Miata Adds Additional Drill Rig and Increases Discovery Potential with Fully Funded 25,000 m Drill Program at the Sela Creek Gold Project
Executive Summary
- Miata Metals announces the arrival of a third drill rig (Sandvik 710) at Sela Creek, enabling two rigs to operate continuously in 2026 and supporting a fully funded 25,000 m drilling program.
- The 2025 campaign completed 10,061 m across 59 holes with a 100 % hit rate at the Jons Trend zone; pending assay results for twelve holes.
- The company also reports the exercise of 1,300,000 incentive stock options at $0.23 per share, with insiders purchasing 400,000 shares to cover costs.
Key Details
- 2025 Drilling Performance
- Total depth drilled: 10,061 m (59 holes).
- Hit rate at Jons Trend: 100 %.
- Recent activity: 3,000 m completed in the final two months of the campaign.
-
Assay results pending for six holes at Jons Trend and six holes at Golden Hand.
-
2026 Drill Program
- Target depth: 25,000 m (≈50 % on Jons Trend, 50 % on six discovery targets).
- Key target intercepts highlighted from 2025 data:
- Puma East – 5.3 m @ 8.25 g/t Au (from 37.7 m).
- Big Berg – 14 m @ 1.72 g/t Au (from 164 m).
- Puma West – 18 m @ 2.70 g/t Au (from 5.60 m).
-
New equipment: Sandvik 710 tracked diamond rig, depth capacity >1,000 m; allows two rigs to run continuously with a third for optionality.
-
Operational Enhancements
- Construction of on‑site preparation laboratory.
-
Improved wet‑season access and expanded fuel storage to lower cost per metre drilled.
-
Discovery Targets for Early 2026
-
Puma East, Puma West, Big Berg, Howler, Stranger, Golden Hand – all advanced to drill‑ready status.
-
Stock Option Exercise
- Incentive stock options exercised: 1,300,000 at an exercise price of $0.23 per share.
- Insiders (directors & senior management) purchased 400,000 shares via a pre‑arranged trade on the Canadian Securities Exchange to partially fund the exercise.
-
No further dispositions planned; insiders retain net shares acquired.
-
Quality Assurance / QAQC
- Samples processed at FILAB Suriname (ISO 9001:2015 certified).
- Fire assay methodology: 50 g aliquot with Atomic Absorption finish; gravimetric finish for >5 g/t Au assays.
-
Inclusion of certified reference standards, blanks, and core duplicates in each batch.
-
Qualified Person Statement
- Technical information reviewed and approved by Dr. Jacob Verbaas, P.Geo., Director and Qualified Person under NI 43‑101.
Notable Quotes
“Our 2025 exploration program proved a major turning point for Miata’s discovery strength and operational efficiency… With a second track‑mounted diamond drill rig on site and a fully funded 25,000 m program planned for 2026, we are positioned for our most active year of discovery and value creation to date.” – Dr. Jacob Verbaas, CEO
All drill results are available through the link provided in the original release.