Excalibur Expands Rangefront Target with Additional Claims
NEWS RELEASE
Excalibur Expands Rangefront Target with Additional Claims
May 1st, 2026 (TSXV:EXCL)
VANCOUVER, BRITISH COLUMBIA, Excalibur Metals Corp. (TSXV: EXCL) (“Excalibur” or the
“Company”) is pleased to announce a significant expansion of its land position at the Bellehelen Silver-
Gold Project (“Bellehelen” or the “Project”) in Nye County, Nevada. The Company has staked an additional
58 federal lode claims to encompass the projected extension of the Northwest Rangefront Target
(“Rangefront Target”).
Strategic Expansion Highlights include:
• New Claims: 58 additional claims (1,198 acres / 458 hectares) covering the west -northwest
extension of the Bellehelen district trend and the Stone Cabin Valley Pediment (“Stone Cabin”)
(see Figure 1, below).
• Claim expansion follows high -resolution airborne AVIRIS (Airborne Visible/Infrared Imaging
Spectrometer) mineral alteration data indicating several potential alteration zones that can host
gold-silver mineralization.
• Structural Continuity: The claims encompass a potential structural zone under post-mineral cover
that may constitute the primary fluid pathway for the epithermal system at the Rangefront Target.
This includes the projection of the Bellehelen fault, which controls epithermal mineralization and
alteration along a >10 km trend.
• District Scale: This acquisition solidifies Excalibur’s control over a multi -kilometer alteration
anomaly, mirroring the structural settings of major Nevada epithermal systems.
"The Rangefront target represents a classic Nevada 'blind' discovery opportunity," said John Gilbert, CEO
of Excalibur Metals. "While our current drilling is focused on the high-grade outcropping veins at Spyglass
Ridge, the AVIRIS data at Rangefront Target reveals another, much larger alteration cell. Staking into
Stone Cabin ensures we capture the upside potential of this system where it remains preserved under
cover."
The Rangefront Target and AVIRIS Mapping
The expansion was driven by the results of AVIRIS hyperspectral processing, geologic mapping, and
geochemical sampling, all of which indicate the presence of a potentially gold -silver bearing epithermal
system that is open under cover to the west.
Field reconnaissance has confirmed the presence of an intersection zone between north-south structures
and the west -northwest trending Bellehelen fault. Excalibur’s team hypothesizes that this structural
intersection is a major control on the epithermal system at the Rangefront Target. By securing 58 additional
claims, Excalibur effectively controls the observed alteration footprint of the system plus its inferred
extension under cover to the west.
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Figure 1: Newly expanded Bellehelen Project Claim Block, Nye County, Nevada.
The additional claims were staked to the west-northwest to cover an epithermal alteration footprint, where
alteration is locally associated with gold-silver mineralization, forming a priority follow-up target. Airborne
AVIRIS hyperspectral data shows increasing kaolinite alteration mineral (crystallinity) intensity in two
distinct zones at the northwest Range front. This style of alteration can indicate the uppermost “cap” of a
mineralized gold-silver system.
Corporate Update
The Company also announces that is has engaged Triomphe Holdings Ltd., doing business as Capital
Analytica (“Capital Analytica”), an arm’s -length service provider, to provide certain marketing and social
media services to the Company (the “Services”), in a ccordance with the policies of the TSX Venture
Exchange (“TSXV”) and applicable securities laws. Based in Nanaimo, British Columbia, Capital Analytica
specializes in marketing, social media, and public awareness within the mining and metals sector. Under
a consulting services agreement dated April 30, 2026 (the “Agreement”), Capital Analytica will provide
social media services, capital markets consultation, and social engagement reporting for an initial six -
month term for a fee of CAD $150,000, payable in two tranches (the first upon TSXV approval and second
within three months) with an option to renew the Agreement for an additional six months at a rate of CAD
$75,000 unless terminated earlier in accordance with the terms of the Agreement . The fees will be paid
from the Company’s cash on hand. Subject to TSXV approval, the Services commence from the date of
the Agreement.
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The Company has also granted Capital Analytica 150,000 stock options exercisable at a price of $0.23 for
a period of five years from the date of grant. The stock options vest at a rate of 25% on the three, six, nine
and twelve months from the date of grant. Other than the grant of stock options, Capital Analytica has no
direct or indirect interest in the Company or its securities and has no current intention or right to acquire
any such interest during the engagement. The Agreement, including the grant of s tock options, remains
subject to the approval of TSXV.
Quality Assurance / Quality Control
AVIRIS (Airborne Visible/Infrared Imaging Spectrometer) is a full spectral range imaging spectrometer and
dedicated to Earth Remote Measurement. It deploys an optical sensor that delivers calibrated images of
the upwelling spectral radiance in 224 contiguous spectral channels (bands) with wavelengths from 380
to 2510 nanometers*. Two AVIRIS scenes were processed for alteration mineralogy in the area of interest.
The two AVIRIS scenes were both flown on August 1, 2025.
Remote sensing processing was completed using ENVI software and proprietary in-house algorithms.
Alteration, white mica wavelength, white mica strength, kaolinite strength products were generated in order
to contribute to the exploration framework.
The field sample spectrometer used was an ASD FieldSpec Pro with a spectral resolution ranging from 3
to 10 nm. Between one and three surfaces were analyzed on 63 rock samples for a total of 77 analyses.
AVIRIS mapping methodology uses known areas of hydrothermal alteration within the image as a quality
check. The dominant alteration mineralogy of the hand samples (kaolinite and illite) matches the dominant
alteration minerals mapped with AVIRIS. Field-checking and field review of the image results is ongoing.
Management cautions that prospecting surface rock samples and associated spectra, as discussed
herein, are selective by nature and represent a point location, and therefore may not necessarily be fully
representative of the mineralized horizon sampled. In addition, further assay results from the exploration
program have not yet been received and these may change the interpretation of exploration results.
Matthew Dumala, P.Eng., a consultant of the Company, is a Qualified Person (“QP”) as defined by National
Instrument 43-101. Mr. Dumala has reviewed and approved the technical information disclosed in this
news release. The QP has not verified the historical data, but verification of these data will be done through
the Company's planned exploration activities. With respect to data from sampling conducted by the
Company, the QP has verified all scientific and technical data disclosed in this news release including the
sampling and QA/QC results, and certified analytical data underlying the technical information disclosed.
The Company and the QP do not recognize any factors of sampling that could materially affect the
accuracy or reliability of the data disclosed in this news release.
For additional information on the Bellehelen Project please refer to the technical report titled “Bellehelen
Property NI 43 -101 Technical Report” with an effective date of August 15, 2024 filed on SEDAR+ .
Management cautions that production from, or discoveries on, adjacent properties may not necessarily be
indicative to the presence of mineralization at the Bellehelen Project.
About Bellehelen
Bellehelen encompasses a district-scale, 10-kilometre-long mineralized trend that historically produced an
estimated 311,000 silver -equivalent ounces in the early 1900s 1. Numerous historic workings are
distributed along the entire length of this extensive corridor, highlighting a continuity of mineralization
across multiple zones on the Property. Historical surface sampling returned high -grade assays of up to
11.25 g/t gold and 3,490 g/t silver1, confirming the presence of a fertile precious metal system. In addition,
broad soil anomalies and extensive vein networks within the large structural corridor suggest the potential
for both high-grade shoots and bulk-tonnage targets, underscoring the exceptional scale and prospectivity
of the Bellehelen Property.
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About Excalibur Metals Corp.
Excalibur Metals Corp. is a Canadian company focused on exploring for precious metals within established
mining areas in the Western United States. The Company has acquired the option to purchase 100% of
the Bellehelen Project in Nye County, Central Nevada . The claims cover most of the historic Bellehelen
Mining District, where gold and silver were initially discovered and mined in the early 1900’s. Excalibur
has assembled an exceptional team with considerable exploration, developing and permitting experience
within North America. Excalibur is traded on the TSX Venture Exchange (TSXV) under the symbol “EXCL”.
For more information, visit www.excaliburmetals.com.
EXCALIBUR METALS CORP.
On behalf of the Company
“John Gilbert”
CEO
For further information regarding this news release, please contact:
John Gilbert, CEO
604-687-3376
Notes
1 Details about the historical production and results at Bellehelen can be found in the technical report titled “Bellehelen Property
NI 43-101 Technical Report” authored by Heather Burrell, B.Sc., P.Geo. with an effective date of August 15, 2024 filed on SEDAR+
and referenced from Kleinhampl F.J. & J.I. Ziony. 1984a. Geology of Northern Nye County, NV. Nevada Bureau of Mines &
Geology Bulletin 99A.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking
information contained in this news release includes, but is not limited to, statements with respect to the interpretation of exploration results; the potential
to host gold-silver mineralization; Excalibur’s control over a multi-kilometer alteration anomaly, mirroring the structural settings of major Nevada epithermal
systems; a ‘blind’ discovery opportunity; the upside potential of the system; the delineation of drill targets; planned timeline for drilling and expected drill
targets; and the exploration and development of the Company’s mineral projects.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "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", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain
factors and assumptions regarding, among other things, the availability of financing to continue as a going concern and imple ment the Compan y’s
operational plans, metal prices, the timing and amount of future exploration expenditures, the availability of labour, equipment and material, receipt of and
compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations,
environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual resu lts, performance or
achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, risks related to the delay in
approval of work plans, variations in mineral resources and reser ves, grade or recovery rates, risks relating to the ability to access infrastructure, risks
relating to changes in commodity prices, risks related to current global financial conditions, risks related to current globa l financial conditions on the
Company’s business, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of exploration activities, including the
risk of accidents, labour disputes, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization
and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the addition al risks identified in the “Risk
Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described
in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except
as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.