Auranova and Kenorland Commence Phase 4 Drill Program at the South Uchi Project, Ontario

Auranova launches 5,000m drill program to secure 70% of South Uchi after $15M spend.

What the company is saying

Auranova Resources Inc. and Kenorland Minerals Ltd. are announcing the start of their phase 4, 5,000-metre diamond drilling campaign at the South Uchi Project in Ontario’s Red Lake District. The company frames this as a targeted follow-up on prior mineralised intercepts, specifically referencing hole 26PADD046 and the North Papa trend within the Papaonga target area. The announcement emphasizes technical detail, highlighting broad gold intercepts from previous phases and the use of recent induced polarisation survey data to guide drilling. Auranova stresses its financial commitment, stating over $15 million in qualifying expenditures, and positions the completion of this phase as the final step to earning a 70% project interest. The tone is confident, with scientific credibility underlined by the involvement of William Yeomans, B.Sc., P.Geo., as Qualified Person, and CEO Thomas Obradovich’s endorsement. The company also references significant nearby gold resources at the Great Bear Project to contextualize the region’s potential.

What the data suggests

The disclosed figures show Auranova has invested over $15 million to date and is executing a 5,000-metre drill program, with completion expected by mid-November 2026. Drill hole 26PADD046 previously returned 14.00 m at 0.28 g/t Au, 65.45 m at 0.34 g/t Au (including 21.00 m at 0.58 g/t Au), and 35.65 m at 0.31 g/t Au, as well as 7.70 m at 1.13 g/t Au (including 1.00 m at 7.07 g/t Au). Hole 26PADD043, 500m east, intersected 3.75 m at 3.65 g/t Au (including 1.45 m at 9.09 g/t Au). The current program is designed as step-outs to define the geometry of a 200-metre-wide mineralised corridor and test for higher-grade zones. Auranova will earn a 70% interest in the project upon completion of this phase. The technical disclosure is specific and transparent, but no new assay results or resource estimates are provided for this phase. Reference to the Great Bear Project’s 32.9 million tonnes at 2.7 g/t Au and 22.7 million tonnes at 4.5 g/t Au underscores the regional potential but does not imply similar results for South Uchi.

Analysis

The announcement is proportionate in tone, focusing on the commencement of a phase 4 drill program and providing specific technical details, including prior drill intercepts and the scope of the current campaign. The majority of claims are factual and realised (program commencement, metres to be drilled, prior results, and expenditures to date), with a minority of forward-looking statements regarding the completion of drilling and the earning of a 70% interest. The C$15 million in qualifying expenditures signals significant capital intensity, but this is typical for an exploration-stage project and is paired with concrete operational milestones (drilling underway, technical data disclosed). There is no exaggerated language or overstatement of imminent value creation; the benefits (potential resource definition, project interest) are contingent on successful completion of the current program, expected within the next 1-2 months. Reference to adjacent projects is factual and not used to inflate expectations for South Uchi. The gap between narrative and evidence is minimal, with all technical claims supported by disclosed data.

Risk flags

• ●Exploration risk is high: the current drill program targets extensions and step-outs, but there is no guarantee of identifying economically viable mineralisation or higher-grade zones. Previous intercepts are promising but sub-economic at reported grades and widths unless continuity and grade improve.
• ●Execution risk exists around earning the 70% interest: Auranova’s majority stake is contingent on completing the phase 4 drill program, so any operational delays or technical setbacks could postpone or jeopardise this milestone.
• ●Financial risk is present: over $15 million has already been spent, and continued exploration will require further capital. The announcement does not disclose current cash position or funding sources, so investors cannot assess runway or dilution risk.
• ●Comparative risk from regional analogues: referencing the Great Bear Project’s large resources may raise expectations, but mineralisation on adjacent properties is not necessarily indicative of South Uchi’s potential. Investors should not assume similar outcomes without direct supporting data.

Bottom line

Auranova’s announcement signals a critical operational milestone as it begins a 5,000-metre drill program at South Uchi, aiming to earn a 70% project interest after spending over $15 million. The technical disclosure is robust, with detailed prior intercepts and clear drill targets, but no new results or resource estimates are yet available. The program’s success will hinge on whether step-out drilling can confirm higher grades and continuity sufficient for a resource estimate. The timeline to value is short for drill completion but long for resource definition and economic assessment. The reference to the Great Bear Project highlights regional prospectivity but does not guarantee similar results. Investors should watch for assay results and confirmation of Auranova’s 70% interest as the next concrete catalysts. The main takeaway: this is a near-term operational update with significant capital already committed, but the investment case will depend on forthcoming drill results.

Announcement summary

(TSXV:AURA) Auranova Resources Inc. and Kenorland Minerals Ltd. have commenced the 2026 fall (phase 4) diamond drill program at the South Uchi Project, located in the Red Lake District of Ontario. The phase 4 program will comprise approximately 5,000 metres of diamond drilling focused on the North Papa trend within the Papaonga target area. Drilling will follow up on previous mineralised intercepts and test chargeability and resistivity anomalies defined by the summer 2026 induced polarisation (IP) survey. The program will specifically follow up on hole 26PADD046, testing along strike and at depth, building on mineralised intercepts reported from phases 2 and 3 drill campaigns. Previous drilling was completed along widely-spaced fences roughly 500 m apart along the North Papa trend. Planned drill holes are designed as modest step-outs along strike from 26PADD046 and at depth to better define geometries of the approximately 200-metre-wide mineralised corridor and potentially identify higher-grade portions of the system. Drill hole 26PADD046 intersected 14.00 m at 0.28 g/t Au, 65.45 m at 0.34 g/t Au including 21.00 m at 0.58 g/t Au, and 35.65 m at 0.31 g/t Au. Drilling will also test mineralisation related to the tholeiitic to calc-alkaline volcanic contact, including 26PADD046 with 7.70 m at 1.13 g/t Au including 1.00 m at 7.07 g/t Au, and 26PADD043 (located 500 m to the east) that returned 3.75 m at 3.65 g/t Au including 1.45 m at 9.09 g/t Au. Kenorland remains operator of the project, with drilling activities expected to be completed by mid November 2026. The South Uchi Project was first identified and staked by Kenorland based on the region's prospectivity to host significant gold mineralised systems. The project covers a portion of Confederation Assemblage volcanic rocks and the boundary between the Uchi and English River geological subprovinces. Auranova has spent over C$15 million in qualifying expenditures and will earn a 70% interest in South Uchi once phase 4 drilling is completed. Adjacent properties, such as the Great Bear Project (formerly Dixie Project), have reported 32.9 million tonnes of Measured and Indicated mineral resources at a grade of 2.7 g/t Au (2.8 Moz Au) and 22.7 million tonnes of Inferred mineral resources at a grade of 4.5 g/t Au (3.3 Moz Au), according to Kinross reports. William Yeomans, B.Sc., P.Geo., is the independent Qualified Person who has reviewed and approved the scientific and technical information in this press release. Thomas Obradovich is the Chief Executive Officer of Auranova Resources Inc.

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