Excalibur Engages Precision GeoSurveys for Airborne Geophysical Survey at Bellehelen

Excalibur launches detailed airborne survey at Bellehelen, targeting new exploration data by year-end.

What the company is saying

Excalibur Metals Corp. announces the engagement of Precision GeoSurveys US Inc. to conduct a high-resolution helicopter-borne magnetic and radiometric survey at its Bellehelen Silver-Gold Project in Nye County, Nevada. The company emphasizes the technical rigor of the planned 876 line-kilometre survey, highlighting 100-metre line spacing and 50-metre effective spacing in overlap zones with prior surveys. CEO John Gilbert frames the initiative as a step to refine exploration targets, referencing large geophysical anomalies and the potential for both high-grade and disseminated mineralization. The announcement underscores Precision's experience, noting over 800 surveys completed since 2007 and President Harmen J. Keyser's 12,000+ flight hours. Excalibur also stresses the historical pedigree of Bellehelen, citing 311,000 silver-equivalent ounces produced in the early 1900s and surface sampling up to 11.25 g/t gold and 3,490 g/t silver. The tone is confident but factual, focusing on operational execution and the integration of new and historical datasets.

What the data suggests

The survey will cover 876 line-kilometres across 79.6 square kilometres, with 795 line-kilometres of survey lines and 81 line-kilometres of tie lines, using 100-metre line spacing and 1,000-metre tie-line spacing. In overlap areas with the 2020 survey, new lines are offset by 50 metres, achieving effective 50-metre spacing. Magnetic data will be sampled at 20 times per second, radiometric at once per second, with a nominal terrain clearance of 30 metres. Precision GeoSurveys has completed over 800 airborne surveys, and its president brings over 40 years of experience and 12,000 flight hours. Bellehelen is a 10-kilometre mineralized trend with historical production of 311,000 silver-equivalent ounces, and historical surface sampling returned up to 11.25 g/t gold and 3,490 g/t silver. Excalibur holds an option to purchase 100% of the project. No current resource estimate or economic study is disclosed. The data supports a technically robust, near-term exploration milestone, but does not provide new discovery or economic value at this stage.

Analysis

The announcement is a factual disclosure of a planned airborne geophysical survey at the Bellehelen Silver-Gold Project, with detailed technical parameters and historical context. The language is proportionate, focusing on the engagement of a reputable contractor, survey specifications, and expected timelines for data delivery. Forward-looking statements are limited to operational logistics (mobilization timing, data delivery) and the intended use of survey results for future exploration targeting, which is standard for exploration-stage updates. There are no exaggerated claims about imminent discoveries, resource size, or economic impact, and no promotional language inflating the project's potential beyond what is supported by the disclosed facts. The mention of historical production and sampling is contextual, not presented as evidence of current value. No large capital outlay or immediate financial impact is disclosed, and the option to purchase the project is stated without hype. Overall, the narrative matches the evidence, with no inflation or overstatement.

Risk flags

• ●Operational risk is present due to weather, aircraft, equipment availability, permitting, and airspace restrictions, any of which could delay mobilization or data collection. These are explicitly cited as conditions for the mid-November start.
• ●There is no guarantee that the survey will identify drill-ready targets or economically significant mineralization, as magnetic and radiometric methods support geological interpretation but do not directly establish grade or continuity.
• ●The project remains at an early exploration stage with no current resource estimate or economic assessment, so the pathway to value creation is unproven and subject to further technical and market risks.

Bottom line

Excalibur Metals is advancing its Bellehelen Silver-Gold Project by commissioning a detailed airborne geophysical survey, leveraging experienced contractors and modern survey techniques. The announcement provides strong technical detail and credible historical context, but no new resource, economic, or financial data. The timeline to results is near-term, with processed data expected within weeks of survey completion, but the impact depends entirely on the quality and interpretation of the forthcoming data. Investors should focus on whether the survey identifies new, high-priority drill targets or materially advances the project's technical understanding. The most important takeaway is that this is a preparatory technical milestone, not a value-defining event; the real test will come with subsequent exploration results and any move toward resource definition.

Announcement summary

(TSXV: EXCL) (OTCQB: EXCBF) Excalibur Metals Corp. has engaged Precision GeoSurveys US Inc. to conduct a high-resolution helicopter-borne magnetic and radiometric survey at the Bellehelen Silver-Gold Project in Nye County, Nevada. The planned survey will cover approximately 876 line-kilometres over 79.6 square kilometres, with 100-metre survey-line spacing, 1,000-metre tie-line spacing, and a nominal terrain clearance of 30 metres. In areas overlapping with the 2020 survey, new lines will be offset by 50 metres, providing effective 50-metre spacing. The program consists of approximately 795 line-kilometres of survey lines and 81 line-kilometres of perpendicular tie lines. Precision will use the same reference point, technologies, and specifications as the 2020 survey to facilitate merging datasets. Magnetic measurements will be collected at 20 samples per second, providing one- to two-metre sample intervals, while radiometric measurements will be collected once per second. Mobilization is anticipated in mid-November 2026, subject to operational considerations, with final processed data and maps expected three to four weeks after field operations are completed. Precision GeoSurveys has completed more than 800 airborne geophysical surveys since 2007, including the 2020 Bellehelen survey. Precision's President, Harmen J. Keyser, P.Geo., is a geologist and helicopter pilot with over 40 years of experience and more than 12,000 hours of flight time. Bellehelen encompasses a 10-kilometre-long mineralized trend that historically produced an estimated 311,000 silver-equivalent ounces in the early 1900s. Historical surface sampling returned high-grade assays of up to 11.25 g/t gold and 3,490 g/t silver. Excalibur Metals Corp. has acquired the option to purchase 100% of the Bellehelen Project. Numerous historic workings are distributed along the corridor, and recent drilling and geophysical programs demonstrate potential for both higher-grade and disseminated mineralization. John Gilbert is CEO of Excalibur Metals Corp. Matthew Dumala, P.Eng., an independent consultant, is the Qualified Person who reviewed and approved the technical information in the release.

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