NovaRed Mining Expands Wilmac Copper-Gold Project with Option of Trojan-Condor Corridor Ready to Announce with Confidence?
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2026) - NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) ("NovaRed" or the "Company") is pleased to announce that it has entered into a property option amending agreement dated April 30, 2026 whereby it may acquire a 70% interest in an additional five mineral tenures comprising approximately 4,573.82 hectares, known collectively as the Trojan-Condor Corridor. These additional claims are adjacent to the nine claims that comprise NovaRed's existing Wilmac Copper-Gold Project (the "Property" or the "Project") and expand the project size to a total of 16,077.76 hectares (see Figure 1).
To acquire a 70% interest in the Trojan-Condor Corridor claims, the Company must pay the optionor $100,000 and issue 3,000,000 units (the "Units") in its capital to the optionor upon Canadian Securities Exchange ("CSE") acceptance for filing. Each Unit will consist of one common share and a two-year transferable share purchase warrant entitling the optionor to acquire an additional common share of the Company for C$1.80. The Units, when issued, will be subject to a hold period of four months and one day from issuance. The Company must pay an additional $150,000 to the optionor by March 31, 2027 and fund $8,500,000 in exploration expenditures on the claims, including $1,500,000 in stages in 2026, in order to exercise the option. The 70% interest in the claims that NovaRed may acquire pursuant to the option is subject to a 2% net smelter returns royalty (the "NSR"). The Company may purchase one-half of the NSR (i.e., 1%) for a one-time payment of $2,000,000. Upon the exercise of the option, the Company must pay the optionor an annual advance royalty payment of $100,000 per year so long as the Company retains its interest in the Property.
"The Trojan-Condor Corridor consolidates the eastern side of our Wilmac copper-gold project and brings with it a substantial historical exploration dataset," said Brian Goss, Chief Executive Officer of NovaRed Mining Inc. "We now control a contiguous land position over a magnetic and geophysical signature interpreted to reflect a buried intrusive complex analogous in setting to the Copper Mountain Camp 12 kilometres to the east. Our priority is to integrate the historical IP, magnetics, soils, and drill data with our 2026 geophysical program at Wilmac and define the most compelling drill targets across the consolidated Project."
Trojan-Condor Corridor Claims
The Trojan-Condor Corridor claims benefit from high-resolution airborne geophysics, revealing strong magnetic anomalies analogous to those associated with the producing Copper Mountain Camp located 12 kilometres to the east. These signatures suggest the presence of a comparable large, composite igneous complex, with the Copper Mountain anomaly displaced upward relative to the Wilmac anomaly by the regionally significant Boundary Fault, suggesting potential to identify one (or more) buried porphyry copper deposits on the claims. Several gabbro – diorite intrusives have been mapped along Whipsaw Creek (Massey 2010), which are the rock types spatially associated with copper-bearing mineralization and alteration identified on the Property and at the Copper Mountain Mine.
Previous operators have completed considerable exploratory work on the Trojan-Condor Corridor claims, including:
2011 3D Induced Polarization Survey (Rockel 2011, Thibaud 2012): the survey covered the Whipsaw Stocks, partially overlain by the Eocene Princeton Group cover sequence (Figure 2), accompanied by porphyry-style alteration and mineralization. Results provide compelling indirect supporting evidence for an interpreted intrusive igneous complex along the northern margin of the prominent, high intensity magnetic anomaly similar to that underlying the Copper Mountain Camp (see Figure 3). Geological mapping in the Copper Mountain area documents an intrusive complex exposed at surface that is associated with the porphyry-style alteration and mineralization comprising the Copper Mountain Mine. Magnetic data from the Whipsaw area were interpreted to suggest a similar complex at depth; and
2014 Drill Program: Four drill holes (labelled WS14-001 to WS14-004) totalling approximately 728 metres were completed on the Trojan-Condor Corridor claims in 2014 (Crooker 2015). The relatively shallow holes (between 135 and 215 metres deep) targeted copper showings and IP chargeability anomalies identified by the 2011 survey. Although results were modest, they are interpreted to document a classic copper-gold Alkalic Porphyry signature: epidote-carbonate-quartz veinlets, thin stockworks with pyrite ± trace chalcopyrite and patchy to locally pervasive epidote and sericite alteration. The holes are interpreted to have been collared above a large hydrothermal system associated with multiple copper-bearing porphyry centres. Driving the interpreted hydrothermal system is a buried intrusive complex having porphyry-style alteration, porphyry-style networks of sulphide veins and porphyry-style intervals of copper mineralization. In addition, evidence of faulting and the presence of younger Princeton Group cover rocks are interpreted to have obscured deeper, potentially better-mineralized portions of the hydrothermal system to the east.
weakly to, very locally, moderately well developed, vein stringers and stockworks (≤0.5 metres), interpreted to be consistent with porphyry-style mineralization;
intervals consisting of porphyry-style mineralization (i.e., thick, vein-controlled to stockwork mineralization) rather than individual narrow, vein-style mineralization;
further analysis returned thicker, porphyry-style results for copper, confirming the high value of "… 953 ppm copper … across 3.27 metres of diorite containing a weak quartz-carbonate-pyrite stockwork zone" with a weighted average copper grade of 1,084 ppm over 3.13 metres between 97.87 and 101.00 metres. Two additional intervals returned moderately anomalous values: (1) 262 ppm copper over 24.16 metres between 87.70 and 111.86 metres in WS14-001, and (2) 381 ppm copper over 26.83 metres between 83.00 and 111.86 metres in WS14-002; and
more, and varied, alteration styles present throughout the core, dominated by sericite and epidote alteration. Gabbro, pyroxenite, and diorite exhibit rare to weak patchy, with more prevalent, but variable, selective replacement and pervasive epidote alteration with traces of chalcopyrite and are occasionally cut by narrow (<1 to 2cm thick) carbonate, epidote and quartz veinlets with traces of chalcopyrite.
Mapping and re-logging the 2014 drill core provides evidence of a potential multi-phase intrusive complex, including diorite and leucocratic to melanocratic gabbro, grading into pyroxenite; and
2023 Soil Survey: the goal of this survey was to identify locations anomalous for metals such as copper, gold, and silver, as well as pathfinder elements potentially associated with the Whipsaw Fault, small gabbro to diorite intrusive bodies (the "Whipsaw Stocks") and, ideally, a porphyry-type signature. During the survey, several coincident copper - gold - silver soil anomalies were identified. Interiors of the Whipsaw Stocks display predominantly background values, while stock margins, particularly on the west and northwest margins, and the immediately adjacent Nicola rocks, showed repeated, multi-element anomalies. The strongest copper and aligned gold-silver anomalies are located where faults intersect and along stock contacts. Accordingly, recommended follow-up exploration would focus mapping, further sampling, and drilling along stock margins and fault intersections. It is also recommended that the Company extend the surveys southwest where anomalies remain open. The soil survey results are interpreted to indicate a mineralized system associated with the Whipsaw intrusions, with fluids escaping preferentially along their margins rather than along the main Whipsaw Fault.
Summary
In simple terms, the Property is comprised of Nicola Group volcanic and subordinate sedimentary units subsequently intruded by several dioritic and gabbroic intrusions, most of which are relatively small, with several larger bodies exposed along Whipsaw Creek and immediately south of the Tulameen River (i.e., the Rice Stock). Other small exposures include pyroxenite, hornblendite, and/or "ultramafic". As a working hypothesis, the larger exposures are interpreted as small stocks exposed by more extensive erosion along Whipsaw Creek, whereas the smaller exposures are interpreted to represent the uppermost portions of vertically oriented apophyses and/or cupolas exposed at higher elevations. These intrusive exposures are interpreted to have all been sourced from underlying blind intrusions and/or an interpreted more extensive intrusive complex at depth.
Therefore, in contrast to the intrusive complex exposed at surface at the Copper Mountain Mine, the Property is interpreted to be down dropped (west side down) across the Boundary Fault, a regional scale fault which appears to have dissected the large, composite Copper Mountain Mine/South Princeton Complex into two separate and distinct complexes. If correct, the intrusive relationships, thermal alteration, and resulting alteration assemblages exposed in the Copper Mountain Mine Camp are considered to be broadly analogous to those expected at depth underlying the Property. Furthermore, the intrusive exposures mapped to date on the Property are interpreted to represent the uppermost portions of the intrusive complex west of the Boundary Fault.
Wilmac Copper-Gold Project Overview
The Wilmac project comprises 16,078 hectares of mineral tenures located within the Quesnel porphyry belt in south-central British Columbia, southwest of Princeton. The Project is situated in a well-documented copper-gold porphyry belt and is interpreted to host potential for identification of one or more copper-gold alkalic porphyry occurrences similar in age and deposit type to those hosting the nearby Copper Mountain Mine. According to Hudbay Minerals Inc. ("Hudbay"), Copper Mountain hosts Proven and Probable Mineral Reserves of 345 million tonnes grading 0.26% copper and 0.12 g/t gold (source: Hudbay Minerals Inc., "Hudbay Provides Annual Reserve and Resource Update with Mine Life Extensions and Improved Three-Year Production Outlook," news release dated March 27, 2026; mineral reserves estimated in accordance with CIM Definition Standards incorporated by reference in NI 43-101). The Company has not independently verified this information. Readers are cautioned that mineralization on the Copper Mountain property is not necessarily indicative of mineralization on the Wilmac project.
Figure 1 – Property Scale map of the Wilmac Copper-Gold Project showing the Wilmac tenures (dashed yellow), Lamont Ridge (dashed black), and Trojan-Condor Corridor (solid black) tenures with respect to the large, intense magnetic anomalies underlying the Wilmac Copper-Gold Project (west of Boundary Fault) and the Copper Mountain Camp (east of Boundary Fault). Approximate locations of the open pits comprising the Copper Mountain camp in red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9977/295394_190696aeb4cbb978_002full.jpg
Figure 2 – Geology map of the Trojan – Condor Corridor area (Rockel 2011). The Eocene Princeton Group (EPv; yellow fill) unconformably overlies and partially covers the Late Triassic Group. A number of Late Triassic gabbro to diorite intrusions, the "Whipsaw Stocks" (uTCd; pink fill), have been mapped along Whipsaw Creek, hosted by Late Triassic Nicola Group sediments (utNa; grey) and volcaniclastics (uTNv; light green). The Copper Mountain Camp is shown in the upper right, east of the regionally significant Boundary Fault.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9977/295394_190696aeb4cbb978_003full.jpg
Figure 3 – Combined Airborne and Ground Total Magnetic Intensity (Rockel 2011). The most prominent feature is a broad crescent shaped, strong magnetic high that fills more than half of the "Whipsaw Work Area". Inversion of the ground magnetic data is interpreted to indicate the crescent shaped magnetic high is deep seated, consistent with a deep seated magnetic intrusive rock type. A similar intense, broad, crescent shaped, magnetic high evident in the Copper Mountain area is spatially associated with a mapped monzonite - syenite intrusive complex, interpreted to suggest the magnetic high in the Whipsaw area may document as similar complex at depth.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9977/295394_190696aeb4cbb978_004full.jpg
References
Crooker, G. (2015). Core drilling report on the Tulameen Project, Whipsaw Target Area, Similkameen Mining Division, Assessment Report 35488, dated February, 2015, 82 p.
Massey, N. (2010). Southern Nicola Project: Geochemistry of Volcanic Rocks of the Nicola Group West of the Boundary Fault (Parts of NTS 092H/02, 07 and 10), in British Columbia Geological Survey Branch Geological Fieldwork 2010, Paper 2011-1, pg. 145 - 157.
Rockel, E. (2011a). Report on Induced Polarization, Resistivity and Magnetic Surveys in the Tulameen Project Area, Assessment Report 33,626C, dated November 10, 2011, 31 p. + maps.
Thibaud, C. (2012). 3DIP and Magnetometer Surveys on the Whipsaw Grid, Tulameen Project, Assessment Report 33,626E by SJ Geophysics Ltd. for Goldcliff Resource Corporation, dated February 2012, 99 p.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Rick Walker, P.Geo., a Qualified Person as defined by National Instrument 43-101. Mr. Walker is not independent of the Company within the meaning of NI 43-101.
About NovaRed Mining Inc.
NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) is a mineral exploration company focused on the identification, acquisition, exploration and development of copper-gold porphyry projects in British Columbia. The Company's optioned Wilmac copper-gold project comprises 14,015 hectares located within the Quesnel porphyry belt in the Similkameen Mining Division, southwest of Princeton and approximately 10 kilometres west of Hudbay Minerals Inc.'s producing Copper Mountain Mine. For more information, visit novaredmining.com.
Readers are cautioned that the discussion of mineralization on adjacent or similar properties, including the Copper Mountain Mine, is not necessarily indicative of the mineralization or potential of the Wilmac Project. The Company has no interest in, or right to acquire any interest in, any such adjacent properties.
ON BEHALF OF NOVARED MINING INC.
Brian Goss
Chief Executive Officer
T: 775-340-2395
E: info@novaredmining.com
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the receipt of CSE acceptance for filing of the Option Agreement; the Company's intention and ability to satisfy the cash payment, share issuance, and exploration expenditure milestones required to exercise the option and earn a 70% interest in the Trojan-Condor Corridor; the integration of historical exploration data with the Company's 2026 geophysical program at the Wilmac Copper-Gold Project; the identification of drill targets at the Wilmac Copper-Gold Project; the planned 2026 exploration program at the Wilmac Copper-Gold Project; and the geological interpretation of the Trojan-Condor Corridor as overlying a buried intrusive complex with potential for one or more porphyry copper-gold deposits.
Forward-looking information is based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such assumptions include, without limitation, the availability of adequate funding in order to exercise the option agreements respecting the Wilmac Copper-Gold Project and complete the proposed exploration programs; receipt of all necessary permits and authorizations for planned exploration; the availability of qualified personnel and geophysical contractors; favourable weather and field conditions; access to the Project area; the accuracy of current geological interpretations; and the continued cooperation of the optionor under the terms of the option agreement.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Important risk factors include, but are not limited to: the continued availability of capital and financing; the ability to satisfy option earn-in requirements on the timelines contemplated; adverse weather or terrain conditions that may delay or prevent fieldwork; risks inherent in mineral exploration activities; tenure grant, renewal and permitting outcomes, including under British Columbia's revised mineral tenure system; Indigenous and community consultation requirements; changes in applicable laws and regulations; the ability to retain key personnel and contractors; litigation; failure of counterparties to perform their contractual obligations; and general economic, market or business conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295394
Source: NovaRed Mining Inc.
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