TORONTO, May 07, 2026 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) (“Dundee” or the “Corporation”) is pleased to provide an update on Westhaven Gold Corp’s (“Westhaven”) 2026 field activities at the Shovelnose gold and silver project (“Shovelnose”), in southern British Columbia, including initial mineral resource in-fill drilling results and the commencement of a Prefeasibility Study (“PFS”) evaluating potential mine development at the South Zone deposit.
On February 23, 2026, the Corporation completed a strategic earn-in agreement with Westhaven, whereby Dundee may earn up to a 60% interest in Westhaven’s four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m drill program at Shovelnose, which is funding the activities outlined in this news release and is expected to continue through the remainder of 2026.
Key Highlights:
- 8,537m of drilling (32 drill holes) have been completed within the South Zone deposit, representing ~23% of the planned mineral resource drilling program.
- Assay results from 14 drill holes (3,500m; ~10% of planned in-fill drilling) have been received, with notable results including 54.0m grading 8.99 g/t Au and 55 g/t Ag (SNR26-070) and 42.0m grading 4.35 g/t Au and 41 g/t Ag (SNR26-63).
- The drill program is expected to increase from two to four drills by May 15, 2026, ahead of schedule.
- Initial drilling is focused on completing ~35,000m of mineral resource in-fill drilling at the South Zone deposit, targeting inclusion in an updated Mineral Resource Estimate (“MRE”) to support the PFS, with anticipated completion in H2 2027.
- The 2026 drilling program is also expected to include ~15,000m of exploration drilling and additional dedicated drilling for hydrogeological, geotechnical and metallurgical studies in support of the PFS.
- Environmental Assessment (“EA”) level environmental and socio-economic baseline programs are currently being developed, with implementation to follow in support of the PFS and future EA application.
Jonathan Goodman, President and CEO of Dundee commented:
“We are pleased with the early progress of the South Zone resource in-fill drilling program, which is advancing in line with our expectations and continuing to support our confidence in the continuity and quality of the deposit. The initial work is enabling us to better define the margins of the mineralized system and provides an important foundation for the next stages of technical work as we advance the project through the joint venture. We look forward to continuing this disciplined, data-driven approach with our partner as we work to unlock the long-term value of the assets.”
South Zone Mineral Resource In-fill Drilling
The 35,000m South Zone mineral resource drilling program has been designed to infill the deposit at nominal 25m centres. To date, 32 drill holes (8,537m) have been completed representing approximately 23% of the planned program metreage. Initial results from 14 holes (3,500m or 10% of the planned metreage) are reported in this news release.
Selected assay highlights include:
| SNR26-61: | 12.02m grading 3.34 g/t Au and 24 g/t Ag from 142.00m downhole |
| SNR26-63: | 42.00m grading 4.35 g/t Au and 41 g/t Ag from 148.00m downhole |
| SNR26-68: | 9.04m grading 3.98 g/t Au and 23 g/t Ag from 190.00m downhole, and
6.03m grading 3.74 g/t Au and 27 g/t Ag from 218.00m downhole, and 6.70m grading 4.08 g/t Au and 19 g/t Ag from 228.97m downhole |
| SNR26-69: | 11.75m grading 3.89 g/t Au and 25 g/t Ag from 161.15m downhole, and
9.50m grading 7.38 g/t Au and 68 g/t Ag from 184.50m downhole, and 1.26m grading 62.80 g/t Au and 330 g/t Ag from 198.04m downhole |
| SNR26-70: | 54.00m grading 8.99 g/t Au and 55 g/t Ag from 152.00m downhole, including
23.00m grading 17.04 g/t Au and 111 g/t Ag from 169.60 downhole |
| SNR26-72: | 6.90m grading 4.98 g/t Au and 18 g/t Ag from 237.50m downhole, and
4.49m grading 12.44 g/t Au and 46 g/t Ag from 257.00m downhole |
Assay intervals noted above represent downhole intersections, not true widths. True widths can be estimated at approximately 70-80% of the reported intervals. A table of assay results, including drill hole locations and orientations, is located at the end of this release.
South Zone Pre-Feasibility Study
The PFS is expected to be completed in H2 2027 and will focus on evaluating development and mine design scenarios for the South Zone deposit at Shovelnose. The PFS will establish the technical and economic framework required to advance the project toward a potential Feasibility Study. In addition to ongoing mineral resource drilling and the planned update to the South Zone MRE, several 2026 work streams are either underway or planned in support of the PFS, including metallurgical, hydrogeology and geotechnical studies. Additional drilling metreage is expected to be allocated to support this work. EA-level environment and socio-economic baseline studies are also in development and will be implemented in support of the PFS and future EA application and project permitting processes.
Figure 1 shows the locations of the drill holes reported in this news release, as well as completed 2026 drill holes for which assays are pending, planned 2026 drill collar locations and the drill collars of pre-2026 drilling of the South Zone.
Figure 2 presents a South Zone cross-section highlighting several high-grade drill intercepts, including SNR26-70, which returned 54.0 m averaging 8.99 g/t Au and 55 g/t Ag. The section, looking northwest (310°), illustrates strong continuity of mineralization hosted within structurally controlled quartz veins and hydrothermal breccia zones.
Sampling, Laboratory Analyses and Quality Assurance/Quality Control (QA/QC)
Most core samples consist of halved drill core cut by manual sawing using industry standard core saws. In rare cases, and where required by physical core conditions, manual splitting may be used. Half of the core is retained in the original core box for reference samples and any required future work, including QA/QC. Core samples, controlled by a unique bar-coded reference number, are delivered to ALS’s Kamloops facility and prepared using the PREP-31 package. Each core sample is crushed to better than 70% passing a 2mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen. Further analytical and assay procedures are conducted in ALS’s North Vancouver facility. A 0.75g subsample of the pulverized split is subjected to four acid digestion and analyzed via ICP-MS (method code ME-MS61m (+Hg)) which reports a suite of 49 elements.
All samples are also analyzed for gold by fire assay with an AES finish, method code Au-ICP21 (30g sample size). Samples returning gold values over 10ppm are subjected to over-limit check assays using fire assay and a gravimetric finish (method code Au-GRA21 and a 30g sample size). Other over limit elements may also be subjected to ore grade analyses which vary depending on the element of interest.
ALS’s facilities are accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. QA/QC incorporates the laboratory’s internal quality assurance controls as well as Westhaven’s field controls, including the insertion of quarter core duplicates, certified reference materials and blanks, each at a rate of roughly one per 20-25 core samples. Additional blanks are inserted following samples with visible gold or significant concentrations of ginguro (fine grained bands of dark gray to black sulphides).
QA/QC data are evaluated on receipt for failures, and appropriate action is taken if results for duplicates, standards and blanks fall outside allowed tolerances. Westhaven’s ongoing QA/QC programs are consistent with industry best practices and include auditing of all exploration data. Any significant changes will be reported when available.
Figure 1 – Plan View Map May 2026
Figure 2 – South Zone Cross Section
| Hole ID | Easting (NAD 83 Zone 10) | Northing (NAD 83 Zone 10) | Elevation (m asl) | Depth (m) | Azimuth | Dip | Depth From (m) | Depth To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Highest Au Assay in Reported Interval (g/t) |
| SNR26-58 | 654938 | 5523576 | 1335 | 305.0 | 45 | -50 | 257.00 | 259.28 | 2.28 | 2.20 | 3.4 | 2.28 |
| SNR26-59 | 654985 | 5523606 | 1338 | 239.0 | 45 | -52 | 158.00 | 170.00 | 12.00 | 1.38 | 5.1 | 2.17 |
| and | 175.00 | 182.00 | 7.00 | 1.80 | 3.6 | 2.63 | ||||||
| SNR26-60 | 655015 | 5523624 | 1337 | 215.0 | 45 | -52 | no assay interval over 1g/t Au | 0.78 | ||||
| SNR26-61 | 654966 | 5523655 | 1347 | 230.0 | 50 | -50 | 126.16 | 138.32 | 12.16 | 1.77 | 16.0 | 2.71 |
| and | 142.00 | 154.02 | 12.02 | 3.34 | 23.7 | 9.05 | ||||||
| SNR26-62 | 654985 | 5523960 | 1380 | 195.0 | 60 | -50 | 137.06 | 141.02 | 3.96 | 1.93 | 14.9 | 2.52 |
| and | 144.35 | 148.68 | 4.33 | 2.33 | 7.2 | 3.86 | ||||||
| SNR26-63 | 654937 | 5523639 | 1346 | 254.0 | 50 | -50 | 148.00 | 190.00 | 42.00 | 4.35 | 41.2 | 30.00 |
| including | 170.00 | 175.00 | 5.00 | 16.88 | 157.6 | 30.00 | ||||||
| SNR26-64 | 654956 | 5523940 | 1380 | 226.5 | 50 | -51 | 164.00 | 171.00 | 7.00 | 1.53 | 11.5 | 2.73 |
| and | 183.00 | 186.95 | 3.95 | 6.17 | 26.1 | 7.08 | ||||||
| SNR26-65 | 654925 | 5523923 | 1379 | 259.5 | 60 | -50 | 55.50 | 66.00 | 10.50 | 1.56 | 7.3 | 3.77 |
| and | 195.22 | 198.00 | 2.78 | 1.72 | 14.9 | 2.28 | ||||||
| and | 211.50 | 214.50 | 3.00 | 1.44 | 3.5 | 1.44 | ||||||
| SNR26-66 | 654990 | 5523670 | 1347 | 266.0 | 50 | -50 | 110.00 | 127.11 | 17.11 | 1.97 | 16.5 | 9.46 |
| SNR26-67 | 654941 | 5523904 | 1378 | 259.5 | 60 | -50 | 190.31 | 195.00 | 4.69 | 3.98 | 23.3 | 6.26 |
| and | 214.50 | 220.50 | 6.00 | 1.31 | 5.6 | 1.68 | ||||||
| and | 226.50 | 229.70 | 3.20 | 5.43 | 23.6 | 9.73 | ||||||
| SNR26-68 | 654956 | 5523881 | 1346 | 262.5 | 61 | -50 | 179.00 | 182.00 | 3.00 | 1.19 | 6.9 | 1.93 |
| and | 190.00 | 199.04 | 9.04 | 3.58 | 10.1 | 10.50 | ||||||
| and | 218.00 | 224.03 | 6.03 | 3.74 | 27.0 | 8.40 | ||||||
| and | 228.97 | 235.67 | 6.70 | 4.08 | 18.5 | 15.65 | ||||||
| SNR26-69 | 654985 | 5523899 | 1376 | 229.0 | 60 | -50 | 161.15 | 179.03 | 17.88 | 2.95 | 18.6 | 12.65 |
| and | 184.50 | 194.00 | 9.50 | 7.38 | 68.4 | 26.10 | ||||||
| and | 198.04 | 199.30 | *1.26 | 62.80 | 330.0 | 62.80 | ||||||
| SNR26-70 | 654911 | 5523678 | 1352 | 260.0 | 60 | -50 | 152.00 | 206.00 | **54.00 | 8.99 | 55.0 | 64.10 |
| including | 169.60 | 192.60 | 23.00 | 17.04 | 111.3 | 64.10 | ||||||
| and including | 204.07 | 206.00 | *1.93 | 25.50 | 78.4 | 25.50 | ||||||
| SNR26-72 | 654932 | 5523864 | 1373 | 298.5 | 60 | -48 | 54.00 | 56.90 | 2.90 | 2.26 | 5.2 | 2.53 |
| and | 63.00 | 67.50 | 4.50 | 1.93 | 7.4 | 3.70 | ||||||
| and | 73.60 | 79.50 | 5.90 | 1.04 | 3.9 | 2.17 | ||||||
| and | 87.07 | 100.50 | 13.43 | 2.71 | 5.9 | 12.60 | ||||||
| and | 122.52 | 124.72 | 2.20 | 1.94 | 6.3 | 2.08 | ||||||
| and | 199.50 | 217.10 | 17.60 | 1.64 | 9.0 | 3.78 | ||||||
| and | 237.50 | 244.50 | 6.90 | 4.98 | 18.4 | 16.80 | ||||||
| and | 257.00 | 261.49 | 4.49 | 12.44 | 45.8 | 39.40 | ||||||
| Reported intervals are at least 2m in length with a 1 g/t Au cut-off for individual samples and no more than 3m contiguous metres dilution | ||||||||||||
| *reported interval is less than 2.00m | ||||||||||||
| **reported interval includes 3.17m grading <1.0 g/t from 200.90-204.07m | ||||||||||||
ABOUT DUNDEE CORPORATION:
Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Robin Hopkins, P.Geo. (NT/NU), Vice President, Exploration for Westhaven and a Qualified Person for Westhaven under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Hopkins is independent of Dundee.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com
FORWARD-LOOKING STATEMENTS:
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. These forward-looking statements are made as of the date of this news release and Dundee does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements in this news release may include, but are not limited to, statements with respect to ramping up of the 2026 drill program to 4 drills and completing approximately 50,000m of drilling during the year; completing an updated South Zone mineral resource estimate and the planned Pre-Feasibility Study; future planned activities; future mineral production and future growth potential for Westhaven and its projects; the interpretation of preliminary results from exploration undertaken to date at the Shovelnose using various exploration techniques and analysis; statements with respect to the mineralization at Shovelnose..
In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on the opinions and estimates of management of Dundee as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of Shovelnose; Westhaven’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
Although management of Dundee have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information. Such factors include, without limitation: precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on Westhaven’s management team and outside contractors; risks regarding mineral resources and reserves; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; Westhaven’s interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified in Dundee’s other public disclosure available on SEDAR+ at www.sedarplus.ca. Mineral exploration involves a high degree of risk and few properties, which are explored, are ultimately developed into producing mines. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0699ddc5-b0ba-438d-942f-da11fe577600
https://www.globenewswire.com/NewsRoom/AttachmentNg/df8ec111-5b16-4b03-9ea3-fb787a02e4f6
