Mayo Delineates Reduced Intrusion Related Gold System Target at Dawn Gulch

Executive Summary

• Mayo Lake Minerals announced the closure of the second tranche of its private placement, issuing 950,000 CS Units for $47,500 and bringing total proceeds to $202,500.
• The company released extensive geochemical, soil‑gas hydrocarbon (SGH) and airborne magnetic results from the Dawn Gulch area, identifying multiple drill‑ready targets within the Anderson Gold Trend (AGT).
• Management highlighted the presence of a strong SGH redox cell, anomalous gold and base‑metal soils, and a magnetic low that together suggest a buried Reduced Intrusion‑Related Gold System (RIRGS) with potential for both high‑grade vein deposits and bulk‑tonnage mineralization.

Key Details

• Financing
• Private placement tranche 2 closed at $0.05 per CS Unit.
• Issued 950,000 CS Units (each = 1 common share + ½ warrant).
• Gross proceeds: $47,500; cumulative proceeds to date: $202,500.
• Warrants exercisable at $0.07 (CS Units) or $0.08 (FT Units) for 36 months from closing.

• Funds allocation: working capital & general operating costs (CS Units); eligible exploration expenditures under the Canadian Income Tax Act (FT Units).

• Exploration – Dawn Gulch

• Soil program: 185 geochemical samples + 46 SGH samples collected 20‑21 Sept 2025.
• Results show elevated anomalous and enhanced gold values in linear patterns and broad zones, plus a strong SGH redox cell indicating deep‑seated gold.

• Airborne magnetics reveal an 810 km² magnetic low on the Analytical Signal (AnSig) plot coincident with the SGH anomaly.

• Drill‑Ready Targets

• Four prospects within the AGT identified as drill ready, focusing on epizonal vein and classic RIRGS targets.
• Dawn Gulch: four zones – a 1,500 m linear gold zone (≈49 ppb Au) plus three additional linear zones (total ≈2,000 m, up to 151 ppb Au) and a 210 km² broad enhanced‑gold soil anomaly.
• Anderson‑Owl: four zones – up to 527 ppb Au; recent RC drilling intercepted continuous quartz‑sulfide veins with grades of 0.55–0.77 g Au/t over several metres.

• Peak, Steep Creek, Norman prospects also described with multiple gold‑anomalous linear zones (gold values ranging from ~87 to 527 ppb Au).

• Geological Context

• Dawn Gulch lies within the Tombstone Gold Belt (TGB), a region known for Reduced Intrusion‑Related Gold Systems (RIRGS) and polymetallic vein deposits.

• Nearby benchmark projects: Banyan Gold’s AurMac (2.27 Moz Au indicated), Sitka Gold’s Blackjack/Eiger, Victoria Gold’s Eagle, Hecla Mining’s Keno Hill silver operation, Snowline Gold’s Rogue project.

• Qualified Person

• Dr. Vern Rampton, P.Eng., President, CEO and Chairman of Mayo Lake Minerals, signed off the technical information per NI 43‑101.

Notable Quotes

“The SGH study identified a strong redox cell over an AnSig magnetic low, clearly defining a drillable RIRGS target… we are confident that these findings support the eventual development of a gold mining camp within the Anderson Gold Trend.” – Dr. Vern Rampton, CEO & Chairman

Materiality Assessment: Non‑Material – Positive (the financing amount is modest relative to typical corporate capital needs; the exploration update, while encouraging, remains speculative and does not constitute a material resource estimate.)