Metalsource Mining Announces Transformational Acquisition that Delivers Silver Expansion and Gold Potential in a top U.S. Jurisdiction
Metalsource Mining Inc.
NEWS RELEASE
Metalsource Mining Announces Transformational Acquisition that Delivers
Silver Expansion and Gold Potential in a top U.S. Jurisdiction
VANCOUVER, BRITISH COLUMBIA – September 12, 2025 – METALSOURCE MINING INC.
(the “Company” or “Metalsource”) (CSE: “MSM”) is pleased to announce that it has entered into
a definitive option agreement (the “ Option Agreement ”) with Goldstrike Minerals, LLC
(“Goldstrike”), pursuant to which Goldstrike has agreed to grant an option (the “ Option”) to the
Company to acquire 100% of Goldstrike’s rights and interests in and to certain mineral lease
agreements and mineral exploration licenses in the State of North Carolina (the “ Transaction”).
The Option wi ll expire on the date that is twenty -four (24) months after the closing date
(the “Closing Date”) of the Transaction (the “Option Expiry Date”).
Goldstrike
Goldstrike is a company incorporated in North Carolina, USA, which is primarily engaged in the
discovery and development of commercial gold and base metal deposits in the Carolina Slate Belt
(Carolina Terrane) region of North and South Carolina. Goldstrike holds rights and interests in
and to certain mineral lease agreements and mineral exploration licenses (collectively, the
“Leases”) with respect to the Silver Hill Mine Project and the Byrd- Pilot Project, consisting of
approximately 2,160 total acres located in portions of Davidson County and Randolph County in
North Carolina (collectively, the “Mining Projects”).
Highlights:
Silver Hill Project
● Project comprised of 1,128 acres located in Davidson County, North Carolina.
● America’s first significant Silver discovery and first commercial silver producer.
● Historic estimate on mineralized lenses
Byrd-Pilot Mountain Project
● Project comprised of 1,032 acres in Randolph County, North Carolina.
● Large alteration footprint with abundant silicification, advanced argylic alteration and QSP
alteration.
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● Limited exploration to date, with positive RC drill results, including 27.4m of 0.9g/t gold
from 24.4m
Summary of Transaction
Pursuant to the Option Agreement, the Company may exercise the Option by paying an aggregate
of $250,000 (the “Cash Payments”) and issuing 15,000,000 common shares in the capital of the
Company (the “ Consideration Shares”) to Goldstrike in consideration for the acquisition of all
rights and interests in and to the Leases, subject to the Company entering into assignment
agreements with the underlying property owners. The Cash Payments and the issuance of the
Consideration Shares will be made in yearly installments over two years, with Metalsource having
the option to accelerate the exercise of the Option and complete the Transaction at any time by
issuing all of the Consideration Shares and making all the Cash Payments.
The Company has also agreed to commit an aggregate of $1,000,000 to the exploration and
development of the mineral interests located within the Mining Projects over two years (the “Work
Commitment”), however completion of the Work Commitment will not affect the Company’s
ability to exercise the Option on an accelerated basis. The Company will have the exclusive right
to manage and operate all work programs carried out on the Mining Projects for so long as the
Option is in force, and all work programs will be in the sole discretion of the Company.
Completion of the Transaction remains subject to a number of conditions that must be satisfied
within 120 days of September 11, 2025, including satisfactory due diligence, receipt of all requisite
consents and approvals of the boards of directors of Metalsource and Goldstrike, receipt of
approval from the Canadian Securities Exchange (“ CSE”) and other applicable regulatory
authorities, the Company having raised at least $2,000,000 by way of a separate private
placement, and other conditions customary for transactions of this nature. The Option Agreement
also contains certain restrictions on each party’s ability to acquire other mineral rights (or interests
therein) within the State of North Carolina not forming part of the Mining Projects. The parties will
endeavor to complete the Transaction as soon as practicable.
The Transaction will be completed pursuant to available exemptions under applicable legislation.
The Consideration Shares are expected to be subject to a hold period expiring four months and
one day after the applicable date of issuance.
“This acquisition is truly transformational for Metalsource Mining. Silver Hill presents a
compelling silver growth story — with historic pods of high-grade mineralization that have never
been tested with modern drilling, we see significant potential to unlock value. At the same time,
Byrd-Pilot offers large-scale discovery potential within a gold-copper porphyry system that has
only been shallowly explored. Equally important, Tom and his team bring exceptional expertise
on these properties and deep knowledge of North Carolina as a jurisdiction. Their years of
groundwork provide us with an invaluable platform as we advance into the next phase of
exploration. Securing two quality U.S. projects of this caliber is a rare opportunity, one that
positions Metalsource for multiple discovery pathways in a top-tier jurisdiction,” said Joe Cullen,
CEO.
Silver Hill Project
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Located in the Carolina Terrane, the property is underlain by volcaniclastic and volcano-
sedimentary of mostly Neoproterozoic and Cambrian age, suggested to be an extension of the
Avalon Terrane. The property is 1,128 acres located in Davidson County, North Carolina. As the
first significant discovery and first silver-producing mine in America, there is an extensive drillhole
database, underground mapping, historic dumps and underground chip samples which comprise
the historic dataset. This mineralization extends to 550m from surface, in steeply trending lenses,
which remain open in multiple directions.Bolstering these historic records, recent surface
sampling included results including SH25- 003 containing 444g/t Ag, 17.7 g/t Au, 8.61% Pb and
0.507% Zn.
In 2023 SRK conducted a review of the existing data and created a “mineral inventory”. This
historical estimate suggests the presence of 347,422 tonnes grading 23.7 g/t silver, 2.17 g/t gold,
0.20% copper, 2.5479% lead, 7.888.66% zinc (SRK Technical Memor andum Project
#USPR001521, 2023) This historic estimate was characterized as "a mineral inventory" and was
not calculated using CIM or SME defined standards and should not be considered mineral
resources, but it merits stating as it is a culmination of eff orts on the project and shows the
geologic potential. The mineral inventory relied on a MetVal calculation using the formula = (Ag
OPT * Ag recovery * Ag US$/oz) + (Au OPT * Au recovery * Au US$/oz) + ((Cu % * Cu recovery
* Cu US$/lb)/100)*2000) ((Pb % * Pb recovery * Pb US$/lb)/100)*2000) + ((Zn % * Zn recovery *
Zn US$/lb)/100)*2000), where US$1805/oz Au, US$22.70/oz Ag, US$3.75/lbs Cu, US$1.34/lb
Zn, US$0.94/lb Pb and recoveries Au 95.5%, Ag 89.9%, Cu 86.3%, Zn 91.4%, 84.5% Pb. A
qualified person has no t conducted sufficient work to define what work would be required to
classify the historical estimate to meet current CIM definitions of a resource (this may require
additional drilling and other work, as yet undefined). Metalsource Mining is not treating this historic
estimate as current mineral resources and a qualified person has not reviewed the work to define
the quality of the work associated with this historic estimate.
Byrd-Pilot Mountain Project
Located in central North Carolina, within the Carolina Terrane. Early USGS work in the 1980s
flagged the area as possibly hosting a porphyry gold- copper system, subsequent work
demonstrated broad gold mineralization in soils, trenches, and shallow RC drilling, coincident with
strong self -potential anomalies. Geology shows intense quartz -sericite-pyrite alteration, high-
sulfidation signatures, and high-alumina minerals (like Haile and Brewer deposits to the south),
suggesting potential for a large epithermal or porphyry-related gold system. Geologic modelling
indicates east-west trend to the identified mineralization, open in multiple directions, with oxidation
noted down to a depth of 30m. No drilling has tested the Meridian discovery zone since those
1980s campaigns, leaving potential for significant resource expansion through work commitments
of the agreement.
Qualified Person
All scientific and technical information in this news release has been reviewed and prepared
under the supervision of Rory Kutluoglu, P.Geo., a Qualified Person as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Metalsource Mining Inc.
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The Company is engaged in acquisition, exploration and development of mineral property assets.
The Company’s objective is to locate and develop economic precious and base metal properties
of merit and to conduct its exploration program on the Aruba Property. The Aruba Property is
located in the Kalahari Desert region of Botswana, covering 4,663 square kilometers in an area
prospective for platinum group metals, gold, silver, and manganese mineralization.
For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
_________________________
Joseph Cullen, Chief Executive Officer and Director
For more information please contact:
Mr. Joseph Cullen
Phone: 778-919-8615
Email: [email protected]
Website: https://www.metalsourcemining.com
Forward-Looking Statements:
This news release contains forward- looking statements and forward- looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this
news release that are not purely historical are forward-looking statements and include statements regarding
beliefs, plans, expectations and orientations regarding the future including, without limitation, that the
Company will exercise the Option, the Transaction will close, the Leases will be acquired by the Company
and the Company will proceed with its plans for exploration of the property. Although the Company believes
that such statements are reasonable and reflect expectations of future developments and other factors
which management believes to be reasonable and relevant, the Company can give no assurance that such
expectations will prove to be correct. Forward-looking statements are typically identified by words such as:
"believes", "expects", "anticipates", "intends", "estimates", "plans", "may" , "should", "would", "will",
"potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their
nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
In making the forward-looking statements in this news release, the Company has applied several material
assumptions, including without limitation, that it and Goldstrike will obtain the required approvals for the
Transaction, market fundamentals will support the viability of mineral exploration, the receipt of any
necessary permits, licenses and regulatory approvals in connection with the future exploration of the
property, the availability of the financing required for the Company to carry out its planned future act ivities,
and the availability of and the ability to retain and attract qualified personnel.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to differ materially from any future
results, performance or achievements expressed or implied by the forward- looking information. Such risks
and other factors include the inability of the Company to close the Transaction (including as a result of the
inability of the Company and Goldstrike to obtain the required approvals), execute its pr oposed business
plans, and carry out planned future activities. Other factors may also adversely affect the future results or
performance of the Company, including general economic, market or business conditions, future prices of
minerals including gold an d silver, changes in the financial markets and in the demand for minerals,
including gold and silver, changes in laws, regulations and policies affecting the mineral exploration
industry, risks related to the acquisition of the property, as well as the ris ks and uncertainties which are
more fully described in the Company's annual and quarterly management's discussion and analysis and in
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other filings made by the Company with Canadian securities regulatory authorities under the Company's
profile at www.sedarplus.ca. Readers are cautioned that forward-looking statements are not guarantees of
future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking
statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by
applicable law, the Company assumes no obligation to update the forward-looking statements or to update
the reasons why actual results could differ from those projected in these forward-looking statements.
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the
CSE) accepts responsibility for the adequacy or accuracy of this release.