Mogul Mountain Advances Underground Exploration At Rays-West Dome, Reopens Historic Priest Tunnel
Vancouver, B.C. – October 1, 2026 – TheNewswire – Mogul Mountain Ventures Corporation (TSX.V: MOGL; Frankfurt: 9HG0) (“Mogul” or the “Company”) is pleased to provide an exploration update on its 100%-owned Rays-West Dome Gold-Silver Project (the “Project”) near Tonopah, Nevada, including the reopening of the historic Priest Tunnel, progress on underground exploration at the AP Adit and continued work to advance high-priority drill targets across the Project.
Highlights
• Mogul reopens major historic underground working at Rays North – the approximately 1,500-foot Priest Tunnel was a significant underground development when constructed in the early 1900s. The tunnel provides direct access to the geology and mineralized structures of Rays North, an area that has seen little modern exploration.
• Evidence of significant hydrothermal activity at Priest – initial geological observations include extensive calcite flooding, strongly altered limestone, brecciation, multiple generations of fracturing and mineral infill, together with a pebble dyke. These features indicate repeated and extensive hydrothermal fluid movement and suggest Priest may represent part of broader hydrothermal activity, warranting systematic exploration.
• Historic Priest provides direct exploration access – an underground inspection with an experienced mining contractor found the majority of the accessible Priest workings to be in good condition, with limited rehabilitation anticipated before detailed geological mapping and sampling can commence.
• AP Adit underground drill program advancing – a staged drill program is being implemented at the AP Adit along the Voodoo Shear, including underground site preparation, short probe holes from multiple orientations and anticipated deeper underground core drilling.
• Three high-priority drill target areas being advanced – Mogul has identified three high-priority areas for drilling at Rays-West Dome: West Dome, the Rays Shear and underground at the AP Adit along the Voodoo Shear. The Company is advancing each of these targets, including preparations for an initial surface drilling program at West Dome and staged underground drilling at AP.
Priest Tunnel – New Access to Rays North
The Priest Tunnel (Figure 1) is in the northern portion of the Rays system and forms part of an extensive network of historic underground development from the early 1900s across Rays-West Dome. Historic mine development across the Project includes approximately 7,000 feet of underground workings, multiple adits and several major mine shafts extending more than 500 feet vertically.
Following removal of collapsed material at the portal, Mogul’s technical team entered and inspected the historic Priest workings. The tunnel provides direct underground access to the geology of Rays North. The Company’s underground inspection found much of the accessible tunnel to be in good condition. Initial rehabilitation is expected to include securing the portal and installing ground support where required.
Significant geological observations include extensive calcite flooding, strongly altered limestone, brecciation and multiple generations of fracturing and mineral infill. A pebble dyke was also identified within the workings. Collectively, these features indicate repeated hydrothermal fluid movement through the host rocks and provide evidence of significant hydrothermal activity warranting systematic modern exploration.
The next phase at Priest will include detailed geological and structural mapping and systematic sampling to better understand the alteration, structures and potential controls on mineralization.
These observations are preliminary. Systematic mapping, sampling and analysis are required, and no conclusions regarding grade or economic significance can be made from visual observations alone.
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Figure 1 – Rays-West Dome Project showing the Priest Tunnel and Mogul’s principal drill target areas at West Dome, Rays Shear and the AP Adit along the Voodoo Shear.
Underground Contractor Site Review
Mogul recently completed a site review at Rays with Nevada Rand Mining and Development LLC of Fallon, Nevada, an underground mining contractor, together with members of the Company’s technical and mine engineering team.
The review included the Priest Tunnel, AP Adit, Discovery area and the Voodoo shear and focused on underground access, rehabilitation requirements, potential drill locations and use of existing historic workings to support modern exploration.
The potential to safely re-access historic mine shafts at Voodoo, Enterprise and Ibex is also being evaluated. Any rehabilitation of these workings will be subject to further engineering and safety assessment, permitting and budget considerations.
AP Adit – Advancing Mogul’s Third Drill Target Area
The AP Adit represents one of Mogul’s three principal high-priority drill target areas, together with West Dome and the Rays Shear. Located along the Voodoo Shear, existing underground workings provide an opportunity to investigate geological structures from underground and to establish drill locations significantly closer to exploration targets than possible from surface. Mogul is now advancing a staged underground drilling program at AP designed to make use of the existing workings while minimizing the amount of rehabilitation required.
The initial program is expected to include approximately 40-foot rotary-percussive probe holes from multiple underground orientations. These initial holes are intended to provide geological information around existing workings, including evaluating the potential presence of parallel vein structures and helping characterize the nature of gold mineralization.
Mogul is also evaluating additional drill locations near the historic stope area in the AP Adit for anticipated underground core drilling, including use of a compact underground core drill capable of drilling approximately 300-foot holes. Existing access at AP is an important component of Mogul’s third principal drill target and provides an opportunity to advance drilling of the Voodoo Shear and mineralized structures from underground.
West Dome Drilling
In parallel with its underground exploration activities at Priest and AP, Mogul is preparing for an initial surface drilling program at West Dome, one of the Company’s three high-priority drill target areas.
The Company has identified individual drill targets at West Dome based on its geological, structural, geochemical and geophysical work, together with historic drilling information. These targets provide multiple opportunities to test the West Dome system using modern drilling and exploration techniques.
Mogul is currently engaged with various drilling contractors regarding the proposed initial program and will provide further information on the scope, contractor and timing of drilling as plans are finalized.
Management Commentary
“Reopening Priest gives us direct access to an important part of the Rays system that has seen very little modern exploration,” said Mike Kobler, President and Director of Mogul. “The Priest Tunnel was a significant underground development undertaking when constructed in the early 1900s, driven into the mountain to provide access to the geology and mineralized structures at Rays North. More than a century later, it provides Mogul with direct underground access to systematically evaluate this geology using modern exploration techniques. The extent of hydrothermal alteration we have observed is encouraging, and the overall condition of the tunnel should allow our geological team to begin detailed mapping and sampling with relatively limited rehabilitation.”
“Rays-West Dome is a target-rich gold-silver exploration environment, and we are advancing our priority drill targets. We have identified three principal areas for drilling – West Dome, the Rays Shear and underground at the AP Adit along the Voodoo Shear. The work underway at AP is an important step in advancing that drill target, while we are working with drill contractors on our initial program at West Dome.”
About Mogul Mountain Ventures Corporation
Mogul Mountain Ventures Corporation is advancing the 100%-owned Rays-West Dome Gold-Silver Project, a district-scale land package comprising more than 5,300 acres near Tonopah, Nevada, on the prolific Walker Lane trend.
Mogul has consolidated several historic mining areas and past-producing mines from the early 1900s that have seen limited modern exploration. Rays-West Dome hosts both orogenic and low-sulfidation epithermal gold-silver mineralization, providing multiple exploration targets across the property. Mogul is applying modern exploration techniques to systematically evaluate and drill test these targets.
Qualified Person
David Flint, CPG, is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and a Technical Advisor to Mogul. Mr. Flint has reviewed and approved the scientific and technical information contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Andy Edelmeier
Chief Executive Officer
Mogul Mountain Ventures Corporation
Investor Relations
Kin Communications
604-684-6730
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements regarding the Company’s exploration and investor outreach activities, participation in future conferences and the anticipated benefits of the Frankfurt listing. Forward-looking information is subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on such information. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking information.
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