Scottie Resources Reports 27.9 g/t Gold over 4.15 m and 51.6 g/t Gold over 2.25 m at Blueberry Contact Zone

Scottie Resources reports high-grade gold intercepts and advances a $26M drill program in BC.

What the company is saying

Scottie Resources is highlighting a series of high-grade gold intercepts from its 2026 drilling at the Blueberry Contact Zone, part of the Scottie Gold Mine Project in British Columbia. The company frames the results as evidence of both resource growth and continuity, supporting its strategy to upgrade inferred ounces to indicated and expand known mineralisation. The announcement emphasizes the scale of the ongoing $26 million exploration campaign, with over 55,000 metres drilled and five rigs active, and positions the Blueberry Contact Zone as a significant opportunity to add ounces beyond the current PEA mine plan. Management, led by President and CEO Dr. Thomas Mumford, uses confident language about unlocking value and being well positioned for the next resource update. The release also references a robust PEA with strong NPV figures under both DSO and toll-milling scenarios, though it notes no toll-milling agreement is in place. The tone is optimistic, focusing on technical progress, resource expansion, and the potential for improved project economics.

What the data suggests

The disclosed drill results are specific and high grade, with SR26-509 returning 27.9 g/t gold over 4.15 metres (including 65.0 g/t over 1.65 metres), SR26-504 yielding 51.6 g/t over 2.25 metres (including 84.1 g/t over 1.25 metres), and SR26-545 delivering 21.9 g/t over 4.26 metres. Over 55,000 metres of drilling in 200 holes have been completed in 2026, with a further 3,000 to 5,000 metres planned under the fully funded $26 million program. The current Mineral Resource Estimate (May 2025) stands at 3.6 million tonnes grading 6.1 g/t Au for 703,000 ounces (inferred), but this does not include 27,000 metres drilled in 2025 or the 2026 campaign. The PEA outlines after-tax NPV(5%) of $215.8–$668.3 million (DSO, gold at US$2,600–$4,200/oz) and $380–$832 million (toll-milling, same price range), with initial capex of $129 million, average annual production of ~65,400 oz over seven years, and payback of 1.7 years (0.9 years for toll-milling at US$2,600/oz). No toll-milling agreement exists, so those economics are hypothetical. The next resource update and Feasibility Study are scheduled for the first half of 2027, meaning current results have not yet translated into upgraded resources or a construction decision. The technical disclosure is strong, but the main value catalysts remain forward-looking.

Analysis

The announcement provides detailed and credible technical results from the 2026 drill program, including specific high-grade gold intercepts and a summary of the completed and ongoing drilling campaign. These realised facts are well-supported by numerical data. However, much of the narrative focuses on forward-looking milestones, such as the planned updated Mineral Resource Estimate and Feasibility Study in 2027, and the potential for resource expansion and improved economics. The PEA figures and NPV scenarios are based on preliminary studies and assume future development, with no binding toll-milling agreement in place. The $129 million initial capital cost is significant, and the benefits (production, payback) are only projected, not realised. Language such as 'well positioned to continue unlocking the potential' and 'significant opportunity to add ounces' inflates the signal relative to current achievements. While the technical disclosure is strong for an exploration-stage company, the gap between narrative and realised value remains material.

Risk flags

• ●Project advancement is contingent on successful conversion of inferred ounces to indicated and further resource growth, which is not guaranteed by current drill results alone. If drilling fails to deliver sufficient resource upgrades, the project's economics and development timeline could be negatively impacted.
• ●The PEA economics rely on gold prices of US$2,600–$4,200/oz and assume either a DSO or toll-milling scenario, but no toll-milling agreement is in place. This introduces uncertainty around the ability to realize the more favorable economics and rapid payback outlined in the toll-milling case.
• ●The initial capital cost of $129 million is significant for a junior company, and there is no disclosure of committed project financing or construction timeline. Delays or cost overruns could materially affect project viability.
• ●The updated Mineral Resource Estimate and Feasibility Study are not due until the first half of 2027, leaving a multi-year execution gap during which market conditions, permitting, or technical challenges could arise.
• ●All resource and economic figures are based on core length, not true width, and the resource estimate does not yet incorporate the most recent drilling. There is a risk that true widths and updated resource modelling could reduce the apparent grade or tonnage.

Bottom line

Scottie Resources has delivered strong high-grade gold intercepts from its 2026 drilling at the Blueberry Contact Zone, supporting its narrative of resource growth and project advancement at the Scottie Gold Mine Project in British Columbia. The $26 million exploration program is fully funded and over 55,000 metres have been drilled, but the key value drivers—an updated resource estimate and Feasibility Study—are not expected until the first half of 2027. The PEA presents attractive economics with after-tax NPV(5%) up to $832 million and rapid payback, but these figures are contingent on gold prices, resource upgrades, and securing a toll-milling agreement, which does not yet exist. Investors should recognize that while technical progress is real and the disclosure is detailed, the pathway to production and cash flow remains long and subject to multiple execution and market risks. The most important takeaway is that Scottie is demonstrating exploration success, but the investment case depends on future resource conversion, economic validation, and project de-risking over the next 12–18 months.

Announcement summary

(TSXV:SCOT) (OTCQB:SCTSF) (FSE:SR80) Scottie Resources Corp. has 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 project includes the 100% owned historic Scottie Gold Mine and the adjacent Blueberry Contact Zone. The 2026 drill program aims to increase drill density to convert inferred ounces to indicated and to test extensions of known mineralisation. Highlights include hole SR26-509 returning 27.9 g/t gold over 4.15 metres, including 65.0 g/t gold over 1.65 metres at the Lemoffe 1 vein, and hole SR26-504 returning 51.6 g/t gold over 2.25 metres, including 84.1 g/t gold over 1.25 metres at the Fifi vein zone. Hole SR26-545 returned 21.9 g/t gold over 4.26 metres at the Fifi vein zone, and hole SR26-494 intersected 5.2 g/t gold over 6.00 metres at Blueberry 5. Over 55,000 metres of drilling in 200 holes have been completed as part of the fully funded $26 million 2026 exploration program, with a further 3,000 to 5,000 metres forecast to be completed within the existing budget. Five diamond drills are currently active, including four skid-mounted and one helicopter-supported rig. The project's Mineral Resource Estimate (MRE), released in May 2025, outlined an inferred resource of 3.6 million tonnes grading 6.1 g/t Au for a total of 703,000 gold ounces. This resource does not include the 27,000 metres of drilling completed in summer 2025 or the >55,000 metres currently underway. An updated MRE is planned for release in the first half of 2027, concurrently with a Feasibility Study. The recently completed PEA outlines a base case DSO project 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, though no agreement is 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. The company also owns a 100% interest in the Georgia Project, host to the past-producing Georgia River Mine, as well as the Cambria, Sulu, and Tide North properties, controlling approximately 58,500 hectares of mineral claims in British Columbia's Golden Triangle. Dr. Thomas Mumford, President and CEO, commented that the results demonstrate both the quality and growth potential of the Blueberry Contact Zone, with multiple high-grade intercepts extending beyond the current PEA mine plan. Lyle Hansen, P.Geo., Resource Geologist, is the Qualified Person for the release. Samples were analyzed at SGS Minerals in Burnaby, BC, with QA/QC protocols meeting or exceeding industry best practices.

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