Mayo Lake Plans 2,000 Metre Drill Program on RIRGS

• Exploration Program: Mayo Lake Minerals announced a 2026 exploration program consisting of approximately 2,000 metres of diamond drilling and 1,200 metres of trenching across three properties in the Tombstone Gold Belt.
• Target Areas: The program focuses on Reduced Intrusion-Related Gold Systems (RIRGS) at the Anderson Gold Trend (AGT) and high-grade silver mineralization at Carlin-Roop.
• Cost Estimate: Total estimated cost of the program is approximately $2.2 million.
• Financing Update: The company is finalizing a private placement to fund working capital and eligible exploration expenditures, with the final $100,000 tranche anticipated in late April 2026.
• Specific Targets:
  • Anderson Gold Trend (AGT): Andy Owl target shows soil values up to 527 ppb Au; Dawn Gulch indicates buried gold deposit potential via Soil Gas Hydrocarbon (SGH) analysis.
  • Carlin-Roop Silver Project: Carlin West shows grab samples up to 3,994 g/t Ag; trenching prioritized due to suspected narrow veins.
• Management Commentary: CEO Dr. Vern Rampton states the company has reached a "turning point" to advance toward mining camp potential, citing parallels to Keno Hill's Elsa Mine for silver and Banyan Gold/Sitka Gold for regional context.

• Execution vs. Expectations: The news confirms execution of the exploration plan previously outlined in January 2026 (NewsId: 44905). It is not a surprise discovery but rather the operationalization of prior announcements.
• Capital Adequacy Risk: A critical discrepancy exists between funding and program costs.
  • Total Cash Raised/Realized: ~$1.3 Million ($1M from Banyan asset sale + ~$302k from private placement tranches).
  • Program Cost: $2.2 Million.
  • Gap: Approximately $900,000 shortfall relative to the stated program cost. This implies a need for additional capital raising or scaling back of operations before drilling concludes.
• Market Reaction Potential: The announcement is incremental. While it confirms activity, the funding gap introduces execution risk that may limit upside potential until resolved. It does not constitute a "Game Changer" as no resource estimate or high-grade intercept results are disclosed yet.
• Financing Dilution: The final tranche involves issuing units with warrants ($0.07/$0.08 exercise), adding to the fully diluted share count and potential future dilution upon exercise.

• Company Profile: Mayo Lake Minerals is an exploration company focused on the Tombstone Gold Belt in Yukon, Canada. It operates under the leadership of Dr. Vern Rampton (CEO/Chairman).
• Flagship Projects:
  • Anderson Gold Trend (AGT): Targets Reduced Intrusion-Related Gold Systems (RIRGS) and epizonal vein deposits. Key prospects include Andy Owl, Dawn Gulch, Peak, Steep Creek, and Norman.
  • Carlin-Roop High-Grade Silver Project: Targets Keno Hill style silver mineralization. Key prospects include Carlin West and AJ Zone.
• Property Portfolio: Three main properties (145 sq. km) in the Tombstone Gold Belt: Anderson-Davidson, Carlin-Roop, and Edmonton.
• Development Stage: Exploration/Pre-Feasibility. No defined resources reported yet; focus is on defining targets via drilling and trenching.