Canuc Discovers New Near-Surface Gold Zone at East-West Pit Area (Zone 2), East Sudbury Project

Canuc Resources Corporation (CDA) has identified a new near-surface gold target, designated “Zone 2,” at the East-West Pit area of the past-producing Scadding Gold Mines within its East Sudbury Project in Ontario. Ten shallow drill holes, SM-26-151 through SM-26-161, intersected the targeted chlorite breccia zone across an approximate 170 m strike length, utilizing hole spacings of roughly 25 m.

Reported core-length intercepts from the program include: - SM-26-153: 20.0 m at 1.51 g/t Au, including 5.0 m at 3.78 g/t Au - SM-26-151: 8.0 m at 1.21 g/t Au, including 1.0 m at 7.58 g/t Au - SM-26-152: 19.9 m at 0.56 g/t Au, including 1.0 m at 3.2 g/t Au - SM-26-160: 4.0 m at 1.28 g/t Au, plus 1.0 m at 4.29 g/t Au - SM-26-157: 5.5 m at 0.572 g/t Au - SM-26-156: 14.0 m at 0.102 g/t Au

Four additional holes returned only weakly elevated gold values. While true thickness is interpreted as ranging from 3 to 15 m, this measurement is not stated on an interval-by-interval basis. Four additional western holes are complete, with assays currently pending.

The company intends to include Zone 2 in a maiden ESP resource expected later in 2026. Historical data from 1983, which estimated 23,224 tonnes grading 7.03 g/t Au for the East-West Pit, is presented solely as historical context and is not NI 43-101 compliant.

Canuc Resources Corporation (CDA) released a discovery and step-out result for a new near-surface zone, distinct from infill drilling within an existing resource. The announcement introduces a new target with apparent strike extent and a near-surface location. However, the reported grades are not sufficient to materially alter the project’s economics based on the current evidence.

Historical price action suggests limited market reaction to similar data. Canuc previously saw its shares rise from C$0.60 in September 2025 to C$1.45 in January 2026 following news of high-grade Gold Lens 1, but the price has since retreated to C$0.92.

Zone 2 represents a genuinely new target not previously priced as a specific zone. Its best intercept remains grade-light, and the company cannot yet project the zone into tonnes with confidence.

Canuc Resources Corporation (CDA) reported Q1-2026 revenue of C$29,009, a gross profit of C$10,469, and a net loss of C$1,388,877. As of March 31, 2026, the company held C$1,674,633 in cash, with working capital of approximately C$1.11M and total assets of C$2,717,631. The company reported no debt, though a going concern flag remains active as it depends on additional financing and cash flow from its impaired Texas gas wells.

The company’s assets include the 100%-owned East Sudbury Project in Ontario, covering approximately 20,078 hectares, which encompasses the historical Scadding Gold Mine complex and a Scadding tailings royalty. It also holds the 100%-owned San Javier silver-gold project in Sonora, Mexico, spanning 1,052 hectares, along with MidTex natural gas wells in Texas that provide modest cash flow. Canuc currently has no mineral reserves or resources, and the release explicitly states that Zone 2 is not yet a resource.