Corporate Update on Exploration Funding for the Williams Brook Project
Kinross Gold Corporation has confirmed its intention to continue funding exploration activities at the Williams Brook Project in Northern New Brunswick for a third year under the existing option agreement with Puma Exploration. The arrangement, pending Kinross’ board approval, requires a minimum investment of roughly three million dollars for the year, after which a technical committee will set the final budget and schedule before the end of the year. Kinross will remain the operator for the program.
Since the option agreement began, the parties have spent more than five million dollars on exploration, providing a growing data set that is deemed essential for evaluating the full potential of the land package. Under the terms of the agreement, Kinross can acquire a majority interest in the project by contributing approximately seventeen million dollars over five years.
In 2026, Kinross conducted a focused drilling program at the Jaguar Gold Zone, targeting both previously identified mineralization and new geophysical anomalies. The winter campaign involved a five‑hole series that tested the structural controls of the zone, yielding modest gold grades in a wide interval and a higher‑grade section that aligns with a surface geophysical anomaly. The subsequent summer program expanded to a seven‑hole drill series, covering over two thousand metres. While several holes did not return significant gold, one hole intersected a notable high‑grade interval of just over two grams per tonne over a short core length.
The exploration activities also included extensive surface mapping, soil geochemistry sampling, trenching, and a large‑area magnetic survey, all aimed at refining target models and identifying new areas for follow‑up drilling. These efforts support Kinross’ broader strategy of advancing the Williams Brook Project while allowing Puma to focus on other properties within its portfolio.
