Cleghorn Proceeds with Field Work at Rocco Copper Prospect, Gaspé, Québec

Cleghorn advances Rocco Copper Prospect with surveys and sampling; analytical results still pending.

What the company is saying

Cleghorn Minerals Ltd. is reporting the initiation and completion of early-stage exploration at the Rocco Copper Prospect in Gaspé, Québec, emphasizing the scale and systematic approach of its 2026 field program. The company highlights the completion of 1,405 line-kilometres of airborne magnetic and VLF-EM surveys, ground follow-up by a 7-person team, and mapping of about 80% of the property. Management frames the property as highly prospective for porphyry copper-skarn mineralization, referencing similarities to the nearby Gaspé Copper Mountain Mine. The announcement stresses the identification of two intense circular magnetic anomalies as high-priority targets, with secondary targets also outlined. All analytical results from 139 grab or chip samples and 82 stream sediment samples are pending, and the company does not speculate on outcomes. IOS Geosciences, led by Mr. Réjean Girard, is named as the technical lead and qualified person. The company also discloses a new stock option grant of 1,150,000 shares at $0.105 per share for five years to insiders, excluding the consulting geoscience team.

What the data suggests

The company has staked 99 claims covering 5,467 hectares at the Rocco Copper Prospect and completed a 1,405 line-kilometre airborne geophysical survey in late August 2026. Ground follow-up mapped approximately 80% of the property, with a 7-person team working for two weeks. The field program included collection of 139 grab or chip samples and 82 stream sediment samples, but no assay results or mineralization grades are yet available. The identification of two intense magnetic anomalies and several secondary targets is based on geophysical interpretation, not yet confirmed by geochemical or petrographic analysis. The company holds a 100% interest in both the Rocco Copper Prospect and the Meech Lake - Matachewan - Prospect. A total of 1,150,000 stock options have been granted at $0.105 per share for five years. The technical content has been reviewed by a qualified person, Mr. Réjean Girard. No financial performance data, cash balances, or economic assessments are disclosed. The announcement provides operational transparency but does not yet offer evidence of mineralization or economic value.

Analysis

The announcement is factual and proportionate, detailing the completion of airborne geophysical surveys, ground mapping, and sampling at the Rocco Copper Prospect. The majority of claims are realised and supported by specific operational data (number of claims, hectares, samples collected, survey line-kilometres, team size). Forward-looking statements are limited to the pending analytical results and the identification of exploration targets, which is standard for an early-stage exploration update. There is no exaggerated language about imminent discovery or economic value, and no large capital outlay or production promises are made. The reference to historical production and nearby resources is contextual, not promotional. The absence of analytical results means the economic significance of the anomalies is not yet known, but this is transparently disclosed. Overall, the narrative matches the evidence, with no material hype.

Risk flags

• ●The absence of analytical results means there is no evidence yet of mineralization or economic potential; the project's value remains entirely speculative until assays are returned.
• ●Operational risk is present due to the early stage of exploration; only 80% of the property has been mapped, and the northwest corner remains inaccessible, potentially missing key targets.
• ●The company is dependent on external consultants (IOS Geosciences) for technical execution and validation, which may introduce scheduling or interpretive risks if priorities or personnel change.
• ●Granting 1,150,000 stock options at $0.105 per share dilutes existing shareholders and may not align incentives if exploration results disappoint or timelines slip.

Bottom line

Cleghorn Minerals has completed systematic early-stage exploration at its Rocco Copper Prospect, covering a large land package with airborne geophysics, mapping, and sampling, but has not yet produced any analytical results or evidence of mineralization. The company's narrative is credible and proportionate, focusing on operational progress and geological context rather than overhyping proximity to the historic Gaspé Copper Mountain Mine. Investors have no basis to assess economic potential until assay results are released, and the project remains high-risk and speculative at this stage. The new stock option grant is a routine incentive measure but adds modest dilution. The most important next step is the release of analytical results, which will determine whether the identified anomalies translate into meaningful mineralization. Until then, the announcement is a progress update, not a value inflection point.

Announcement summary

(TSXV:CZZ) Cleghorn Minerals Ltd. announced the initiation of exploration programs at the Rocco Copper Prospect in Gaspé, Québec, beginning in August with airborne magnetic and electromagnetic (AEM) surveys and immediate ground follow-up by a 7-person prospecting team. The Rocco Copper Prospect consists of 99 claims covering 5,467 hectares in NTS Map Sheet 22A/11, located approximately 100 km north of Port-Daniel or 100 km south-east of Murdochville, and about 830 km northeast of Montréal, Québec. In late August 2026, an airborne geophysical program was completed, comprising 1,405 line-kilometres of high-resolution helicopter-borne magnetic and VLF-EM surveys. Preliminary interpretation of the survey data outlined two intense circular magnetic anomalies associated with intrusive bodies in calcareous mudstone, identified as high-priority exploration targets for skarn-related mineralization. Secondary targets were identified as faint linear anomalies, potentially representing secant dykes or fractures. Ground follow-up was conducted by a 7-person team over two weeks, and approximately 80% of the property area was mapped, excluding the inaccessible northwest corner. A geochemical sampling program was also initiated, collecting 139 grab or chip samples from outcrops and 82 stream sediment samples for analysis; all analytical results are pending. IOS Geosciences was mandated to execute the field program. The Gaspé Copper Mountain Mine, operated by Noranda Mines Inc from 1955 to 1999, produced 150 million tons at 0.87% Cu, or over 1 million tons of copper anodes. Osisko Metals Inc. reported in April 2026 an updated resource for Gaspé Copper Mountain Mine of 1.83 billion tonnes (Measured and Indicated) grading 0.27% copper (10.77 billion lb. Cu), 0.017% molybdenum (673.2 million lb Mo), and 1.57 grams/tonne silver (92.8 million oz Ag), with inferred resources of 238.8 million tonnes grading 0.41% copper (2.16 billion lb Cu), 0.016% molybdenum (82.9 million lb Mo), and 1.88 grams silver (14.5 million oz Ag). Cleghorn Minerals Ltd. holds a 100% interest in the Rocco Copper Prospect and the Meech Lake - Matachewan - Prospect in northeastern Ontario. The company’s Board granted incentive stock options to directors, officers, employees, and consultants (excluding IOS Geosciences staff) for an aggregate 1,150,000 common shares at a price of $0.105 per share for a period of 5 years. Mr. Réjean Girard, P.Geo. (OGQ 00521), geologist and president of IOS Geosciences, is the designated qualified person for National Instrument 43-101 and reviewed and approved the technical content of the release.

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