Pacific Bay Starts Exploration at Weaver Gold Property

Pacific Bay Minerals Ltd. has officially commenced an exploration program at its 100%-owned Weaver Gold Property in southwestern British Columbia. An exploration team is currently mobilized on-site to execute geological mapping, geochemical soil and silt sampling, and prospecting. The immediate objectives are to investigate historic gold-in-soil anomalies located outside previous drill collars, identify parallel or cross-cutting structures, and extend the strike length of the main vein.

The property is under a definitive option and joint venture agreement with Aurwest Resources Corporation, which can earn a 50% interest over three years. Pacific Bay remains the operator. Historical drilling data highlights high-grade intercepts, including:

• 16.6 g/t gold and 91.9 g/t silver over 1.52 meters (1975)
• 8.61 g/t gold and 46.2 g/t silver over 3.05 meters (1996)

The program follows a phased approach recommended by independent geologist Kristian Whitehead, P.Geo., with future phases potentially including 3D IP surveying and up to 1,000 meters of diamond drilling.

Pacific Bay Minerals Ltd. (PBM) has commenced fieldwork at its Weaver Gold project, a development that follows the release of a geological report in January 2026 and a definitive joint venture agreement with Aurwest Resources in April 2026. The activity confirms that management is executing on its stated exploration roadmap, though the announcement does not introduce fundamentally new information, unexpected financial terms, or material changes to the company's valuation.

The current focus on extending strike lengths and investigating new anomalies represents standard early-stage exploration. While historic grades at the site are compelling, they remain historical data and do not constitute a resource estimate or an immediate production catalyst. The market impact of the news is expected to be minimal, as the exploration timeline and the Aurwest earn-in structure were already priced in. The company continues to burn cash on exploration without near-term revenue generation.

Pacific Bay Minerals Ltd. (PBM) is a micro-cap exploration company focused on critical minerals and precious metals in British Columbia and Brazil. Its flagship asset is the Haskins-Reed Critical Minerals Project, located in the Cassiar mining district of BC. The property hosts tungsten, bismuth, copper, zinc, silver, and gold, with historical drilling returning high-grade silver and base metal intercepts alongside notable tungsten skarns. The company has filed a five-year drilling permit for up to 120 holes, totaling 24,000 meters.

The company’s secondary asset is the Weaver Gold Property, situated near Harrison Mills, BC. This site features historic high-grade gold-silver vein mineralization and is currently under an option and joint venture agreement with Aurwest Resources. All of Pacific Bay Minerals Ltd.’s projects remain in the exploration phase, with no mineral resources, reserves, or production history.