Canadian Goldfields Discovery Corp. press release

Canadian Goldfields Confirms High-Grade Gold at Michelle Zone, Swayze Central, with Historic Drill Hole Re-Assay Returning 35.00 m at 3.26 g/t Gold, Including 3.00 m at 15.11 g/t and 5.00 m at 6.08 g/t Gold

2026-10-14

TSXV - TSX Venture Exchange · Canada · Drill Results

VANCOUVER, British Columbia, Oct. 14, 2026 (GLOBE NEWSWIRE) -- Canadian Goldfields Discovery Corp. (TSX-V: CGM, OTCQB: CGMXF) (“Canadian Goldfields” or the “Company”)is pleased to report high-grade gold results from the re-assaying of historic drill core from the Michelle Zone at its Swayze Central Property in Ontario, alongside results from six recently completed diamond drill holes and a B-horizon soil geochemical survey. The re-assay of historic hole RPX-10-02 returned 35.00 metres at 3.26 g/t gold, including 3.00 metres at 15.11 g/t goldand 5.00 metres at 6.08 g/t gold (true widths unknown), independently confirming the Company's recalculated historic results and reinforcing the gold potential of the Michelle Zone.

The results represent an important step forward in advancing Swayze Central. The 2026 drilling program has expanded the Company's understanding of the distribution and geological controls of gold mineralization, tested new targets generated from historic geophysical data, and identified additional areas for follow-up exploration. Together with the historic core re-assay and excellent soil geochemical results, the findings support the Company's view that Swayze Central is an exciting exploration project with significant potential for further discovery.

Highlights

High-grade historic gold results confirmed:Re-assaying quarter-core samples from historic drill hole RPX-10-02 returned 35.00 m at 3.26 g/t Aufrom 93.00 m, including 3.00 m at 15.11 g/tAu and 5.00 m at 6.08 g/t Au, validating the Company's recalculated historic results and reinforcing the gold potential of the Michelle Zone. New drilling advances understanding of the mineralized system:The 2026 diamond drilling program tested geophysical anomalies and potential extensions of known gold zones, providing valuable geological information to refine the Company's exploration model and guide future drill targeting. Michelle Zone extended to the west:Drill hole CGM26-003 intersected gold mineralization at the western end of the Michelle Zone and provided the first north-oriented test of this part of the system. The results will help refine the interpretation of the zone's geometry and potential extensions. Drilling confirms gold mineralization associated with IP targets:Every hole drilled on an induced polarization (IP) target intersected gold mineralization. Several mineralized intervals occur between resistivity and chargeability highs within relative magnetic lows, helping refine the Company's geophysical targeting model.

Strong soil geochemical anomalies identify additional targets:The completed high-priority B-horizon soil survey comprised 1,808 samples over approximately 113 line-km in the southeastern part of the property. Multiple east–west-trending gold-in-soil anomalies extend across as many as five survey lines, highlighting additional areas for follow-up exploration.

Canadian Goldfields Vice President of Exploration, Ian Dasti, P.Geo., commented: “The results from Swayze Central reinforce why we believe this is an exciting gold exploration project within our Ontario portfolio. The high-grade re-assay from historic hole RPX-10-02 is particularly important because it confirms a substantial gold intercept at the Michelle Zone and gives us greater confidence in the historical data as we evaluate the property's potential.

Equally important, our recent drilling has advanced our understanding of the mineralized system. By testing historic intercepts, geophysical anomalies and potential extensions of known mineralization, we have gained valuable geological information that will help guide our next exploration decisions. The combination of confirmed high-grade historical results, new drilling information and encouraging soil geochemistry provides a stronger foundation for planning follow-up work at Swayze Central.

Our technical team is also focused on advancing the Company's flagship Miminiska Gold Project, where soil geochemistry, geophysical work and camp construction are targeted to support a significant upcoming winter drill program. We see Swayze Central as an exciting complementary opportunity within our Ontario portfolio, with further work aimed at building on the results achieved to date."

2026 Exploration Program Overview

The 2026 diamond drilling program comprised six holes totalling 1,422 metres. Drilling was designed to test induced polarization anomalies identified by the 2010 Abitibi Geophysics ground IP survey, investigate current and historic indications of gold mineralization, and evaluate potential down-plunge and along-strike extensions of historic drill intercepts (figure 1). The program also followed up on surface exploration completed by the Company in summer 2026, including grab samples returning up to 1.3 g/t Au.

The program was designed not only to test for gold mineralization but also to improve the Company's understanding of the geological and geophysical characteristics associated with mineralized zones. Results from the six holes provide additional information on alteration, host rocks, structural features and the relationship between gold mineralization and IP anomalies. This information will be incorporated into the Company's geological model to help prioritize future drilling.

Collar details are provided in Table 2, with complete assay composites presented in Table 1.

Figure 1: Plan view of CGM26 drill hole traces with historic drill collar locations and IP anomalies from the 2010 Abitibi Geophysics ground IP survey.

Historic Core Re-Assay – Michelle Zone

The Company completed quarter-core resampling and re-assaying of historic drill hole RPX-10-02 to independently evaluate previously reported gold mineralization at the Michelle Zone.

The new analytical results returned 35.00 m at 3.26 g/t Au from 93.00 m, including 3.00 m at 15.11 g/t Au and 5.00 m at 6.08 g/t Au. These results confirm the Company's recalculated historic results and confirm the presence of a significant gold-mineralized interval in the historic drill core.

The re-assay provides an important data point for evaluating the Michelle Zone and integrating historical drilling into the Company's current geological interpretation. In combination with the 2026 drilling results, the confirmed interval will help inform the interpretation of mineralization geometry and the design of potential follow-up drill holes.

Drill Results

CGM26-003 – Western Extension of the Michelle Zone

Drill hole CGM26-003 was drilled northward at the western end of the Michelle Zone. It intersected two mineralized intervals:

Zone 1: 18.6 m at 0.26 g/t Au from 33.0 m, including 1.4 m at 1.37 g/t Au. Zone 2: 48.5 m at 0.54 g/t Au from 61.5 m, including 1.5 m at 2.56 g/t Au, 0.7 m at 4.01 g/t Au, 0.85 m at 2.73 g/t Au and 3.05 m at 1.10 g/t Au.

Mineralization is hosted in altered and silicified mafic metavolcanics and altered and silicified quartz-feldspar porphyry. Based on the interpreted strike and dip of the zone, estimated true widths are approximately 50% of core length, or approximately 9.3 m for Zone 1 and 24.3 m for Zone 2 (Figure 2).

The results extend the Michelle Zone to the west and provide the first north-oriented test of this part of the system. The mineralized intervals add to the Company's understanding of the zone's geometry and indicate that the Michelle Zone remains open to the west.

_ Figure 2: North-South Cross section, looking east, of DDH CGM26-003_.

CGM26-004 and CGM26-005 – Additional Mineralized Intervals

Drill hole CGM26-004 intersected 20.8 m at 0.56 g/t Au from 7.2 m, including 1.0 m at 2.88 g/t Au and 1.0 m at 1.98 g/t Au. The interval is hosted in altered and silicified mafic volcanics bounded above and below by unmineralized quartz-feldspar porphyry, a geological setting visually similar to that of the main Michelle Zone. Gold mineralization appears to correlate with the intensity of thin quartz-carbonate veinlets containing trace pyrite.

Drill hole CGM26-005 returned 28.44 m at 0.13 g/t Au from 7.4 m, including 1.0 m at 1.04 g/t Au, as well as 2.1 m at 0.13 g/t Au from 42.9 m.

Neither hole intersected significant gold mineralization at the depths projected from historic drilling: 55–82 m in CGM26-004 and 95–122 m in CGM26-005. Broken ground encountered between 90 and 91 m in CGM26-005 may reflect a late fault that offsets the target horizon, although no equivalent feature was identified in CGM26-004. These results will be considered in refining the interpretation of the target area.

CGM26-002 – Testing the Down-Dip Projection and a Southern IP Anomaly

Drill hole CGM26-002 intersected significant alteration and shearing but no significant gold mineralization between 180 and 210 m, corresponding to the projected down-dip position of historic intercepts in holes RPX-10-01, RPX-10-02, RPX-10-08 and G-02-01.

Farther downhole, CGM26-002 intersected 20.15 m at 0.33 g/t Au from 276.0 m, including 7.6 m at 0.58 g/t Au and a higher-grade subinterval of 0.75 m at 2.37 g/t Au. This interval coincides with the southernmost chargeability anomaly identified in the 2010 IP survey (Figure 1), providing additional geological and assay information for evaluating the anomaly and refining future targeting

Two drill steel casings from historic holes not in the current drillhole database were observed in the field at the pad location of CGM26-002, oriented to the south. The company will continue to attempt to identify the collars as part of a larger drillhole database validation exercise.

CGM26-001 and CGM26-006 – Additional Gold Anomalism

Drill holes CGM26-001 and CGM26-006 returned lower-grade anomalous gold intervals in quartz-feldspar porphyry, quartz porphyry and altered and silicified mafic metavolcanics. CGM26-001 intersected 18.8 m at 0.14 g/t Au from 132.2 m, while CGM26-006 intersected 3.4 m at 0.14 g/t Au from 153.0 m.

These results contribute to the broader geological dataset being used to assess gold distribution across the property and refine the Company's exploration model.

Table 1: Assay Composites, 2026 Drill Program

| Hole | | From (m) | To (m) | Length (m) | Au (g/t) | | CGM26-0011 | | 132.20 | 151.00 | 18.80 | 0.14 | | | incl. | 132.20 | 140.00 | 7.80 | 0.16 | | | incl. | 142.00 | 143.00 | 1.00 | 0.25 | | | incl. | 145.00 | 151.00 | 6.00 | 0.18 | | CGM26-0021 | | 66.70 | 118.40 | 51.70 | 0.04 | | | and | 228.70 | 232.40 | 3.70 | 0.04 | | | and2 | 276.00 | 296.15 | 20.15 | 0.33 | | | incl. | 280.60 | 288.20 | 7.60 | 0.58 | | | incl. | 287.45 | 288.20 | 0.75 | 2.37 | | CGM26-0032 | | 33.00 | 51.60 | 18.60 | 0.26 | | | incl. | 41.85 | 43.25 | 1.40 | 1.37 | | | and | 61.50 | 110.00 | 48.50 | 0.54 | | | incl. | 74.00 | 75.50 | 1.50 | 2.56 | | | incl. | 79.00 | 79.70 | 0.70 | 4.01 | | | incl. | 95.40 | 96.25 | 0.85 | 2.73 | | | incl. | 106.25 | 109.30 | 3.05 | 1.10 | | CGM26-0042 | | 7.20 | 28.00 | 20.80 | 0.56 | | | incl. | 12.20 | 13.20 | 1.00 | 2.88 | | | incl. | 19.60 | 20.60 | 1.00 | 1.98 | | CGM26-0051 | | 7.40 | 35.84 | 28.44 | 0.13 | | | incl. | 31.00 | 32.00 | 1.00 | 1.04 | | | and | 42.90 | 45.00 | 2.10 | 0.13 | | CGM26-0061 | | 79.00 | 111.00 | 32.00 | 0.05 | | | and | 153.00 | 156.40 | 3.40 | 0.14 |

Lengths are core lengths. True widths for CGM26-003 are estimated at approximately 50% of core length; true widths for other holes are not known. (1) Composited using a 0.1 g/t Au lower cut-off, with up to 4 m of consecutive internal dilution below cut-off. No top cut applied. (2) Composited with no lower cut-off; the interval is a length-weighted average of all assays across the reported width. No top cut applied.

Table 2: Drill Collar Information

| Hole | Easting (m) | Northing (m) | Elev. (m) | Azimuth (°) | Dip (°) | Length (m) | Target | | CGM26-001 | 395,597.8 | 5,304,395.4 | 389 | 183.8 | -46.3 | 226 | IP M-17/M-18; 2026 grab samples | | CGM26-002 | 395,162.3 | 5,304,374.7 | 387 | 181.7 | -43.5 | 325 | Michelle down-dip extension; southern IP anomaly | | CGM26-003 | 395,068.5 | 5,304,145.7 | 397 | 339.6 | -48.5 | 334 | Michelle zone West extension; IP M-06 | | CGM26-004 | 394,838.1 | 5,304,272.9 | 390 | 261.5 | -43.9 | 127 | Historic DDHs G-04-24 to G-04-29; 2026 grab sample, IP M-06 | | CGM26-005 | 394,870.9 | 5,304,252.7 | 390 | 268.6 | -45.7 | 174 | Historic DDHs G-04-24 to G-04-29; 2026 grab sample, IP M-06 | | CGM26-006 | 395,630.1 | 5,304,413.0 | 384 | 169.0 | -45.9 | 236 | IP M-17/M-18; 2026 grab samples |

Coordinates in UTM NAD83 Zone 17N, collected by GPS at each collar.

B-Horizon Soil Geochemical Survey

The Company has completed the high-priority phase of its B-horizon soil geochemical survey in the southeastern part of Swayze Central. The survey comprised 1,808 samples collected over approximately 113 line-km.

Results identify multiple east–west-trending gold-in-soil anomalies extending across as many as five survey lines. These anomalies provide additional surface geochemical targets for follow-up investigation and integration with the property's existing geological and geophysical datasets.

The Company is integrating the soil results with historic drilling, recent assay results and the 2010 IP survey to help prioritize areas for future exploration.

Review of Historic Assay Data

The 2010 drill intercepts were previously reported in RPX Gold Inc.’s news release dated October 21, 2010 and were subsequently compiled in an unfiled technical report dated November 4, 2024 (the “Technical Report”) prepared by Mike Dufresne, M.Sc., P.Geo, P. Geo., Fallon Clarke, P.Geo., and Dr. Christian Bohm, Ph.D, P.Geo for Newton Gold Corp. As part of the Company's ongoing review of historic data, Ian Dasti, VP Exploration and Qualified Person for this news release, obtained the historic drillhole database. Ian Dasti has checked the sample numbers, intervals and gold values for published intervals from RPX-10-02, RPX-10-03 and RPX-10-08 against the original ALS Minerals certificates of analysis (TM10114635, TM10114636, TM10125371 and TM10145619).

Sample numbers and from–to depths in the database mostly agreed with the certificates. Two types of database error were identified and corrected:

1. Overlimit handling.In RPX-10-02, two samples (I403559, 100–101 m; I403569, 109–110 m) returned >10 g/t Au on the first fire assay. Gravimetric re-analysis then reported 8.99 g/t and 9.54 g/t Au. The database recorded 10 g/t Au for both samples instead of the gravimetric results. This is not consistent with best practice, and the gravimetric values have been substituted. 2. Transcription.For sample I403889 (RPX-10-08, 154–155 m), the database value of 0.631 g/t Au belongs to a certified reference material on the same certificate. It was assigned to the wrong sample when QC samples were removed. The certificate reports 2.21 g/t Au for this sample, and the database has been corrected.

Intervals were then recalculated as length-weighted averages over the reported from–to depths using the corrected database (Table 3):

RPX10-08:the intercept is reproduced within rounding. RPX10-02:the historic grades (4.05 g/t Au over 35.00 m and 7.76 g/t Au over the "including" interval) cannot be reproduced from the certificate values, even with the 10 g/t substitutions restored. The compositing parameters used historically were not documented. RPX10-02, "including" interval:Table 6.5 reports this interval as starting at 98.58 m. The database and drill logs show the higher-grade interval starting at 99.58 m, which gives 14.42 m rather than 15.42 m. RPX10-03:the historic grade of 1.12 g/t Au can be reproduced only by summing the individual sample grades without length-weighting. The length-weighted grade is 1.01 g/t Au.

Table 3: Historically reported vs. recalculated 2010 drill intercepts, Michelle zone

| Hole | Hist. From (m) | Hist. To (m) | Hist. Length (m) | Hist. Au (g/t) | Recalc. From (m) | Recalc. To (m) | Recalc. Length (m) | Recalc. Au (g/t) | Change (g/t) | Note | | RPX-10-02 | 93.00 | 128.00 | 35.00 | 4.05 | 93.00 | 128.00 | 35.00 | 3.65 | −0.40 | Gravimetric overlimit values substituted; historic grade not reproducible | | including | 98.58 | 114.00 | 15.42 | 7.76 | 99.58 | 114.00 | 14.42 | 7.30 | −0.46 | From depth corrected; interval adjusted | | RPX-10-03 | 105.00 | 117.00 | 12.00 | 1.12 | 105.00 | 117.00 | 12.00 | 1.01 | −0.11 | Historic grade not length-weighted | | RPX-10-08 | 126.00 | 166.00 | 40.00 | 2.65 | 126.00 | 166.00 | 40.00 | 2.66 | +0.01 | Sample I403889 corrected to certificate value (2.21 g/t Au) |

Historic values are from Table 6.5 of the Technical Report. Recalculated values are length-weighted averages from the corrected database, checked against ALS Minerals certificates of analysis. Intervals are core lengths; true widths are unknown.

The discrepancies are consistent with data-handling and calculation errors, and Mr. Dasti has found no evidence that the underlying analytical data were altered. The review covered only sample numbers, intervals and assay values in the drillhole database, checked against the original laboratory certificates. Drill collar locations, hole orientations, downhole surveys, chain of custody, and the original sampling and QA/QC procedures have not been independently verified. The Qualified Person has not done sufficient work to verify these results. The intercepts in Table 3 are therefore historic in nature, and the Company does not treat them as current exploration results. They are presented to correct the values previously reported in Table 6.5 of the Technical Report. Review of the remaining historic database is in progress.

Quarter-Core Resampling of RPX-10-02

Hole RPX-10-02 contains one of the highest-grade historic intercepts on the Swayze Central property. The Company resampled it to generate its own analytical results and to confirm the presence of continuous, high-grade mineralization. The core was recovered from storage at the Swayze Central project and reboxed with the original sample intervals and sample tags intact. In Thunder Bay, it was photographed, relogged for mineralization and structure, and quarter-core sampled over the original sample intervals. Dr. Lesley Rose, Ph.D., P.Geo., supervised this work. Samples were submitted to Activation Laboratories Ltd. (ISO 9001:2015) and analysed for gold by 30 g fire assay with atomic absorption finish (code 1A2). Samples returning overlimit 1A2 results were re-assayed by 30 g fire assay with gravimetric finish (code 1A3). QAQC consisted of certified reference materials, blanks, and ¼ core duplicate inserted into the sample sequence at a rate of 10%.

Table 4: RPX-10-02 quarter-core resampling results (Canadian Goldfields, 2026)

| Hole | | From (m) | To (m) | Length (m) | Au (g/t) | | RPX-10-02 | | 93.00 | 128.00 | 35.00 | 3.26 | | | incl. | 104.00 | 107.00 | 3.00 | 15.11 | | | and incl. | 109.00 | 114.00 | 5.00 | 6.08 | | | AND | 144.00 | 145.00 | 1.00 | 1.64 |

Intervals are core lengths; true widths are unknown.

The quarter-core results confirm the recalculated historic results for RPX-10-02 presented in Table 3. Over the main mineralized interval, quarter-core sampling returned 3.26 g/t Au over 35.00 m. The same interval recalculated from the original half-core samples, assayed by ALS Minerals, grades 3.65 g/t Au (Table 3). Grade differences between duplicate samples can be large in high-grade orogenic gold intervals, where the nugget effect and subsampling error are significant. In Mr. Dasti's opinion, the two results are comparable within the variability expected for this style of mineralization.

The quarter-core assays are current exploration results generated by the Company. The collar location and orientation of RPX-10-02 are taken from historic records and have not been independently verified.

Potential Grade Anisotropy at the Michelle Zone

The highest grades in historic drilling occur in holes that intersect the mineralized zone at a poor angle to the east–west-striking, steeply dipping felsic intrusive host rock. Hole RPX-10-02 has the highest grade × width intercept in the Michelle zone. A review of the high-grade intervals found that the mineralization does not correlate with low-angle quartz-carbonate veins or other features that would confine high grades to narrow, high-grade shoots at low angles to the core axis. Instead, stockwork and veinlets at relatively high angles to the core axis in RPX-10-02 were observed and suggest grade anisotropy may exist within the Michelle zone, partially explaining generally lower-grade results for holes drilled oriented at 180 degrees and -45 degrees dip (Figures 3-6).