Excalibur Metals Generates New High-Priority Gold-Silver Bulk Tonnage Target
NEWS RELEASE
Excalibur Metals Generates New High-Priority Gold-Silver Bulk Tonnage Target
March 19th, 2026 (TSXV:EXCL)
VANCOUVER, BRITISH COLUMBIA, Excalibur Metals Corp. (TSXV: EXCL) (“Excalibur” or the
“Company”) recently completed a paired remote -sensing and ground-based spectral survey focused on
gold and silver pathfinder mineral alteration which returned promising indicators for a broader mineralized
system on-trend and under cover at the Bellehelen Project, Nye County, Nevada. This in turn motivated
staking of an additional 102 unpatented mineral claims that primarily extend the Company’s mineral tenure
to the northwest along the Bellehelen fault , which hosts a largely unexplored, low-sulfidation gold and
silver district (see Figure 1).
“Using modern tools, Bellehelen continues to check off the boxes for Tier 1 potential,” says John Gilbert,
CEO of Excalibur Metals. “The most recent data indicates a broad wide alteration zone over 1.5 km wide
to the northwest – and our groundwork corroborates what appears to be a large, high -level argillic
alteration zone at the intersection of major structures. These geologic features can indicate the potential
for disseminated bulk-tonnage gold and silver mineralization at depth. Given there are high-grade, historic
shallow mines in the vicinity, we see this as a priority follow -up target as it appears similar to the
mineralization Kinross mines nearby at Round Mountain (see Figure 2).”
The ground-based alteration samples were analyzed with a tabletop infrared spectrometer. This was used
to aid in interpreting airborne AVIRIS hyperspectral data into a district-scale alteration model. This model
will be used in conjunction with ground -based sampling, mapping and geophysics to delineate potential
drill targets on this newly acquired ground.
Additional Staking
The additional 102 claims staked comprise 2107 acres (852 hectares) and are primarily to the northwest
of the existing Bellehelen claims. This new area follows a northwest mineral alteration trend along the
Bellehelen fault and coincident calderas which contain widespread gold and silver mineralization. The
Bellehelen Project now stands at 271 unpatented mineral claims totalling 5 ,600 acres (2,266 hectares)
covering a gold and silver mineralized trend over 10+ km.
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Figure 1: Newly expanded Bellehelen Project Claim Block, Nye County, Nevada. Additional claims
were staked to the northwest cover epithermal alteration footprint , where alteration is locally
associated with gold -silver mineralization forming a priority follow -up target. Drilling at the
Spyglass target will commence in March/April 2026.
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Figure 2: Hyperspectral ( AVIRIS) airborne remote sensing indicating kaolinite (argillic) alteration
of (primarily) unwelded tuff along the Bellehelen Fault juxtaposed with illite and clay (smectite)
mineral alteration. This alteration signature indicates potential large-scale hydrothermal fluid s
pervasively altering host rock along the Bellehelen fault. This broad alteration system is on-trend
with and adjacent to known gold-silver showings, forming a priority follow-up target for potential
bulk-tonnage silver and gold mineralization.
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 1st, 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.
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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.
Dr. Alan Wainwright, a consultant of the Company, is a Qualified Person (“QP”) as defined by National
Instrument 43-101. Dr. Wainwright 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.
Option Grant
The Company also announces that it has granted a total of 2 50,000 stock options to an officer at an
exercise price of $0.23 for a period of five years. The options vest in four equal installments over a period
of 24 months.
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.
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
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For further information regarding this news release, please contact:
John Gilbert, CEO
604-681-8030
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 existence of a largely-unexplored low-sulfidation gold and silver district; the potential for disseminated bulk-tonnage gold and silver
mineralization at depth; 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 varia tions 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 implement the Company’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 results, performance
or achievements of the Company to be materially different from any future results, performance or achievements exp ressed or implied by the
forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operation s, 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
global 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 additional 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 n ot 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.