Lode Gold initiates drilling at Fremont Gold Mine

Lode Gold Engages Contractor To Initiate Drilling At Fremont Gold Mine

(TheNewswire)

July 22, 2026 – TheNewswire - Lode Gold Resources Inc (TSX.V:LOD | OTCQB:LODFF) (the “Company” or “Lode Gold”) is pleased to announce an update on its fully integrated 2026 exploration and resource definition drilling program at the Fremont Gold Mine property (“Fremont”) in Mariposa County, California. Fremont sits on over 3,000 acres of private patented land claims, with extensive brownfield infrastructure. Fremont hosts a structurally controlled orogenic gold system along the prolific Mother Lode Belt, characterized by strong continuity and significant exploration upside within and beyond the currently modeled resource areas.

This work program marks a major milestone in advancing Fremont, combining systematic diamond drilling, verification of extensive historical data, and modern geoscience and engineering work to quickly refine the geological model and unlock the mineralized system's broader scale potential. Once the upcoming drill program completes, over 20,000 of the 43,000 m of historical core will be relogged.

The Company has engaged US-based drilling and mining contractor American Drilling Corp. (“ADC”), a division of American Mining and Tunneling, for the drilling work program at Fremont. Personnel and equipment will be mobilized before the end of the month (July 2026).

Lode Gold will complete drilling over the next few months to advance Pre-Feasibility Study (“PFS”) evaluating bulk underground mining scenarios. PFS completion is expected in 2027.

Exploration Work Program Highlights

• Phased exploration and development program designed to advance Fremont toward a Pre-Feasibility Study (“PFS”), targeted for completion in 2027 

• Resource definition drilling program of 3,500 m  

• Expansion drilling - evaluate additional high-priority exploration targets outside of current mineralization trends to potentially add ounces 

Wendy T. Chan, CEO and Director of Board, Lode Gold, commented: “The launch of the upcoming exploration work marks a key milestone for Lode Gold. Having successfully completed our corporate turnaround in the last two years, we are beginning to execute our growth strategy and plans. Completing a positive PFS by 2027 could significantly unlock value for shareholders. The previous studies were based on an open pit mine plan that did not resonate with investors. Our team has painstakingly studied the deposit and evaluated various geological models to identify the best path forward, resulting in a strategic pivot to a 100% underground mining scenario.

Underground mine is possible because we have a homogeneous mineralized body with excellent grade consistency both in the veins and in the surrounding disseminated mineralization, yielding a robust average true width of approximately 50 meters within the RPEEE stopes. Transitioning to a 100% underground design minimizes our footprint, utilizing only 20% of the surface land area.”

Hashim Ahmed, Chair of the Board, Lode Gold, added: “We currently have over 1 million ounces of Indicated and 2 million ounces of Inferred resources (2026 MRE); however, only 20% of the structure has been explored - what we know is only mostly within the first 250 meters. The 2026 MRE, recently filed with SEDAR+, is based only on three of our seven deposits. Notably, nearly 90% of the historic ounces left behind in 1942 sit across just an 800 meter segment of the 4 kilometer-long Mother Lode Belt, enabling a cost-effective underground project. The mirror image of the Pine Tree – Josephine structure has not been drill-tested – that is the upcoming opportunity for all of us who are shareholders.”

More details regarding the exploration work program being initiated:

Phase 1 – Resource Definition Drill Program

Phase 1 will focus on technical de-risking and resource expansion on the core deposit Pine Tree - Josephine across an 800 m extension within the 4 km central structural corridor and will include:

• 1,400 m of metallurgical and geotechnical drill holes in the Pine Tree–Josephine area; 

• 600 m of hydrological and infill drill holes in the Pine Tree–Josephine area; and 

• 1,500 m of step-out exploration drilling in the Chicken Gulch area. 

Chicken Gulch lies within the broader central Mother Lode structural corridor, where only approximately 20% of the first 500 m of strike length is currently included in the existing MRE. The planned drilling aims to test extensions of mineralization along this corridor and potentially expand resource areas within the central trend.

Phase 2 – Expansion Targets Outside the Central Trend

Phase 2 drilling will evaluate additional high-priority exploration targets, including Rosie Jane and Drunken Gulch, which are located outside the currently modeled central corridor. These targets were identified through structural interpretation, geochemical assays, local geophysics and AI-assisted targeting using the VRIFY AI tool, Dora, and represent prospective zones for new mineralized centers along the broader property package (link). Phase 2 will be designed after surface geochemical samples campaign results, targeted to be completed in Q3 2026.

 

ABOUT LODE GOLD

Lode Gold has key assets in Canada and the United States. 

Fremont Gold Mine Project (Fremont Gold Mining LLC) is a brownfield project in Mariposa, California with 43,000 m drilled, 10,000 underground channel samples, 14 adits and 2 shafts. Mining halted in 1942 due to the gold mining prohibition during WW II. It was mined at 10.7 g/t when price was gold was $35 per oz. PEA was completed (link) in 2023. The PEA was 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 with a composite cut-off1. MRE (link) was updated in 2026; 89% of the ounces were left unmined if we compare historical production with our current Indicated Resource. Average true widths at 1 g/t cut off is 53m. The project sits on > 3,000 acres of 100% owned private and patented land which is designated as OZ, Trump Administration Opportunity Zone (Special Tax Incentives). 

Dingman Property is an orogenic deposit in Ontario, Canada with over 22,000 m drilled, with a 2013 PEA, MRE (link to report): 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.

Qualified Person

The technical information contained in this press release was reviewed and approved by Gary Wong, P.Eng., Vice President of Exploration of Lode Gold, designated as a qualified person under National Instrument 43-101.

ON BEHALF OF THE COMPANY

Wendy T. Chan
CEO & Director
info@lode-gold.com
+1(604) 977-GOLD (4653) 

Kevin Shum
Investor Relations
kevin@lode-gold.com
+1(604) 977-GOLD (4653) 

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company’s interpretation of drill results; the geology, grade and continuity of the Company’s mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; and currency fluctuations.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, business disruptions, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading “Risks and Uncertainties” in the Company’s most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

1 0.25 g/t for oxide, 0.45 g/t for open pit mineralization and 1.45 g/t for underground mineralization

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