Scottie Resources Hits 6.0 g/t Gold over 21.20 m and 14.4 g/t Gold over 8.00 m at Blueberry Contact Zone

Scottie Resources reports strong 2026 gold drill results, but key resource updates await 2027.

What the company is saying

Scottie Resources frames its 2026 drilling campaign at the Blueberry Contact Zone as delivering broad, high-grade gold intercepts that reinforce the strength and growth potential of the Scottie Gold Mine Project. The company emphasizes high-grade infill results at Lemoffe 1 and Lemoffe 4 as supporting the current Preliminary Economic Assessment (PEA) mine plan, while step-out intercepts at Blueberry 5 and Fifi 2 are highlighted as evidence of significant resource expansion potential. Management, led by President and CEO Dr. Thomas Mumford, asserts that these results increase confidence in the mine plan and support conversion of Inferred resources ahead of the Feasibility Study. The narrative is positive and forward-looking, with repeated references to the upcoming updated Mineral Resource Estimate (MRE) and Feasibility Study, both targeted for the first half of 2027. The PEA is presented as robust, with strong after-tax NPV(5%) ranges and short payback periods, and the company points to a potential toll-milling scenario for further upside, though no agreement is in place. The announcement also details rigorous quality assurance protocols and names Lyle Hansen, P.Geo., as the Qualified Person overseeing technical disclosures.

What the data suggests

The 2026 drilling program completed 61,578 metres across 227 holes, with most assay results still pending. Reported intercepts include 6.0 g/t gold over 21.20 m at Lemoffe 4 (SR26-539), 14.4 g/t over 8.00 m at Lemoffe 1 (SR26-513), and 9.8 g/t over 9.00 m at Blueberry 5 (SR26-495), among others, with several holes showing grades well above typical economic thresholds for gold mining. The current Mineral Resource Estimate, announced May 7, 2025, stands at 3.6 million tonnes grading 6.1 g/t gold for 703,000 ounces, but does not include approximately 27,000 metres drilled in 2025 or over 60,000 metres from 2026. The PEA outlines an after-tax NPV(5%) of $215.8-$668.3 million for a Direct-Ship Ore scenario at gold prices of US$2,600-$4,200/oz, and $380-$832 million under a toll-milling scenario, with initial capital costs of $129 million, average annual production of ~65,400 oz gold over seven years, and a payback period of 1.7 years (or 0.9 years for toll-milling at US$2,600/oz). The company controls 58,500 hectares in British Columbia's Golden Triangle. While the technical results are strong and the economic projections robust, the impact of new drilling on resource size and economics remains unquantified until the updated MRE and Feasibility Study are released in 2027.

Analysis

The announcement provides detailed and credible technical results from the 2026 drilling campaign, including specific intercepts and a summary of the completed meters and holes. These realised facts support the claim of ongoing exploration success. However, the narrative inflates the signal by emphasizing 'significant resource expansion potential' and increased 'confidence in the mine plan' without quantifying how the new results will impact the resource base or economics. The most material benefits—an updated Mineral Resource Estimate and Feasibility Study—are not expected until the first half of 2027, making the execution distance long-term. The PEA outlines robust economics but is based on a $129 million initial capital outlay, and no construction or financing decision is disclosed. The use of positive language around future resource growth and mine plan confidence is not yet matched by updated resource or economic figures, creating a moderate gap between narrative and evidence.

Risk flags

• ●There is a material execution risk as the updated Mineral Resource Estimate and Feasibility Study, which will determine the project's true scale and economics, are not expected until the first half of 2027. This leaves a long window where market expectations may shift based on incomplete data.
• ●The PEA's robust economics are scenario-based and assume gold prices of US$2,600–$4,200/oz, which may not be sustained or realized in practice. The toll-milling scenario, which offers the highest NPV and fastest payback, is highlighted but no agreement is currently in place, introducing uncertainty about its feasibility.
• ●Most of the 2026 assay results remain outstanding, so the current narrative of resource growth and mine plan confidence is based on partial data. If pending assays are less positive, the investment case could weaken.
• ●The initial capital cost of $129 million is significant for a junior mining company, and there is no disclosure of financing arrangements or construction timelines, raising questions about the company's ability to advance to production without dilution or delays.
• ●Resource expansion potential is described as significant, but no quantification or updated resource estimate is provided. The gap between qualitative claims and quantitative evidence could lead to market disappointment if future updates do not meet expectations.

Bottom line

Scottie Resources delivers credible, high-grade gold intercepts from its 2026 drilling at the Blueberry Contact Zone, supporting the narrative of a robust and growing gold system at the Scottie Gold Mine Project. The current resource estimate of 703,000 ounces at 6.1 g/t gold does not yet reflect over 87,000 metres of drilling completed in 2025 and 2026, so the potential for resource growth is real but unquantified. The PEA economics are strong, with after-tax NPV(5%) ranging from $215.8 million to $832 million and short payback periods, but these are scenario-based and depend on gold prices and a toll-milling agreement that is not yet secured. The next major catalysts—updated MRE and Feasibility Study—are not expected until the first half of 2027, leaving a gap before investors see definitive evidence of resource and economic growth. The most important takeaway is that while technical results are promising, the investment case hinges on future resource and economic updates, and there is a risk that pending assays or delayed milestones could temper current optimism.

Announcement summary

(TSXV: SCOT) (OTCQB: SCTSF) (FSE: SR80) Scottie Resources Corp. reported additional high-grade gold intercepts from its 2026 drilling at the Blueberry Contact Zone within the Scottie Gold Mine Project, located 35 kilometres north of Stewart, British Columbia. The Scottie Gold Mine Project includes the 100% owned historic mine and the adjacent Blueberry Contact Zone. The 2026 drilling program concluded with 61,578 metres drilled across 227 holes, with most assay results still outstanding. The results reinforce broad high-grade mineralisation across the Lemoffe, Blueberry, Fifi, and Road vein systems. High-grade infill intercepts at Lemoffe 1 and Lemoffe 4 support confidence in the existing Preliminary Economic Assessment (PEA) mine plan, while extensions at Blueberry 5 and Fifi 2 highlight significant resource expansion potential. Notable drill results include: Lemoffe 4 (SR26-539) with 6.0 g/t gold over 21.20 m, including 18.9 g/t over 3.35 m and 6.4 g/t over 7.40 m; Lemoffe 1 (SR26-513) with 14.4 g/t gold over 8.00 m, including 24.1 g/t over 3.75 m; Blueberry 5 (SR26-495) with 9.8 g/t gold over 9.00 m, including 62.8 g/t over 1.00 m, and SR26-502 with 19.9 g/t over 3.00 m; Fifi 2 (SR26-499) with 11.7 g/t gold over 3.65 m, including 20.3 g/t over 1.70 m, and SR26-495 with 11.6 g/t over 2.00 m. Additional intercepts include Blueberry 2 (SR26-548) with 9.3 g/t gold over 5.10 m, including 31.2 g/t over 1.10 m; Road 1 (SR26-502) with 7.3 g/t gold over 4.00 m; and Lemoffe 3 (SR26-549) with 5.7 g/t gold over 5.85 m, including 11.3 g/t over 1.45 m. The current Mineral Resource Estimate (MRE), announced May 7, 2025, comprises an Inferred Mineral Resource of 3.6 million tonnes grading 6.1 g/t gold, containing 703,000 ounces of gold. The current MRE does not include approximately 27,000 metres of diamond drilling completed in 2025 or more than 60,000 metres completed in 2026. Results from these programs will inform an updated MRE and Feasibility Study, both planned for the first half of 2027. The PEA (Bird et al., October 28, 2025) outlines a base case Direct-Ship Ore (DSO) scenario with an after-tax NPV(5%) of $215.8-$668.3 million at gold prices of US$2,600-$4,200/oz, respectively. Under a toll-milling scenario, after-tax NPV(5%) improves to $380-$832 million (no agreement currently in place). The PEA estimates initial capital costs of $129 million, average annual production of ~65,400 oz gold over seven years, and a payback period of 1.7 years for the DSO case, reduced to 0.9 years under the toll-milling opportunity at US$2,600/oz. Dr. Thomas Mumford, President and CEO, stated that the results reinforce confidence in the mine plan and support conversion of Inferred resources ahead of the Feasibility Study, while high-potential grade intercepts beyond the current mine design highlight further resource growth potential. Lyle Hansen, P.Geo., Resource Geologist, is the Qualified Person for the release. Scottie Resources holds a 100% interest in the Scottie Gold Mine Property and the Georgia Project, as well as the Cambria, Sulu, and Tide North properties, controlling approximately 58,500 hectares of mineral claims within the Stewart Mining Camp in British Columbia's Golden Triangle.

Disagree with this article?