KGC.V · 2025-10-10 12:00:00

Kestrel Partner Centerra Drilling Results at QCM Gold Property

Drill Results

NEWS RELEASE

Calgary, AB, October 10, 2025: Kestrel Gold Inc. (“Kestrel”, TSX-V: KGC) provides an update on

ongoing drilling program by Centerra Gold Inc. (“Centerra”, TSX:CG or NYSE:CGAU) at Kestrel’s

100% owned QCM property located in the Manson-Germanson area of central British Columbia.

The QCM project is comprised of 8,729 hectares, centered over a 15-kilometre NW-SE striking

segment of the Manson Fault Zone. Centerra holds an exclusive option to earn a 75% interest in

QCM by making cash payments totalling $900,000 and completing $6,500,000 in exploration

work, which must include a minimum of 13,500 metres of drilling, by May 7th, 2029.

A total of 7,276 m of diamond drilling was completed between 25 May- 29 September. Drilling

focused on two areas of interest, located approximately 7 km apart. Drilling at the Main Zone was

designed to validate historical results, test for preferred vein orientations, and step out along

strike. Sixteen holes (4,455 m) were completed at the Main Zone (Figure 1; Table 1). Drilling at

the 14 Vein was designed to step out along strike from historical results and test additional

anomalies. Fourteen holes (2,821 m) were completed at the 14 Vein (Figure 2; Table 1). Partial

assay results are now available for the Main Zone. Remaining results from the Main Zone and 14

Vein will be the subject of an upcoming news release once available. Drilling continues with up to

an additional 2,500 m to be completed following up on new results at the Main Zone.

Figure 1. Main Zone 2025 drill hole locations

Figure 2. 14 Vein 2025 drill hole locations

Table 1. Drill collar details

Hole ID Zone Easting Northing Elev.

(m)

Azimuth

(GN)

Dip Depth (m)

QCM-25-001 Main 400032 6172606 1171 56.8 -49.8 200 / 245.00

QCM-25-002 Main 399957 6172671 1163 53.5 -50.1 200 / 242.00

QCM-25-003 Main 399775 6172593 1192 90.0 -60.0 350 / 407.00

QCM-25-004 Main 399772 6172590 1192 2.4 -45.5 350 / 404.00

QCM-25-005 Main 399951 6172453 1235 3.8 -46.6 300 / 378.50

QCM-25-006 Main 399953 6172455 1235 89.8 -45.4 300 / 330.00

QCM-25-007 Main 400343 6172029 1109 358.2 -50.5 200 / 192.00

QCM-25-008 Main 400344 6172030 1109 88.4 -60.3 200 / 201.00

QCM-25-009 Main 400195 6172184 1136 358.4 -45.2 250 / 255.00

QCM-25-010 Main 400270 6172287 1169 357.0 -50.5 250 / 252.00

QCM-25-011 Main 400319 6171920 1086 88.8 -60.2 300 / 300.00

QCM-25-012 Main 400464 6171941 1102 0.3 -60.0 250 / 282.00

QCM-25-013 Main 400140 6172584 1153 53.2 -59.6 200 / 201.00

QCM-25-014 Main 399748 6172728 1147 39.4 -45.1 230 / 231.00

QCM-25-015 Main 399650 6172725 1151 37.5 -44.9 270 / 276.00

QCM-25-016 Main 399588 6172836 1127 38.6 -45.0 250 / 255.00

QCM-25-017 14 Vein 396166 6179106 1085 43.0 -44.8 200 / 201.00

QCM-25-018 14 Vein 395968 6179272 1077 42.5 -45.1 175 / 175.00

QCM-25-019 14 Vein 396042 6179348 1076 43.8 -45.1 175 / 175.00

QCM-25-020 14 Vein 395970 6179400 1056 45.0 -45.0 175 / 177.00

QCM-25-021 14 Vein 395969 6179399 1055 44.6 -79.8 175 / 174.00

QCM-25-022 14 Vein 396217 6179376 1081 43.3 -44.5 150 / 150.00

QCM-25-023 14 Vein 396239 6179313 1078 44.9 -44.9 150 / 116.00

QCM-25-024 14 Vein 396218 6178931 1082 44.4 -39.7 200 / 201.00

QCM-25-025 14 Vein 395931 6179235 1073 43.3 -46.5 275 / 300.00

QCM-25-026 14 Vein 395931 6179235 1073 43.7 -62.7 325 / 325.00

QCM-25-027 14 Vein 395908 6179319 1073 43.4 -45.3 175 / 175.00

QCM-25-028 14 Vein 395904 6179480 1025 45.6 -70.2 225 / 225.00

QCM-25-029 14 Vein 395904 6179480 1025 43.3 -44.7 175 / 195.00

QCM-25-030 14 Vein 395900 6179950 954 44.3 -43.4 150 / 216.00

Drilling Results

In the Main Zone, quartz veins are concentrated within interbedded tuffaceous volcanic rocks and

greywackes, which dip to the southwest. Gold bearing intervals are associated with albite-sericite-

carbonate-quartz-pyrite alteration. The mineralized trend is fault bound to the southeast, but open

down-dip to the southwest and along strike of bedding to the northwest. The mineralized trend

runs NW-SE in map view, however true widths of the individual mineralized zones for each hole

have not been calculated. Reported intervals in Table 2 are downhole lengths. Results are

highlighted by hole QCM-25-006 which returned 137.00 m at 0.522 g/t Au from 136.00 m,

confirming historical assay results from the Main Zone. This interval includes a quartz vein bearing

visible gold between 125.72 m and 126.05 m which returned 3.68 g/t Au over 1 m from 125.5 m.

Table 2. Partial 2025 drill results from the Main Zone

Drill Hole Target

Zone From (m) To (m) Length

(m)

ppm

QCM-25-

001

Main Zone 15.20 29.50 14.30 0.972

Including 16.70 29.50 12.80 1.046

35.50 38.50 3.00 0.234

53.80 87.50 33.70 0.236

Including 60.90 61.90 1.00 2.307

101.25 128.00 26.75 0.309

Including 114.00 115.00 1.00 1.614

And 126.00 127.00 1.00 1.603

163.90 171.90 8.00 0.140

QCM-25-

003

Main Zone 8.00 48.00 40.00 0.376

Including 17.00 18.00 1.00 1.256

And 39.00 41.00 2.00 2.465

56.00 57.00 1.00 13.6

65.00 96.00 31.00 0.381

Including 68.00 70.00 2.00 1.136

And 80.00 81.00 1.00 2.296

And 95.00 96.00 1.00 1.03

129.00 132.00 3.00 0.372

139.00 171.00 32.00 0.254

184.00 221.00 37.00 0.22

Including 209.87 211.00 1.13 1.13

234.00 239.00 5.00 0.439

248.00 289.00 41.00 0.228

Including 248.00 249.00 1.00 1.082

294.01 298.97 4.96 0.176

303.00 314.00 11.00 0.126

375.00 386.00 11.00 0.254

Including 381.00 382.00 1.00 1.323

QCM-25-

004

Main Zone 23.00 26.00 3.00 0.273

32.00 44.00 12.00 0.129

56.00 147.00 91.00 0.245

Including 115.00 116.00 1.00 1.086

And 133.00 134.00 1.00 1.105

155.00 205.00 50.00 0.301

Including 163.00 164.00 1.00 1.691

And 172.00 173.00 1.00 1.344

And 174.00 175.00 1.00 1.518

And 204.00 205.00 1.00 1.174

213.00 216.50 3.50 0.317

222.00 227.00 5.00 0.218

235.00 239.00 4.00 0.172

245.00 256.00 11.00 0.317

Including 249.00 250.00 1.00 1.128

265.00 271.00 6.00 0.248

299.00 307.00 8.00 0.126

341.00 344.00 3.00 0.115

QCM-25-

005

Main Zone

87.00 135.00 48.00 0.823

Including 93.00 95.00 2.00 1.393

And 103.00 104.00 1.00 1.386

And 110.00 125.00 15.00 1.57

And 131.00 134.00 3.00 1.329

139.32 149.00 9.68 0.292

154.50 162.00 7.50 0.344

169.00 172.00 3.00 0.518

Including 170.00 171.00 1.00 1.218

189.00 247.94 58.94 0.39

Including 206.95 207.90 0.95 1.089

And 219.00 223.00 4.00 1.083

And 226.00 227.00 1.00 1.093

255.00 272.88 17.88 0.3

Including 265.00 266.00 1.00 1.508

277.03 299.00 21.97 0.257

Including 297.00 297.87 0.87 1.215

303.02 332.00 28.98 0.153

QCM-25-

006

Main Zone 67.00 69.00 2.00 13.027

123.00 128.00 5.00 1.142

Including 125.20 127.00 1.80 2.815

136.00 273.00 137.00 0.522

Including 137.00 140.00 3.00 1.951

And 148.00 158.00 10.00 1.133

And 163.00 167.00 4.00 1.618

And 179.00 181.00 2.00 2.521

And 194.00 198.00 4.00 1.3

And 230.00 231.00 1.00 2.107

And 238.00 239.00 1.00 1.116

And 253.00 254.00 1.00 1.209

278.83 284.00 5.17 0.153

310.00 314.00 4.00 0.119

319.00 323.00 4.00 0.105

QCM-25-

007

Main Zone 50.00 53.42 3.42 0.142

75.00 82.00 7.00 0.133

89.00 101.00 12.00 0.525

Including 90.00 91.00 1.00 1.953

106.00 127.00 21.00 0.133

135.00 156.00 21.00 0.211

Including 149.00 150.00 1.00 1.148

QCM-25-

008

Main Zone 55.00 81.00 26.00 0.245

Including 60.00 61.00 1.00 2.009

86.00 90.00 4.00 0.248

QCM-25-

010

Main Zone 49.00 105.00 56.00 0.301

Including 66.00 67.00 1.00 1.211

And 85.00 87.00 2.00 1.75

111.00 139.00 28.00 0.232

QCM-25-

011

Main Zone

85.00 90.00 5.00 0.328

QCM-25-

014

Main Zone 20.00 55.59 35.59 0.196

70.00 109.00 39.00 0.244

123.00 153.00 30.00 0.154

191.00 214.00 23.00 0.194

Including 191.00 192.00 1.00 1.6

Quality Assurance/Quality Control and Sampling Procedures

One-meter-long intervals of half-split NQ core were sampled along the entire length of the holes.

Core was split along its length by hand with a diamond blade rock saw. Samples were sent to

Bureau Veritas, an independent laboratory in Vancouver B.C. where analytical results were

obtained using FA430, a fire assay method for gold. Standards, blanks, field duplicates (quarter

core), and crush duplicates were inserted into the sample sequence at a rate of approximately

one QA/QC sample for every ten samples submitted to the lab. An initial review of the drilling,

sampling and assaying procedures did not recognize any factors that would materially affect the

accuracy or reliability of the assay data disclosed.

Quality assurance in the field was provided by the operator Centerra during drilling. The Kestrel

QP was on-site 21-24 July.

Pat Lynch, President and CEO of Kestrel, states: “We are excited that Centerra continued drilling

into October to infill at the Main Zone further testing QCM potential. Drilling at QCM’s Main Zone

returned encouraging results as the numbers dictate. The 14 Vein drilling results and additional

drilling at the Main Zone will be made available as soon as we can return them to you”.

Qualified Person

Greg Lynch P.Geo., a Qualified Person as defined by National Instrument 43-101 who is also a

director of the corporation, has reviewed and approved the technical information contained in this

news release.

About Kestrel Gold

Kestrel Gold Inc. is an exploration company headquartered in western Canada and focused on

the Canadian Cordillera. Kestrel has earned a 100% interest, subject to a 2% NSR royalty with

buydown provisions, in the QCM Property which is an orogenic gold target located in the Manson-

Germanson placer district. Kestrel has also earned a 100% interest, subject to a 2.5% NSR royalty

with buydown provisions, in the KSD Property which is an orogenic gold target located in the

Yukon portion of the Tintina Gold Belt. Kestrel is listed on the TSX Venture exchange under the

symbol KGC. Readers are encouraged to refer to the Corporation’s website

“www.kestrelgold.com” for further information.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information.

This forward-looking information relates to future events or the Corporation’s future performance

including exploration activity that could take place on the Corporation’s properties or projects.

This forward-looking information is subject to certain risks and uncertainties and may be based

on assumptions that could cause actual results to differ materially from those anticipated or

implied in the forward-looking information. The Corporation’s forward-looking information is

expressly qualified in its entirety by this cautionary statement. Except as required by law, the

Corporation undertakes no 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) ACCEPTS

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information contact:

Pat Lynch, President and CEO

Office: (403) 660-3329

Email: [email protected]

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