Lode Gold Completes First Six Holes of Expanded 20-Hole Drill Program at Fremont Gold Mine

Lode Gold advances drilling at Fremont; assay results and resource updates are pending.

What the company is saying

Lode Gold Resources Inc. (TSXV:LOD, OTCQB:LODFF, FSE:X27) is highlighting the completion of the first six holes in its expanded 20-hole, 4,200-meter drill campaign at the Fremont Gold Mine in California. The announcement emphasizes technical rigor, noting the use of PQ-diameter core for both assay and metallurgical testing, and details the core handling process. CEO Wendy T. Chan frames the campaign as a transformative period for the company, with drilling and news flow expected from Q4 2026 through Q1 2027. The company stresses that the drilling will refine its geometallurgical model for future feasibility-level studies. Jon Hill, Chair of the Technical Committee, underscores the flexibility and technical advantages of the drilling approach, especially in navigating historical underground workings. The release also recaps the scale and historical context of the Fremont project, including 43,000 meters drilled, 10,000 channel samples, and a 2023 PEA outlining 1.16 Moz at 1.90 g/t Au Indicated and 2.02 Moz at 2.22 g/t Au Inferred. The Dingman Property in Ontario is also referenced, with 376,000 oz at 0.94 g/t measured and indicated, and 47,000 oz at 0.71 g/t inferred. The technical content is validated by Gary Wong, P.Eng., Vice President of Exploration and qualified person under NI 43-101.

What the data suggests

The company has completed six of twenty planned drill holes at Fremont, with samples from the first two holes submitted for assay and results pending. The expanded program now targets 4,200 meters (13,780 feet) of drilling, with the six completed holes representing half of the planned 12-hole metallurgical drilling subset. Drill holes PT-J_001 through PT-J_006 have target depths ranging from 105 to 171 meters (344 to 562 feet), all drilled at an azimuth of 240° and a dip of -75°. The project sits on more than 3,000 acres of 100% owned land, designated as an Opportunity Zone. Historical mining at Fremont yielded grades of 10.7 g/t when gold was $35/oz, with mining halted in 1942. The 2023 PEA outlined 1.16 Moz at 1.90 g/t Au Indicated within 19.0 Mt and 2.02 Moz at 2.22 g/t Au Inferred within 28 Mt. The 2026 MRE update states that 89% of ounces remain unmined, with average true widths of 53m at a 1 g/t cut-off. The Dingman Property in Ontario has over 22,000 meters drilled and a 2013 PEA/MRE of 376,000 oz at 0.94 g/t measured and indicated, and 47,000 oz at 0.71 g/t inferred. No new assay results or economic studies are disclosed in this update; the focus is on operational progress and resource inventory.

Analysis

The announcement provides a factual and detailed operational update on the progress of Lode Gold Resources Inc.'s expanded drilling campaign at the Fremont Gold Mine. Six of twenty planned drill holes have been completed, with samples from the first two holes submitted for assay and results pending. The language is proportionate to the actual progress: most claims are realised and supported by specific numerical data (meters drilled, number of holes, resource estimates). Forward-looking statements are limited to anticipated news flow and future drilling through Q4 2026–Q1 2027, which is a reasonable near-term timeline. There is no evidence of exaggerated claims about imminent production, revenue, or transformative outcomes, nor is there any promotional language about the project's potential beyond what is supported by the disclosed technical milestones. No large capital outlay or financial impact is claimed in this update, and the technical review by a qualified person under NI 43-101 adds credibility. The gap between narrative and evidence is minimal.

Risk flags

• ●Assay results for the current drill campaign are still pending, so there is no new data confirming mineralization or grade continuity; this creates uncertainty about the immediate exploration upside.
• ●The company's value proposition relies heavily on historical resource estimates and prior PEAs, but no new economic or technical studies have been released in this update to validate or improve those figures.
• ●Operational execution risk remains, as the campaign involves drilling through historically mined ground with underground workings, which can present technical challenges and potential delays.
• ●The Opportunity Zone designation is mentioned as a potential tax advantage, but there is no quantification or direct linkage to project economics, so the real financial impact is unclear.
• ●There is no disclosure of current financial position, capital requirements, or funding sources for the expanded drill program, leaving investors without visibility into the company's ability to sustain operations through the next project milestones.

Bottom line

Lode Gold has advanced its 20-hole, 4,200-meter drill campaign at Fremont, completing six holes and sending initial samples for assay, but no new results or economic data are provided in this update. The company continues to highlight strong historical grades (10.7 g/t at $35/oz) and large resource inventories (1.16 Moz at 1.90 g/t Indicated, 2.02 Moz at 2.22 g/t Inferred), but the current investment case hinges on pending assay and metallurgical results. The technical approach is robust, with PQ-diameter core and careful sample management, but operational and financial risks remain, especially given the lack of new data and funding detail. Investors should watch for assay results and subsequent resource or feasibility updates as the next catalysts. The most important takeaway is that while operational progress is clear, value realization depends entirely on the quality of pending drill and assay outcomes.

Announcement summary

(TSXV:LOD) (OTCQB:LODFF) (FSE:X27) Lode Gold Resources Inc. has completed the first six drill holes of its expanded 20-hole drilling campaign at the Fremont Gold Mine in Mariposa County, California. The company expanded its drill program to 4,200 meters (13,780 feet) with an additional ten holes. Samples from the first two drill holes have been submitted to the laboratory for analysis, and assay results are pending. The six completed drill holes represent half of the planned 12-hole metallurgical drilling program at Fremont, which is part of the total 20-hole campaign. PQ-diameter core is being used to provide sufficient material for both assaying and metallurgical test work, with one-quarter of the recovered core submitted for gold assay and another quarter allocated to metallurgical testing after assay results are reviewed. The remaining half of the core is retained for future reference, with the possibility of further testing if required. The six completed drill holes are designated PT-J_001 through PT-J_006, with planned target depths ranging from approximately 105 metres to 171 metres (344 to 562 feet), each drilled at an azimuth of 240° and a dip of -75°. Wendy T. Chan, CEO and Director, stated that the inaugural 20-hole drill program at Fremont will help refine the geometallurgical model for future feasibility-level studies, and that news flow and drilling are anticipated from Q4 2026 through Q1 2027 for in-situ hydrogeological holes and subsequent step-out exploration. The Fremont Gold Mine Project is a brownfield project in Mariposa, California, with 43,000 m drilled, 10,000 underground channel samples, 14 adits, and 2 shafts. Mining at Fremont halted in 1942 due to the gold mining prohibition during World War II, with historical mining grades of 10.7 g/t when gold was priced at $35 per oz. A Preliminary Economic Assessment (PEA) was completed in 2023, based on 1.16 Moz at 1.90 g/t Au within 19.0 Mt Indicated, and 2.02 Moz at 2.22 g/t Au within 28 Mt Inferred. The Mineral Resource Estimate (MRE) was updated in 2026, showing that 89% of the ounces were left unmined compared to historical production, and average true widths at a 1 g/t cut-off are 53m. The project covers over 3,000 acres of 100% owned private and patented land, designated as an Opportunity Zone (OZ) under the Trump Administration's Special Tax Incentives. The Dingman Property in Ontario, Canada, is an orogenic deposit with over 22,000 m drilled, a 2013 PEA, and an MRE reporting 376,000 oz at 0.94 g/t within 12.5 Mt measured and indicated, and 47,000 oz at 0.71 g/t within 2.1 Mt Inferred. The technical information in the release was reviewed and approved by Gary Wong, P.Eng., Vice President of Exploration of Lode Gold, as a qualified person under NI 43-101.

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