49 Metals Reports Expansive High-Grade Gold and Silver Mineralisation at Gold Mountain, Nevada

Extensive Mineralisation Envelope Validates Feeder Corridor at Adit Zone

The latest update from 49 Metals details that RC hole DRC#16 intersected a significant broad mineralisation envelope exceeding 60 metres downhole length, highlighted by a 64-metre intercept at 1.0g/t Au starting from 152.4 metres depth. Within this broad zone, a higher-grade segment of 13.7 metres averaging 1.9g/t Au from 181.4 metres confirms the structurally controlled feeder corridor, believed to be the main conduit for mineralising fluids in this epithermal system. These additional assays substantiate that the previously reported high-grade intercept is part of a larger coherent mineralised system.

The geological interpretation now integrates the earlier high-grade discovery in hole DRC#9, which returned 27.4 metres at 8.3g/t Au including 9.1 metres at 21.9g/t Au from 224 metres depth. Together, these holes outline a continuous mineralised corridor that extends along strike and remains open both laterally and at depth. According to the company, broad mineralised halos around higher-grade feeder zones are typical of major epithermal gold systems, and the observed architecture at Gold Mountain increasingly matches this geological model. Confidence in the interpretation is growing as further drilling, alteration, structural, and geochemical data are incorporated.

Shallow Oxide Gold Mineralisation in DRC#15 Expands System Across Multiple Structures

Hole DRC#15, located approximately 150 metres southwest of the Adit Zone discovery, encountered shallow oxide gold mineralisation from a separate northeast-trending structure, indicating the hydrothermal system at Gold Mountain spans multiple mineralised structures. This hole intersected 15.2 metres at 1.5g/t Au from 4.6 metres depth, including 6.1 metres at 3.2g/t Au from 12.2 metres. Narrower high-grade intervals within this zone include 3.0 metres at 4.7g/t Au from 15.2 metres. At greater depth, the hole also returned 3.0 metres at 1.9g/t Au from 42.7 metres, including 1.5 metres at 2.7g/t Au.

The significance of DRC#15 lies in its location and mineralisation style. It tested previously untested northeast-trending structures near the western edge of the Adit Zone, in an area not previously considered to host mineralisation of this intensity. The shallow mineralisation starting at 4.6 metres below surface shows the Gold Mountain system extends beyond the initial high-grade feeder corridor across multiple structures. This hole defines an additional mineralised target that remains open along strike and at depth, offering a clear focus for follow-up drilling and supporting the interpretation of a laterally extensive hydrothermal system.

Multiple High-Grade Intervals in DRC#16 Illuminate Feeder Structure Complexity

Besides the main 64-metre oxide interval, hole DRC#16 intersected several mineralised zones, illustrating a complex epithermal system with multiple mineralising phases. Previously reported assays from the lower section showed 15.2 metres at 2.4g/t Au from 268.2 metres depth, including 6.1 metres at 5.0g/t Au from 274.3 metres. Within this interval, narrower high-grade zones were identified, such as 7.6 metres at 4.4g/t Au from 272.8 metres and a distinct 1.5-metre interval at 6.9g/t Au from 274.3 metres, indicating multiple mineralising events contributed to the overall grade distribution.

The interpreted feeder zone remains open in several directions and is spatially linked to the Oddie Rhyolite contact. This feeder structure exhibits a distinctive geochemical signature that suggests drilling is approaching a hotter, more proximal, and potentially higher-grade core of the hydrothermal system. Assays from the upper 120 metres of DRC#16 are pending, with ongoing evaluations to fully understand the Gold Mountain system’s architecture. The presence of multiple mineralised intervals at varying depths and the unique geochemical traits support the interpretation of a large, long-lived epithermal gold system.

Strategic Location in Walker Lane Trend and Historical Mining Evidence Underpin System Potential

Situated in Nevada's Walker Lane trend, a region known for significant epithermal and precious metal mineralisation, the Gold Mountain project benefits from a geological setting that has yielded major gold discoveries and active mines. 49 Metals’ exploration covers extensive historical workings at the Adit Zone, widespread hydrothermal alteration, and signs of multiple mineralising events—features typical of large epithermal systems.

Historical mining at the Adit Zone confirms that earlier explorers recognized gold mineralisation, while 49 Metals’ recent drilling has systematically defined the mineralisation style, geometry, and economic potential. The Walker Lane trend also offers access to established mining infrastructure, experienced contractors, and a regulatory environment with a strong history of precious metals extraction, facilitating cost-effective exploration and potential advancement to resource estimation and development.

Epithermal System Characteristics at Gold Mountain Bolster Geological Confidence

49 Metals’ updated geological model identifies multiple hallmarks of significant epithermal gold systems at Gold Mountain, including extensive historical workings, widespread hydrothermal alteration observable in outcrop and drill core, evidence of multiple mineralising events, and feeder zones within broader mineralised envelopes—classic indicators of major epithermal discoveries. Collectively, these features reinforce confidence that the Adit Zone represents the early expression of a much larger hydrothermal system rather than an isolated mineralised zone.

Feeder structures are critical exploration targets in epithermal systems as primary conduits for ore-bearing fluids and hosts of the highest gold grades. The interpreted structurally controlled feeder corridor surrounded by a broad oxide mineralisation envelope aligns with this model. The spatial association with the Oddie Rhyolite contact and the distinctive geochemical signature provide exploration vectors suggesting proximity to a hotter, more proximal core. As additional drilling, alteration, structural, and geochemical data are integrated, the geological model is expected to become increasingly refined.

Pending Assays and Planned Drilling to Expand Strike and Depth Understanding

Assay results from six additional holes and the upper 120 metres of DRC#16 remain outstanding, representing key catalysts for advancing the understanding of Gold Mountain’s scale and geometry. The upper section of DRC#16, spanning surface to approximately 120 metres depth, covers zones where oxide and transition mineralisation to fresher rock are expected. These results will enhance knowledge of system architecture and mineralisation continuity from surface to deeper feeder zones.

Future drilling is planned to test strike and depth extensions of mineralisation. The open nature of the feeder corridor in multiple directions offers numerous exploration targets. Results from DRC#15, showing mineralisation on structures away from the initial discovery, have identified an additional open mineralised target. Upcoming drilling will focus on delineating lateral extents, testing vertical range, and assessing contributions of multiple mineralised structures. Pending assays and new drilling outcomes will be pivotal milestones in the company’s exploration journey.

Maiden Drilling Program Successfully Validates Exploration Objectives

49 Metals stated that the primary goals of its maiden RC drilling program were to define the structural architecture of the Gold Mountain epithermal system and establish a solid foundation for future mineral resource estimation. Results to date have validated exploration concepts and enhanced understanding of mineralisation at the Adit Zone. The company’s success in intersecting broad continuous mineralisation, identifying multiple mineralised structures, and defining a coherent feeder corridor within a broader mineralised envelope confirms the program met its core objectives.

The emerging structural architecture indicates primary mineralised pathways (the feeder corridor) surrounded by extensive oxide mineralisation zones, with mineralisation across multiple northeast-trending structures at varying distances from the core. This framework supports future exploration and resource estimation planning. The geological model, initially developed from surface mapping and historical data, has been tested and refined through drilling and assay results. Validation of exploration concepts positions the company to advance confidently toward establishing a mineral resource inventory, which will require additional drilling.

Silver Mineralisation in DRC#15 Adds Valuable Polymetallic Aspect

While gold remains the primary focus, hole DRC#15 also returned significant silver mineralisation accompanying gold intervals. The main zone yielded 15.2 metres at 1.5g/t Au and 9.6g/t Ag from 4.6 metres depth, including 10.7 metres at 2.0g/t Au and 12.5g/t Ag from 9.1 metres. The highest-grade internal interval contained 6.1 metres at 3.2g/t Au and 19.0g/t Ag from 12.2 metres, with a narrow 3.0-metre interval at 4.7g/t Au and 29.5g/t Ag from 15.2 metres. Elevated silver values alongside gold are consistent with epithermal gold-silver systems where both metals often co-occur.

The polymetallic nature may enhance the economic potential of any future resource. Epithermal systems commonly host gold-silver mineralisation, and the silver grades reported align with typical ratios. The company’s reporting of both metals reflects recognition of this polymetallic character, though no detailed analysis of gold-to-silver ratios or metallurgical implications was provided. Future resource evaluations will consider combined metal values.

Technical Reporting Notes on Downhole Lengths and Cut-Offs

49 Metals clarifies that all reported intercepts represent downhole lengths, with true widths yet to be determined. This distinction is important for assessing mineralised interval significance, as downhole lengths often exceed true widths due to drill hole angles. Determining true widths requires understanding the dip and strike of mineralised structures, which is being established through ongoing drilling and structural analysis.

The company applies nominal lower cut-off grades of 0.3 g/t Au and/or 10.0 g/t Ag to define reportable intervals. Internal dilution up to 3.05 metres is permitted if the length-weighted grade remains above cut-off. No top-cuts have been applied, meaning high-grade assays are reported in full. This methodology aligns with Australian mineral exploration industry standards and best practices for early-stage exploration. As drilling progresses and structural geometry clarifies, true width estimates and refined geometric understanding will be developed.