Mayo Lake Mineral Properties All Lie Within the Mayo-Keno Segment of the Yukon's Tombstone Gold Belt (YGB), Marked by Intrusion Related Gold Systems

Executive Summary

• Mayo Lake Minerals completed its soil‑gas and geochemical sampling program at the Dawn Gulch prospect (Anderson Gold Trend) and is preparing to advance drill‑ready targets.
• The company highlighted four drill‑ready prospects in the Anderson Gold Trend, each with multiple gold‑in‑soil anomalies ranging from ~87 ppb to >527 ppb Au, and disclosed historic RC drilling results up to 0.77 g/t Au over 6.1 m.
• Mayo emphasized the renewed investor interest generated by nearby Banyan Gold and Sitka Gold projects, which it expects will facilitate financing for upcoming drilling campaigns.

Key Details

• Sampling Completion: Truepoint Exploration finished field work; samples sent to Actlabs (Whitehorse) for gold‑in‑soil and soil‑gas hydrocarbon (SGH) analyses.
• Drill‑Ready Prospects (Anderson Gold Trend):
• Anderson‑Owl – Four zones: Up to 527 ppb Au over a 3,000 m corridor; historic RC hole assayed 0.77 g/t Au over 6.1 m (incl. 0.9 g/t over 3.1 m).
• Peak – Six zones: Linear anomaly up to 272 ppb Au over 1,600 m; additional five zones totalling 2,630 m with values up to 340 ppb Au.
• Steep Creek – Six zones: Linear anomaly up to 142 ppb Au over 1,700 m; five other zones totalling 2,140 m with values up to 140 ppb Au.
• Norman – Two zones: Linear anomaly up to 87 ppb Au over ~1,270 m.
• Historical Anomalies at Dawn Gulch: Heavy‑mineral stream samples as high as 275,000 ppb Au and 25,680 ppb Au; multiple anomalous soil and sediment results above background.
• Infrastructure Upgrade: Plan to upgrade an old bulldozer trail on the Yukon's road network to improve vehicle access for future drilling, under a Class 3 Work Permit.
• Regional Context: Cited resource updates from Banyan Gold (AurMac – 2.27 M oz Indicated; 5.45 M oz Inferred) and Sitka Gold (Blackjack/Eiger – 1.29 M oz Indicated; 1.04 M oz Inferred).
• Investor Sentiment: Noted recent share‑price gains for Banyan (+200% in 3 months) and Sitka (+500% in ~9 months), suggesting a more favourable financing environment for Mayo’s upcoming programs.
• Incentive Awards (Administrative): Board approved 3,585,600 compensation securities (options at $0.06/share, RSUs, and Deferred Share Units) covering Jan 2024‑Jun 2025 service periods.

Notable Quotes

“We are pleased that we were able to complete the exploration program at Dawn Gulch … before launching a major drilling campaign.” – Dr. Vern Rampton, President & CEO

“Funding the drilling of deposits with similar geology to that of Banyan and Sitka’s will be easier… We look forward to funding our future drilling campaigns with this new investor interest.” – Dr. Vern Rampton

Materiality Assessment: Non‑Material – Positive (the release provides operational updates and contextual market commentary but does not disclose material financial results or definitive resource changes.)