Announcement • Mar 15
Metalquest Mining Inc Completes Due Diligence and Proceeds with the West Cameron Gold Project
MetalQuest Mining Inc. has completed its technical due diligence review of the West Cameron Gold Project (the “Project”) located in the Kenora Mining District of northwestern Ontario. Following completion of the review, the Company has provided formal notice to proceed under the previously announced option agreement with Gallik Explorations Inc., a wholly owned company of Mr. Troy Gallik, to acquire a 100% interest in the Project. The interpreted regional Cameron Lake fault trend extends across the property. New porphyry intrusive target identified as a key focus for follow-up exploration. Historical surface sampling returned gold values up to 9.18 g/t Au. MetalQuest is currently finalizing its 2026 exploration program, which is expected to include geological mapping, sampling, geophysical surveys, and targeted drilling to validate and expand known mineralization. The Company, upon notice to proceed with the Agreement, plans to engage with local First Nations communities and intends to pursue opportunities for collaborative and respectful partnerships, consistent with its commitment to responsible exploration. MetalQuest is expanding its exploration portfolio to include gold exploration opportunities. The Kenora Mining District has historically been underexplored and is increasingly emerging as an active exploration and development region, supported in part by improved commodity prices and renewed industry and investor interest. The region offers a compelling combination of: Established mining infrastructure and highway access. Proximity to power, workforce, and service centers. Favorable permitting environment and community relationships. Recent acquisitions and investments within and adjacent to the district include: Regional consolidation, highlighted by Coeur Mining’s announced acquisition of New Gold in a USD 7,000 million transaction. The Cameron Lake Gold Project acquisition, led by Frank Giustra’s Fiore Group and First Mining Gold Corp., in a transaction valued at approximately CAD 27 million. Growing exploration and development activity by junior, mid-tier, and senior mining companies, reflecting renewed industry interest in the Kenora and nearby districts. The Company notes growing support for mineral exploration at the provincial, regional, and municipal levels, including policies and initiatives intended to encourage responsible resource development and investment. The West Cameron Gold Project covers approximately 1,700 hectares (4,200 acres) and benefits from year-round access via Highway 71, logging roads, and established trails. The Project is adjacent to the Cameron Lake claim group. The Cameron Lake Deposit hosts pit-constrained (0.55 g/t Au cut-off) Measured and Indicated mineral resources of approximately 3,500,000 tonnes grading 2.45 g/t Au, containing approximately 274,000 ounces of gold, and pit-constrained Inferred mineral resources of approximately 35,000 tonnes grading 2.45 g/t Au, containing approximately 3,000 ounces of gold. In addition, the deposit hosts underground (2.00 g/t Au cut-off) Measured and Indicated mineral resources of approximately 2,000,000 tonnes grading 2.90 g/t Au, containing approximately 190,000 ounces of gold, and underground Inferred mineral resources of approximately 6,500,000 tonnes grading 2.54 g/t Au, containing approximately 530,000 ounces of gold. As disclosed in the Technical Report on the Cameron Gold Deposit, Ontario, Canada (First Mining Finance Corp., effective January 17, 2017). Mineral resources are not mineral reserves and do not have demonstrated economic viability. Historical surface sampling results on the West Cameron Project are reported in Ontario Ministry of Mines assessment filings, including the 2004 Geological Mapping and Sampling Report on the Cameron Lake Property (Cunniah Lake Inc.; Clark Exploration Inc.) and the 2014 Flint Lake Prospecting and Target Evaluation Report (Metals Creek Resources Corp.). These reports document grab samples returning values of up to 9.18 g/t Au from sheared mafic volcanic rocks, as well as grab samples returning values of up to 1.9 g/t Au from the New Porphyry intrusive target. Grab samples are selective by nature and may not be representative of underlying mineralization or true grade distribution. Gold mineralization on the property is associated with: Quartz-carbonate veining within shear zones. Sheared felsic intrusions. Brecciated and structurally deformed host rocks. Carbonate alteration and sulfide assemblages, including pyrite and chalcopyrite. The interpreted regional Cameron Lake Fault is mapped as trending through the property and is considered a prospective structural feature for guiding exploration targeting. This structure is part of a broader regional structural framework that includes the Cameron Lake area. A key exploration focus is the New Porphyry intrusive unit, located entirely within the Project boundary. This intrusion is structurally controlled and has returned anomalous gold values, supporting the interpretation of a potential intrusive-related gold mineralizing system. The Project has been explored intermittently by Gulf Minerals, Cunniah Lake Inc., Noranda, Endurance Gold, North American Uranium Corp., and Metals Creek Resources.
