Kestrel GOLD Reports 2025 Diamond Drill Results from Its 100% Owned Qcm GOLD Property, British Columbia (Pursuant to Option to Earn IN Agreement with Centerra GOLD) with Grades Reporting up to 72 Metres of 0.60 G/T GOLD
NEWS RELEASE
KESTREL GOLD REPORTS 2025 DIAMOND DRILL RESULTS FROM ITS 100% OWNED QCM
GOLD PROPERTY, BRITISH COLUMBIA (PURSUANT TO OPTION TO EARN IN AGREEMENT
WITH CENTERRA GOLD) WITH GRADES REPORTING UP TO 72 METRES OF 0.60 G/T GOLD
ON THE MAIN ZONE AND 22.35 METRES OF 0.66 G/T GOLD ON THE 14 VEIN
Calgary, Alberta – February 10, 2026 – Kestrel Gold Inc. (“Kestrel”, TSX-V: KGC)
is pleased to announce results from the 2025 diamond drilling program completed on the
“Main Zone” and “14 Vein” zones at its 100%-owned QCM Gold Property, located in the
Manson–Germansen area , approximately 240 kilometres northwest of Prince George,
British Columbia, Canada.
Highlights include:
• Main Zone – diamond drill intersections up to 93.94 metres of 0.501 g/t Au (drill hole
QCM25-036).
• Known extents of gold mineralization at Main Zone successfully expanded to
approximately 500 metres along strike , by 200 metres width and approximately 270
metres vertical depth.
• Initial bottle roll tests of eight Main Zone samples show >90% recovery in 24 hours
for all samples.
• 14 Vein - diamond drill intersections up to 33.84 metres of 0.412 g/t Au (drill hole
QCM25-019).
• Known extents of gold mineralization at 14 Vein successfully expanded to
approximately 300 metres along strike, by 20 metres width and approximately 60
metres vertical depth.
• Visible gold encountered in Main Zone holes QCM25-006 (125.72 m depth ) and
QCM25-035 (362.21 m depth), and in 14 Vein hole QCM25-030 (104.3 m depth).
Exploration at the QCM Gold Property is being conducted by Centerra Gold Inc.
(“Centerra”, TSX: CG or NYSE: CGAU) pursuant to an option agreement under which
Centerra may earn up to a 75% interest in the QCM project. Centerra is required to make
aggregate cash payments of $900,000 to Kestrel Gold Inc. and complete $6.5 million in
exploration expenditures, including a minimum of 13,500 metres of drilling, by May 7,
2029.
Pat Lynch, President and CEO of Kestrel, states: “ We are s trongly encouraged by the
potential for QCM to host significant mineralization in both Main Zone and 14 Vein and
Centerra’s continued project evaluation to pursue the full earn-in Option agreement. The
2025 results extending Main Zone to a 500 metre strike length, open to the north, northwest
and down dip are particularly encouraging . The 2025 results for 14 Vein are the first
extensive drilling completed and hold strong evidence for parallel zones and to increase
extents in future testing. The early stage >90% gold recovery tests demonstrated in 24-
hour bottle roll test s suggest the gold is easily liberated and we look forward to further
testing.”
During the 2025 field season Centerra , the project operator, was responsible for planning
and execution, completing 9,110.5 metres of diamond drilling in 36 drill holes. At Main
Zone, 22 diamond drill holes were completed for 6 ,305.5 metres and at 14 Vein, 14
diamond drill holes were completed for 2,805.00 metres.
Table 1. 2025 Diamond Drill Collars – all Drill holes Main Zone and 14 Vein
Hole ID Zone East
(NAD83)
North
(NAD83)
Elev.
(m)
Azimuth
(Deg.)
Dip
(Deg.)
DEPTH
(m)
QCM-25-001 Main Zone 400032 6172606 1171 57.0 -49.8 245.00
QCM-25-002 Main Zone 399957 6172671 1163 53.5 -50.1 242.00
QCM-25-003 Main Zone 399775 6172593 1192 90.0 -60.0 407.00
QCM-25-004 Main Zone 399772 6172590 1192 2.6 -45.5 404.00
QCM-25-005 Main Zone 399951 6172453 1235 3.7 -46.8 378.50
QCM-25-006 Main Zone 399953 6172455 1235 89.9 -45.4 330.00
QCM-25-007 Main Zone 400343 6172029 1109 358.2 -50.4 192.00
QCM-25-008 Main Zone 400344 6172030 1109 88.5 -60.4 201.00
QCM-25-009 Main Zone 400195 6172184 1136 358.4 -45.3 255.00
QCM-25-010 Main Zone 400270 6172287 1169 357.0 -50.5 252.00
QCM-25-011 Main Zone 400319 6171920 1086 87.8 -59.8 300.00
QCM-25-012 Main Zone 400464 6171941 1102 0.2 -59.9 282.00
QCM-25-013 Main Zone 400140 6172584 1153 53.2 -59.6 201.00
QCM-25-014 Main Zone 399748 6172728 1147 38.6 -44.7 231.00
QCM-25-015 Main Zone 399650 6172725 1151 40.0 -45.0 276.00
QCM-25-016 Main Zone 399588 6172835 1127 38.7 -45.1 255.00
QCM-25-017 14 Vein 396166 6179106 1085 43.1 -44.9 201.00
QCM-25-018 14 Vein 395968 6179272 1077 42.5 -45.1 175.00
QCM-25-019 14 Vein 396042 6179348 1076 43.8 -45.1 175.00
QCM-25-020 14 Vein 395970 6179400 1056 45.0 -45.0 177.00
QCM-25-021 14 Vein 395969 6179399 1055 44.6 -79.8 174.00
QCM-25-022 14 Vein 396217 6179376 1081 43.3 -44.5 150.00
QCM-25-023 14 Vein 396239 6179313 1078 44.9 -44.9 116.00
QCM-25-024 14 Vein 396218 6178931 1082 44.5 -39.8 201.00
QCM-25-025 14 Vein 395931 6179235 1073 43.3 -46.5 300.00
QCM-25-026 14 Vein 395931 6179235 1073 43.7 -62.7 325.00
QCM-25-027 14 Vein 395908 6179319 1073 43.3 -45.3 175.00
QCM-25-028 14 Vein 395899 6179484 1014 45.2 -70.3 225.00
QCM-25-029 14 Vein 395898 6179484 1013 43.3 -44.7 195.00
QCM-25-030 14 Vein 395896 6179949 960 44.4 -43.4 216.00
QCM-25-031 Main Zone 399777 6172592 1192 43.5 -46.3 306.00
QCM-25-032 Main Zone 399926 6172350 1200 84.0 -46.4 372.00
QCM-25-033 Main Zone 400054 6172356 1204 84.5 -46.0 261.00
QCM-25-034 Main Zone 399760 6172500 1210 88.0 -60.3 363.00
QCM-25-035 Main Zone 399633 6172562 1215 44.4 -45.5 402.00
QCM-25-036 Main Zone 400154 6172439 1178 45.3 -59.9 150.00
Drill hole results for the drill holes QCM-25-001, 003 to 008, 010 and 014 were previously
reported in the news release dated October 10, 2025, drill update on the QCM drill results.
Two zones of gold mineralization have been discovered to date at the QCM Property, the
Main zone and 7.5 kilo metres to the northwest, the 14 Vein . The i nitial drilling and
discovery at 14 Vein were completed in nine Reverse Circulation (“RC” ) drill holes
totaling 1 ,124 metres in 2024 . The main purpose of the 2 025 diamond drill ing was to
extend both these discovered zones of mineralization. Main Zone gold mineralization is
associated with quartz-ankerite-sulfide veins and veinlets in quartz-sericite-ankerite-albite
altered greywacke and tuff assigned to the Takla Group. The 14 Vein gold mineralization
is associated with quartz-ankerite-sulfide veins and veinlets in quartz -sericite-ankerite-
albite altered greywacke and schist assigned to the Big Creek Group . The two zones are
separated by the Manson Creek fault.
Main Zone – 2025 Drill Results
The best 2025 results were from QCM-25-006 and returned up to 137.0 metres at 0.522 g/t
Au from 136.00 metres (see news release October 10, 2025) . QCM-25-035 returned
multiple zones of mineralization at 74 metres and 216 metres depth and up to 72 metres at
0.591 g/t Au from 319 metres depth. This drill hole tests the NW extension which remains
open.
Drilling confirmed continuity of broad, lower-grade mineralization hosting discrete higher-
grade intervals. Drill results delineate a NW trending zone 500 metres along strike length
by 200 metres width and 270 metres depth and is open to the northwest and depth. The
zone of mineralization is defined to the north by Takla Sediments and the east by an
interpreted fault. Mineralization is open to northwest and depth. Mineralization occurs as
multiple sub-parallel vein sets and stockworks with strong structural control.
Figure 1. Main Zone Plan View Diamond Drill Hole Location Map
Diamond drill holes QCM -25-011 to 01 2 test a proposed north -south fault that is
terminating mineralization to the east.
Diamond drill holes QCM-25-015 to 016 test a proposed north-west extension of the Main
Zone.
Diamond drill hole QCM -25-035 has several zones with the most robust being 72 m of
0.591 g/t Au starting at 319 metres.
Table 2. Main Zone Summary of Significant Composite Zone Results
Hole ID Zone From (m) To (m)* Length (m) Gold (g/t)
QCM-25-002 Main Zone 3.00 22.00 19.00 0.798
Includes 2 zones of >1 g/t Au and up to 7.5 g/t Au at 7 m depth
And 27.00 114.00 87.00 0.230
Includes 3 zones of >1 g/t Au and up to 2.3 g/t Au at 46 m depth
And 119.00 124.05 5.05 0.236
And 128.50 146.00 17.50 0.207
QCM-25-009 Main Zone 66.00 147.00 81.00 0.207
Including 105.00 106.00 1.00 2.584
And 152.00 165.00 13.00 0.378
Including 160.00 161.00 1.00 1.087
And 170.00 181.00 11.00 0.213
QCM-25-011 Main Zone 85.00 90.00 5.00 0.328
QCM-25-012 Main Zone 38.00 42.00 4.00 0.186
QCM-25-013 Main Zone 18.00 50.00 32.00 0.216
QCM-25-015 Main Zone 43.00 53.00 10.00 0.149
And 71.00 78.87 7.87 0.108
And 82.00 85.00 3.00 0.125
And 114.86 117.00 2.14 0.17
And 124.00 157.26 33.26 0.149
And 162.70 182.34 19.64 0.185
QCM-25-016 Main Zone 225.00 231.00 6.00 0.279
QCM-25-031 Main Zone 12.00 31.00 19.00 0.413
Includes 2 zones of >1 g/t Au and up to 1.6 g/t Au at 19 m depth
And 46.00 56.00 10.00 0.424
Including 53.00 54.00 1.00 2.727
And 63.00 146.00 83.00 0.261
Includes 4 zones of >1 g/t Au and up to 1.8 g/t Au at 64 m depth
And 151.00 172.00 21.00 0.492
Including 155.00 159.00 4.00 1.358
And 184.00 193.00 9.00 0.208
And 201.00 208.00 7.00 0.263
And 212.22 221.00 8.78 0.316
And 232.00 262.00 30.00 0.392
Includes 3 zones of >1 g/t Au and up to 1.5 g/t Au at 248 m depth
And 272.00 298.00 26.00 0.331
QCM-25-032 Main Zone 158.00 166.00 8.00 0.139
And 185.00 186.00 1.00 1.361
And 193.00 267.00 74.00 0.337
Includes 5 zones of >1 g/t Au and up to 1.9 g/t Au at 228 m depth
And 277.00 294.00 17.00 0.31
Including 283.00 284.00 1.00 1.376
QCM-25-033 Main Zone 104.00 111.00 7.00 0.332
And 119.00 122.00 3.00 1.253
Including 119.00 119.68 0.68 3.395
And 128.00 144.00 16.00 0.525
Includes 2 zones of >1 g/t Au and up to 1.3 g/t Au at 138 m depth
And 152.00 224.00 72.00 0.578
Includes 5 zones of >1 g/t Au and up to 1.5 g/t Au at 166 m depth
And 229.00 233.00 4.00 0.134
And 240.00 243.00 3.00 0.328
QCM-25-034 Main Zone 93.00 104.00 11.00 0.508
Including 97.00 98.00 1.00 1.817
And 118.00 130.00 12.00 0.854
Including 127.00 129.00 2.00 3.279
And 135.00 164.15 29.15 0.239
And 176.00 196.00 20.00 0.489
Includes 3 zones of >1 g/t Au and up to 1.9 g/t Au at 193 m depth
And 202.00 263.00 61.00 0.347
Includes 4 zones of >1 g/t Au and up to 1.8 g/t Au at 220 m depth
And 274.00 302.00 28.00 0.178
And 336.00 351.70 15.70 0.375
Including 348.00 349.00 1.00 1.121
QCM-25-035 Main Zone 62 81.00 19.00 0.41
And 133.00 138.00 5.00 0.85
And 149.00 188.00 39.00 0.3
Includes 3 zones of >1 g/t Au and up to 1.8 g/t Au at 135 m depth
And 216.00 222.00 6.00 0.289
including 216.00 217.00 1.00 1.212
And 228.00 248.00 20.00 0.249
Includes 2 zones of >1 g/t Au and up to 1.8 g/t Au at 246 m depth
And 265.00 274.00 9.00 0.378
including 268.00 269.00 1.00 1.569
And 319.00 391.00 72.00 0.591
Includes 10 zones of >1 g/t Au and up to 11 m of 1.41 g/t Au at 359 m depth
QCM-25-036 Main Zone 18.06 112.00 93.94 0.501
Includes 9 zones of >1 g/t Au and up to 2 m of 2.9 g/t Au at 88 m depth
* Intervals are drilled core length; insufficient drilling has been completed to determine true widths.
** Composite grade reported as weighted average, >0.1 g/t Au cutoff and < 4.01 m dilution.
Bottle Roll Metallurgical Initial Testing
Eight representative composite samples from Main Zone were sent to MSA Labs located
in Prince George, BC, Canada, for preliminary cyanide leach (bottle roll) metallurgical
testing. Samples ranged in head grade and lithology to provide an early -stage assessment
of gold recoverability. All samples achieved greater than 90% gold recovery within 24
hours, indicating that a significant portion of the gold occurs as free or easily liberated gold.
These results are considered preliminary.
14 Vein - 2025 Drill Results
Drilling at 14 Vein consists of two RC holes drilled in 2022, eight RC drill holes drilled in
2024, and 14 diamond drill holes drilled in 2025. The initial discovery was through
prospecting in 2022; 2024 RC drilling showed a NW -SE trending zone of Au
mineralization with grades up to 2.33 g/t Au over 44.19 metres. The Au mineralization is
associated with narrow quartz -ankerite-sulfide veins hosted in quartz -sericite-ankerite-
albite altered s chist and greywacke . For further details see Kestrel’s October 26, 2022,
news release: https://www.kestrelgold.com/news/oct-25-2022-e7yzr.
The 2025 drilling at 14 Vein further defined a NW-SE trending mineralized zone with
localized higher-grade intercepts but limited lateral and vertical continuity at depth. The
14 Vein remains open along strike, and future work will focus on identifying parallel or
offset zones.
The purpose of the 2025 drill program was to test the extent of mineralization along trend.
Figure 2. “14 Vein” Zone” - Plan View Diamond Drill Hole Location Map
The 2025 drill program has successfully tested gold mineralization to over 300 metre strike
length by 20 metres width by approximately 60 metre depth. Further 14 Vein exploration
drill delineation is warranted.
Diamond drill holes QCM-25-018 to 019 returned assay results of up to 25 metres of 0.632
g/t Au from 91.00 metres depth and 17.69 metres of 0.631 from 156 metres depth. Drill
hole QCM-25-018 returned four metres of 1.628 g/t Au at 165 metres depth, near to end of
this hole at 175 m.
Weak mineralization in Hole QCM-25-026 appears to define the depth extent on this
section.
Hole QCM-25-030, a 500 m step out to the NW was testing a high contrast resistivity
anomaly, with a coincident 300 ppb Au soil sample. One 15 cm quartz vein contains a <1
mm flake of visible gold . The best interval of six metres of 0.103 g/t Au at 210 metres is
at the end of the drill hole (216 m total depth).
Table 3. “14 Vein” Zone - Summary of Significant Composite Zone Results
Hole ID Zone From (m) To (m)* Length (m) Gold (g/t)
QCM-25-017 14 Vein 15.00 25.00 10.00 0.202
And 43.84 52.00 8.16 0.153
And 106.00 110.00 4.00 0.563
QCM-25-018 14 Vein 50.00 53.65 3.65 0.399
And 80.00 84.00 4.00 0.316
And 91.00 116.00 25.00 0.632
Includes 3 zones of >1 g/t Au and up to 5.3 g/t Au at 91 m depth
And 121.00 124.00 3.00 0.574
And 133.00 147.00 14.00 0.214
Including 146.00 147.00 1.00 1.225
And 156.31 174.00 17.69 0.631
Includes 2 zones of >1 g/t Au and up to 4 m of 1.6 g/t Au at 165 m depth
QCM-25-019 14 Vein 11.00 18.00 7.00 0.144
And 36.00 45.00 9.00 0.526
Including 39.52 42.00 2.48 1.274
And 49.16 83.00 33.84 0.412
Includes 3 zones of >1 g/t Au and up to 2 m of 1.5 g/t Au at 59 m depth
And 96.00 97.50 1.50 2.205
QCM-25-020 14 Vein 47.00 59.00 12.00 0.324
Including 47.00 48.00 1.00 1.491
And 64.00 67.00 3.00 0.192
And 72.00 75.00 3.00 0.182
QCM-25-021 14 Vein 67.00 71.40 4.40 0.667
Including 67.00 68.00 1.00 2.153
And 105.00 108.00 3.00 0.328