Leviathan Metals receives initial assay results from its diamond drilling program at the Central Project, Kalahari Copper Belt, Botswana

Leviathan reports early copper-silver drill results at Central, Botswana; system scale remains unproven.

What the company is saying

Leviathan Metals Corp. is highlighting initial assay results from its diamond drilling program at the 100%-owned Central Project in Botswana’s Kalahari Copper Belt. The company emphasizes intercepts such as 2.3 meters at 0.15% copper (hole CEN_DD_003), 1.0 meter at 0.1% copper and 5 g/t silver (CEN_DD_009), 1.06 meters at 0.2% copper and 10.91 g/t silver (CEN_DD_016), and 1.29 meters at 0.47% copper and 11.98 g/t silver (CEN_DD_017). Management frames these results as indicative of the margins of a broader mineralizing system, referencing geological similarities to the adjacent, large-scale Khoemacau deposits. The narrative stresses that nearly every hole encountered the key DKF-NPF contact and visual copper sulphide mineralization, with anomalous lead and zinc as favorable zoning indicators. The company acknowledges QAQC-related delays but asserts that further assay results are imminent. Leviathan’s tone is cautiously optimistic, positioning the project as prospective for a Tier 1 copper discovery, while referencing the $1.9 billion acquisition of nearby deposits for context. CEO Luke Norman and COO Jeremy Crozier are named, with technical sign-off by consultant Graham Norton.

What the data suggests

The disclosed data show that Leviathan has completed over 7,000 meters of drilling across 26 holes at the Central Project, with assay results received for targeted horizons in six holes. The best intercepts include 2.3m @ 0.15% Cu (CEN_DD_003), 1.0m @ 0.1% Cu and 5.00 g/t Ag (CEN_DD_009), 1.1m @ 0.22% Cu and 10.91 g/t Ag (CEN_DD_016), and 1.3m @ 0.47% Cu and 11.98 g/t Ag (CEN_DD_017). These intervals are relatively narrow and at modest grades, with the highest copper value being 0.47% over 1.3 meters. The mineralized envelope is described as over 4 kilometers long, but no resource estimate or economic study is provided. QAQC protocols are detailed, with 12% of samples being standards, blanks, or duplicates, and average core recovery reported at 99%. The project’s proximity to MMG’s Khoemacau group, acquired for US$1.9 billion, is contextual but not directly indicative of Leviathan’s resource potential. The technical disclosure is thorough for an early-stage explorer, but the results to date do not demonstrate the scale or grade required for a major copper discovery.

Analysis

The announcement is a factual operational update on initial assay results from Leviathan Metals Corp.'s drilling at the Central Project in Botswana. The tone is positive, but the language is proportionate to the evidence: specific assay results, drilling progress, QAQC procedures, and technical context are all disclosed in detail. Only one forward-looking statement is present ('expects to report further results shortly'), and there are no exaggerated claims about imminent resource estimates, production, or economic value. The reference to MMG's $1.9B acquisition is contextual and not presented as a direct value proxy for Leviathan. No large capital outlay or immediate financial impact is disclosed, and the company is at an early exploration stage, so the absence of financials is normal and not a deficiency. There is no hype or narrative inflation; the gap between narrative and evidence is minimal.

Risk flags

• ●The current drill results are narrow and low-to-moderate grade, with the best intercept at 0.47% copper over 1.3 meters. This raises uncertainty about whether the Central Project hosts economic mineralization at scale.
• ●No resource estimate, scoping study, or economic assessment is disclosed, so investors have no basis to assess tonnage, grade continuity, or project economics. The project's value remains speculative until further work is completed.
• ●Delays in assay reporting due to QAQC issues highlight operational risks in sample handling and laboratory performance, which could affect timelines and data reliability.
• ●The company references the $1.9 billion acquisition of adjacent deposits for context, but explicitly states that mineralization at Khoemacau is not necessarily indicative of Central. There is a risk that proximity does not translate into similar results or value.
• ●Exploration in the Kalahari Copper Belt is technically challenging due to cover sediments and complex geology, requiring sustained capital and technical expertise to advance from early-stage drilling to resource definition.

Bottom line

Leviathan’s initial drilling at Central in Botswana has produced some copper and silver intercepts, but grades and widths are modest and insufficient to establish a major discovery at this stage. The technical disclosure is detailed and QAQC procedures are robust, but the results do not yet demonstrate the scale or continuity needed for a Tier 1 project. The reference to MMG’s $1.9 billion acquisition of nearby deposits provides regional context but does not imply direct value for Leviathan. Investors should treat this as an early-stage exploration update: further assays and eventual resource estimates will be needed before any economic case can be made. The most important takeaway is that while geological indicators are present, the path to defining a viable deposit remains long and uncertain.

Announcement summary

(TSXV:LVX-V) Leviathan Metals Corp. reported initial assay results from its diamond drilling program at the 100%-owned Central Project in the Kalahari Copper Belt, Botswana. Results have been received for targeted horizons within 6 holes, including 2.3 meters at 0.15% copper from 228 meters in hole CEN_DD_003, 1.0 meter at 0.1% copper and 5 g/t silver from 162 meters in hole CEN_DD_009, 1.06 meters at 0.2% copper and 10.91 g/t silver from 116.8 meters in hole CEN_DD_016, and 1.29 meters at 0.47% copper and 11.9 g/t silver from 142.9 meters in hole CEN_DD_017. The reported results fall within a geological envelope measuring over 4 kilometers in length. At the time of writing, slightly over 7,000 meters of drilling have been completed at Central across twenty-six holes. The drill program encountered the DKF-NPF contact in almost every hole, and all but two drill holes display visual copper sulphide mineralization. The domal structure previously inferred from geophysical data is confirmed by drilling data. Lead and zinc are also present in anomalous amounts in the reported intervals, considered a favorable zoning indicator. Drill holes and intercepts are detailed in Table 1 and Table 2, with collar positions and intercepts at 0.1% and 0.05% copper cut-off grades. Notable intercepts include CEN_DD_003 (2.3m @ 0.15% Cu, 0.01% Pb, 0.01% Zn), CEN_DD_009 (1.0m @ 0.1% Cu, 5.00 g/t Ag, 0.76% Pb, 0.15% Zn), CEN_DD_016 (1.1m @ 0.22% Cu, 10.91 g/t Ag, 0.03% Pb, 0.03% Zn), and CEN_DD_017 (1.3m @ 0.47% Cu, 11.98 g/t Ag, 0.00% Pb, 0.01% Zn). The Central Project adjoins MMG’s Khoemacau group of deposits, which together with nearby zones were acquired by MMG Ltd in 2023 for US$1.9 billion. The Khoemacau group has combined Measured and Indicated Mineral Resources of 94Mt at 1.8% Cu and 22 g/t Ag, and Inferred Mineral Resources of 188Mt at 1.6% Cu and 20 g/t Ag. The Banana Zone, Zone 6, and Ophion have combined Measured and Indicated Mineral Resources of 33Mt at 1.4% Cu and 21 g/t Ag, and Inferred Mineral Resources of 141Mt at 0.9% Cu and 10 g/t Ag. Leviathan and its qualified person have not independently verified the information in respect of MMG’s Khoemacau group of deposits. The Central Project contains over 20 kilometers of the DKF-NPF contact, mainly around the Hyena Hills dome. Drilling was conducted by Mitchell Drilling International using a Sandvik DE710 diamond rig, with average core recovery for the program to date at 99%. Sample intervals averaged 93 cm, producing samples of 1 to 5 kg, which were analyzed at SGS geochemistry laboratory in Randfontein, South Africa. Leviathan inserted QAQC material at a rate of 12% of the sample stream, including 4 certified standards, 4 quartz blanks, and 4 field or laboratory duplicates per every 100 samples. QAQC sample results in copper mineralization that did not pass controls were re-assayed at an interval of 10 samples before and after the failed sample until results passed controls. Botswana is ranked #2 in Africa by the Fraser Institute (2024) for mining investment. The KCB is regarded by the USGS as one of the world’s most prospective areas for sediment-hosted copper deposits. The scientific and technical information in this release was approved by Graham Norton (Pr. Sci. Nat.), a qualified person under NI 43-101 and consultant for Leviathan. Luke Norman is Chief Executive Officer and Director of Leviathan Metals Corp.

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