Starcore Identifies Four Priority Geophysical Exploration Targets at San Martin and Makes Progress on the Structural Model to Define Drilling Targets

Starcore targets near-term drilling at two new geophysical anomalies in Mexico’s San Martin Mine.

What the company is saying

Starcore International Mines Ltd. is highlighting the identification of four geophysical anomalies at its San Martin Mine in Querétaro, Mexico, as a result of its 2026 exploration program. The company emphasizes the integration of airborne and ground-based geophysical surveys, historical data reprocessing, and ongoing geological modeling to refine exploration targets. Anomaly I and Anomaly IV are presented as immediate priorities, with defined drilling programs of 4,200 meters and 2,500 meters respectively, both set to begin in mid-October 2026. The announcement is careful to frame all interpretations as preliminary, repeatedly stating that geophysical anomalies alone do not confirm mineralization. Technical credibility is reinforced by naming Dr. Riccardo Aquè, Ph.D., Eurogeol., as the independent Qualified Person who has reviewed and approved the technical content and QA/QC procedures. The company’s tone is measured, focusing on process and next steps rather than overstating the significance of early-stage results. Robert Eadie, CEO, is the only executive named, and no financial or economic outcomes are projected.

What the data suggests

The data confirms that four distinct geophysical anomalies—Anomaly I, II, III, and IV—have been delineated at the San Martin Mine, each with specific dimensions and technical characteristics. Anomaly I is interpreted as a 300–500 meter extension near existing infrastructure, with a proposed drilling program of eight diamond holes totaling 4,200 meters. Anomaly IV, a 600-meter-long target in the southern sector, is slated for a 2,500-meter drilling campaign before year-end. Anomaly II (2 kilometers in length) and Anomaly III (700 by 1,000 meters, 3.6 km north of the main system) remain at the interpretation stage, with further modeling and data integration planned before drilling is considered. The announcement provides no assay results, resource estimates, or economic assessments, as drilling has not yet commenced. All technical interpretations are explicitly described as preliminary, and the presence of mineralization remains unproven. The technical review by a Qualified Person under NI 43-101 supports the reliability of the disclosed geophysical and QA/QC data, but the absence of drilling results means no conclusions can be drawn about mineral content or economic potential at this stage.

Analysis

The announcement provides a detailed and technically specific update on the 2026 geophysical exploration program at the San Martin Mine, with clear descriptions of four identified anomalies and concrete plans for follow-up drilling. The tone is positive but remains proportionate to the preliminary nature of the results, explicitly noting that geophysical anomalies do not establish mineralization and that interpretations are preliminary. Most key claims are forward-looking, relating to proposed or planned drilling and ongoing geological interpretation, but these are standard and expected for an exploration-stage update. There is no evidence of exaggerated language or overstatement of results; the company is transparent about the need for further work and the uncertainty inherent in early-stage exploration. No large capital outlay is disclosed beyond standard drilling programs, and the benefits (potential discovery) are appropriately caveated. The technical review by a Qualified Person under NI 43-101 adds credibility and reduces hype risk.

Risk flags

• ●Exploration-stage uncertainty is high: all anomalies are defined by geophysical signatures, not by drilling or assays, so there is no evidence yet of mineralization or economic viability. This is a fundamental risk for investors at this stage.
• ●Drilling outcomes are unpredictable: the planned 4,200 meters at Anomaly I and 2,500 meters at Anomaly IV may fail to intersect mineralized zones, or may yield sub-economic grades or widths. The company acknowledges that geophysical anomalies alone do not establish continuity or grade.
• ●Operational and technical execution risk: the success of the program depends on the accuracy of geophysical interpretations, the quality of drill targeting, and the ability to execute drilling efficiently. Delays or technical setbacks could push timelines or increase costs.
• ●Disclosure risk: while technical details are thorough, the absence of cost estimates, budgets, or financial projections means investors cannot assess the capital at risk or the company’s financial capacity to complete the planned work.

Bottom line

Starcore International Mines Ltd. is moving quickly to drill two newly defined geophysical targets at its San Martin Mine, with 4,200 meters planned for Anomaly I and 2,500 meters for Anomaly IV, both starting in mid-October 2026. The announcement is technically detailed and transparent about the preliminary nature of the findings, with no claims made about mineralization or economic value until drilling results are available. All disclosed figures relate to planned meterage and anomaly dimensions; no resource, grade, or financial data is presented. The involvement of a Qualified Person under NI 43-101 adds credibility to the technical process, but the investment case rests entirely on the success of upcoming drilling. Investors should expect the next meaningful update to be drill results, which will determine whether these anomalies translate into mineral discoveries. The key takeaway is that this is a high-risk, high-uncertainty exploration stage; only drilling will clarify the potential upside.

Announcement summary

(TSX:SAM) Starcore International Mines Ltd. has reported initial results from its 2026 geophysical exploration program at the San Martin Mine in Querétaro, Mexico. The program identified four key areas of interest for follow-up: Anomaly I, Anomaly II, Anomaly III, and Anomaly IV. The 2026 program included an airborne MobileMT electromagnetic survey and concurrent magnetic surveying by Expert Geophysics, covering almost all mining lots, as well as a ground-based Induced Polarization and resistivity (IP/rho) survey by GEOTEM. Historical magnetometer and IP data from 2024 were also reprocessed and interpreted. Anomaly I is located near the mine's infrastructure and the projected extension of known low-angle mineralized bodies, with a potential extension of approximately 300 to 500 meters in length and an E-W orientation; this anomaly will be verified through drilling. Anomaly II extends for approximately 2 kilometers, has been identified in multiple geophysical studies, and requires further processing and three-dimensional interpretation before drill targets are selected. Anomaly III, north of the known San Martin mineralization, is characterized by a deep, high-resistivity core with an oval geometry measuring 700 meters wide and 1,000 meters long; its geological source is undetermined and will require further interpretation and potentially drilling. Anomaly IV is an approximately 600-metre-long geophysical target in the southern sector, between San José I and Santa Elena, and has been selected for near-term drill planning. For Anomaly I, a preliminary program of approximately eight diamond drill holes with a cumulative length of approximately 4,200 meters has been proposed. For Anomaly IV, a 2,500-meter drilling program is planned for the remainder of the year. The company is also reviewing and refining the three-dimensional geological and structural model of the San Martin deposit, focusing on the relationship between mineralization and geological features such as the shale-limestone contact, carbonaceous horizons, brecciated zones, and structural corridors. Immediate exploration priorities include completing the geological and structural review, integrating 2026 geophysical surveys with historical datasets, and refining and evaluating through drilling the exploration targets defined in Anomaly I and Anomaly IV beginning in mid-October 2026. Anomalies II and III will continue to be evaluated through phased geological and geophysical interpretation, with drilling considered where appropriate. Dr. Riccardo Aquè, Ph.D., Eurogeol., an independent geological consultant and Qualified Person as defined in NI 43-101, has reviewed and approved the scientific and technical information in this release. Dr. Aquè has verified the geophysical data, QA/QC procedures, and considers the information adequate to support the preliminary interpretations and exploration objectives described. The interpretations remain preliminary, and geophysical anomalies do not, on their own, establish the presence or continuity of mineralization. Robert Eadie is the Chief Executive Officer of Starcore International Mines Ltd.

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