Discovery Alaska Reports Exceptional 767 g/t Silver Assays at Boulder Creek Gold-Silver Project, Idaho

Exceptional Silver and Gold Assay Results at Boulder Creek Project

Discovery Alaska revealed significant rock sample assay outcomes from its Boulder Creek Gold-Silver Project, situated roughly 90 kilometres southwest of Boise, Idaho. Laboratory analyses of five rock samples collected from areas with historical Nerco Inc. drilling (1985-1987) identified anomalous mineralisation zones. The standout sample, 1809629, returned silver assays of 767 grams per tonne (approximately 24.6 ounces per tonne) alongside gold assays of 0.565 parts per million, underscoring strong potential for gold and silver mineralisation at the targeted location.

The five samples exhibited variable grades: sample 1809627 yielded 11.67 ppm gold and 39.1 ppm silver, while sample E288901 contained 0.38 ppm gold and 93.9 ppm silver. These high-grade assay results, coupled with positive observations from a recent site visit, affirm the prospectivity of the Nerco Inc. target area within the project. These findings underpin the company's decision to advance exploration planning towards an initial drilling campaign.

Expansion of Boulder Creek Project with 20 New BLM Claims

Discovery Alaska recently staked twenty Bureau of Land Management (BLM) claims at Boulder Creek, increasing its exploration footprint by 413.2 acres (approximately 167.2 hectares). These claims are strategically located northwest, east, and southeast of the existing Idaho State Lease E600117. The newly acquired BLM claims aim to cover potential strike extensions of promising geological structures beyond the current lease, enhancing the company’s control over the mineralised zone.

The Boulder Creek portfolio now includes 20 BLM claims held 100% by Discovery Alaska and an option to acquire 100% interest in the adjacent 640-acre Idaho State Lease E600117. The project is prospective for epithermal high-grade vein-hosted and disseminated gold-silver mineralisation. Its proximity to the historic mining town of Silver City adds valuable context, given the region’s established mining heritage. The strategic positioning of these claims reflects the company’s intent to consolidate control over key geological features.

Preparations Underway for Summer Drilling Campaign

Geological consultants based in Idaho are facilitating preparations for Discovery Alaska’s initial drilling campaign at Boulder Creek. The company is securing necessary regulatory approvals from US authorities, sourcing an appropriate drill rig, and arranging access road construction to support drilling operations. The drilling program is planned for the USA summer period to leverage optimal seasonal conditions.

This drilling campaign marks a significant advancement from surface sampling to subsurface exploration of anomalous zones identified during Nerco Inc.’s 1985-1987 exploration. Employing modern drilling and analytical techniques, the company aims to delineate the lateral and vertical extent of gold and silver mineralisation. Mobilising drilling equipment and completing access infrastructure are critical milestones that will influence the timing and scope of the campaign. Successful drilling could yield intersection data essential for guiding further exploration or development.

Epithermal Gold-Silver Mineralisation and Project Potential

The Boulder Creek project targets epithermal high-grade vein-hosted and disseminated gold-silver mineralisation. Epithermal deposits form in shallow crustal environments, typically linked to geothermal systems and volcanic activity. The geological model for Boulder Creek aligns with epithermal characteristics, featuring mineralisation in discrete veins and broader disseminated zones accessible for underground or open-pit mining.

Located near several historic mining sites, the project area has demonstrated economic mineralisation previously. The company’s exploration strategy focuses on strike extensions of geological structures identified in earlier exploration, supported by geological interpretation of historical data. Positive assay results and recent site visit feedback reinforce the project’s prospectivity. Proximity to Silver City, a historic mining town, further supports the regional potential for precious metals mining.

Chulitna Gold Project in Alaska Comprises 24 Claims Near Parks Highway

Discovery Alaska holds 100% interest in the Chulitna Project on State of Alaska public lands, approximately 250 kilometres north of Anchorage. The project covers 15.5 square kilometres (24 claims) centered on the Partin Creek gold prospect. Notably, the Chulitna Project is free from Native Title claims, native lands, or claimant groups, simplifying regulatory and tenure considerations. Its location near the Parks Highway and the Alaska railroad offers logistical advantages for exploration and potential development.

The company is currently reviewing its strategy for Chulitna, indicating an evaluation of exploration priorities relative to its more advanced Boulder Creek project. The Chulitna asset diversifies the company’s portfolio geographically across two US states. No specific exploration activities or results for Chulitna were disclosed in the latest quarterly update.

Financial Position and Expenditure for Quarter Ending June 2026

As of 30 June 2026, Discovery Alaska reported cash reserves of $316,000, reflecting its financial status following recent exploration and corporate activities. The company maintains prudent financial management, with exploration and evaluation costs totaling approximately $6,000 during the quarter. Director fees paid amounted to around $14,000, consistent with ASX Listing Rule 5.3.5 disclosures.

The modest expenditure levels correspond with the company’s early-stage exploration phase and small organizational size. The current cash reserves limit capacity for extensive exploration without additional funding. Progressing the Boulder Creek drilling campaign will require capital beyond existing reserves, suggesting potential future capital raising or funding arrangements. The company emphasizes careful cash management while advancing exploration within available resources.

Ongoing Due Diligence on Additional Project Opportunities

Discovery Alaska is actively reviewing further mineral project opportunities and has conducted due diligence on potential targets that may complement its current exploration portfolio. Specific details regarding these opportunities, locations, or evaluation stages were not disclosed. This indicates management’s focus on identifying acquisitions or options aligned with the company’s exploration strategy and commodity focus.

The ongoing due diligence reflects the company’s intent to maintain flexibility in expanding its project portfolio. Any additional projects would likely offer geographic or geological complementarity or attractive risk-reward profiles relative to existing assets. The absence of detailed disclosures suggests these reviews remain at an early and commercially sensitive stage.

Regulatory and Tenure Frameworks for US Exploration Assets

Discovery Alaska’s exploration assets span two US states with distinct regulatory and tenure systems. The Boulder Creek project includes both BLM claims and an option on an Idaho State Lease, representing federal and state tenure respectively. The company clarified that the recently staked BLM claims cover 413.2 acres (167.2 hectares), correcting prior misstatements that confused acres and hectares for the Idaho State Lease area (640 acres, not hectares).

The Chulitna Project in Alaska is situated on State public lands and is free of Native Title claims or native land issues, a significant factor in Alaska’s regulatory environment. This absence simplifies stakeholder engagement and permitting for exploration. The company has engaged Idaho-based geological consultants to navigate permitting and operational requirements for drilling in Idaho and Alaska, where regulatory frameworks differ substantially from those in Australia.

Market Conditions and Precious Metals Price Environment

Discovery Alaska highlighted that the Boulder Creek Project offers direct exposure to gold and silver prices amid a high-price environment. This reflects favorable market conditions supporting precious metals exploration. Investor interest in gold and silver assets is generally buoyed by elevated commodity prices, enhancing the economic potential of mineral deposits.

The project’s dual exposure to gold and silver prices diversifies commodity risk within a single asset. Its location near Silver City, a historic mining district, underscores regional precedent for economically viable precious metals mining. The timing of exploration advancement, including drilling preparations, aligns with sustained market interest in precious metals. The company’s financial position and exploration progress are influenced by prevailing investment sentiment and commodity price outlooks, while maintaining a primary focus on defining resource potential.

Upcoming Milestones and Forward-Looking Plans for 2026

Discovery Alaska’s immediate focus remains on the Boulder Creek Gold-Silver Project, targeting an initial drilling campaign during the USA summer. Key upcoming milestones include securing regulatory approvals, finalizing drill rig arrangements, completing access road construction, and executing drilling operations. Successful drilling will provide critical subsurface data to evaluate the anomalous zones identified in historical Nerco Inc. exploration.

Simultaneously, the company continues its strategic review of the Chulitna Project, with no specific timelines announced. Ongoing evaluation of additional project opportunities may result in portfolio expansion, though such developments typically extend beyond quarterly reporting periods. The company’s cash position of $316,000 constrains exploration scope without further funding. Advancing drilling at Boulder Creek will be a focal point for investors, as results will significantly inform resource potential and future exploration strategies.