Carmanah issues tenders for drill services at Heritage

Executive Summary

• Carmanah Minerals Corp. has issued tenders for drilling services at its flagship Heritage gold-silver project in Newfoundland, aiming to commence drilling immediately upon contractor confirmation.
• The drilling program is designed to expand and infill known high-grade zones, targeting depths up to 500 meters, to support a new National Instrument 43-101 compliant resource calculation.
• The Heritage project is a 145-square-kilometre asset in the underexplored Avalonian epithermal belt, featuring historical high-grade intercepts and significant potential for bulk mining due to near-surface mineralization.

Key Details

• Drilling Plan: Tenders issued for drill contractors; drilling to target up to 500 metres depth.
• Objective: Expand and infill known high-grade zones and collect data for a new NI 43-101 resource calculation.
• Project Location: Heritage project, Burin peninsula, Newfoundland (145 sq km contiguous claims).
• Geological Setting: Avalonian epithermal belt; large epithermal gold-silver system with exceptional high-grade mineralization.
• Historical Resource (Eagle Zone):
  • 76,074 ounces gold equivalent (AuEq).
  • 1.08 million tonnes at 2.186 g/t AuEq.
  • Note: Non-NI 43-101 compliant historical estimate.
• Historical Drill Highlights (Eagle Zone):
  • 32.30 metres of 1.89 g/t AuEq.
  • 9.95 metres of 5.19 g/t AuEq.
  • 6.55 metres of 4.73 g/t AuEq.
• Silver and Base Metal Potential:
  • Up to 3,381 ounces per ton silver over 0.15 metre.
  • Multiple intervals exceeding 6.6 oz/t Ag.
  • Up to 7.5% zinc.
  • Up to 3.05% lead.
• Exploration Status:
  • Eagle zone drilled to 100m depth over 650m strike length.
  • Airborne geophysics indicate minimum 1.5km strike length; deposit open in all directions.
  • 21 high-priority drill targets identified across the Point May epithermal system (4.5 km x 5.2 km).
  • No deep drilling completed to date; exploration outside Eagle zone remains limited.
• Infrastructure & Jurisdiction:
  • Proximity to two deepwater, ice-free ports.
  • Year-round access by paved roads and nearby power infrastructure.
  • Newfoundland is a mining-friendly jurisdiction.
• Regional Context:
  • Nearby Hope Brook gold mine produced ~752,000 oz Au.
  • Region shares geological characteristics with world-class epithermal districts.
• Mining Potential: Large-scale epithermal breccia and vein-hosted system with open-pit potential due to near-surface high-grade mineralization.

Notable Quotes

• "The company is looking to commence drilling as soon as drill contractors are confirmed. Our first phase is designed to expand the high-grade zones while collecting the data needed for a current NI 43-101 resource. Heritage has strong technical merits, offering significant potential for further discovery," said Fraser Rieche, chief executive officer of Carmanah Minerals.