Axcap starts work on PEA for Converse project

Executive Summary

• Axcap Ventures Inc. has initiated a Preliminary Economic Assessment (PEA) for its Converse gold project in Nevada, targeting completion in Q2 2026.
• The PEA is being conducted by management in conjunction with industry consultants SLR Consulting, Kappes Cassidy & Associates (KCA), and Sunstone Environmental.
• Immediate workstreams include a 1,500-meter oriented core drilling program starting in late October, relogging of historic core, and reassaying samples to refine geological models.

Key Details

• PEA Scope and Timeline: The Preliminary Economic Assessment is scheduled for completion in Q2 2026.
• Consultants: Work is undertaken with SLR Consulting (Canada) Ltd., Kappes Cassidy & Associates (KCA), and Sunstone Environmental.
• Drilling Program: A 1,500-meter oriented core drilling program is commencing in late October to refine geology, oxide models, and structural controls.
• Data Analysis:
  • Relogging and modeling of historic diamond drill core and RC chips is underway at the Lovelock, Nevada core storage facility.
  • Review of extensive historical data sets is in progress to support the PEA.
  • Selected samples are being reassayed via cyanide soluble assay to support an updated redox model defining oxide, transitional, and sulphide mineralization boundaries.
• Near-Term Results: The company expects to release results from the last two remaining deep drill holes before the end of the month.
• Financial Status: The company states it is "well funded" following the recent addition of a cornerstone investor to the register.
• Project Resources (Historical Context): The Converse project contains 5.57 million ounces of measured and indicated resources and 420,000 ounces of inferred resources (based on the NI 43-101 report dated Feb. 13, 2025).

Notable Quotes

• "We are very excited to be under way with the PEA and to be working with such highly regarded industry specialists. Our preliminary review work, prior to joining Axcap, indicated that the Converse gold project has the potential to be a significant gold producer with substantial levels of production over many years. We look forward to being in a position to showcase this potential with a quality preliminary study based upon the work of an experienced and capable team. Following the recent addition of a cornerstone investor to the register, we are excited to be well funded to complete the PEA and commence the next phase of drilling and development activities at the Converse gold project," said John Dorward, chief executive officer.