Refined Energy drills 332 m in first hole at Dufferin

Executive Summary

• Refined Energy Corp. successfully completed its maiden drill hole (DW26-001) at the Dufferin West property in Saskatchewan’s Athabasca basin, validating its geological model by reaching the targeted unconformity depth.
• The company has commenced the second drill hole (DW26-002) to test a high-priority electromagnetic (EM) conductor and associated structural targets, incorporating data from a recently completed ground gravity survey.
• The initial exploration program is budgeted at approximately $1.7 million and plans for a minimum of three drill holes totaling roughly 1,200 metres to evaluate the Dufferin project, in which Refined holds an exclusive option to acquire up to a 75% interest.

Key Details

• Drill Hole DW26-001:
  • Successfully reached targeted unconformity depth at 332 metres.
  • Completed in basement rock at a total depth of 432 metres.
  • Core logging and sampling are underway, with samples submitted to an accredited laboratory for assay results.
• Drill Hole DW26-002:
  • Currently under way, located approximately 100 metres south of DW26-001.
  • Designed to evaluate the same EM conductor defined by previous airborne VTEM data and refined by a time-domain moving-loop EM (TEM) ground geophysical program.
  • Targets the interpreted intersection of the EM conductor with a gravity low, believed to represent a cross-cutting N70 structural fault associated with potential Athabasca basin mineralization.
• Geophysical Surveys:
  • MWH Geo-Surveys completed a ground gravity survey across the target area.
  • Survey covered 817 unique stations in a 50-metre-by-100-metre grid, encompassing approximately 530 hectares.
  • Preliminary results have been incorporated into the targeting of the second and planned third drill holes.
• Program Scope and Budget:
  • Initial program planned for a minimum of three drill holes.
  • Total planned footage: approximately 1,200 metres.
  • Initial budget: approximately $1.7 million.
  • Oriented core collection will be used to provide critical geological and structural information.
• Project Interest:
  • Refined Energy holds the exclusive option to acquire up to a 75% interest in the 10,140-hectare Dufferin project from Eagle Plains Resources Ltd.
  • Consideration for the option includes cash payments, share issuances, and exploration expenditures.

Notable Quotes

• "Completion of the first hole marks an important milestone in our inaugural drill program at Dufferin West. The program is designed to test a compelling geophysical target defined by coincident EM conductors and structural features that are characteristic of potential Athabasca basin mineralization. With the second hole now under way and new gravity data incorporated into targeting, we look forward to advancing this prospective structural corridor." — Mark Fields, Chief Executive Officer