Excalibur Releases Remainder of Drilling Results from Spyglass

Excalibur Metals Corp. (EXCL) released assay results on June 29, 2026, from the final four holes (BH26007–BH26010) of its 3,122-metre maiden reverse circulation drill program at the Spyglass Ridge target within the Bellehelen project in Nevada. These results followed a high-grade intercept reported three weeks earlier from hole BH26001, which returned 1.52 metres at 360 g/t silver and 2.03 g/t gold.

The new data presented more subdued results compared to the initial discovery. Hole BH26008 returned 3.05 metres at 0.20 g/t gold and 21.8 g/t silver starting at 269.75 metres, along with a near-surface interval of 1.52 metres at 0.45 g/t gold and a deeper interval of 1.52 metres at 0.25 g/t gold and 29.0 g/t silver. Hole BH26010 yielded 1.52 metres at 0.48 g/t gold and 29.1 g/t silver starting at 353.57 metres, with lower-grade gold-only intercepts nearby. Holes BH26007 and BH26009 returned values predominantly below the detection limit.

Excalibur stated that the intercepts confirm a parallel mineralized structure extending to at least 300 metres depth. The company plans follow-up drilling late 2026 or early 2027, as well as first-pass drilling at the Rangefront target. The results were signed off by a Qualified Person.

Excalibur Metals Corp. (EXCL) reported drill results that fell short of the high-grade expectations set by hole BH26001. While BH26001 initially suggested a potential high-grade shoot, surrounding holes failed to replicate comparable grades. The market had already reacted negatively to the June 3 partial results, with the stock dropping from $0.22 to $0.20, and further declining to $0.14 by the time of this release.

The confirmatory results showed sub-economic grades, with gold equivalent values well under 1 g/t. These findings reinforce the view that the Spyglass system, while large, may lack a high-grade core of economic significance at this stage. Low average grades in BH26008/10 did not build on earlier promise, and two barren holes widened the miss.

The timeline for next drilling is extended to late 2026 or early 2027, removing any immediate catalyst. No new strategic or financing angles appeared with this announcement. The OTCQB listing on May 26 provided a small liquidity positive but failed to stem the stock's downtrend.

Excalibur Metals Corp. (EXCL) is a junior exploration company focused on epithermal gold-silver deposits in Nevada’s Walker Lane Trend, trading on the TSX Venture (EXCL) and OTCQB (EXCBF). Its flagship Bellehelen project comprises 271 federal lode claims covering approximately 5,600 acres along a mineralized trend exceeding 10 km in length. Historically, the area produced approximately 311,000 silver-equivalent ounces in the early 1900s, though the property has seen only limited modern exploration. Phase 1 work included CSAMT geophysics, soil and rock sampling, and a 10-hole reverse circulation drill program at Spyglass Ridge. The company also staked the North Tybo project, located 40 km away, and expanded Bellehelen via the Rangefront target.