CARM.CN Drilling Historic Gold/Silver Asset The opportunity looks good here! 76,000oz historic resource in Newfoundland with a small float and currently being drilled to take it from historic to inferred!
Toronto, Ontario--(Newsfile Corp. - November 6, 2025) - Carmanah Minerals Corp. (CSE: CARM) ("Carmanah" or the "Company") is pleased to announce it has engaged Warrior Drilling Ltd. to undertake an initial drill program at the Company's Heritage Gold-Silver Project, located on Newfoundland's Burin Peninsula. The Heritage Project is hosted within the highly prospective Avalonian Epithermal Belt.
The drill program will include up to three holes totaling approximately 500 metres, designed to test the historic Eagle Zone. The objective is to confirm and validate historical results while advancing the project toward a modern NI 43-101 compliant resource estimate.
"We are very much looking forward to having a drill turning," said Fraser Rieche, CEO of Carmanah Minerals. "Even though this is not a large drill program, it represents an important technical milestone — one that allows us to verify the historic data and demonstrate the continuity and scale of the Heritage system."
Heritage Project Overview
The Heritage Gold-Silver Project covers approximately 145 km² along the Burin Trend, part of Newfoundland's rapidly developing Avalonian Epithermal Belt — an emerging gold-silver district known for high-grade, low-sulfidation epithermal systems.
The property hosts the Eagle Zone, where historical work outlined a non-NI 43-101 compliant resource of 1.08 million tonnes grading 2.19 g/t AuEq for 76,074 ounces of gold equivalent. The zone remains open in all directions and has been drilled only to shallow depths of around 100 metres. Carmanah has not yet done exploration work to verify or classify the historical estimate as a current mineral resouce, and the Company is not treating the historical estimate as a current mineral reserve or resource.
Historic drilling highlights include:
Table 1
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Note: True widths are not known at this time. Au_Eq grade calculations for reporting assumes spot metal prices of US$3750/oz Au and US$45/oz Ag. Metallurgical recoveries of 85% Au and 89% Ag (based on AbraSilver's average metallurgical test results on the JAC Zone epithermal gold-silver deposit in Argentina) The formula for Au_Eq is: Au g/t recovered + (Ag g/t recovered/83.33).
Select intervals also returned up 10,516 g/t Ag and 46.5 g/t Au in hole HE-20-16 over 0.12m demonstrating strong precious metal grades.
Geophysical data and surface mapping indicate mineralization extends over at least 1.5 km of strike length and forms part of the larger Point May Epithermal System, a 4.5 × 5.2 km corridor hosting more than 20 additional high-priority targets. Despite these indicators, limited modern exploration has been completed, leaving significant room for discovery.
Exploration and Regional Potential
The Heritage Project benefits from year-round access, nearby power and paved road infrastructure, and proximity to two deep-water, ice-free ports. The Burin Peninsula remains one of Newfoundland's least explored epithermal districts. The combination of shallow, high-grade mineralization, exceptional access, and underexplored strike length positions Heritage as a potential district-scale gold-silver system.
Next Steps
Carmanah's upcoming drill program will target the Eagle Zone, focusing on validation of historical intercepts and mineralized structures. Results from this work will be used to support a modern resource model and to refine additional targets across the broader Point May system.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Carmanah Minerals Corp.
Carmanah Minerals Corp. (CSE: CARM) is a Canadian-based exploration company focused on advancing mineral projects with high expansion potential. The company is advancing its flagship Heritage Project in central Newfoundland, a promising epithermal gold-silver system situated in one of Canada's most active and emerging mining regions. With an experienced management team and a commitment to responsible resource development, the company is positioned to capitalize on opportunities within Canada's evolving mineral exploration landscape.