MetalQuest Enters Due-Diligence Period on the West Cameron Gold Project, 60 km South of Kenora, in the Kenora Mining District, Northwestern Ontario
MetalQuest Mining Inc. TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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MetalQuest Enters Due-Diligence Period on the West Cameron Gold Project,
60 km South of Kenora, in the Kenora Mining District, Northwestern Ontario
February 3 , 202 6 -Vancouver, BC – MetalQuest Mining Inc. (TSX.V: MQM; OTCQB: MQMIF)
(“MQM” or “Company”) is pleased to announce that it has entered into an option agreement dated January
29, 2026 (the “Agreement”) with Gallik Explorations Inc. (“Gallik”), a wholly owned company of Mr. Troy
Gallik, whereby Gallik has provided the Company a due diligence period on the potential acquisition of a
100% interest in the West Cameron Gold Project (the “Project”), located in the southern portion of
Kenora Mining District, Northwestern Ontario.
The Agreement provides a due diligence period of 4 0 days at which time the Company will have an
additional five (5) business days to provide a notice to proceed (the “Notice”) to Gallik. Upon completion
of the Company’s due diligence review and the delivery of the Notice, a subsequent news release will be
issued. In the event the Company provides Gallik with Notice, the date of the Notice would become the
effective date of the Agreement.
This acquisition would represent MetalQuest’s initial entry into gold exploration and forward momentum
towards its objective of diversifying its portfolio. The nearby infrastructure associated with the Project
includes hydro powerlines, highways and all-weather roads, with proximity to towns and cities while being
within established Canadian mining districts.
Chairman and CEO Harry Barr stated, “The potential acquisition of West Cameron Gold Project would
mark the formal entry into gold exploration and reflects our strategy of building a portfolio of technically
strong exploration assets in premier Canadian mining jurisdictions. The Kenora District offers excellent
infrastructure, supportive First Nation communities, and growing strategic interest from major industry
participants. With proximity to the Cameron Gold Deposit and regional consolidation activity , West
Cameron provides a compelling platform for discovery-driven growth.”
Highlights
• MetalQuest looking to diversify portfolio to expand into gold exploration with the potential
acquisition of a 1,700-hectare project in the Kenora Mining District, Ontario
• Located approximately 10km south of the town of Sioux Narrows and 60km south of the City of
Kenora, benefiting from year-round road access and established regional infrastructure
• Located adjacent to First Mining Gold Corp.’s Cameron Gold Project
• Gold mineralization hosted in shear zones, quartz-carbonate veining, altered felsic intrusions, and
structurally deformed rock packages
• Interpreted regional Cameron Lake fault trend extends across the property
• New Porphyry intrusive target identified as a key focus for follow-up exploration
• Historical surface sampling returned gold values up to 9.18 g/t Au
• The Company , upon notice to proceed with the Agreement, plans to engage with local First
Nation communities and intends to pursue opportunities for collaborative and respectful
partnerships, consistent with its commitment to responsible exploration
MetalQuest Mining Inc. TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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A Strategic Gold Hub
The Kenora Mining District has historically been underexplored and is increasingly emerging as an
active exploration and development region , supported in part by improved commodity prices and
renewed industry and investor interest.
The region offers a compelling combination of:
• Established mining infrastructure and highway access
• Proximity to power, workforce, and service centers
• Favorable permitting environment and community relationships
Recent acquisitions and investments within and adjacent to the district, include:
• Accelerating regional consolidation and validation, highlighted by Coeur Mining’s announced
acquisition of New Gold in a ~US$7 billion transaction As stated here: Coeur Mining, Inc.
(2025). Coeur announces acquisition of New Gold to create a new all -North American senior
precious metals producer. Coeur Mining News Release.
• The Cameron Lake Gold Project acquisition, led by Frank Giustra’s Fiore Group and First
Mining Gold Corp., in a transaction valued at approximately CAD $27 million. As stated here:
First Mining Gold Corp. (2025, November 20). First Mining announces new partnership to
advance Cameron Gold Project.
• Growing exploration and development activity by junior, mid -tier, and senior mining
companies, reflecting renewed industry interest in the Kenora and nearby districts
The Company notes growing support for mineral exploration at the provincial, regional, and municipal
levels, including policies and initiatives intended to encourage responsible resource development and
investment.
West Cameron Gold Project
The West Cameron Gold Project covers approximately 1,700 hectares (~4,200 acres) and benefits from
year-round access via Highway 71, logging roads, and established trails.
The Project is adjacent to the Cameron Lake claim group, as shown in Figure 1. The Cameron Lake Deposit
hosts pit-constrained (0.55 g/t Au cut -off) Measured and Indicated mineral resources of
approximately 3.5 million tonnes grading 2.45 g/t Au, containing approximately 274,000 ounces of
gold, and pit-constrained Inferred mineral resources of approximately 0.035 million tonnes grading
2.45 g/t Au, containing approximately 3,000 ounces of gold . In addition, the deposit hosts
underground (2.00 g/t Au cut -off) Measured and Indicated mineral resources of
approximately 2.0 million tonnes grading 2.90 g/t Au, containing approximately 190,000
ounces of gold , and underground Inferred mineral resources of approximately 6.5 million
tonnes grading 2.54 g/t Au, containing approximately 530,000 ounces of gold . As disclosed in
the Technical Report on the Cameron Gold Deposit, Ontario, Canada (First Mining Finance Corp.,
effective January 17, 2017). Mineral resources are not mineral reserves and do not have demonstrated
economic viability.
MetalQuest Mining Inc. TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Historical surface sampling results on the West Cameron Project are reported in Ontario Ministry of Mines
assessment filings, including the 2004 Geological Mapping and Sampling Report on the Cameron Lake
Property (Cunniah Lake Inc.; Clark Exploration Inc.) and the 2014 Flint Lake Prospecting and Target
Evaluation Report (Metals Creek Resources Corp.). These reports document grab samples returning
values of up to 9.18 g/t Au from sheared mafic volcanic rocks, as well as grab samples returning
values of up to 1.9 g/t Au from the New Porphyry intrusive target, shown in Figure 2. Grab samples are
selective by nature and may not be representative of underlying mineralization or true grade distribution.
Figure 1: Location of the West Cameron Gold Project near Sioux Narrows, Northwestern Ontario, adjacent to
the Cameron Lake Property. First Mining’s Cameron Lake Gold Deposit is located approximately 12 km from the
project along an all-weather access road.
Gold mineralization on the property is associated with:
• Quartz-carbonate veining within shear zones
• Sheared felsic intrusions
• Brecciated and structurally deformed host rocks
• Carbonate alteration and sulfide assemblages, including pyrite and chalcopyrite
The interpreted regional Cameron Lake Fault, shown in Figure 2, is mapped as trending through the
property and is considered a prospective structural feature for guiding exploration targeting. This structure
is part of a broader regional structural framework that includes the Cameron Lake area.
MetalQuest Mining Inc. TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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A key exploration focus is the New Porphyry intrusive unit, located entirely within the Project boundary.
This intrusion is structurally controlled and has returned anomalous gold values , supporting the
interpretation of a potential intrusive-related gold mineralizing system.
The Project has been explored intermittently by Gulf Minerals, Cunniah Lake Inc, Noranda, Endurance
Gold, North American Uranium Corp., and Metals Creek Resources.
Figure 2: Geological map of the West Cameron Gold Project showing the locations of historical grab samples
above 0.5 g/t Au and an interpreted regional structural trend (Cameron Lake trend). Structural features shown
are inferred based on historical mapping and geophysical interpretation and are subject to revision with
additional work. Regional geological framework adapted in part from the Ontario Geological Survey,
Precambrian Geology of the Kakagi–Rowan Lakes Area (Map P.3594), Ontario Ministry of Mines.
Option Terms
In the event the Company proceeds with the Agreement, to earn a 100% interest in the Project , subject to
2% Net Smelter Royalty, the Company would have to pay to Gallik $15,000 in cash and $15,000 in shares
upon the receipt of TSX Venture Exchange approval and $20,000 in cash and $20,000 in shares in each
year 1, 2 and 3 for total consideration of $75,000 in cash and $75,000 in sh ares. Further details of the
Agreement and potential share issuances will be included in the Company’s subsequent release should it
decide to provide Notice.
MetalQuest Mining Inc. TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Chairman Messages
To read the latest Chairman message on MetalQuest Mining, please click here.
To read the Year End 2025 Summary and Go Forward plan press release, please click here.
Qualified Person
Troy Gallik, P.Geo. (Member ID 3550), a Practising Registrant and Qualified Person (“QP”) as defined by
National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the
scientific and technical information contained in this news release. Mr. Gallik is a geological consultant to
MetalQuest Mining (MQM) and is not independent for the purposes of NI 43-101.
The QP has reviewed available assessment files, historical drill logs, geophysical datasets, government
geological data, and public technical reports relevant to the Project, which is presently subject to the
Company’s due diligence review under an option agreement. The QP has not completed sufficient work to
independently verify all historical exploration data referenced herein, particularly data generated by
previous operators; however, the QP considers the historical information to have been collected us ing
industry-standard practices of the time and to be reasonably reliable for the purposes of early -stage
exploration and target generation.
Mineral resources referenced on adjacent properties are not necessarily indicative of mineralization on the
Project.
The Company notes that Mr. Gallik is the underlying vendor of the Project and is therefore not independent
for the purposes of NI 43-101. During the due diligence period the Company will conduct its own separate
technical review of the Project prior to making its decision to provide a notice to proceed with the
Agreement.
The Company also notes that Gallik, a wholly owned company of Troy Gallik , is a geological consultant
to MetalQuest Mining Inc. however, remains at arm’s length to the Company as defined by TSX Venture
Exchange policies.
About MetalQuest Mining
MetalQuest Mining (MQM) owns 100% of Lac Otelnuk and is working to develop one of the largest Iron
projects in North America. The Lac Otelnuk Iron Project is located in Quebec’s Labrador Trough and is
approximately 165 km by air northwest of the Town of Sc hefferville, and 1200 km northeast of Montreal
by air. The Company has recently acquired a portion of the underlying net smelter return (NSR)
royalty on the Project, https://metalquestmining.com/news/metalquest-mining-amends-royalty-on-its-
lac-otelnuk-iron-project-in-quebec/.
The Quebec government has transferred 100% of the claims into MQM’s name and management is
accumulating a vast amount of technical data as approximately $120 million has been expended on the
project to date. Going forward, one of our primary objectives will be to continue to work with Naskapi First
Nation of Kawawachikamach with whom we have an Exploration and Pre -Development Agreement as of
November 2023. In June 2025, MQM signed an agreement with AtkinsRéalis, a engineering services and
nuclear company with offices around the world to conduct a comprehensive Gap Analysis of the historic
MetalQuest Mining Inc. TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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2015 Feasibility Study (FS) for the Lac Otelnuk Iron Project. The new studies will identify areas
requiring updates to align the historic 2015 Feasibility Study with current market dynamics,
regulatory frameworks, engineering best practices, and environmental standards.
On December 3rd, 2025, MetalQuest Mining (MQM) announced the acquisition of the ROF-1 Project, a
critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claim s (~20,800 hectares, ~52,000
acres). The Ring of Fire is one of Canada’s most important emerging critical minerals districts,
supported by growing infrastructure and government attention as the region advances toward
potential development. ROF-1 Project is located approximately 10 km from major nearby deposits and
has identified exploration potential for VMS -style mineralization and multiple untested target corridors
based on historic work and technical review. https://metalquestmining.com/news/metalquest-secures-
critical-minerals-project-in-northern-ontarios-ring-of-fire-region/
The previously announced acquisition of the Fishhook Polymetallic Project represents MetalQuest’s
second step in building a broader multi-project Ring of Fire strategy, with the Company continuing
to review additional opportunities in the region. https://metalquestmining.com/news/metalquest-
acquires-a-second-22000-ha-property-in-the-ring-of-fire-northern-ontario-the-fishhook-
polymetallic-project/
New Age Metals Inc., a significant shareholder of MetalQuest Mining Inc. with approximately 9.63%
undiluted and ~14.6% partially diluted , has recently advanced into the Ring of Fire through the
acquisition of new exploration properties, reflecting increasing exploration momentum within the
district. New Age Metals’ activities are independent of MetalQuest’s operations.
New Age Metals is focused on the discovery and advancement of platinum group metals and other critical
minerals projects in North America and has identified the Ring of Fire as a strategic area for long -term
growth. The expansion of its exploration portfo lio within this emerging district highlights continued
industry interest in early -stage, district -scale opportunities supported by improving infrastructure,
government engagement, and regional exploration activity.
With the acquisition of the Fishhook Polymetallic Project in the Ring of Fire, on the January 23 rd,
New Age Metals Inc. and MetalQuest Mining Inc. have assembled approximately 62,800 hectares
(~155,200 acres), consisting of 3,067 mining claims, subject to a 1.0% NSR with a 0.5% buyback,
forming a portfolio of early -stage exploration ground considered pro spective for critical minerals.
The companies will continue to evaluate further acquisitions in the district.
MetalQuest believes that the alignment of shareholder interest and regional exploration focus further
supports the Company’s strategy of disciplined land acquisition and systematic exploration within
the Ring of Fire.
The initial phase of work, planned for Winter/Spring 2026, at the recently acquired Superior Iron Project
will comprise systematic ground truthing, detailed geophysical surveys, and comprehensive environmental
baseline studies. These programs are designed to enhance the geological model, refine the understanding
of mineralized zones, and delineate high -priority drill targets to support the next stage of exploration and
project development.
MetalQuest Mining Inc. TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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The Company also owns ~1.8 million free trading shares and 2.5 million warrants at a strike price of
$0.125 of Canadian Copper (CCI) as of the closing of trading on January 30th, 2026, CCI shares were
trading at $0.78.
Two NSR royalties totaling 1% in the Murray Brook PEA Stage Zinc -Polymetallic Deposit, situated
in the famous Bathurst Mining District, New Brunswick, Eastern Canada.
Canadian Copper Inc (CCI) must pay MQM a pre-production cash payment of $1 million before the
project goes into production and has the right to purchase half of a 0.33% royalty for $1 million
dollars.
In the event that CCI purchases half of the 0.33% royalty, MQM will retain 0.82% royalty in
perpetuity.
The Company has indicated that it is completing a Preliminary Economic Assessment (PEA) on processing
the Murray Brook deposit at the Caribou Processing Complex. Release date is expected in the first half of
2026. CCI recently secured a financing to acquir e the Caribou complex. The Caribou Process Complex
is approved and maintains all required operating permits. See CCI’s website for further details.
Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com where they
can review the company and its corporate activities. Any questions or comments can be directed to Harry
Barr at [email protected] or Max Kaczmer [email protected] by telephone at 613 659
2773.
Opt-in List
If you have not done so already, we encourage you to sign up on our website (www.metalquestmining.com)
to receive our updated news.
On behalf of the Board of Directors and Management, we thank you for your continued support and
trust in MetalQuest Mining.
“Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture
Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements:
This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual
future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to
be forward-looking statements. In addition, forward -looking statements include statements in which the Company uses words such as
“continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “pla n”, “will”, “estimate”, “project”,
“goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of important factors, i ncluding, among others, the Company’s ability and
continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory
and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company
on SEDAR+ (www.sedarplus.ca), including the most recent reports that identify important risk factors that could cause actual results to
differ from those contained in the forward -looking statements. The Company does not undertake any obligation to review or confirm
analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect t he occurrence of unanticipated events. Investors should not place undue reliance on forward -looking
statements.