Carmanah Acquires Heritage GOLD-Silver Project, Unlocking a Largely Overlooked District in Newfoundland One of Newfoundland’S Largest Undeveloped Epithermal GOLD-Silver Districts
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NEWS RELEASE CARM: CSE
CARMANAH ACQUIRES HERITAGE GOLD-SILVER PROJECT, UNLOCKING A LARGELY
OVERLOOKED DISTRICT IN NEWFOUNDLAND
ONE OF NEWFOUNDLAND’S LARGEST UNDEVELOPED EPITHERMAL GOLD-SILVER DISTRICTS
February 24th , 2025, Toronto, Canada – Carmanah Minerals Corp. (CSE: CARM) (“Carmanah” or
the “Company”) is pleased to announce that it has entered into an option agreement with Puddle Pond
Resources Inc. to acquire a 100% interest in the Heritage Project, a district-scale gold-silver asset
covering 145 km² (580 claims) on the Burin Peninsula in southern Newfoundland.
Fraser Rieche, CEO of Carmanah Minerals, commented:
“Newfoundland has become one of the most exciting gold jurisdictions in North America, yet the Burin
Peninsula remains largely ignored. The Heritage Project gives us a first-mover advantage in unlocking
a massive, underexplored system with high-grade gold and bonanza-grade silver, with a resource
identified at the Eagle Zone Heritage has the potential to be Newfoundland’s next major discovery.
The Heritage Project is situated within the Avalonian Epithermal Belt, a highly prospective yet largely
overlooked gold-bearing region extending from Newfoundland to South Carolina. While this belt has
proven its potential through major deposits such as the Haile Gold Mine (3 Moz Au, South Carolina)
and Newfoundland’s past-producing Hope Brook Gold Mine (~752,000 oz Au), the Burin Peninsula
remains vastly underexplored, despite hosting a large epithermal gold-silver system with exceptional
high-grade mineralization.
CARMANAH MINERALS CORP.
Suite 200 – 3310 South Service Road
Burlington, Ontario, L7N 3M6
TEL: (437) 836-1046
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Figure 1: Map Showing Significant Gold – VMS Deposits in Newfoundland
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Figure 2: The Heritage Project is Located in the Avalonian Epithermal Belt, a major Gold Producing District of Eastern North America
With 145 km² of contiguous claims, the Heritage Project is one of the largest underexplored epithermal
gold-silver districts in Newfoundland. The Point May Epithermal System, which spans 4.5 km x 5.2 km,
contains 21 high-priority drill targets, yet exploration has only just begun.
Historical, yet to be NI43-101 compliant Resource with Significant Expansion Potential
Drilling to date at the Eagle Zone, the first major discovery within this district-scale system has already
outlined a historical resource of:
76,074 ounces of gold equivalent
1.08 million tonnes @ 2.186 g/t AuEq
However, this shallow resource has only been drilled to a depth of 100m over a 650m strike length,
while airborne geophysics indicate a minimum 1.5 km strike length. This suggests significant potential
for expansion at depth and along strike to rapidly increase the resource base.
Historical drill highlights from the Eagle Zone include:
32.30m @ 1.89 g/t AuEq
9.95m @ 5.19 g/t AuEq
6.55m @ 4.73 g/t AuEq
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Despite these strong results, no deep drilling has been completed, leaving the deposit wide open for
expansion. The sheer scale of the system suggests potential for multiple deposits across the property,
similar to other world-class epithermal gold-silver districts.
Bonanza-Grade Silver & Base Metal Credits
In addition to gold, exceptionally high silver grades have been reported, including:
3,381 oz/t (10,516 g/t) Ag over 0.15m
Multiple intervals exceeding 6.6 oz/t Ag
Base metal credits further enhance the project’s value:
Up to 7.5% zinc
Up to 3.05% lead
These grades confirm the high-grade nature of the system and its potential for a significant multi-metal
discovery.
Potential for Large-Scale Open-Pit & Underground Mining
Large-scale epithermal breccia & vein-hosted gold-silver system
Shallow high-grade mineralization supports potential open-pit mining
Strong expansion potential at depth for future underground development
Historical work has already outlined a resource at the Eagle Zone, with multiple other targets still
untouched, we will immediately begin an aggressive drill program to expand the Eagle Zone and
systematically explore the broader system.
Near-Term Catalysts for Investors
Drilling to commence immediately to expand high-grade zones
First results expected within weeks of drilling initiation
NI 43-101 resource update within 8–12 weeks
Property-wide geophysical and geochemical surveys to refine new drill targets
Transaction Terms
Carmanah Minerals - Puddle Pond Agreement
Carmanah Minerals will:
• Pay C$20,000 on signing and C$45,000 within 90 days.
• Issue 8 million shares over three years:
800,000 (6 months), 2.4M (Year 1), 2.4M (Year 2), 2.4M (Year 3).
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• Spend C$1.5M on exploration.
Puddle Pond retains a 2.5% NSR, with Carmanah right to buy back half (1.25%) for C$2M
This agreement secures Carmanah’s control over one of Newfoundland’s largest and most prospective
epithermal gold-silver districts, with a structured work commitment to systematically unlock its full
potential.
Private Placement
In addition Carmanah announces a private placement to raise up to C$100,000, by issuing 5,000,0000
common shares at a price of 2 cents a unit with a full warrant at 5 cents for 5 years. The property option
and private placement is subject to CSE regulatory approval.
About Carmanah Minerals
Carmanah Minerals Corp. (CSE: CARM) is a Canadian exploration company focused on advancing
mineral projects with strong expansion potential. The company strategically targets assets where existing
resources can be expanded through systematic exploration and development. Committed to responsible
resource growth, Carmanah leverages industry expertise and strategic partnerships to maximize
shareholder value while adhering to best practices.
Qualified Person
Victor A. French, M.Sc,, P.Geo, qualified person as defined in National Instrument 43-101, has provided
and reviewed the technical contents of this news release on behalf of Carmnah.
For further information, please view the Company’s filings at www.sedar.com.
ON BEHALF OF THE BOARD
Fraser Rieche
Chief Executive Officer, Director
�� Telephone: (437) 836 1046
✉ Email: [email protected]
Disclaimer for Forward-Looking Information:
T
his news release includes certain forward
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ooking statements and forward
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ooking information (collectively, “forward
-
l
ooking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements
of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated
content, commencement, and cost of exploration programs in respect of the Company’s projects and mineral
properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company’s
projects and mineral properties, the anticipated business plans and timing of future activities of the Company, anticipated
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completion of the Private Placements, including the approval of the Canadian Securities Exchange for the Private Placements,
are forward- looking statements. Although the Company believes that such statements are reasonable, it can give no
assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be
identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”,
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thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken
or achieved. In making the forw ard-looking statements in this news release, the Company has applied several material
assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals
demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future
exploration of the Company’s properties, that the COVID19 global pandemic will not affect the ability of the Company
to conduct the exploration program on its mineral properties, the availability of financing on suitable terms, and the
Company’s ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to differ materially from any future results, performance o r
achievements expressed or implied by the forward- looking statements. Such risks and other factors include, among others,
statements as to the anticipated business plans and timing of future activities of the Company, including the
Company’s proposed expenditures for exploration work on its mineral projects, the ability of the Company to obtain sufficient
financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of
the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining
operations, risks relating to epidemics or pandemics such as COVID –19, as well as those factors discussed under the
heading “Risk Factors” in the Company’s prospectus dated April 4, 2022, and other filings of the Company with the
Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at
www.sedar.com.
Readers are cautioned not to place undue reliance on forward- looking statements. The Company undertakes no obligation
to update any of the forward-looking statements in this news release except as otherwise required by law.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy
or accuracy of this news release.