IDEX Metals Confirms Significant Tungsten Enrichment at Freeze, Including 180.5 Metres of 0.11% WO₃, 72.2 Metres of 0.13% WO₃, and 1.2 Metres of 1.55% WO₃ in 2025 Drilling at Kismet
IDEX Metals Confirms Significant Tungsten Enrichment at Freeze, Including 180.5
Metres of 0.11% WO₃, 72.2 Metres of 0.13% WO₃, and 1.2 Metres of 1.55% WO₃ in
2025 Drilling at Kismet
Vancouver, B.C., July 9, 2026: IDEX Metals Corp. (“ IDEX” or the “ Company”) (TSXV: IDEX;
OTCQB: IDXMF) is pleased to announce initial tungsten re-assay results from drill holes
KSMT25002 and KSMT25005 at the Company’s Freeze Property ( “Freeze” or the “Property”)
in Idaho, USA. The re-assay program was completed following the identification of significant
scheelite mineralization in drill core from the 2025 Phase I campaign at Kismet. Holes
KSMT25002 and KSMT25005 were selected as representative holes and intended as a test case
for the use of sodium peroxide fusion (“SPF” or “NaPF”), a more complete digestion method for
tungsten-bearing minerals versus the four-acid digestion method previously used for 2025 assays.
These initial re-assay results confirm significant tungsten enrichment within the Kismet
mineralized system, including high-grade zones contained within broader intervals of WO ₃
mineralization.
Table 1: Re-assayed Tungsten and multi-element anomalies from holes KSMT25002 & KSMT25005
Hole ID From (m) To (m) Interval
(m) WO3 (%) W (ppm) Cu (ppm) Mo (ppm) Ag (g/t)
KSMT25002 52.00 232.50 180.50 0.11 839 6,069 228 3.5
Including 95.00 112.05 17.05 0.22 1,747 7,346 459 12.8
And
including 168.00 179.29 11.29 0.32 2,539 1,564 280 0.8
Including 175.00 177.00 2.00 0.81 6,440 1,855 178 0.3
KSMT25005 61.97 68.28 6.31 0.36 2,844 3,201 540 14.5
Including 65.00 66.26 1.26 1.24 9,830 3,740 2,460 61.6
KSMT25005 130.92 178.61 47.69 0.12 921 2,175 30 1.1
Including 137.53 151.38 13.85 0.23 1,815 2,927 56 1.5
KSMT25005 182.60 254.81 72.21 0.13 1,007 918 59 0.5
Including 213.52 216.85 3.33 0.71 5,608 899 200 1.3
Including 213.52 214.73 1.21 1.55 12,300 1,110 265 2.7
Hole KSMT25002 was drilled at an azimuth of 353 and an angle of –50, Hole KSMT25005 was drilled at an azimuth of 045 and an
angle of –45 (October 7, 2025 & February 25, 2026). Tungsten is reported as WO₃ using WO₃ = W × 1.2611.
“These tungsten re-assay results have meaningfully changed how we view the Kismet system,"
said Clayton Fisher, CEO of IDEX Metals. "We already understood Kismet to be a robust copper-
molybdenum system. Confirming broad tungsten enrichment with high-grade internal zones,
supported by visible coarse scheelite, adds an entirely new and important critical-metals
dimension to the Property. Results of this nature have the potential to materially enhance Freeze’s
profile and broaden our capital markets reach. Tungsten – rather than being a minor by-product
metal – may in fact be a fundamental component of the mineralized system at Freeze."
Mr. Fisher continued: "We intend to move quickly and deliberately. On the strength of these results,
IDEX will submit the remaining four 2025 Kismet drill holes for tungsten re-assaying using the
sodium peroxide fusion method, and going forward all Freeze drill core will be evaluated for
tungsten using this method where appropriate. We will also integrate the new tungsten data with
our recently-completed 90.4 line-kilometre IP survey, to better define the distribution of tungsten
across the Kismet Corridor and improve targeting of future tungsten-bearing zones. This is a very
significant and exciting development for IDEX and for the Freeze Property.”
Figure 1: Visible coarse Scheelite mineralization in Hole KSMT25005 at 242.80 m depth
Assays for the Company’s 2025 drill program used a standard four-acid digestion with an ICP
finish, a reliable multi-element method for base and precious metals, but one that only partially
dissolves tungsten minerals such as scheelite (CaWO ₄). As a result, a variable and often
significant portion of the contained tungsten is not captured in the measurement leading to
understated tungsten grades. By contrast, sodium peroxide fusion fully breaks down the tungsten
minerals and is the optimal method for obtaining accurate tungsten readings.
To quantify this effect at Freeze, the Company re-assayed pulp samples from drill holes
KSMT25002 and KSMT25005 by SPF and compared them against the original four-acid results
across 579 matched samples. The difference between the two methods increases with grade:
four-acid results were broadly comparable at low-to-moderate grades, but materially understated
tungsten in the highest-grade intervals. It appeared that where there was more tungsten
mineralization available to be dissolved, the higher the near total dissolution value that was
obtained. In the strongest sample, four-acid digestion returned 1,070 ppm W while SPF returned
12,300 ppm W (1.55% WO ₃), the former method failing to capture and measure 91% of actual
tungsten content. Peak SPF values of 12,300 ppm W and 7,990 ppm W (1.55% and 1.01% WO₃)
compared to maximum four-acid values of only 3,490 ppm W and 1,520 ppm W across the two
holes.
Figure 2: Downhole comparison of tungsten (W) between holes KSMT25002 and KSMT25005 using
four-acid and SPF analytical methods
Why the Re-assay Results Matter
The Company believes the initial SPF re-assay results are significant for several reasons:
1. Broad tungsten enrichment has been confirmed : The 180.5-metre interval grading
0.11% WO ₃ in KSMT25002 and the 72.2-metre interval grading 0.13% WO ₃ in
KSMT25005 demonstrate that tungsten mineralization is present over meaningful widths
within the Kismet system.
2. High-grade internal zones are present : Higher-grade internal zones including 13.85
metres grading 0.23% WO ₃, 3.33 metres grading 0.71% WO ₃, and 1.21 metres grading
1.55% WO ₃, suggest a potential for higher-grade tungsten domains within the broader
mineralized system.
3. Visible scheelite supports the assay results : The scheelite mineralization appears to
be primarily associated with the matrix-supported and clast supported breccia zones, and
locally coarse white scheelite aggregates up to approximately 4 centimetres in diameter
have been observed in core, providing strong visual support for the presence of tungsten-
bearing mineralization.
4. The results upgrade the polymetallic character of Kismet : Kismet was previously
defined by broad copper-molybdenum mineralization. The new tungsten results
strengthen the interpretation of a larger copper-molybdenum-tungsten magmatic-
hydrothermal system.
5. The results provide a new exploration vector: Tungsten assays will be integrated with
the Company’s newly-acquired induced polarization ( “IP”) geophysical data to evaluate
the relationship between tungsten mineralization, chargeability, resistivity, intrusive
phases, brecciation and alteration zoning.
Differentiation from Other American Tungsten Deposits
Tungsten deposits currently being advanced in the United States are predominantly of two
established types: i) bulk-tonnage reduced tungsten skarns (in which scheelite hosted in calc-
silicate skarn is the sole economic driver), and ii) narrow, high-grade tungsten vein, greisen, and
replacement systems subject to more costly selective mining methods. The Kismet occurrence is
distinct from both. At Freeze, tungsten occurs as an additional critical-metals component within a
genuinely polymetallic porphyry-related system that carries strong copper, molybdenum, silver
and porphyry-associated gold. Rather than tungsten alone underpinning the project, its presence
adds a new dimension to a system with multiple co-product value drivers and potential porphyry-
style scale. In the Company's view, broad tungsten widths, high-grade internal zones, coarse
scheelite, and multiple co-products in a stable United States jurisdiction significantly differentiates
Freeze from the single-commodity tungsten projects currently being advanced domestically. The
Company cautions, however, that these are early-stage results from two drill holes.
Expanded Re-assay Program
Based on the results from KSMT25002 and KSMT25005, IDEX will now submit the remaining four
2025 Kismet drill holes for tungsten re-assaying using sodium peroxide fusion. The objective of
the expanded re-assay program is to determine whether tungsten enrichment is present more
broadly across the Kismet mineralized system and to assess whether previously-reported
tungsten grades were similarly understated by the original analytical method.
The expanded re-assay program will include:
sodium peroxide fusion re-assaying of the remaining four 2025 Kismet drill holes;
comparison of original four-acid tungsten results against sodium peroxide fusion results;
integration of upgraded tungsten assays with copper and molybdenum mineralization; and
comparison of tungsten distribution against alteration, lithology, breccia textures and
visible scheelite observations.
The Company expects that this work will help refine the geological model at Kismet and support
drill targeting across the broader Kismet Corridor, including the Kismet, North Breccia and
Frostfall target areas.
Integration with 2026 IP Survey
IDEX recently completed a 90.4 line-kilometre IP geophysical survey across key target areas at
Freeze, including the Kismet Corridor and Shiver Target. The Company intends to integrate the
new tungsten assay results with IP chargeability and resistivity data to better understand the
relationship between tungsten mineralization, sulphide distribution, intrusive and breccia bodies,
and alteration zoning.
The Company believes this integrated approach may provide important new vectors for locating
additional WO₃-bearing mineralization within the Kismet system and broader Freeze magmatic-
hydrothermal system.
Kismet System and the Kismet Corridor Exploration Model
The Kismet target is interpreted as an intrusion-centred magmatic-hydrothermal system within the
Freeze copper-molybdenum porphyry setting. The Company’s current exploration model
suggests that Kismet may represent an upper or oxidized expression of a larger magmatic-
hydrothermal system, with North Breccia and Frostfall representing additional target areas along
the same corridor. Copper-molybdenum mineralization at Kismet is now believed to be
accompanied by significant tungsten in initial test holes, occurring as scheelite within broad zones
of the system. Down-hole, the mineralization displays a coherent metal zonation, with copper
most strongly developed through the upper portions of the mineralized interval, molybdenum
strengthening at depth, and tungsten distributed across the system and bridging these domains.
This zoned, nested architecture, with broad lower-grade envelopes hosting higher-grade internal
zones, may support the existence of a large, fertile magmatic-hydrothermal system.
The initial tungsten re-assay results add an important new dimension to the exploration model.
The Company believes the presence of broad WO₃ mineralization and visible scheelite at Kismet
may help vector towards additional intrusive, breccia-hosted or structurally-controlled
mineralization elsewhere within the corridor.
2026 Exploration Program Update
The 2026 exploration program is off to a strong start with drilling, field mapping and soil sampling
well underway. To date, over 500 m of drilling has been completed, and 1084 soil samples and
73 rock samples have been collected.
The second drill rig is expected to arrive on the Freeze property by July 15 th and is set to begin
shallow (<500 m) drillholes at the Kismet Breccia Complex to help define the true extent of copper-
molybdenum-tungsten mineralization drilled in 2025.
Near Term Catalysts:
Continued drilling with two drill rigs on the Freeze Property, with one rig continuing to
explore high-priority porphyry copper targets at the North Breccia, and the second rig
targeting the Kismet breccia complex;
Continued field exploration (soils, rocks, and mapping) aimed at advancing mineral
showings and prospects to drill-ready status;
Reporting of IP results from the Company’s expanded 90.4-line-kilometre survey;
Sodium peroxide fusion re-assay results for the remaining four 2025 Kismet drill holes;
Initial assay results from drilling at the North Breccia porphyry copper target.
QA/QC
The re-assay program was completed on previously sampled 2025 drill core pulps from the
Kismet target area. Samples retained by AGAT from the previous program, were re-submitted to
AGAT Laboratories in Calgary, Alberta for the tungsten analysis using sodium peroxide fusion
with an ICP-OES finish (AGAT method 201-079). Reported intercept grades are length-weighted
average grades calculated over the sampled interval. Individual assay results that were returned
below the lower analytical detection limit of the method (“ldl” of 50 ppm) were assigned a value of
zero (“0) for the purpose of calculating these length-weighted average grades. The Company
considers this to be a conservative approach, as assigning a value of zero to below-detection
results produces lower composite grades than either excluding those samples from the calculation
or assigning a value equal to one-half of the detection limit, both of which are also accepted
practices. The treatment of below-detection values as zero affects only a limited number of low-
tenor internal samples, does not change any of the reported interval boundaries, and does not
affect the higher-grade intervals reported herein, none of which contain below-detection tungsten
values. The upper limit of detection of the method for Tungsten 50,000 ppm (5%). A potential
nugget effect is being evaluated, and here has resulted in the Company disclosing all samples
and intervals above 5,000 ppm Tungsten, copper, molybdenum, lead, zinc, arsenic, antimony and
tin were determined by sodium peroxide fusion; silver and bismuth were not included in the
sodium peroxide fusion package and where reported, are reported from the four-acid digestion
analysis. The Company’s QA/QC program includes the insertion of certified reference materials,
blanks and duplicates, as appropriate.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for
disclosure by David Hladky, P.Geo. (registered in Alberta), V.P. Exploration of IDEX Metals Corp.
David Hladky is a "Qualified Person" for IDEX Metals Corp. within the meaning of National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About IDEX Metals Corp.
IDEX Metals Corp. is a mineral exploration company focused on advancing a portfolio of base
and precious metal projects in Idaho, USA. IDEX is primarily focused on the exploration and
development of the Freeze Copper-Gold porphyry prospect located in the newly discovered Idaho
Copper Belt, Washington County, Idaho. With a strategic land position in a great mining
jurisdiction and surrounded by major industry players, IDEX is committed to redefining district-
scale exploration in Idaho.
For more information, please visit https://idexmetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
Clayton Fisher, CEO & Director
For further information regarding IDEX contact:
Investor Relations
1 (604) 260-0356
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