Announcement • May 26
Dundee Corporation Reports Results of Infill Drilling At Westhaven’S Shovelnose Gold and Silver Project
Dundee Corporation reported continued progress on Westhaven Gold Corp’s 2026 exploration program at the Shovelnose gold and silver project in southern British Columbia, including results from an additional 10 drill holes from ongoing mineral resource infill drilling at the South Zone deposit. On February 23, 2026, the Corporation completed a strategic earn-in agreement with Westhaven, whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CAD 85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CAD 30,000,000, inclusive of a fully funded 50,000m drill program at Shovelnose, which is funding the activities outlined in this news release and is expected to continue through the remainder of 2026. 11,514m of drilling (40 drill holes) have been completed within the South Zone deposit, representing approximately 33% of the planned mineral resource drilling program. Initial drilling is focused on completing approximately 35,000m of mineral resource infill drilling at the South Zone deposit, targeting inclusion in an updated Mineral Resource Estimate to support a preliminary feasibility study, with anticipated completion in the second half of 2027. Assay results from 10 drill holes are reported in this news release bringing the total reported results to 24 holes (6,102m; approximately 17% of planned infill drilling). Notable new results include 33.0m grading 14.0 g/t Au and 78 g/t Ag including 8.12m grading 47.56 g/t Au and 229 g/t Ag (SNR26-73) and 24.63m grading 9.51 g/t Au and 44 g/t Ag (SNR26-74). Three drills are presently conducting mineral resource infill drilling of the South Zone with the fourth drill approximately one third of the way through a first phase 1,200m hydrogeological drilling program in support of ongoing pre-feasibility studies. Airborne geophysical surveys of the Shovelnose property are now complete with final data processing and reporting to follow by mid-summer, in time to help guide exploration drilling later this year. The 35,000m South Zone mineral resource drilling program has been designed to infill the deposit at nominal 25m centres. To date, 40 drill holes (11,514m) have been completed representing approximately 33% of the planned program metreage. Results from 10 holes are reported in this news release. Selected assay highlights include: SNR26-73: 33.0m grading 14.0 g/t Au & 78 g/t Ag from 163.0m downhole, including 8.12m grading 47.56 g/t Au and 229 g/t Ag from 179.48m downhole; SNR26-74: 24.63m grading 9.51 g/t Au & 44 g/t Ag from 158.52m downhole; including 4.01m grading 36.05 g/t & 123 g/t Ag from 170.57m; SNR26-75: 17.13m grading 10.08 g/t Au & 82 g/t Ag from 141.00m downhole; SNR26-76: 11.77m grading 15.63 g/t Au & 104 g/t Ag from 140.78m downhole, including 4.22m grading 30.56 g/t Au and 234 g/t Ag from 140.78m downhole; SNR26-78: 9.62m grading 5.18 g/t Au and 24 g/t Ag from 71.88m downhole. Assay intervals noted above represent downhole intersections, not true widths. True widths can be estimated at approximately 70-80% of the reported intervals. All assay results related to the 10 holes are presented in Table 1, including drill hole locations and orientations, located at the end of this release. For previously reported assay results from the South Zone mineral resource drilling program, please refer to the Corporation’s press release dated May 7, 2026. Most core samples consist of halved drill core cut by manual sawing using industry standard core saws. In rare cases, and where required by physical core conditions, manual splitting may be used. Half of the core is retained in the original core box for reference samples and any required future work, including QA/QC. Core samples, controlled by a unique bar-coded reference number, are delivered to ALS’s Kamloops facility and prepared using the PREP-31 package. Each core sample is crushed to better than 70% passing a 2mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen. Further analytical and assay procedures are conducted in ALS’s North Vancouver facility. A 0.75g subsample of the pulverized split is subjected to four acid digestion and analyzed via ICP-MS (method code ME-MS61m (+Hg)) which reports a suite of 49 elements. All samples are also analyzed for gold by fire assay with an AES finish, method code Au-ICP21 (30g sample size). Samples returning gold values over 10ppm are subjected to over-limit check assays using fire assay and a gravimetric finish (method code Au-GRA21 and a 30g sample size). Other over-limit elements may also be subjected to ore grade analyses which vary depending on the element of interest. ALS’s facilities are independent of the Company and Westhaven and are accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. QA/QC incorporates the laboratory’s internal quality assurance controls as well as Westhaven’s field controls, including the insertion of quarter core duplicates, certified reference materials and blanks, each at a rate of roughly one per 20-25 core samples. Additional blanks are inserted following samples with visible gold or significant concentrations of ginguro (fine grained bands of dark gray to black sulphides). QA/QC data are evaluated on receipt for failures, and appropriate action is taken if results for duplicates, standards and blanks fall outside allowed tolerances. Dundee understands that Westhaven’s ongoing QA/QC programs are consistent with industry best practices and include auditing of all exploration data. Any significant changes will be reported when available.
