Project Summary

The property consists of 98 claims totalling 2,450 hectares adjacent to the Trans-Canada Highway in central Newfoundland. The property is targeting high-grade orogenic gold similar in style to the Fosterville mine in Australia.

Moosehead is a highly accessible, orogenic lode gold project in a jurisdiction that is open to exploration and development. Historic sampling has returned values of up to 442 g/t Au from boulders and up to 170 g/t Au over 1.53 metres from drill core samples. The mineralized system has been traced by diamond drilling over a 2-kilometre strike length and 100-200 metres in width. Most of the drilling has focused on a 500-700 m long by 350 m deep zone. The mineralization remains open along strike and to depth.

The Company carried out the Phase 6 diamond drilling program that started in September 2020, drilling in excess of 100,000 metres, and adding four new significant mineralized zones.  

Current status

Recent results from the Western Trend diamond drilling program where a total of 19 holes (1,325 m) were completed immediately before the 2024 Christmas break, highlighted the following:

• MH-24-649 69.48 g/t Au over 4.85m incl. 176.47 g/t Au over 1.90 m from 41.60 m

• MH-24-648 40.89 g/t Au over 4.30m incl. 74.08 g/t Au over 2.35 m from 47.20 m

• MH-24-646 26.72 g/t Au over 3.10m incl. 40.56 g/t Au over 1.90 m from 28.30 m

In January 2025, diamond drilling resumed at the Western Trend gold zone, the site where a conventional bulk sample was contemplated for extraction late in Q1 or early Q2, 2025.

In February 2025, remaining drill results from the Western Trend were completed before Christmas 2024 highlighted by the following:

• MH-24-650: 23.83 g/t Au over 1.67 m incl. 59.38 g/t Au over 0.60 m from 43.65 m

• MH-24-657: 335.98 g/t Au over 0.45 m from 104.55 m

• MH-24-658: 25.50 g/t Au over 1.00 m from 92.95 m

Assays are uncut with core lengths shown; the estimated true thickness is believed to be 80 to 90% of the reported length. Assays are total pulp metallics from Eastern Analytical in Springdale, Newfoundland.

Table of Results - Western Trend Drill Program

In July 2025, the Company was unable to secure a practical processing strategy for the proposed bulk sample(s) at the Moosehead Project. Therefore, the proposed bulk sampling programs have been postponed indefinitely.  This has opened a window of opportunity to implement recommendations stemming from Dr. Coller’s structural report on the property. Dr. Coller and Exploration Manager Ryan Newman have proposed three “deep holes”, each 1,000 m in length, reaching a vertical depth of 800 m. These will test for extensions of the known gold zones, intersect untested structures and guide further deep drilling.