Loyalist Files 2026 Mineral Resource Estimate Of 1.62 MT Indicated At 3.16 G/T AU (164,000 OZ) And 0.95 MT Inferred At 2.03 G/T AU (62,000 OZ) At The Tully Gold Project, Timmins, Ontario
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Toronto, Ontario – August 21, 2026 – TheNewswire – Loyalist Exploration Limited (“Loyalist” or the “Company”) (CSE: PNGC) is pleased to announce that the independent Technical Report (the “Technical Report”) supporting the 2026 Mineral Resource Estimate (“MRE”) for its 100%-owned Tully Gold Project (“Tully” or the “Project”), located in the prolific Timmins Gold Camp of northeastern Ontario, has now been filed on the Company’s SEDAR+ profile.
The Technical Report, which supports the 2026 MRE for the Project, is entitled “NI 43-101 Technical Report and Mineral Resource Estimate, Tully Gold Project, Timmins, Ontario, Canada” and was prepared by Charles Spath, M.Sc., P.Geo., and Eugene Puritch, P.Eng., FEC, CET, of P&E Mining Consultants Inc. (“P&E”), each of whom is an independent Qualified Person as defined by NI 43-101. The Technical Report has an effective date of June 15, 2026 and a report date of August 21, 2026, and was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the CIM Definition Standards for Mineral Resources and Mineral Reserves.
On July 7, 2026, Loyalist announced a 2026 Mineral Resource Estimate for the 100%-owned Tully Gold Project, prepared independently by P&E Mining Consultants Inc. in accordance with NI 43-101 and CIM standards. The MRE, effective June 15, 2026, establishes a 164,000 ounce Indicated Mineral Resource (1.62 Mt at 3.16 g/t Au) and a 62,000 ounce Inferred Mineral Resource (0.95 Mt at 2.03 g/t Au). Approximately 73% of the contained gold is classified as Indicated, representing a significant increase in geological confidence.
Table 1. 2026 Tully Gold Project Mineral Resource Estimate with an effective date of June 15, 2026(1-7).
|
Category |
Cut-Off Grade |
Tonnes |
Grade |
Contained Au |
|
Indicated |
1.1 |
1,620 |
3.16 |
164 |
|
Inferred |
1.1 |
948 |
2.03 |
62 |
Notes:
1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. It is noted that no specific issues have been identified yet.
2. The Inferred Mineral Resource Estimate in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3. Mineral Resources were prepared in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (Nov 29, 2019).
4. The Qualified Persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, financial, or other relevant issues that could materially affect the MRE.
5. The MRE is reported at a cut off of 1.1 g/t Au for the conceptual underground Deswik™ Stope Optimizer extraction scenario. The cut-off grade and potential mining scenario were calculated using the following parameters; mining cost: $110/t underground mining cost; G&A and site service costs: $15/t; processing cost: $35/t; recovery 92%; gold price US$3,500 per ounce; and minimum stope optimized mining width of 1.25 metres in order to meet the requirement that the Mineral Resources show “reasonable prospects for eventual economic extraction.” US$/C$ exchange rate was 0.72.
6. All prices and costs are in Canadian dollars ($CAD) unless otherwise stated.
7. All numbers are rounded to reflect the relative accuracy of the estimates.
The geological model defines a larger and more continuous underground gold system, with improved geometry that may support underground stopes potentially approaching 20 metres in width. Mineralization remains open along strike and at depth, providing significant potential for Mineral Resource expansion through additional drilling.
The 2026 MRE incorporates modern 3D geological modelling, refined mineralized domains, one-metre compositing, domain-specific grade capping, ID³ interpolation and comprehensive model validation. The model also increases the Indicated Mineral Resource from 93,140 ounces in the 2008 historical estimate to 164,000 ounces, an increase of 76%.
The Technical Report supports the Mineral Resource Estimate independently prepared by P&E Mining Consultants Inc., with Charles Spath, M.Sc., P.Geo., and Eugene Puritch, P.Eng., FEC, CET, serving as independent Qualified Persons under NI 43-101.
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Figure 1. Location of the Tully Gold Project within the Timmins Gold Camp.
The 2026 Mineral Resource Estimate for the Tully Gold Project was prepared by Charles Spath, M.Sc., P.Geo., and Eugene Puritch, P.Eng., FEC, CET, of P&E Mining Consultants Inc., each of whom is an independent Qualified Person (“QP”) as defined by NI 43-101. The Mineral Resource Estimate has been prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, incorporated by reference into NI 43-101.
The scientific and technical information contained in this news release has been reviewed and approved by Curtis Ferron, P.Geo. (Ontario), principal geological consultant to Loyalist Exploration Limited and Eugene Puritch, P.Eng., FEC, CET, president of P&E, both independent Qualified Persons as defined under NI 43-101.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
About Loyalist Exploration Limited
Loyalist is a Canadian mineral exploration and development company focused on creating long-term shareholder value through the advancement of high-quality mineral projects in the Timmins, Ontario area.
The Company’s flagship 100%-owned Tully Gold Project, located in the prolific Timmins Gold Camp of northeastern Ontario, is a growing underground gold project with significant exploration upside and excellent development potential. Supported by a high-confidence Indicated and Inferred Mineral Resource Estimate, favourable infrastructure, and a modern geological model, Tully provides a strong platform for continued Mineral Resource development and expansion.
Loyalist’s strategy is to systematically advance the Tully Gold Project to production while growing the deposit and continuing to evaluate opportunities to expand its portfolio of high-quality mineral assets.
The Company also looks forward to advancing exploration activities on its three other Timmins based projects – DeSantis, Gold Rush and Loveland.
The Company is committed to maintaining the highest standards of technical excellence and responsible development throughout all stages of project advancement.
For further information please visit the Company’s website at www.loyalistexploration.com or contact:
Loyalist Exploration Limited
Errol Farr
President and Chief Executive Officer
Telephone: 647-296-1270
Email: [email protected]
Website: www.loyalistexploration.com
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of Mineral Resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify Mineral Resources, failure to convert estimated Mineral Resources to Mineral Reserves, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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