St-Georges Announces Commencement of Drilling at the Thormodsdalur Gold Project in Iceland

(TheNewswire)

Reykjavik, Iceland TheNewswire - September 8, 2026 St-Georges Eco-Mining Corp. (CSE: SX) (OTCQB: SXOOF) (FSE: 85G1) is pleased to announce that diamond drilling has commenced at the Thormodsdalur gold project.

The Project is held by Iceland Resources ehf, a wholly owned Icelandic subsidiary of St-Georges, and is currently being advanced by Aurania Resources Ltd. pursuant to the definitive option agreement announced in April 2026.

Aurania has engaged Finland-based Arctic Drilling Company Oy Ltd to conduct a six-hole diamond drilling program totaling approximately 770 meters. The program is expected to take approximately one month to complete, following which drill-core samples will be submitted for assay.

Highlights

• Diamond drilling is underway at the Thor's Valley low-sulphidation epithermal gold project in Iceland. 

• Six holes totaling approximately 770 meters are planned. 

• Five twin holes will re-test historical intercepts using modern drilling, sampling and quality assurance and quality control practices. 

• One hole will test a new target associated with numerous high-grade surface rock-chip boulder samples grading up to 102 ppm gold. 

• A previous operator completed 32 drill holes totaling 2,431 meters, with reported results of up to 415.40 g/t gold. 

• Iceland Resources completed eleven additional drill holes totaling approximately 1,780 meters in 2020, with reported results of up to 113 g/t gold. 

Þórdís Björk Sigurbjörnsdóttir, Chief Executive Officer of Iceland Resources, commented:"(…)The commencement of this drilling program represents an important milestone for Thormodsdalur and for Iceland Resources. Our team has worked over many years to consolidate the Project, preserve its extensive historical information and advance the geological understanding of this remarkable gold system. Aurania's program now brings additional technical expertise and modern exploration methods to targets supported by more than a century of documented gold occurrences and previous drilling. We are particularly pleased to see active drilling return to the Project and look forward to working closely with Aurania as it moves toward an initial modern resource definition (…)"

Project Overview

The Thormodsdalur project is located approximately 20 kilometres east of Reykjavík, Iceland's capital. In April 2026, St-Georges, Iceland Resources and Aurania entered into a definitive option agreement to collaborate on a phased exploration program intended to advance the Project toward an initial modern mineral-resource definition.

Thormodsdalur is a historically recognized gold-bearing, low-sulphidation epithermal system. Gold was first documented in the area in 1903 after pieces of white quartz collected from a stream were found to be gold-bearing.

Between 1911 and 1924, several exploration and mining ventures were undertaken using German and British capital. Two shafts were sunk, and approximately 400 metres of lateral underground workings were developed. Historical records describe a productive vein estimated to be approximately one metre wide and at least one kilometre long, with reported grades ranging from 11 g/t to 315 g/t gold. Historically mined material was shipped directly to Norway and subsequently Germany for processing. No historical tailings remain at the site.

During the 1990s, the Project was the subject of geochemical and petrographic studies. A vertical geothermal well drilled to a depth of approximately 455 metres intersected several mineralized quartz veins, including one near the bottom of the hole.

In 1997, nine diamond drill holes totalling approximately 1,069 metres were completed. Average core recovery was reported to be approximately 52%. Sampled intervals returned historical grades ranging from 1.13 g/t to 46.10 g/t gold, although the results are not considered representative and true widths could not be determined.

Between 2005 and 2006, Melmi ehf, a private Icelandic exploration company, drilled 32 holes totalling approximately 2,431 metres and reported results of up to 415.40 g/t gold. Iceland Resources acquired Melmi ehf in 2020 and subsequently completed eleven additional drill holes totalling approximately 1,780 metres, with reported results of up to 113 g/t gold.

ON BEHALF OF THE BOARD OF DIRECTORS

"Neha Tally"

NEHA TALLY

Corporate Secretary.

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending Intellectual Property within several highly prospective subsidiaries, including: EVSX, a battery processing initiative; St-Georges Metallurgy, with metallurgical R&D and related IP, including processing and recovering high grade lithium from spodumene; Iceland Resources, with high grade gold exploration projects including the Thor Project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie nickel, copper and PGE critical mineral projects on Quebec's North-Shore, and Notre-Dame niobium Project in Lac St-Jean.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

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