mineralized zones have been identified across the Property, with historical drilling confirming high-grade copper associated with northeast-trending structures similar to those hosting mineralization at Copper Mountain.
The Project benefits from excellent infrastructure, enabling year-round access, cost-efficient exploration, and a stable, low-risk jurisdiction.
Historical Work Completed
With a five-year drill permit in place, the Company is focused on advancing the Project toward drill-ready target definition.
About Canada One
Canada One Mining is a Canadian junior exploration company focused on copper and other critical metals needed for the energy transition. The Company advances projects from discovery through resource definition using disciplined, data-driven exploration and responsible practices. Its flagship Copper Dome Project, near Princeton, British Columbia, is targeting a porphyry-style copper-gold system in a Tier-1 jurisdiction. Canada One's goal is to deliver sustainable growth and long-term value for shareholders and local communities.
Acknowledgement
Canada One acknowledges that the Copper Dome Project is located within the traditional, ancestral and unceded territory of the Smelqmix People. We recognize and respect their cultural heritage and relationship to the land, honoring their past, present and future.
Qualified Person
The technical information contained in this news release has been reviewed and approved by David Mark, P.Geo., a Qualified Person for the purposes of National Instrument 43-101.
Contact Us
For further information, interested parties are encouraged to visit the Company's website at www.canadaonemining.com, or contact the Company by email at info@canadaonemining.com, or by phone at 1.877.844.4661.
On behalf of the Board of Directors of
Canada One Mining Corp.
Peter Berdusco
President
Chief Executive Officer
Interim Chief Financial Officer
Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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HIGHLIGHTS:
Cygnus Executive Chairman David Southam said: "Within just nine months of acquiring the Chibougamau Project, we have been able to deliver a significant resource upgrade with substantial scope for further growth.
"Importantly, it comes at a time of rising demand for copper projects in attractive jurisdictions with real scale and a clear pathway to production and cashflow. With this increased resource base, and the ongoing growth outlook, Cygnus is now clearly in that league.
"Being able to deliver a brand-new resource at Golden Eye in such a short space of time speaks volumes. It should not be lost that our total gold resources have increased substantially in a gold price environment in excess of US$3,500/oz.
"Given the potentially significant benefits of the increased resource on a production profile and the sharp rises in our commodity prices since the previous studies done three years ago, the attractions of the Chibougamau Project are now very clear to us."
TORONTO and PERTH, Australia, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) ("Cygnus" or the "Company") is pleased to announce a MRE update for the Chibougamau Copper-Gold Project in Quebec (Table 1).
This updated MRE is comprised of:
Overall, this results in a significant increase in the total resource base for the Chibougamau Hub and Spoke Project.
The MRE update for the Chibougamau Project includes the Corner Bay, Cedar Bay, Joe Mann, and Devlin deposits and the new Golden Eye deposit, all located within a 60 km radius from Cygnus' 100%-owned existing processing facility. The increase in the MRE is the result of drilling programs completed by Doré Copper in 2022 & 2024 at Corner Bay and Cygnus in 2025 at Corner Bay and Golden Eye. In the nine months since Cygnus acquired Doré Copper on 1 January 2025, Cygnus has completed 17,183 m of drilling.
A major part of the increased MRE is due to a successful exploration drilling campaign at Golden Eye which was a focus of early target generation and exploration work by the Cygnus exploration team. The initial resource at Golden Eye includes Indicated Mineral Resources of 91 koz at 5.6 g/t AuEq and Inferred Mineral Resources of 182 koz at 4.6 g/t AuEq. The Company sees further opportunity to grow this resource, which remains open at depth below 400 m and in multiple directions.
The increase in the global MRE (see Figure 1) in a short timeframe proves that significant growth opportunities exist at the Chibougamau Project. Diamond drill rigs are continuing to turn while the Company continues to execute its in-house AI driven solution for the compilation of historic drill logs and maps, some of which have never been viewed in modern 3D software. This background work has successfully assisted Cygnus in targeting Golden Eye and resulted in the delivery of an initial MRE, as well as identifying new drill targets at Cedar Bay (currently being drilled), and will be fundamental to generating additional drill targets within the camp.
Significant exploration potential is centred around the high-grade Chibougamau mineral system, which has a production history of 945,000 t of copper and 3.5 Moz of gold. 3 This endowment, combined with a fractured ownership history and premature mine closure, provides Cygnus with the first opportunity to conduct modern systematic exploration in over 20 years.
The MRE update provides the foundation for advancing the economic studies of the Chibougamau Project. Well established infrastructure provides the project a significant head start along the pathway to production with a 900,000 tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure, and 25 kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250 km radius. There are a number of other advanced copper and gold projects within this reach.
The MRE was prepared by SLR Consulting (Canada) Ltd. ("SLR"), in accordance with Canadian Institute of Mining Metallurgy and Petroleum Definition Standards ("CIM 2014") as incorporated in National Instrument 43-101 Standard of Disclosures for Mineral Projects ("NI 43-101") and the Joint Ore Reserves Committee's 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code"). A Technical Report, documenting the Chibougamau Project Mineral Resource Estimate, will be filed on SEDAR+ ( www.sedarplus.ca ) within 45 days of this news release and will also be available on the Company's website ( www.cygnusmetals.com ).
Table 1: Mineral Resource Estimate ("MRE") for the Chibougamau Copper-Gold Project as at 16 September 2025.
| Cu Project | Classification | COG CuEq | Tonnage | Average Grade | Contained Metal | ||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| % | Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | ||
| Corner Bay | Indicated | 1.2 | 4.9 | 2.5 | 0.3 | 8.4 | 2.8 | 4.1 | 124 | 43 | 1,316 | 137 | 638 |
| Inferred | 5.4 | 2.7 | 0.2 | 8.9 | 3.0 | 4.3 | 146 | 41 | 1,543 | 159 | 744 | ||
| Devlin | Measured | 1.5 | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 |
| Indicated | 0.6 | 2.0 | 0.2 | 0.2 | 2.1 | 3.4 | 13 | 4 | 5 | 13 | 69 | ||
| M&I | 0.8 | 2.1 | 0.2 | 0.3 | 2.3 | 3.6 | 16 | 5 | 7 | 17 | 88 | ||
| Inferred | 0.3 | 2.0 | 0.2 | 0.3 | 2.1 | 3.4 | 7 | 2 | 3 | 7 | 36 | ||
| Total | Measured | 1.2-1.5 | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 |
| Indicated | 5.5 | 2.5 | 0.3 | 7.5 | 2.7 | 4.0 | 137 | 47 | 1,321 | 150 | 707 | ||
| M&I | 5.6 | 2.5 | 0.3 | 7.3 | 2.7 | 4.0 | 140 | 48 | 1,323 | 154 | 726 | ||
| Inferred | 5.7 | 2.7 | 0.2 | 8.4 | 2.9 | 4.2 | 153 | 43 | 1,546 | 166 | 780 | ||
| Au Project | Classification | COG AuEq | Tonnage | Average Grade | Contained Metal | ||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| g/t | Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | ||
| Joe Mann | Inferred | 2.0 | 0.7 | 0.2 | 6.0 | - | 4.6 | 6.3 | 2 | 143 | - | 34 | 151 |
| Cedar Bay | Indicated | 1.8 | 0.3 | 1.6 | 6.0 | 9.9 | 6.4 | 8.1 | 4 | 50 | 82 | 16 | 67 |
| Inferred | 0.8 | 2.0 | 5.1 | 11.8 | 6.1 | 7.8 | 17 | 134 | 309 | 50 | 205 | ||
| Golden Eye | Indicated | 0.5 | 1.0 | 4.3 | 9.9 | 4.4 | 5.6 | 5 | 69 | 161 | 22 | 91 | |
| Inferred | 1.2 | 0.9 | 3.4 | 7.9 | 3.6 | 4.6 | 11 | 134 | 313 | 45 | 182 | ||
| Total | Indicated | 1.8-2.0 | 0.8 | 1.2 | 4.9 | 9.9 | 5.1 | 6.5 | 9 | 119 | 243 | 39 | 158 |
| Inferred | 2.8 | 1.0 | 4.6 | 6.9 | 4.6 | 6.0 | 29 | 411 | 622 | 129 | 538 | ||
| Project | Classification | Tonnage | Average Grade | Contained Metal | |||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | |||
| Hub and Spoke | Measured | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 | |
| Indicated | 6.3 | 2.3 | 0.8 | 7.8 | 3.0 | 4.3 | 146 | 166 | 1,563 | 189 | 865 | ||
| M&I | 6.4 | 2.3 | 0.8 | 7.6 | 3.0 | 4.3 | 149 | 167 | 1,565 | 193 | 884 | ||
| Inferred | 8.5 | 2.1 | 1.7 | 7.9 | 3.5 | 4.8 | 182 | 454 | 2,168 | 295 | 1,318 | ||
Notes:
Figure 1: Comparison of current MRE (Sep 2025) with previous MRE (Mar 2022) for the Chibougamau Copper-Gold Project. Note: The previous MRE is considered a foreign estimate and was not prepared in accordance with the JORC Code. Refer to CY5's ASX release dated 15 October 2024 for further details of the Foreign Estimate.
Figure 2: The Chibougamau Project located in Central Quebec on major road, rail and hydropower infrastructure.
Figure 3: Location of high-grade Corner Bay, Devlin, Cedar Bay, Joe Mann and Golden Eye deposits in hub and spoke model.
Future Drilling
With this significant milestone now achieved, in line with the Company's value creation strategy, the focus moves to the next 12 months (refer Figure 4). The MRE increase in contained metal clearly highlights the opportunity for continued growth and this remains one of the core drivers for value creation. Cygnus will continue exploration drilling across the camp utilising its in-house AI-driven solution for historic data to deliver priority drill targets. This approach will focus on known deposits and extensions to known mineralisation, continuing to unlock this historic district through low-risk brownfield exploration. In conjunction with exploration, the Company will also continue infill drilling to de-risk the Project and further provide confidence in the mineral resources to conduct more detailed study work.
Scoping Study/ Preliminary Economic Assessment
With the MRE update resulting in a 78% increase in the Measured and Indicated Mineral Resources, the Company also sees significant value in continuing to advance the Project with an updated Scoping Study / PEA (Doré Copper had previously completed a PEA in 2022) 1 as there is significant opportunity to enhance the economics of the Project by using an updated MRE with updated costs (particularly treatment and refining charges), the inclusion of silver, exchange rates and metal prices to reflect the current commodity price environment. This updated study has commenced and is currently scheduled for completion in Q1 CY2026 (refer Figure 4).
Figure 4: Indicative timetable of Cygnus' strategy and news flow. The above timetable is indicative only and subject to change.
ABOUT THE MINERAL RESOURCE ESTIMATE
The Chibougamau Project Mineral Resource update consists of existing deposits Corner Bay, Cedar Bay, Joe Mann and Devlin and an initial MRE for the Golden Eye deposit (Table 1 on page 3 sets out the Mineral Resource Estimate for the Chibougamau Project).
The MRE has been prepared in accordance with the JORC Code and the 2014 CIM Definition Standards and were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") 2019 Best Practices Guidelines, as required by NI 43-101 . Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Key additional work that has resulted in the MRE increase includes, but is not limited to:
SUMMARY OF THE RESOURCE PARAMETERS
In accordance with ASX Listing Rule 5.8.1, a fair and balanced representation of the information contained in JORC Table 1 (refer Appendix B), including a summary of all information material to understanding the reported MRE is provided below.
Project Geology and Geological Interpretation
Regional and Local Geology
The Project is located at the northeastern extremity of the Abitibi Sub province in the Superior province of the Canadian Shield. The Abitibi Sub-province is considered to be one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits.
The Chibougamau region is located in the northeastern part of the Abitibi Greenstone Belt of the Superior Province. The Archean rocks of the Chibougamau region were deformed and metamorphosed from greenschist to amphibolite facies during the Kenoran orogeny.
The Chapais-Chibougamau area recorded major intrusive activities of various nature, genetically linked to the volcanism and tectonism periods of the geological history of the region. The three important intrusive bodies of the region are: 1) the Doré Lake Complex ("DLC"); 2) the Chibougamau Pluton; and 3) the differentiated mafic to ultramafic sills of the Cumming Complex that formed in the second volcanic cycle.
The DLC hosts the Corner Bay, Cedar Bay and Golden Eye deposits as well as several other regional copper-gold deposits. It dates to 2,728.3 ± 1.2 Ma (Mortensen, 1993) and is a synvolcanic layered intrusion emplaced during the first volcanic cycle in the region between the Obatogamau and Waconichi Formations. DLC is an anorthositic complex with mafic to ultramafic intrusions with a tholeiitic to calc-alkaline magmatic affinity (Allard, 1976; Daigneault and al., 1990; Ahmadou and al., 2019).
The Chibougamau Pluton hosts the Devlin deposit. The pluton was emplaced in the DLC and part of the Waconichi Formation; however, it is coeval with the second volcanic cycle of the Roy Group. The Chibougamau Pluton is composed of an abundance of tonalite and diorite dikes, pegmatites, feldspar-phyric units, as well as hydrothermal and magmatic breccia; all of which point to a shallow emplacement depth (Mathieu and Racicot, 2019). The pluton occupies the core of the Chibougamau anticline, which is part of the major folding structures of the region.
The Joe Mann deposit is a structurally controlled deposit hosted by the Opawica-Guercheville deformation zone. This major east-west trending deformation corridor is approximately 2km wide and extends for over 200km (Tait, 1992a; Pilote 1998; Leclerc et al. 2012). The structure cuts the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment.
Mineralization
The Corner Bay, Cedar Bay and Golden Eye deposits are located on the flanks of the DLC. These deposits are typical shear hosted copper-gold veins situated within the host anorthosite which is sheared and sericitized over widths of 2 m to 25 m. The mineralization is characterized by veins and/or lenses of massive to semi-massive sulphides associated with a brecciated to locally massive quartz-calcite material. The sulphides assemblage is composed of chalcopyrite, pyrite, and pyrrhotite, with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a common wide halo around the main mineralization zones.
The Devlin deposit is hosted in the Chibougamau Pluton and is characterized by flat-lying undulating magmatic massive sulphide veins occurring at a depth of less than 100 m from surface. The deposit is hosted by a hydrothermal breccia, consisting of massive chalcopyrite-pyrite-quartz +/- carbonate vein, which pinches and swells. Minor hematite and magnetite are present locally; both being erratically distributed.
The gold mineralization at the Joe Mann mine is hosted by decimetre scale quartz-carbonate veins. The veins are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and veinlets parallel to schistosity, and occasionally visible gold. The veins are dominated by vitreous white quartz with minor plagioclase and iron carbonate. They are intensely brecciated and often boudinaged and folded. Furthermore, these veins are characterized by their laminated or banded structure, consisting of alternating ribbons of quartz and mineralized wall rock. The majority of the vein sulphide mineralization is contained in these wall-rock fragments.
Drilling and Sampling Techniques
Drilling at the Chibougamau Project has been conducted exclusively by diamond drilling. A total of 768 drill holes for a total of 308,314 m have been included for the purposes of the MRE. The distribution of drilling by deposit is summarised below.
| Deposit | Holes | Metres |
| Corner Bay | 403 | 207,920 |
| Cedar Bay | 37 | 33,360 |
| Joe Mann | 51 | 17,622 |
| Devlin | 176 | 19,112 |
| Golden Eye | 101 | 30,300 |
| Total | 768 | 308,314 |
All 35 holes for 17,183 m of diamond drilling completed by Cygnus were NQ2 (50.6 mm diameter) and surveyed using DeviGyro OX NQsupplied by IMDEX out of Val-d'Or, Québec.
Cygnus established a sampling protocol whereby core is typically sampled to a maximum length of one metre and a minimum of 0.3 m to accommodate geological boundaries or changes in mineralization. While this protocol was followed for current drilling, some historical drill holes include intervals shorter than 0.3 m or longer than 1 m.. All Cygnus core was cut in half, with the non-assayed portion stored for future reference if required.
For further detail regarding drilling and sampling, please refer to Appendix B (Table 1 – Section 1).
Sample Analysis Method
All assays completed by Cygnus were conducted by Bureau Veritas Commodities Canada Ltd ("BV"). Sample preparation and fire assay analysis were done at BV in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C.
Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm. Samples are fire assayed for gold (Au) (50 g and 30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo). Samples with visible gold or likely to have gold grains are analysed with metallic screen fire assay. Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 50 g and 30 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.
QA/QC is done in-house by Cygnus' geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
For further details regarding drilling and sampling, please refer to Appendix B (Table 1 – Section 1).
Estimation Methodology
Geological and mineralisation constraints were generated in Leapfrog by Cygnus staff, reviewed by the Competent Person, and applied to geostatistics, variography, block modelling, and grade interpolation. Projects are not operational, and results have not been validated against reconciliation data. Post-mineralisation dykes and overburden were assigned zero grade. Parent block sizes were sub-celled and, where appropriate, rotated. Block model validation used standard industry methods, including visual inspection, statistical comparison (ID, NN, OK), swath plots, and wireframe-to-block volume checks. No assumptions were made about correlations between variables.
Grade interpolation followed inverse distance methods (ID² or ID³) with progressively larger search passes. Search ellipses were anisotropic or isotropic depending on the deposit, oriented using dynamic anisotropy or the default coordinate system. Assay capping was applied using basic statistics, histograms, log probability plots, and decile analysis, with composites generally formed at either 2 m or full-width intercepts.
Corner Bay includes nine domains (CBAD1 to CBAD4, CBAD3a, CBUD, WV, WV2, WV3) built using a 1% CuEq cut-off and a 2 m minimum thickness. Parent blocks are 5×5×5 m, sub-celled to 1.25×0.625×1.25 m, and rotated 5°. Capping levels are 16% for Cu, 5 g/t for Au, and 80 g/t for Ag. The composites are 2 m lengths, except full width for CBUD.
Cedar Bay has four domains based on a 1% CuEq cut-off and approximately a 1.5 m minimum thickness. Parent blocks are 5×5×5m, sub-celled to 1.25 m. Capping levels are 40 g/t for Au, 12% for Cu, and 60 g/t for Ag. Composites are full width.
Joe Mann has three domains with a 2 g/t Au cut-off and 1.2 m minimum thickness. Capping levels are 45 g/t for Au, and 2.5% for Cu, with high-grade restrictions of 20 g/t Au over 18.75 m in the x-axis and 75 m in the y-axis of the second interpolation pass. Parent blocks are 5×1×5 m, sub-celled to 1.25×0.25×1.25 m in two block models with different rotations. Composites are full width.
Devlin has four domains (three upper, one lower) based on a 1% Cu cut-off and a 1.8 m minimum thickness. Capping levels are 2.5 g/t for Au and 15% for Cu in the Lower Zone and 1.5 g/t for Au and 10% for Cu in the Upper Zone. Parent blocks are 10×10×2.5 m, sub-celled to 5×5×1.25 m. Composites are full width.
Golden Eye has ten domains based on a 1% CuEq cut-off and a 1.5 m minimum thickness. Parent blocks are 5×5×5 m, sub-celled to 1.25 m. Capping levels are 40 g/t for Au, 12% for Cu, and 60 g/t for Ag. Composites are full width.
Bulk Density
At Corner Bay, 1,667 water immersion density measurements were collected. Mineralisation domains ranged from 2.85 g/cm³ to 3.02 g/cm³, while overburden was assigned 2.0 g/cm³.
| Corner Bay Density Domains | Density (g/cm³) | Domains | Density (g/cm³) |
| Overburden | 2.00 | WV | 2.86 |
| CBAD1 | 3.02 | WV2 | 2.85 |
| CBAD2 | 3.02 | WV3 | 2.93 |
| CBAD3 | 3.00 | CBAD4 | 2.95 |
| CBUD | 2.97 | CBAD3a | 2.90 |
| Adjacent Material | 2.90 |
At Cedar Bay, 23 density measurements from two drill holes gave an average of 2.90 g/cm³, applied to all mineralised blocks.
At Joe Mann, 603 density measurements (2020–2021) ranged from 2.78 g/cm³ to 3.07 g/cm³ in mineralization and 1.28 g/cm³ to 3.24 g/cm³ in adjacent material; 2.90 g/cm³ was assigned to mineralization.
At Devlin, 52 samples (2013–2014) averaged 2.87 g/cm³; densities were set at 2.90 g/cm³ (Lower Zone), 2.85 g/cm³ (Upper Zone), and 2.77 g/cm³ (background).
At Golden Eye, similar to Cedar Bay, 2.90 t/m³ was assigned to mineralised blocks, consistent with host rock and limited density data.
It is the Competent Person's opinion that with the exception of a small number of outliers, these are reasonable densities for these types of mineralization and host rocks.
Classification
At Corner Bay, Indicated Mineral Resources are defined by areas with at least three drill holes spaced up to approximately 60 m (100% variogram range), and Inferred Mineral Resources by drill holes spaced from approximately 60 m to 120 m. Class boundaries were locally adjusted where the drill spacing criteria were not met to consider geological understanding, grade continuity, zone thickness, and the creation of cohesive class boundaries.
At Cedar Bay, Indicated Mineral Resources are defined by drill holes spaced at up to approximately 60 m apart and Inferred Mineral Resources by drill holes spaced at approximately 60 m to 120 m apart, with modifications for geological understanding, grade continuity, and cohesive boundaries. Some lower-grade material was included to preserve continuity.
At Golden Eye, Indicated Mineral Resources are defined by drill holes spaced at up to approximately 50 m apart and Inferred Mineral Resources by drill holes spaced at approximately 50 m to 100 m apart, with adjustments for geological understanding, grade continuity, and cohesive boundaries. Some lower-grade material was included to preserve continuity.
At Devlin, Measured Mineral Resources are defined within 15 m of underground openings, Indicated Mineral Resources by drill holes spaced at up to approximately 60 m apart, and Inferred Mineral Resources by drill holes spaced at approximately 60 m to 100 m apart. Boundaries were adjusted for geological understanding, copper grade continuity, and cohesion, with some lower-grade material included.
At Joe Mann, only Inferred Mineral Resources are defined due to wider drill spacing (20 m to 100 m) and in consideration of observed grade continuity and variability based on historical mining. Lower-grade material was included in the Main01 wireframe design to preserve continuity.
Mining Factors
The anticipated mining method for sub-vertical dipping deposits: Corner Bay, Cedar Bay, Golden Eye and Joe Man is longitudinal long hole with pillar ("LHP"). This mining method has been used to identify sensible SMU units when determining block sizes in the model.
The anticipated mining method for Devlin is either 1) drift and fill with slash; and 2) room and pillar with partial pillar recovery.
SLR prepared underground reporting shapes from indicator shells built at the respective deposit breakeven cut-off grade for Mineral Resource reporting. Some incremental material within the shapes was included to preserve continuity. Minimum thickness was considered and applied at the wireframing stage.
Resources are calculated as in-situ resources. Conservative factors used to calculate the underground reporting cut-off are based on previous operating cost basis for the mill, recoveries and general and administration (G&A) costs and metal prices below:
| Costs | Cedar Bay | Golden Eye | Corner Bay | Devlin | Joe Mann | |||||
| Mining Cost (C$/t milled) | $125 | $125 | $110 | $155 | $122 | |||||
| Processing Cost (C$/t milled) | $27 | $27 | $31 | $23 | $27 | |||||
| Transport (C$/t milled) | $2 | $1 | $12 | $18 | $19 | |||||
| G&A (C$/t milled) | $6 | $6 | $8 | $0 | $6 | |||||
Note: G&A at Devlin was transferred to Corner Bay.
Metallurgical Assumptions
Metallurgical assumptions vary by deposit and element; assumed metallurgical recoveries by deposit and element are summarised in the table below.
| Metallurgical Assumptions | |||||
| Element | Cedar Bay | Golden Eye | Corner Bay | Devlin | Joe Mann |
| Au | 87% | 87% | 78% | 73% | 84% |
| Cu | 91% | 91% | 93% | 96% | 95% |
| Ag | 80% | 80% | 80% | 80% | 80% |
Metallurgical recovery factors have been applied based upon historical production at the Chibougamau Processing Facility and recent metallurgical testing results (refer to announcement dated 28 January 2025).
Other modifying factors considered to date
Other modifying factors such as permitting, environmental considerations, and social/community impacts are still being considered. The Competent Person considers the modifying factors to be sufficiently understood to support the classification of Mineral Resources.
Metal Equivalents
Metal equivalents for the MRE have been calculated based on the following assumptions:
The following copper and gold equivalents formulas have been used:
It is the Company's view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
Reporting Cut-Off Values
The following copper equivalent (CuEq) and gold equivalent (AuEq) cut-off values have been applied for reporting:
This announcement has been authorised for release by the Board of Directors of Cygnus.
| David Southam | Ernest Mast | Media: |
| Executive Chair | President & Managing Director | Paul Armstrong |
| T: +61 8 6118 1627 | T: +1 647 921 0501 | Read Corporate |
| E: info@cygnusmetals.com | E: info@cygnusmetals.com | T: +61 8 9388 1474 |
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
Forward Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus' control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
Competent Persons and Compliance Statements
The independent Competent Person for the 2025 MRE is Ms Marie-Christine Gosselin, P.Geo., of SLR Consulting (Canada) Ltd. The information in this announcement that relates to the 2025 MRE is based on information compiled by Ms Marie-Christine Gosselin, a member of the Ordre des Géologues du Québec (P.Geo.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules. Ms Gosselin is employed by SLR Consulting (Canada) Ltd. and is Independent of Cygnus. Ms Gosselin has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves",. and as a Qualified Person as defined in the CIM Guidelines and NI43-101. References to Competent Person in this document refer to Ms. Gosselin's role as the QP for Canadian related disclosure and as Competent Person for Australian related disclosure. Ms Gosselin has approved the scientific and technical content in this announcement.
The scientific and technical information in this announcement that relates to Exploration Results is based on information compiled by Louis Beaupré, a Competent Person who is a member of the Ordre des Ingénieurs du Québec (P.Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules. Mr Beaupré is employed by the Company as its Quebec Exploration Manager and holds options in Cygnus. Mr Beaupré has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.
The information in this announcement that relates to previously reported Exploration Results at the Company's projects has been previously released by Cygnus in ASX Announcements as noted in the text and End Notes. Cygnus is not aware of any new information or data that materially affects the information in these announcements. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.
Inferred Mineral Resources are resources that have not been defined in sufficient detail to be characterized as Measured or Indicated Mineral Resources. Mineral Resources have not had economic considerations applied to them and are therefore not characterized as Mineral Reserves.
Historical Data: The MRE for Golden Eye includes a significant portion of historical drill hole information that has been reviewed by SLR's CP -SLR's review of the historical records and information reasonably substantiate the validity of the information presented in the MRE; however, SLR cannot directly verify the accuracy of the historical data, including (but not limited to) the procedures used for sample collection and analysis. Therefore, any conclusions or interpretations borne from use of this data should be considered too speculative to suggest that additional exploration will result in mineral resource delineation. SLR encourages readers to exercise appropriate caution when evaluating these data and/or results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/188c74ad-2e84-44c1-a03d-7b698220d34d
https://www.globenewswire.com/NewsRoom/AttachmentNg/d85697f2-77f2-45da-840e-cbd244645631
https://www.globenewswire.com/NewsRoom/AttachmentNg/40f4be28-107e-4487-9f8b-6ff9f6456148
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbd817c8-2244-4bc6-89a5-e750d3388e05
PDFs accompanying this announcement are available at:
http://ml.globenewswire.com/Resource/Download/3d2facc7-1fcb-49d5-82f5-c05b5998a6e8
http://ml.globenewswire.com/Resource/Download/aae349ec-0243-4cc1-8c00-d5268339c521
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Silver47 Exploration Corp. (TSXV: AGA,OTC:AAGAF) (OTCQB: AAGAF) ("Silver47" or the "Company") is pleased to announce the closing of its previously announced brokered private placement (the "Offering") of units (each, a "Unit") at a price of $0.70 per Unit for aggregate gross proceeds of $23,000,460, including the full exercise of the over-allotment option.
The Offering was led by Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents, including Eventus Capital Corp. and Haywood Securities Inc. (collectively, the "Agents").
Each Unit is comprised of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share at a price of $1.00 per Common Share until September 16, 2028.
The Company intends to use the net proceeds of the Offering for further exploration work on the Company's projects and for general working capital purposes.
The Units were sold in reliance on the "listed issuer financing exemption" from the prospectus requirement available under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemptions (the "Listed Issuer Financing Exemption"). The securities sold under the Listed Issuer Financing Exemption, including securities issuable upon exercise thereof, are not subject to a hold period in accordance with applicable Canadian securities laws, other than those sold to a director of the Company which are subject to a hold period expiring on January 17, 2026 in accordance with the policies of the TSXV Venture Exchange (the "Exchange").
In consideration for the services provided by the Agents in connection with the Offering, Silver47 paid to the Agents an aggregate cash commission of $1,193,175 and issued to the Agents an aggregate of 1,704,536 broker warrants of the Company (the "Broker Warrants"). Each Broker Warrant is exercisable to acquire one Common Share at a price of $0.70 per Common Share until September 16, 2028. In addition, the Company paid an advisory fee of $179,342.80 plus tax and issued 256,204 advisory warrants of the Company on the same terms as the Broker Warrants.
A director of Silver47 acquired 100,000 Units for gross proceeds of $70,000 pursuant to the Offering, and as such the Offering is considered a related party transaction within the meaning of Policy 5.9 of the TSXV Venture Exchange and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Neither Silver47, nor to the knowledge of Silver47 after reasonable inquiry, a related party, has knowledge of any material information concerning Silver47 or its securities that has not been generally disclosed. Silver47 has relied on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that the fair market value of the participation in the Offering by the insider will not exceed 25% of the market capitalization of the Silver47, as determined in accordance with MI 61-101. Silver47 did not file a material change report more than 21 days before the expected closing of the Offering because the details of the participation therein by a related party of Silver47 were not settled until shortly prior to closing of the Offering and the parties wished to close on an expedited basis for business reasons.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Silver47 Exploration Corp.
Silver47 Exploration Corp. is a mineral exploration company, focused on uncovering and developing silver-rich deposits in North America. The Company is creating a leading high-grade US-focused silver developer with a combined resource totaling 236 Moz AgEq at 334 g/t AgEq inferred and 10 Moz at 333 g/t AgEq Indicated. With operations in Alaska, Nevada and New Mexico, Silver47 is anchored in America's most prolific mining jurisdictions. For detailed information regarding the Company's properties, please refer to the technical reports and other filings available on the Company's profile on SEDAR+ at www.sedarplus.ca.
For more information about the Company, please visit www.silver47.ca.
Follow us on social media for the latest updates:
X: @Silver47co
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On Behalf of the Board of Directors
Galen McNamara
CEO & Director
For investor relations:
Giordy Belfiore
604-288-8004
gbelfiore@silver47.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the intended use of the net proceeds of the Offering, and the anticipated benefits and impacts of the Offering. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will receive final Exchange approval, the price of metals; the costs of exploration and development; the estimated costs of development of the Company's projects; and the Company's ability to operate in a safe and effective manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company's plans or expectations include, without limitation, risks relating to market conditions; timeliness of final Exchange approval; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties and management's ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266652
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GlobeTrotters Resource Group Inc. ("GlobeTrotters" or the "Acquiror") announces that, on September 15, 2025, GlobeTrotters disposed of ownership of an aggregate of 1,428,000 common shares (the "Shares") of Forte Minerals Corp. ("Forte" or the "Issuer") at an approximate price of $0.75 per Share pursuant to certain market sales over the facilities of the TSX Venture Exchange (the "Disposition").
Immediately prior to the completion of the Disposition, the Acquiror owned a total of 6,298,333 Shares, representing approximately 9.59% of the issued and outstanding Shares on a non-diluted basis.
Immediately following the completion of the Disposition, the Acquiror owns a total of 4,870,333 Shares, representing approximately 7.42% of the issued and outstanding Shares on a non-diluted basis.
All of the securities held by GlobeTrotters in Forte, including the Shares and the Warrants, are being held for investment purposes. GlobeTrotters may in the future take such actions in respect of its Forte securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of Integra through open market purchases or privately negotiated transactions, a corporate transaction, such as a merger, reorganization or liquidation, involving Forte, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or GlobeTrotters may continue to hold its current positions.
A copy of the early warning report relating to the Shares will be available under Forte's profile on SEDAR+ at www.sedarplus.ca, and may also be obtained by contacting GlobeTrotters Resource Group Inc. at 604-466-0425. GlobeTrotters' head office is located at 23678 - 108th Loop, Maple Ridge, British Columbia, Canada, V2W 1B2.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266623
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VANCOUVER, BC TheNewswire - September 16, 2025 - Heritage Mining Ltd. (CSE: HML FRA: Y66) (" Heritage " or the " Company ") is pleased to announce the results from its 2025 prospecting program at its Scattergood Project ("Scattergood") (Figure 1, 2). The Company has confirmed surface gold mineralization in close proximity (~4.5km) to Dynasty Gold's Pelham Deposit (Figure 2).
Scattergood Exploration Program Highlights:
Gold occurrence in combination with historical geophysics support early indication of similar geologic setting to the bordering Dynasty Gold Pelham Gold Deposit ~182,000oz at 1.37g/t Au (0.45 g/t Cut-Off) NI 43-101 report filed Jan 4, 2022 (Figure 2)
Coincident Mag and IP chargeability anomalies (500m by 200m) similar to Dynasty Gold Pelham Gold Deposit, NI 43-101 report filed Jan 4, 2022 (Figure 2)
Heritage is planning a broad spaced geochemical orientation program for immediate follow up (Figure 2).
"We are very pleased with the initial exploration results from our Scattergood Project. The Heritage Exploration Team has newly identified surface gold mineralization through prospecting within ~4.5km from a known gold deposit Dynasty Golds, Pelham Deposit. This new discovery is important due to its proximity to the Pelham Deposit, we plan to aggressively evaluate the potential of this area. We look forward to further developing this gold target and providing additional updates on our Ontario Project Portfolio in short order." Commented Peter Schloo, President, CEO and Director of Heritage
Click Image To View Full Size
Figure 1: Heritage Mining Ltd. Ontario Project Portfolio
Click Image To View Full Size
Figure 2: Scattergood Project: Location and Historical Geophysics and Gold Showing in Rock Chips
Scattergood Project
The Scattergood Project totaling ~6,397Ha straddles the lower segment of Wapageisi group volcanic rock and felsic intrusive bodies including the Taylor Lake Stock, Meggisi Pluton, and Scattergood Lake stock as well as numerous late stage minor intrusives. Structurally, the project is complex with the north-northeast trending Taylor Lake Fault and Trout River deformation zone running through parts of the property. Please refer to June 3, 2024 press release for further details.
Discussion of Exploration Potential
The Company undertook a prospecting sampling program over a two-week period collecting 70 rock chip samples from outcrop.
The northeastern Scattergood Project Area displays the following characteristics:
Primary structural control: north-south trending structural corridor; regional, crustal-scale. Interpreted primary "highway" for regional fluid flow (Figure 2).
Secondary structural control: east west trending deformation zone; hosts gold mineralization within the n-s corridor (Figure 2).
Geophysical signature: magnetic and chargeability (IP) highs. Useful for targeting gold mineralization, as these geophysical anomalies can be linked to sulfide and biotite-magnetite alteration (Figure 2).
Conclusion
Initial 2025 prospecting at the Scattergood Project has identified gold mineralization associated with a strong magnetic anomaly and coincident IP chargeability anomaly. A desktop and field review has confirmed structural complexity within the project area. A broad spaced geochemical soil and till orientation program is proposed for immediate follow up.
Qualified Person
Stephen Hughes P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
Heritage Mining adheres to a strict QA/QC protocol for handling, sampling, sample transportation and analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at the laboratory.
Heritage Mining Ltd. surface rock chip samples were sent to the ALS assay laboratories in Thunder Bay, Ontario, Canada and the Company adheres to a strict QA/QC protocol for handling, sampling, sample transportation and analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at the laboratory.
Rock chip samples are analysed by Heritage Mining submits samples for gold determination by PhotonAssay to ALS Canada Ltd. (" ALS "). ALS operates under a commercial contract with Heritage Mining.
Rock chip samples are shipped to ALS for sample preparation at their facilities in Thunderbay Ontario. ALS is an ISO/IEC 17025:2017 accredited laboratory for the PhotonAssay method in addition to a variety of diverse metal determination methods.
Analytical Procedures
The ALS procedure for PhotonAssay involves lab applying preparation codes LOG-21 (sample logging via barcode), CRU-31 (fine crushing so that 70% passes through a 2mm screen) and SPL-32a (rotary splitting of a representative ~500g subsample) followed by analytical code Au-PA01 which is a non-destructive gold analysis method using high-energy X-rays with a gold detection range from 0.03 ppm to 350ppm.
After gold assays are returned, Heritage then may choose to perform multi-element assays on selected samples based on the gold results. In these cases, sample preparation codes FND-05 (locate and use remaining crushed material from Au-PA01) and PUL-32m (pulverization so that >85% passes 75 µm screen) are then applied followed by analytical code ME-MS61 (multi-element ICP-MS analysis for base metals, pathfinder elements, lithophile elements and rare earth elements).
________________________________________
Quality Assurance/Quality Control (QA/QC)
The program design, QA/QC, and interpretation of results are performed by qualified persons employing a rigorous QA/QC program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples, in addition to the laboratories' internal quality assurance programs.
Quality Control data are meticulously evaluated upon receipt from the laboratories for any failures. Appropriate corrective action is taken if assay results for standards and blanks fall outside allowed tolerances. All results disclosed by Heritage Mining have successfully passed the Company's stringent quality control protocols.
The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed. The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. The Scattergood project is located ~40km south of Dryden . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
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