Borealis Drills 4.48 G/T GOLD over 30.5 Metres Including 15.16 G/T GOLD over 6.1 Metres IN Oxides at Historical Cerro Duro Deposit IN Nevada
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
BOREALIS DRILLS 4.48 G/T GOLD OVER 30.5 METRES INCLUDING 15.16 G/T GOLD OVER 6.1 METRES
IN OXIDES AT HISTORICAL CERRO DURO DEPOSIT IN NEVADA
Vancouver, British Columbia – March 3, 2025 – Borealis Mining Company Limited (TSXV: BOGO) (FSE:
L4B0) (the " Company" or "Borealis") is pleased to announce the assay results from several drillholes at
the Cerro Duro and Jaime’s Ridge (“JRCD”) deposit areas completed as part of its ongoing drill program
at its Borealis Gold Project in the Walker Lane trend of Nevada.
Drilling at the Cerro Duro and Jaimie’s Ridge historical gold deposit s has demonstrated large widths of
highly consistent oxidized gold and silver epithermal mineralization within an extremely silicified and
altered body of volcanic rock. Please see Figure 1 for a map of the Cerro Duro and Jaime’s Ridge historical
deposits relative to the current mine infrastructure, Figure 2 for a map of the drillhole collar locations,
Figure 3 for a longitudinal section of several of the holes released, Table 1 for composites of significant
Au & Ag assay results from bedrock, Table 2 for composites of significant Au & Ag assay results from
historical dump and backfill materials, and Table 3 for drillhole coordinates.
Highlights of bedrock oxide intercepts, located directly below or adjacent to historic open pits, include:
• BMCD012 which returned 30.5 m of 4.48 g/t Au & 20.5 g/t Ag including 6.1 m of 15.16 g/t Au & 42.18
g/t Ag of oxide mineralization beginning at 27.4 metres;
• BMCD009 which returned 25.9 m of 0.67 g/t Au & 81.81 g/t Ag including 7.6 m of 1.12 g/t Au & 106.28
g/t Ag of oxide mineralization beginning at 6.1 metres;
• BMCD015 which returned 21.3 m of 0.58 g/t Au & 14.18 g/t Ag including 6.1 m of 1.03 g/t Au & 20.14
g/t Ag of oxide mineralization beginning at 6.1 metres; and
• DHBM001 which returned 8.1 m of 1.89 g/t Au & 13.30 g/t Ag of oxide mineralization beginning at
11.7 metres.
Iain Campbell , VP Exploration of Borealis, comments “ We’re very pleased to see the drilling at the
historical Cerro Duro gold deposit confirm, and, in some holes, dramatically exceed historical assay results
in both grade and width , directly below and adjacent to the historic open pits . Of particular interest is
hole BMCD012, which was drilled to increase the strike length adjacent to a historical intercept of 12.2 m
of 3.75 g/t Au, which significantly improved upon the expected grade and width, returning 30.5 m of 4.48
g/t Au. In addition to the oxidized bedrock mineralization, drilling has confirmed that the historic backfill
overburden and dumps contain appreciable gold mineralization that may provide additional heap -
leachable material and minimize stripping costs in future mining scenarios. Results thus far suggest
further drilling in and around the historical deposits and open pits at Borealis may lead to near -term
expansion of the historically identified mineralization.”
Highlights of historical backfill and dump intercepts, located above historic open pits, include:
• BMCD012 which returned 16.8 m of 0.54 g/t Au & 20.14 g/t Ag beginning at surface;
• BMCD015 which returned 6.1 m of 0.67 g/t Au & 15.00 g/t Ag beginning at surface; and
• BMJR001 which returned 9.1 m of 0.80 g/t Au & 11.72 g/t Ag beginning at surface.
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
The results in this release are largely related to the Cerro Duro historical gold deposit (documented in the
current Borealis NI 43 -101 Technical Status Report, filed on SEDAR+) . The Cerro Duro historical gold
deposit is classified as a high-sulfidation epithermal system. It occurs within Miocene andesite volcanics
and tuffaceous rocks from surface . Gold is closely associated with oxide mineralization , multi-phase
hydrothermal breccias and intense silica alteration . The Cerro Duro deposit is situated on the western
side of the Borealis property, west of Lucky Boy Pass (Figure 1). The focus of the drilling reported in today’s
release is confirmation and testing expansion and/or exploration targets around the western historical
deposits on the Borealis project, as suggested by the authors of the current NI 43 -101 Technical Report
on the project in order to complete an updated resource statement. Borealis intends to continue this
effort throughout 2025, focusing on the western portion of the project but also in and around the
historical deposits at Borealis within the current permitted footprint.
The JRCD area, comprised of the Cerro Duro, Jaime’s Ridge, and Purdy Peak historical deposits, is situated
approximately two miles from the Borealis mine plan of operations and related infrastructure. The
deposits were discovered in the 1980s and briefly mined towards the end of that decade. As identified in
historical mineral resource statements and economic studies, including the 2011 pre -feasibility study
completed by Gryphon Gold Corporation, there are indications that significant oxide mineralization
remains in place for future extraction. Within the JRCD area, the 2011 historical (and non -current under
NI 43-101 standards) resource statement identified 95,600 ounces of gold and 476,500 ounces of silver in
the Measured and Indicated categories at a grade of 0.87 g/t Au and 4.35 g/t Ag of oxide and transition
material in bedrock at a cutoff grade of 0.22 g/t Au. Today’s results confirm and expand upon that
previously identified mineralization. Borealis is currently conducting baseline and engineering work s
with an aim to submit a permit application in early 2026 to the Bureau of Land Management.
Note: A Qualified Person has not completed sufficient work to classify the historical mineral deposits as
current mineral resources or mineral reserves under NI 43 -101. Borealis cautions that these estimates
should not be considered as current and should not be relied upon but have been provided to show
context on the potential size of the deposit. Borealis is not treating these estimates as current, and
further exploration, drilling, and validation are required before they can be upgraded to current NI 43 -
101 standards.
Borealis will continue exploration drilling throughout 2025, focusing on expanding known mineralization
and unlocking new high- grade zones within and around the permitted footprint. The confirmation of
strong oxide gold intercepts, combined with the projec t's fully permitted infrastructure, positions
Borealis for significant near-term growth.
"These results reinforce our belief that Cerro Duro , and the entirety of the Borealis Project, hold
substantial untapped potential," added Kelly Malcolm, CEO of Borealis. "With further drilling planned and
well-established mining infrastructure in place, we are excited about what’s to come. We look forward to
updating shareholders on additional pending drillholes and operation al updates as we advance toward
unlocking even greater value at the Borealis Project."
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
Figure 1: Plan map showing the locations of the Jaime’s Ridge and Cerro Duro historic pit areas (in blue)
relative to the Borealis Mine Complex, along with the proposed upgraded haul road (in pink).
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
Figure 2: Plan map showing the locations of reported drillholes and the historical Jaime ’s Ridge and
Cerro Duro pits.
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
Figure 3: Longitudinal section of a portion of today’s results displayed with historical drill results. Section
shown is 24 metres wide. Current drillholes are shown with wider red triangles at the collars. Previously
mined historical drill intercepts have been removed.
Table 1: Composite Au & Ag assay results of significant intercepts of the reported drillholes within bedrock.
True widths are estimated to be between 7 5 and 100% of reported widths , as determined by historical
drill results and historical modelling, but accurate true widths are not known at this time.
BHID From (m) To (m) Interval (m) Au (ppm) Ag (ppm) Material
BMCD009 6.1 32.0 25.9 0.67 81.81 Oxide bedrock
including 6.1 13.7 7.6 1.12 106.28 Oxide bedrock
BMCD012 27.4 57.9 30.5 4.48 20.5 Oxide bedrock
including 47.2 53.3 6.1 15.16 42.18 Oxide bedrock
BMCD015 6.1 27.4 21.3 0.58 14.18 Oxide bedrock
including 21.3 27.4 6.1 1.03 20.14 Oxide bedrock
BMJR001 9.1 16.8 7.6 0.77 3.48 Oxide bedrock
DHBM001 11.7 19.8 8.1 1.89 13.30 Oxide bedrock
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
Table 2: Composite Au & Ag assay results of significant intercepts of the reported drillholes within dump
and fill material from historical mining activities. True widths are estimated to be approximately 100% of
reported widths.
BHID From (m) To (m) Interval (m) Au (ppm) Ag (ppm) Material
BMCD002 3.0 10.7 7.6 0.39 1.94 Dump
BMCD004 1.5 19.8 18.3 0.38 1.48 Dump
BMCD012 0.0 16.8 16.8 0.54 20.14 Backfill
BMCD015 0.0 6.1 6.1 0.67 15.00 Backfill
BMJR001 0.0 9.1 9.1 0.80 11.72 Backfill
Table 3: Coordinates and details of today’s reported drill results
BHID X Y Z Length
(m) Azimuth Dip Target Comment
DHBM001 437418 1333993 7312 1000 303.35 -62.61 Jaimie's Ridge
confirmation Re-drill of DHBM002.
DHBM002 437403 1334005 7311 167 301 -75 Jaimie's Ridge
confirmation Poor recovery in mineralized zone.
DHBM003 436875 1334768 7447 367 157 -54 Jaimie's Ridge
step-out
Prospective alteration profile. No
anomalous Au or Ag.
BMCD001 437495 1334272 7356 1000 158.49 -50.54
Exploration -
JRCD NE
Structure
Anomalous mineralization and silicic
alteration.
BMCD002 437112 1333208 7298 620 349.67 -64.11 Exploration -
CSAMT anomaly
Anomalous mineralization and silicic
alteration. Gold in dump material.
BMCD003 437990 1334453 7383 580 155.6 -45
Exploration -
JRCD NE
Structure
Anomalous mineralization and silicic
alteration.
BMCD004 437179 1333156 7298 1180 342.24 -60.55 Exploration -
CSAMT anomaly
Anomalous mineralization and silicic
alteration. Gold in dump material.
BMCD005 439180 1334382 7642 330 235 -75 Cerro Duro step-
out Prospective alteration profile.
BMCD006 43171 1334377 7643 300 0 -90 Cerro Duro step-
out Prospective alteration profile.
BMCD007 439195 1334405 7642 300 310 -76 Cerro Duro step-
out Prospective alteration profile.
BMCD008 439223 1334402 7642 300 25 -75 Cerro Duro step-
out Prospective alteration profile.
BMCD009 439013 1334464 7564 300 0 -90 Cerro Duro
confirmation Au in oxides.
BMCD010 439030 1334507 7565 300 0 -90 Cerro Duro step-
out Prospective alteration profile.
BMCD011 438759 1334405 7511 175 0 -90 Cerro Duro step-
out
Prospective alteration profile, anomalous
gold up to 0.20 g/t over 12.2 m.
BMCD012 438845 1334440 7517 350 0 -90 Cerro Duro
confirmation Au in oxides. Au in backfill.
BMCD013 438887 1334545 7510 200 0 -90 Cerro Duro step-
out
Prospective alteration profile. Anomalous
gold in bedrock and dumps up to 0.15 g/t
over 7.62 m
BMCD014 438764 1334550 7476 200 0 -90 Cerro Duro step-
out Prospective alteration profile.
BMCD015 438886 1334467 7517 90 0 -90 Cerro Duro
confirmation
Au in backfill. Au in oxides. Casing issue at
bedrock interface. Hole abandoned before
final target.
BMJR001 437420 1333974 7311 310 304.9 -80 Jaimie's Ridge Au in oxides.
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
Qualified Person and QA&QC
The scientific and technical content of this news release was reviewed, verified, and approved by Iain
Campbell, P.Geo ., VP Exploration of the Company, and a Qualified Person as defined by Canadian
Securities Administrators’ National Instrument 43 -101 - Standards of Disclosure for Mineral Projects.
However, certain data presented here, including historical resources and certain drill results, are pre -NI
43-101 estimates and should not be relied upon as current mineral resources or reserves.
The quality assurance and quality control protocols in place at Borealis include insertion of blank or
standard samples every 10 samples on average, in addition to the regular insertion of blank , duplicate,
and standard samples by the analytical laboratory during the assay process. The assay results presented
herein are derived from both diamond drill core and RC drill chips. For diamond drill core, geologists
mark out samples for geology technicians to saw in half, from which one half is retained at the Borealis
mine site and the other half is submitted for assay. For RC drilling, geologists supervise riffle splitting of
RC return at the drill site. Samples were submitted to both ALS Global’s Reno, NV laboratory and Paragon
Geochemical’s Sparks, NV laboratory. At ALS, samples were treated with a 30 gram fire assay with an AA
finish, along with a four-acid multi-element analysis (MS-MS61). At Paragon, samples were treated with a
30 gram fire assay with an AA finish for Au, and four-acid multi-element analysis (48MA-MS).
Borealis Mine
The Borealis mine property, located close to the town of Hawthorne, NV, is fully permitted and equipped
for present mine operations and future expansion, with existing open pits, heap leach pads, modern
infrastructure, and a functional ADR facility which produces doré bars. The project has historically
produced over 600,000 ounces of gold from an open pit heap leach operation. It is an under -explored
property and has not been drilled since 2011 , aside from Borealis’ efforts in 2024 and 2025 . The property
possesses high grade expansion potential with excellent historical drilling results, along with a number
of untested regional targets.
The Borealis Project holds existing federal and state permits for mining and processing operations.
However, certain permit modifications may be required for expanded production, and the timeline for
such approvals is subject to regulatory review. The Company cannot guarantee the timing or success of
any permit modifications that may be required for future expansions.
About Borealis
Borealis is a gold mining and exploration company focused on exploration and resumption of production
of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap
leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining
operation. In addition to the mine, the property, comprised of 815 unpatented mining claims of
approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of
about five acres located in western Nevada, is highly prospective for additional high -sulfidation gold
mineralization. Borealis is led by a strong board and management team, many of whom have founded,
managed, and sold highly successful mining and exploration companies.
For further information, please contact:
Kelly Malcolm
President and Chief Executive Officer
Office: (289) 371-3371
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
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