WESCAN GOLDFIELDS REPORTS ENCOURAGING DRILL CORE OBSERVATIONS IN FIRST HOLE OF 2026 DRILL CAMPAIGN AT MUNRO LAKE; ASSAYS PENDING

Wescan Goldfields Inc. (WGF) released visual observations from the initial phase of its 2026 drilling campaign at the Munro Lake property, noting that no gold grades, cutoffs, or true widths are reported for the holes drilled to date. The company stated it is sampling every hole over its full length and expects to complete the campaign in early November 2026.

The first hole of the 2026 campaign, ML26-005, was completed to a depth of 233 m. Collared approximately 43 m south of the surface showing, the hole was drilled at an azimuth of 37° and a dip of -50°. In plan view, the visible gold intercept sits about 28 m south-southeast of the showing at roughly 26 m vertical depth. The hole intersected visible gold over 33.4 m downhole, encompassing approximately 0.10 m of core length within a narrow sulphide- and diopside-rich calc-silicate shear.

The visible gold occurs as blebs and fine fracture fillings at the margin of a stockwork vein containing pyrrhotite, pyrite, quartz, and chalcopyrite. Very coarse diopside is present in the zone, and the wall rock outside the shear is described as relatively fresh.

The second hole, ML26-006, was completed to 251 m and intersected the same shear zone, displaying similar interbanded quartz veining and diopside alteration. Assays for this hole are pending.

Surface context for the project includes the North Vein showing, which is exposed over a 25 m strike length and about 3 m wide at surface. Historical grab samples from this area returned 0.77–6.79 g/t Au. Wescan also cited historical 2013 drilling results, including EXML-002, which returned 67.1 g/t Au over 1.00 m, and EXML-001, which returned 7.1 g/t Au over 1.02 m; true thicknesses for both historical intercepts are unknown.

Wescan Goldfields Inc. (WGF) is a pre-revenue, micro-cap explorer with no operating cash flow and a going-concern flag. The company’s recent release details a visual observation of gold in a narrow shear, with assays still pending. This finding does not alter the perceived scale, grade, or probability of success for the Munro Lake system in a measurable way. While the observation confirms the presence of gold at shallow depth near the North Vein showing, the company noted that the drill hole did not intersect the nearby quartz vein it interprets as the source of the calc-silicate alteration.

A prior release on October 19 announced visible gold at the surface and cited a historical intercept of 67.1 g/t over 1.00 m. The stock traded around C$0.08–0.09 into late October following that announcement. The current release provides incremental geological confirmation but offers no new assay data to compare with the historical anchor.

The share price is near the low end of its 52-week range, indicating the market is not currently pricing in a discovery.

Wescan Goldfields Inc., a Canadian junior gold explorer listed on the TSX Venture Exchange under the ticker WGF and the Frankfurt Stock Exchange under W17A, holds 100% interests in four Saskatchewan gold projects. These assets include Munro Lake in the Pine Lake greenstone belt, Jojay Lake and Fork Lake in the La Ronge gold belt, and the recently staked Lindsay Lake project.

Munro Lake is the company’s current focus. Located approximately 7 km northeast of SSR Mining’s Seabee mine and mill complex, the site is scheduled for a 2026 Phase 1 program consisting of up to 2,000 m of helicopter-supported diamond drilling.

Jojay Lake hosts a historic 2010 NI 43-101 resource estimate. The indicated resource totals 420,000 t at 3.7 g/t Au for about 50,000 oz Au, while the inferred resource comprises 630,000 t at 4.3 g/t Au for about 87,000 oz Au, both calculated at a 2.0 g/t cutoff. An updated resource estimate is currently in progress.

The Fork Lake project hosts the past-producing Jasper mine, which was operated by Cameco in the early 1990s. Historical production from the mine totaled about 140,127 t milled at 18.9 g/t Au, with about 82,704 oz Au recovered. Operations ceased in 1991 due to low gold prices, and the deposit is described as open along strike and at depth.

Lindsay Lake is a 1,852 ha staked project situated in the La Ronge belt, approximately 7.1 km south of the past-producing Komis mine.

According to the company’s capital structure, there are 77,118,557 common shares, 4,300,000 options, and 18,285,958 warrants outstanding, resulting in 99,704,515 fully diluted shares. At C$0.09, the market capitalisation is approximately C$6.9 million.

In prior-period context not disclosed in today’s release, Wescan Goldfields reported a Q1 2026 net loss of C$446,719. The company held cash of C$410,760, reported a working capital deficit of C$9,323, and issued a going-concern flag. The company has no revenue and relies on equity financing.