Axcap Initiates Preliminary Economic Assessment on Converse Project, Targets Q2 2026 Completion

Executive Summary

• Axcap Ventures announced the initiation of a Preliminary Economic Assessment for its Converse Gold Project in Nevada, with completion targeted for Q2 2026.
• The PEA will be conducted by company management together with leading consultants SLR Consulting, Kappes Cassidy & Associates, and Sunstone Environmental.
• Immediate workstreams include a 1,500‑m oriented core drilling program, relogging of historic drill core, extensive data review, and cyanide‑soluble re‑assaying to refine oxide, transitional, and sulphide models; results from the last two deep holes are expected by month‑end.

Key Details

• PEA Scope & Timeline: Initiated now; scheduled for completion in Q2 2026.
• Consulting Team: SLR Consulting (Canada) Ltd, Kappes Cassidy & Associates, Sunstone Environmental.
• Core Drilling Program: 1,500 m oriented core drilling to begin late October 2025, aimed at refining geology, oxide models, and structural controls on higher‑grade mineralization.
• Historic Data Work: Relogging and modelling of historic diamond drill core and RC chips at the Lovelock, NV core storage facility to improve structural and stratigraphic understanding.
• Dataset Review: Comprehensive review of extensive historical datasets to support the PEA.
• Assay Program: Re‑assaying selected samples via cyanide‑soluble assay to develop an updated redox model for delineating oxide, transitional, and sulphide zones.
• Deep Drill Hole Results: Anticipated release of results from the final two deep drill holes before the end of October 2025.
• Resource Context (background): Converse Gold Project hosts 5.57 Moz Au Measured & Indicated resources and 0.42 Moz Au Inferred resources (238 Mt @ 0.539 g/t Au for 4.13 Moz M‑R; 92 Mt @ 0.487 g/t Au for 1.44 Moz I‑R; 25 Mt @ 0.528 g/t Au for 0.42 Moz Inferred).
• Funding Statement: CEO John Dorward noted the addition of a cornerstone investor, providing sufficient funding to complete the PEA and proceed to the next phase of drilling and development.

Notable Quotes

“We are very excited to be underway with the PEA and to be working with such highly regarded industry specialists… The Converse Gold Project has the potential to be a significant gold producer… Following the recent addition of a cornerstone investor … we are excited to be well funded to complete the PEA and commence the next phase of drilling and development activities.” – John Dorward, CEO