Vancouver, British Columbia–(Newsfile Corp. – August 3, 2026) – NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) (“NovaRed” or the “Company“) is pleased to report the interpretation of two zones of iron carbonate-silica alteration previously mapped on the Plume grid of its Wilmac Copper-Gold Project (the “Project”). Government geologists mapped the two zones in 2009; they cover approximately 115 hectares and 133 hectares. The Company has not independently verified that mapping. Iron carbonate with silica forms at low temperature. In porphyry copper-gold systems that assemblage typically occupies the shallowest level of the hydrothermal system, above any mineralized core at depth. The Company has separately interpreted a large magnetic anomaly beneath the Project as a buried intrusive complex (see news release dated July 23, 2026). Subject to financing, the Company proposes an induced polarization and audio-magnetotelluric (“IP/AMT”) survey over the Plume grid during the 2026 field season, one of four such surveys contemplated for the year.
“We have two alteration zones on the Plume grid sitting directly above a magnetic anomaly that we have already interpreted as a potential buried intrusive complex,” commented Brian Goss, Chief Executive Officer of NovaRed Mining Inc. “That combination is what a geophysical survey would test. Carbonate-silica alteration on its own is common enough in this belt that it would not have justified the work. There are really two possibilities. Either this is the shallow expression of an older porphyry system at depth, or it is a much younger epithermal system sitting in the cover rocks above it. The survey and the follow-up sampling are designed to tell us which.”
What Was Mapped on the Plume Grid
Two spatially distinct zones of iron carbonate-silica alteration were mapped within the area now covered by the Plume grid (Massey et al., 2009a, 2009b). The mapping was published by the British Columbia Geological Survey at 1:30,000 scale. The western zone, as mapped, covers an area of approximately 115 ha; the eastern zone approximately 133 ha. Altered host rocks were described as volcanic rocks of the Late Triassic Nicola Group or, possibly, the overlying Eocene Princeton Group. The eastern zone has a small surface exposure of diorite mapped at its northern margin. The Plume grid sits approximately four kilometres south of the Wilmac survey grid, and approximately 13 km west of the Copper Mountain Mine. The mineral tenure application, submitted in August 2025, was approved on March 17, 2026 as the Plume tenure (# 1131217), comprising 2,062.64 ha.
Massey et al. (2009b; Table 2) reported analyses for grab samples collected from five sites within the eastern alteration zone. Three splits were analysed from one site, and one of those splits was re-analysed as a laboratory replicate, giving the eight analyses below.
| Sample No | Northing | Easting | Lab No | Mo (ppm) |
Cu (ppm) |
Pb (ppm) |
Zn (ppm) |
Ag (ppb) |
Au (ppb) |
As (ppm) |
S (%) |
| 08NMA32-07A | 5468693 | 668015 | 61551 | 0.44 | 79.31 | 1.14 | 64.4 | 143 | 0.9 | 105.9 | 0.20 |
| 08NMA32-07B | 5468693 | 668015 | 61552 | 0.47 | 75.46 | 1.68 | 52.3 | 85 | 1.8 | 78.5 | 0.11 |
| 08NMA32-07C | 5468693 | 668015 | 61553 | 0.28 | 122.23 | 0.78 | 60.6 | 238 | 2.6 | 152.2 | 0.23 |
| 08NMA32-07C-Rep | 5468693 | 668015 | 61565 | 0.31 | 133.05 | 0.98 | 64.3 | 267 | 3.5 | 155.6 | 0.23 |
| 08NMA32-08 | 5468638 | 667929 | 61560 | 1.83 | 66.79 | 3.94 | 49.4 | 172 | 2.6 | 136.0 | -0.02 |
| 08NMA32-10 | 5468754 | 668478 | 61561 | 0.19 | 7.60 | 0.58 | 35.6 | 16 | 12.1 | 63.4 | -0.02 |
| 08NMA32-13 | 5467743 | 668405 | 61557 | 0.76 | 94.71 | 1.16 | 51.4 | 242 | 4.9 | 122.5 | 0.05 |
| 08NMA32-14 | 5467377 | 668343 | 61558 | 17.79 | 87.18 | 3.10 | 222.3 | 236 | 4.5 | 76.1 | 0.02 |
Notes:
1. Analyses for selected elements on mineralized grab samples collected in the map area in 2008. Samples crushed and milled in a Cr steel mill. Analyses by ACME Analytical Laboratories Ltd. (Vancouver) using inductively coupled plasma-mass spectrometry after HCl-HNO3 digestion.
2. 08NMA32-07C-Rep is a repeat analysis of 08NMA32-07C as part of QA/QC.
Copper values from the grab samples range from 8 to 133 ppm and gold from 0.9 to 12.1 ppb across the eight analyses. Both fall within the range expected for the mapped volcanic host rocks, and the highest gold value is from the sample with the lowest copper. The more consistent feature of the dataset is arsenic, which ranges from 63 to 156 ppm in every sample, together with molybdenum at 17.8 ppm, zinc at 222 ppm and silver at 236 ppb in sample 08NMA32-14. Arsenic, molybdenum, zinc and silver are among the elements reported to increase toward the upper levels of the Mount Milligan system (Jago et al., 2014). That association is also consistent with an epithermal system, and these data do not distinguish between the two.
Grab samples are selective by nature and are not necessarily representative of the mineralization on the Project.
Limited prospecting was previously completed by the Qualified Person on the alteration zones. In addition, the Company completed limited soil sampling within the western alteration zone in 2025, with a total of 45 samples recovered. Copper values ranged between 30 and 168 ppm. Those analyses were obtained using a portable X-ray fluorescence (“pXRF”) analyser, which is a semi-quantitative field method; the results have not been verified by an accredited laboratory, and the instrument does not return gold values. Laboratory analysis of the soil samples, including quantitative determination of gold, has not been completed and is proposed as part of the 2026 field program, together with further sampling of both alteration zones.
Subject to financing, a combined IP/AMT geophysical survey is proposed to evaluate the alteration zones at depth. No drilling has been reported from within either alteration zone or the area proposed to be surveyed on the Plume grid. The Qualified Person has reviewed the historical mapping and completed limited prospecting on both alteration zones, and the Company has otherwise completed only limited initial evaluation. Readers should not place undue reliance on the historical mapping. No mineral resources or mineral reserves have been identified on the Project.
Iron Carbonate-Silica Alteration in Porphyry Systems
Iron carbonate – principally ankerite and dolomite – together with silica records introduction of CO₂-bearing hydrothermal fluids into a host rock at relatively low temperature. On its own, the assemblage is not diagnostic of any single deposit type.
In porphyry systems, low-temperature carbonate assemblages characteristically occupy the shallowest and coolest levels of the hydrothermal column. Where a mineralized core is present, it lies deeper. That vertical relationship is why the Company regards surface carbonate alteration as a target to be tested at depth rather than at surface.
Mount Milligan – A Documented Example in the Same Belt
The Mount Milligan mine in north-central British Columbia is an alkalic porphyry gold-copper deposit of Early Jurassic age. It lies within the same Quesnel belt as the Project and the Copper Mountain Mine.
Jago et al. (2014) document a carbonate-dominant alteration assemblage – ankerite, dolomite, sericite, albite and alkali feldspar – preserved in the uppermost levels of the Mount Milligan system, particularly in the 66 Zone. That carbonate-phyllic alteration is interpreted as a shallower level of the system, down-dropped approximately 100 metres along the Rainbow Fault and juxtaposed against the Magnetite Breccia (MBX) zone, the deposit’s main orebody (Richings et al., 2025; Jago et al., 2014). The carbonate cap at Mount Milligan therefore sits directly above the orebody.
Mount Milligan is a third-party property. The Company has no interest in it, and no right to acquire any interest in it.
Interpretation
The Company has previously reported a large, high-intensity magnetic anomaly underlying the Project (see news release dated July 23, 2026). That anomaly is interpreted as a downthrown segment of a composite batholith that includes the multi-phase intrusive complex mapped at the Copper Mountain camp (Preto, 1972). Saleken (2013) interpreted the geological setting west of the Boundary Fault as analogous to the Copper Mountain Intrusive Complex, at a shallower level of erosional exposure. The Copper Mountain Mine, a producing alkalic copper-gold operation, lies approximately 10 kilometres east of the Project. It hosts Proven and Probable Mineral Reserves of 345 million tonnes grading 0.26% copper and 0.12 g/t gold (Hudbay Minerals Inc., news release dated March 27, 2026; mineral reserves estimated in accordance with CIM Definition Standards incorporated by reference in NI 43-101).
Against that background, the iron carbonate-silica alteration mapped on the Plume grid is interpreted as a possible high-level, low-temperature expression of a hydrothermal system associated with the buried intrusive complex interpreted from the magnetic data. If that interpretation is correct, potassic alteration and any associated copper-gold mineralization would be expected at greater depth beneath the mapped zones.
The magnetic data and the mapped alteration are independent observations. Neither establishes the other.
Alternative Explanations
Mapped iron carbonate-silica alteration admits explanations other than a buried porphyry system, and the Company has not excluded them.
Carbonate-silica alteration of mafic and ultramafic rocks along structural corridors – commonly described as listwanite-style CO₂ metasomatism – produces ankerite, dolomite and silica assemblages, and is documented in accreted terranes in British Columbia. Epithermal activity associated with the Eocene Princeton Group is a further possibility. Either could account for carbonate-silica alteration at surface without an underlying porphyry system. The mapped host rocks are volcanic rather than ultramafic, which is the setting listwanite alteration requires. The soil geochemistry is consistent with that: 45 samples from the western zone returned median chromium of 152 ppm (maximum 379 ppm) and median nickel of 80 ppm (maximum 168 ppm), against the 2,000 to 3,000 ppm chromium and 1,500 to 2,500 ppm nickel typical of an ultramafic protolith, with no sample exceeding 1,000 ppm chromium or 500 ppm nickel. These are pXRF results, and no soil samples have been collected over the eastern zone.
The mapped host rocks have been described as volcanic rocks of the Late Triassic Nicola Group or, possibly, the overlying Eocene Princeton Group. If the altered rocks belong to the Princeton Group, they are substantially younger than the Late Triassic to Early Jurassic intrusive rocks associated with alkalic porphyry mineralization in this belt, and the alteration could not be a surface expression of that system. Establishing the identity of the host rocks is an objective of the proposed 2026 program.
Based on interpretation of the extent of Eocene Princeton Group coverage on the property based on re-interpretation of 40 kHz resistivity data, the western anomaly is completely underlain by Nicola Group volcanics. The eastern anomaly, however, is interpreted to be partially underlain by Eocene Princeton Group (approximately 66%). The northern portion of the alteration zone (approximately 34 ha), spatially associated with a comparatively small exposure of diorite, is underlain by Late Triassic Nicola Group volcanics, with a second window (approximately 12 ha) eroded through the Princeton Group cover immediately south. The remainder of the mapped extent of the iron carbonate – silica alteration zone is interpreted to be underlain by a variable thickness of Princeton Group rocks.
The three northern sample sites reported by Massey et al. (2009b), 08NMA32-07A – C, 08NMA32-08 and 08NMA32-10, are located immediately north of the apparent unconformable contact. The two southern sites, 08NMA32-13 and 08NMA32-14, are interpreted to be underlain by the Eocene Princeton Group, which may explain the comparatively high Mo value in 08NMA32-14 (17.8 ppm).
This configuration of an interpreted iron carbonate – silica alteration zone in an area exposing Late Triassic Group volcanics overlain by the Eocene Princeton Group potentially mixes the geochemical signatures of the two stratigraphic sequences, together with a potential iron-rich regolith and iron carbonate – silica alteration along the unconformity surface.
Surface mapping alone does not distinguish between these explanations and the interpretation described above. That is what the 2026 program, including further soil and rock samples, as well as the proposed Plume survey, is intended to address.
The 2026 Plume Grid IP/AMT Survey
The Plume grid survey is one of four proposed IP/AMT surveys in the Company’s announced 2026 field program (see news release dated June 17, 2026). Subject to financing, the Company intends to complete it during the 2026 field season.
Induced polarization measures chargeability, which responds to disseminated sulphide minerals. Audio-magnetotelluric data measure resistivity and image to greater depth than the IP method. Expected depth of investigation is approximately 250 m reliably for the IP method, with the AMT method extending sub-surface imaging to approximately 1, 500 (or, potentially, more). For current purposes, the combined IP/AMT data are being used to identify and target subsurface targets to approximately 1,000 m depth below surface. Initial drill targets are expected to be less than 500 m depth
The two datasets are intended to discriminate between the explanations set out above. More specifically, a chargeable body at depth underlying the alteration zone, with a coincident resistivity or magnetic response, would be consistent with a buried intrusive complex and associated sulphide mineralization. A chargeability-flat, tabular response following a structural trend would be more consistent with fault-controlled carbonate alteration and no underlying system. Neither outcome would establish the presence of mineralization, which can be tested only by drilling.
Completion of the survey is subject to financing, contractor availability, weather, terrain, access and permitting.
References
Jago, B.C., Tosdal, R.M., and Cooke, D.R. (2014). Vertical and lateral variation of mineralogy and chemistry in the Early Jurassic Mt. Milligan alkalic porphyry Au-Cu deposit, British Columbia, Canada. Economic Geology, v. 109, p. 1047-1079.
Massey, N.W.D., Vineham, J.M.S., and Oliver, S.L. (2009a). Geology and Mineral Deposits of the Whipsaw Creek-Eastgate-Wolfe Creek Area, British Columbia (parts of NTS 092H/01W, 02E, 07E, 08W), 1:30,000 scale. British Columbia Ministry of Energy, Mines and Petroleum Resources, Open File 2009-08.
Massey, N.W.D., Vineham, J.M.S., and Oliver, S.L. (2009b). Southern Nicola Project: Whipsaw Creek-Eastgate-Wolfe Creek area, southern British Columbia (NTS 092H/01 W, 02E, 07E, 08W); in Geological Fieldwork 2008, BC Ministry of Energy, Mines and Petroleum Resources, Paper 2009-1, pages 189-204.
Preto, V.A. (1972). Geology of Copper Mountain. British Columbia Ministry of Energy, Mines and Petroleum Resources, Bulletin 59, 91 p.
Richings, C., Sica, C., Weiershäuser, L., Davidson, J., Yeo, D., and Hamilton, B. (2025). Technical Report on the Mount Milligan Mine, North-Central British Columbia. NI 43-101 Technical Report prepared for Centerra Gold Inc., effective date June 30, 2025 (issued October 17, 2025).
Saleken, L. (2013). Compilation Report on the Tulameen Project Property, Whipsaw Target Area. British Columbia Assessment Report 33,626A, filed January 31, 2013, 149 p.
Qualified Person
The scientific and technical information in this news release, including the geological interpretations described herein, has been reviewed and approved by Rick Walker, P.Geo., a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). Mr. Walker is not independent of the Company within the meaning of NI 43-101. The interpretations described in this news release are conceptual, and rest in part on third-party historical mapping that the Company has not independently verified. No mineral resources or mineral reserves have been identified on the Project.
About NovaRed Mining Inc.
NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) is a mineral exploration company focused on the identification, acquisition, exploration and development of copper-gold porphyry projects in British Columbia, leveraging an artificial intelligence-enhanced geospatial technology platform that it developed to identify and evaluate prospective mineral properties. The Company’s optioned Wilmac copper-gold project comprises 16,078 hectares located within the Quesnel porphyry belt in the Similkameen Mining Division, southwest of Princeton and approximately 10 kilometres west of Hudbay Minerals Inc.’s producing Copper Mountain Mine. For more information, visit novaredmining.com.
Readers are cautioned that the discussion of mineralization, alteration or grades on adjacent, similar or analogous properties – including the Copper Mountain Mine and the Mount Milligan mine – is not necessarily indicative of the mineralization or potential of the Wilmac Copper-Gold Project. The Company has no interest in, or right to acquire any interest in, any such properties. No mineralization has been identified on the Plume grid, and no mineral resources or mineral reserves have been identified on the Project.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the interpretation of the iron carbonate-silica alteration zones on the Plume grid as a possible high-level, low-temperature expression of a hydrothermal system associated with a buried intrusive complex; the expectation that, if that interpretation is correct, potassic alteration and any associated copper-gold mineralization would be present at greater depth beneath the mapped zones; the Company’s intention to complete an IP/AMT survey on the Plume grid during the 2026 field season; the expected ability of the IP and AMT datasets to discriminate between the interpretation described and the alternative explanations described; the Company’s intention to complete further soil and rock sampling on the Plume grid during the 2026 field program; the Company’s intention to obtain laboratory analyses of soil samples, including quantitative determination of gold; the expectation that initial drill targets would lie at depths of less than 500 metres; the availability of the financing required to complete the proposed 2026 program; and the Company’s intention and ability to satisfy the cash payment, share issuance and exploration expenditure milestones required to exercise the option agreements respecting the Wilmac Copper-Gold Project.
Forward-looking information is based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such assumptions include, without limitation: the accuracy of current geological interpretations, including the deposit-model analogy described in this news release; the accuracy and completeness of the third-party historical mapping on which the interpretation rests; the availability of adequate funding to complete the proposed exploration; the ability of the Company’s geophysical contractors to complete the 2026 Plume grid survey on schedule; favourable weather, terrain and field conditions; access to the Project area; the availability of qualified personnel; the receipt of all necessary permits and authorizations for planned exploration; and the continued cooperation of the optionors under the terms of the relevant option agreements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Important risk factors include, but are not limited to: the possibility that the 2026 IP/AMT survey results at the Plume grid do not support the interpretation described in this news release; the possibility that the iron carbonate-silica alteration zones do not represent a high-level expression of a buried porphyry system; the possibility that one of the alternative explanations described in this news release is correct; the possibility that the geophysical surveys do not image to the depth required to test the interpretation; the continued availability of capital and financing; the ability to satisfy option earn-in requirements on the timelines contemplated; risks inherent in mineral exploration; adverse weather or terrain conditions; tenure grant, renewal and permitting outcomes, including under British Columbia’s revised mineral tenure system; Indigenous and community consultation requirements; changes in applicable laws and regulations; the ability to retain key personnel and contractors; litigation; failure of counterparties to perform their contractual obligations; and general economic, market or business conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by applicable securities laws.
Neither the CSE nor its Market Regulator (as that term is defined in CSE policies) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307646
Source: NovaRed Mining Inc.
