Auranova Resources and Kenorland Minerals Announce Upcoming 2026 Spring Drill Program at The South Uchi Project, Ontario

Executive Summary

• Auranova Resources announced board approval of a Phase 3 diamond drill program (up to 3,000 m) at the South Uchi Project’s Papaonga target in Ontario.
• The program will test strike extensions of a newly identified gold‑bearing structural corridor discovered during Phase 2 drilling, with six planned holes commencing by end‑March 2026.
• Auranova has already earned a 51% interest in the project (via $500k cash payment) and may increase its stake to up to 70% through additional qualifying expenditures.

Key Details

• Drill Program Scope: Up to 3,000 metres across six drill holes targeting step‑out extensions east and west of existing Phase 2 holes (25PADD031 & 25PADD034).
• Target Geology: ~200‑m wide mineralised corridor with strong deformation, sericite‑albite‑silica alteration, disseminated sulphide mineralisation within mafic to felsic volcanic rocks and feldspar porphyry intrusions.
• Assay Highlights (Phase 2): Multiple 10‑m intervals with anomalous gold values; grab samples north of the corridor returned up to 14.4 g/t Au.
• Drilling Schedule: Activities slated to start by end of March 2026; drill fences spaced ~1 km apart along strike.
• Project Ownership: Auranova holds a 51% earned interest (cash payment of $500,000 completed). Potential to earn an additional 19% (total 70%) with up to $10 M in qualifying expenditures before the third anniversary of the option election. Kenorland retains a 30% carried interest and a 2% NSR royalty.
• Option Terms Recap: Initial 51% earned via cash payment, $8 M+ drilling spend or 15,000 m drill length within two years; issuance of 19.9% of Auranova common shares to Kenorland; further earn‑in contingent on $10 M qualifying spend.
• Qualified Person: William Yeomans, B.Sc., P.Geo. (EGBC #027187, PGO #2177) reviewed and approved the technical information.

Notable Quotes

• “The approval of Phase 3 underscores our confidence in the structural corridor identified during Phase 2 and positions us to significantly advance the South Uchi Project toward a robust resource definition.” – Thomas Obradovich, CEO, Auranova Resources.