Harfang and SOQUEM Make High-Grade Gold Discoveries at Menarik West, Quebec

On October 29, 2025, Harfang Exploration announced multiple high-grade gold discoveries from a summer prospecting and grab sampling program at its Menarik West property in Quebec. The program, conducted with partner SOQUEM Inc., identified six new gold showings, two new gold and silver showings, and one new copper showing. Highlights include eight grab samples grading over 2 g/t Au, with a peak value of 55.4 g/t Au. The company also noted the discovery of more altered monzonites outside the known Pierre Zone, which management believes could host the core value of the deposit. The release includes the standard disclaimer that grab samples are selective by nature and not necessarily representative of overall mineralization.

This news is materially positive as it successfully validates the exploration thesis at Menarik West, which attracted partner SOQUEM in the July 2025 option agreement. Discovering multiple high-grade surface showings in previously unexplored ground is a significant first step and provides immediate targets for follow-up work. The partnership with SOQUEM, a subsidiary of Investissement Quebec, is crucial as it provides non-dilutive funding for this specific project ($3M over 3 years) and lends significant credibility.

However, a critical perspective is essential. These are grab samples, which are inherently selective and often represent the best-looking material on the surface. They do not confirm the width, continuity, or overall grade of the mineralized system. The market has previously reacted strongly to Harfang's drill discoveries (e.g., the spike to $0.14 on Sky Lake results in May 2025), but the reaction to early-stage surface results should be more muted.

The progression of news shows a company executing on its stated plans. The summer exploration program announced on July 17, 2025, has yielded the discoveries announced today. This demonstrates operational capability. While the company has had success at its Sky Lake project in Ontario, these results advance a key Quebec asset, diversifying its discovery pipeline and leveraging a partner-funded model to conserve its own treasury.

Overall, the news is a material positive because it confirms the prospectivity of Menarik West, solidifies the value of the SOQUEM partnership, and generates exciting targets for a funded follow-up program. The risk remains high, as is typical with early-stage discoveries, but the potential has been clearly demonstrated.

Harfang Exploration is a junior mineral exploration company focused on projects in Quebec and Ontario. The company significantly expanded its Ontario footprint through the acquisition of Neworigin Gold in November 2024. Harfang employs a project generator model, often seeking partners to fund exploration, as seen with Li-FT Power at the Pontax property and SOQUEM at Lake Menarik.

The company has two primary flagship projects: 1. Sky Lake Gold Project (Ontario): This became a key asset after the company's maiden drill program in Winter 2025 intersected high-grade gold, including 6.96 g/t Au over 17.95 m and 4.54 g/t Au over 15.60 m. The project covers 27 km of an underexplored greenstone belt. 2. Lake Menarik Project (Quebec): This project, particularly the Menarik West zone, is a gold project recently optioned to SOQUEM. The latest news of high-grade surface discoveries has elevated its importance within the company's portfolio.