Canary Gold Commences 20,000-Metre Dual-Rig Drilling Program at Madeira Project

Executive Summary

• Canary Gold Corp. has begun its 2026 exploration program at the Madeira Project with the arrival of the first drill rig and a planned second rig later in January.
• The program includes ~5,000 m of screw‑auger drilling (≈100 holes) and an upcoming RC campaign of ~15,000 m (≈300 holes).
• The company granted 6,107,500 stock options to directors, officers and consultants at $0.27 per share under its Omnibus Equity Incentive Plan.

Key Details

• Drill Rig Arrival: First rig (screw‑auger) on site, mobilizing to initial collars; depth up to ~50 m per hole.
• Screw‑Auger Program: Targeting the “Mocururu” horizon and gravel beds; 5,000 m total across ~100 holes; grid spacing 200 m × 100 m (adjustable).
• RC Rig Schedule: Second rig expected late January; 15,000 m total across ~300 holes; wide‑spaced grid 2,000 m × 1,000 m; depth up to ~50 m.
• Program Objectives: Define near‑surface mineralization (screw‑auger) and conduct regional reconnaissance (RC) to identify new targets across the land package.
• Website & Investor Materials Update: Complete refresh of corporate website and investor presentation to reflect active execution phase and provide clearer technical context.
• Option Issuance: 6,107,500 options granted at $0.27 per share; five‑year term; subject to a four‑month + one‑day statutory hold period.
• Related Party Transaction Note: Exemptions relied upon under MI 61‑101 as the fair market value of the options is <25 % of market cap; no material change report filed (per exemption).
• Qualified Person Review: Andrew Lee Smith, P.Geo., Executive Director, reviewed and approved technical information per NI 43‑101.

Notable Quotes

“As we move into an active drilling phase, it was important that our public‑facing materials evolve alongside our operations. The updated website and investor presentation better reflect where the Company is today and support clear, consistent communication as we move into what is expected to be a very productive year of exploration.” – Mark Tommasi, President, Canary Gold Corp.