Canadian Goldfields advances exploration at Miminiska gold project

Canadian Goldfields Advances Systematic Exploration and Target Development at Miminiska Gold Project

VANCOUVER, British Columbia, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Canadian Goldfields Discovery Corp. (TSX-V: CGM, OTCQB: CGMXF) (“Canadian Goldfields” or the “Company”) is pleased to announce the completion of soil geochemistry and upcoming commencement of a property-wide airborne magnetic survey at its 6,366-hectare Miminiska Gold Project in northwestern Ontario. The programs are intended to identify new exploration targets, support future drilling and further define regional controls on gold mineralization.

Construction of a winterized exploration camp is underway at Miminiska to support continued field activities and future drilling. Approximately 40% of current site staff are members of the Eabametoong First Nation (“EFN”).

Ian Dasti, Vice-President of Exploration, P.Geo., commented: “We have a 14-kilometre prospective trend at Miminiska with historical drilling concentrated at the Miminiska and Frond Zones, leaving more than 12 kilometres of strike largely untested. Our current programs are designed to systematically evaluate this broader opportunity. By integrating soil geochemistry with property-wide airborne magnetics and our existing geological data, we aim to improve our understanding of the controls on gold mineralization and advance growth-focused target generation for future drilling.”

Highlights

• Growth-Focused Target Generation: Soil geochemistry and upcoming property-wide airborne magnetics will be integrated with geological data to develop new exploration targets for future drilling.
• Systematic Geochemical Coverage: 329 soil samples collected between Frond and Wottam Lake on a 50 m × 100 m grid, with assays pending.
• Property-Wide Airborne Geophysics: HeliGT airborne magnetic survey expected to commence before the end of October to further define geological and structural controls on gold mineralization.
• Winter Exploration Infrastructure: Winterized exploration camp under construction to support continued field activities and future drilling.
• Strong Local Participation: 40% of current Miminiska site staff are members of Eabametoong First Nation.
  
  

Soil Geochemistry

The Company completed 329 soil samples, including quality-control samples, along 39 Ha of the prospective trend between Frond and Wottam Lake on a 50-metre by 100-metre grid. The program is designed to:

• Initiate systematic geochemical coverage across prospective ground between Frond and Wottam Lake;
• Identify gold and trace-element geochemical patterns for follow-up exploration; and
• Support target generation through integration with geological mapping, historical data and airborne geophysics.
  
  

Samples have been submitted to Activation Laboratories Ltd. (“Actlabs”) for gold and trace-element analysis, with results anticipated before the end of October 2026.

Airborne Geophysics

The Company is preparing to commence a HeliGT airborne magnetic survey across the entire Miminiska Property using SHA Geophysics. The survey is designed to:

• Provide high-resolution magnetic coverage across the 6,366-hectare Project;
• Further define geological and structural controls on gold mineralization; and
• Support target generation through integration with soil geochemistry, geological mapping and historical data.
  
  

The survey is expected to commence before the end of October 2026.

Winter Exploration Camp

Construction of the Company’s winterized exploration camp at Miminiska is underway to support continued field activities and future drilling.

Approximately 40% of current Miminiska site staff are members of Eabametoong First Nation (“EFN”). Canadian Goldfields continues to work collaboratively with EFN as exploration activities at Miminiska advance.

Selected Historical Drill Results

Approximately 28,000 metres of historical drilling has been completed at Miminiska, concentrated principally at the Miminiska and Frond Zones. Selected historical drill results are presented below. These results are historical in nature, have not been independently verified by the Qualified Person and are reported as core lengths that do not necessarily represent true widths.

Area	Hole ID	Azimuth (°)	Dip (°)	From (m)	To (m)	Interval (m)	Au (g/t)
Miminiska	0603-08	358.4	-70	51.94	72.78	20.84	5.75
Miminiska	88C-10	315	-50	65.38	69.34	3.96	12.69
Miminiska	0603-18	358.1	-50	120.57	131.75	11.18	4.49
	including			120.57	124.30	3.73	7.29
Miminiska	0604-32	358	-66	235.78	241.10	5.32	13.95
Frond	87-13	144	-50	125.79	127.10	1.31	14.74
Frond	87-10	144	-45	67.79	69.04	1.25	7.53
Frond	87-14	144	-65	61.66	62.00	0.34	37.02
Frond	87-15	144	-70	92.20	93.15	0.95	11.32

NI 43-101 Technical Report on the Miminiska Property, Northern Ontario, Canada, prepared by APEX Geoscience Ltd. for Canadian Goldfields, authored by Qualified Persons Edward Parker, B.Sc., P.Geo., and Eliza D. Verigeanu, M.Sc., P.Geo. Frond Zone results adapted from Neal & Miller Report, 1987. Effective date of December 1, 2025.

About Canadian Goldfields Discovery Corp.

Canadian Goldfields Discovery Corp. is a Canadian mineral exploration company focused on advancing district-scale gold opportunities in Ontario, Canada. The Company’s portfolio includes the flagship Miminiska Gold Project in northwestern Ontario and the Swayze Central Gold Property located within the prospective Swayze Greenstone Belt near Timmins.

Miminiska hosts a gold-rich banded iron formation (“BIF”) system with multiple high-grade intercepts drilled across the Miminiska and Frond Zones and more than 14 km of underexplored strike extent. Supported by approximately 28,000 m of historical drilling, the project demonstrates significant scale potential with mineralization remaining open along strike and at depth. The Swayze Central Gold Property complements the Company’s portfolio with historical high-grade gold occurrences and additional district-scale exploration upside in one of Canada’s most established mining regions.

Canadian Goldfields is led by a lean and execution-focused leadership team committed to disciplined exploration, systematic discovery and long-term value creation through the advancement of high-quality gold assets in tier-one mining jurisdictions.

On behalf of the Company,
John G. Booth, Chief Executive Officer and Director

Additional Information
Harp Gosal | Director of Capital Markets & Communications
Canadian Goldfields Discovery Corp.
Phone: (604) 218-1142
Email: hgosal@canadiangoldfields.com

Qualified Persons and Technical Disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Ian Raymond Dasti, P.Geo, Vice-President of Exploration of Canadian Goldfields Discovery Corp., and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43101”).

Mr. Dasti has reviewed the technical information disclosed in this news release and has approved its dissemination. The information presented herein relates to planned exploration activities at the Company’s Miminiska Gold Project, including the design and objectives of the geochemical soil sampling program.

Historical exploration information referenced in this news release has been compiled from publicly available sources and historical reports. A Qualified Person has not completed sufficient work to independently verify all historical information, and the Company is not treating such information as current mineral resources or mineral reserves as defined by NI 43-101. Historical results, mineral occurrences, and exploration data should not be relied upon as indicative of future exploration results.

The Company considers historical exploration information to be relevant for the purpose of guiding future exploration programs; however, readers are cautioned that such information may not be representative of actual mineralization or exploration potential on the Property.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the Company’s planned exploration program for the Miminiska Gold Property is subject to change. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or revise forward-looking information.

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