1911 Gold Intersects Significant Grades at L10 Zone, Including 10.73 g/t Au over 8.90 m and 50.61 g/t Au over 1.60 m, and Confirms Link to Larger 710-711 Zone at True North
1911 confirmed high-grade L10-710 link, with pre-production financing dependent on further development.
1911 Gold Corporation (AUMB) reported eight underground diamond drill holes totaling 2,955 metres from Level 16 at the True North Gold Project. The drilling targeted the potential structural and mineralized link between the L10 Zone and the deeper, larger 710-711 Zone, which lies outside the 2024 Mineral Resource Estimate.
Highlighted intercepts reported as core length, with a 2.25 g/t Au cutoff: - UG16-26-072: 10.73 g/t Au over 8.90 m, including 16.12 g/t Au over 5.40 m and 49.50 g/t Au over 0.80 m - UG16-26-076: 50.61 g/t Au over 1.60 m, including 65.80 g/t Au over 1.00 m - UG16-26-074: 8.72 g/t Au over 1.70 m, including 19.70 g/t Au over 0.60 m - UG16-26-068: 3.58 g/t Au over 3.60 m, including 10.60 g/t Au over 0.50 m - UG16-26-077: 4.05 g/t Au over 3.70 m, including 20.90 g/t Au over 0.50 m - UG16-26-080: 11.90 g/t Au over 0.80 m
The release states 20 holes and 6,563 metres have now been completed on L10, with 11 holes confirming the L10/710-711 Complex Link. It also announces an amendment to the Auramet loan agreement extending the Tranche 2 availability period to December 4, 2026, subject to a cost-to-completion estimate being agreed and fully funded.
1911 Gold Corporation (AUMB) is an advanced developer with a valuation that already incorporates a significant resource base and a restart strategy. The company holds an indicated resource of approximately 499,000 oz and an inferred resource of about 644,000 oz at True North, along with an Ogama-Rockland inferred resource of 712,000 oz. A preliminary economic assessment (PEA), despite earlier disclosure compliance issues, outlined an after-tax net present value (NPV) of approximately C$391 million at a gold price of US$3,000/oz.
Recent drill results represent a positive step-out and confirmation, strengthening the L10/710-711 connection and adding high-grade intercepts outside the 2024 mineral resource estimate (MRE). These findings support the planned Q4 2026 global resource update and could potentially extend mine life and improve near-mine grade. However, the results do not by themselves establish a new district-scale discovery.
Compared to the prior anchor release on May 12, 2026, where hole UG16-26-055 returned 11.54 g/t over 3.70 m and 5.48 g/t over 9.20 m, today’s best intercept is materially better in grade-times-width.
Offsetting the drilling progress is a loan amendment regarding the US$30 million Auramet facility. Tranche 2 has been extended to December 4, 2026, and now requires a cost-to-completion estimate to be agreed upon and fully funded. This indicates the second tranche is not yet secured and that the restart remains dependent on further funding solutions, a significant caveat for a pre-revenue company with negative operating cash flow.
1911 Gold Corporation is an advanced gold explorer and developer focused on the True North Gold Project in the Archean Rice Lake greenstone belt of Manitoba, Canada. The company controls approximately 62,000 hectares and holds a fully permitted mine and mill complex with existing shafts, underground workings and a 1,350 tpd mill.
The company’s resource base includes the True North project, which contains an Indicated resource of 3,516,000 t at 4.41 g/t Au for 499,000 oz, and an Inferred resource of 5,490,000 t at 3.65 g/t Au for 644,000 oz. The Ogama-Rockland project holds an Inferred resource of 3,314,000 t at 6.68 g/t Au for 712,000 oz. The combined resource inventory totals approximately 1.86 million oz, all in indicated or inferred categories.
A February 2026 Preliminary Economic Assessment (PEA) outlined an 11-year mine life, average payable gold of about 58,114 oz/year, after-tax NPV of C$391 million and IRR of 105% at US$3,000/oz gold. However, the disclosure supporting that PEA was retracted in July 2026 after a British Columbia Securities Commission review, and the company has confirmed no production decision has been made.
The company has significant infrastructure and historical production of about 2 million ounces at True North. It is targeting test mining in 2026 and a possible production decision in 2027, but remains pre-revenue.