Perseverance Metals Intersects High Grade 4.07% Nickel over 2.1m with 0.69% Copper, 0.12% Cobalt, and 1.86g/t PGEs from Baseline Zone Discovery, Lac Gayot Project, Québec Copper-Rich Zone Grading 3.4% Cu and 2.1% Ni also
Perseverance Metals Intersects High Grade
4.07% Nickel over 2.1m with 0.69% Copper,
0.12% Cobalt, and 1.86g/t PGEs from Baseline
Zone Discovery, Lac Gayot Project, Québec
Copper-Rich Zone Grading 3.4% Cu and 2.1% Ni also
Intersected in Follow-up Drilling
Vancouver, British Columbia--(Newsfile Corp. - January 8, 2026) - Perseverance Metals Inc. (TSXV:
PMI) ("
Perseverance
", "
PMI
" or the "
Company
") is very pleased to provide assay results from six
additional diamond drill holes (BAS-25-003 to 008), including 2.1m of massive sulphides previously
announced. These holes were drilled to target Ni-Cu-Co-PGE magmatic sulphide mineralization within
the
Baseline Zone Discovery
, part of the 6km long by 2km wide
Venus East Mineralized Trend
in
the eastern portion of the district scale Lac Gayot project, northern Québec. The first 2 holes from
Baseline, including discovery hole BAS-25-002, were
reported in the
Nov 5, 2025 PMI News Release
.
Highlights of Baseline Zone Drilling
High Grade Polymetallic Intersection
: The 2.1m shallow intersection of massive magmatic
sulphides (
see Figure 1 below
) intersected in hole BAS-25-004, is 25 metres along strike from
discovery hole BAS-25-002, yielding
4.03% Ni, 0.69% Cu
,
0.12% Co
, and
1.79 g/t Pd
(see
Table 1).
Figure 1:
Photos of the
2.1 metre massive sulphide
intersection from BAS-25-004 (
click image to
enlarge
). Note the pentlandite "eyes" in the lower right close-up image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9861/279785_1a78d0a714504b04_001full.jpg
Copper-Rich Zone Discovered:
BAS-25-003, drilled ~25 metres up-dip from BAS-25-004
encountered
3.39% Cu, 2.06% Ni, 0.35% Co, 1.62 g/t Pd, 0.20 g/t Pt
and
0.32 g/t Au
over a
0.50 metre interval of massive sulphide, within a broader 1.31m intersection of
1.39% Cu, 1.31%
Ni, 0.15% Co, 0.90g/t Pd
,
0.13g/t Pt
and
0.14g/t Au
.
This intersection highlights the variable metal content of the high-grade polymetallic magmatic massive
sulphides of the Baseline Zone and broader Venus East Trend.
Significance of Baseline Zone Drilling
Immediate Expansion Potential via off-hole BHEM Anomalies:
Multiple conductors
interpreted in downhole borehole EM ("BHEM") surveys correlate strongly to the massive sulphide
drill intersections documented in the Baseline Zone. Management believes that this validates a
direct detection exploration technique that can be applied broadly using detailed surface surveys.
These conductors extend along-strike +100m NE and +60m SW (
see Figure 2 below
) from the
area drilled.
Broader Potential - the Nasique, 'L' and De Champlain Zones:
The Baseline Zone has now
been established as an at least 1.3km long trend of fertile ultramafic rocks with airborne and
ground EM conductive targets within the 6km by 2km Venus East Ni-Cu-Co-PGE Mineralized
Trend extending NE from the southern to northern Baseline Zone drill intersections (
see Figure 2
below
).
This permissive stratigraphy, correlated to the contact between the upper and lower volcanic (komatiitic)
packages, has the clear potential to extend over 3 kilometres further north to mineralization hosted in the
same stratigraphy at the
'L'
and
De Champlain
Zones,
and over 1 km south to the
Nasique Zone
(
see
Figure 3 below
and
Sept 9 2024 PMI Nasique Zone News Release
).
Historical results
*1
from the 'L' and De Champlain Zones include:
'L' Zone
(
2000 drilling, BHP
)
*1
:
2.2% Ni, 1.6% Cu
&
2.4 g/t PGEs
over
11.4 metres
- including
6.2% Ni, 0.9% Cu
&
5.9 g/t Pt+Pd+Au
over
1.9 metres
De Champlain Zone
(
2000 trenching, BHP
)
*1
:
1.9% Ni, 0.3% Cu
&
1.0 g/t Pt+Pd
over
2.0
metres
- including
10.0% Ni, 0.3% Cu
&
4.5 g/t Pt+Pd
over
0.3 metres
"I am thrilled with what is developing at the Baseline Zone, in particular what it indicates for the
potential of the broader Venus East Trend to host a significant, high-grade Ni-Cu-Co-PGE deposit.
Multiple, sequential intersections of high-grade nickel sulphide strengthen our conviction in the
overall fertility of the trend,"
said Michael Tucker, CEO.
"This, coupled with the validation of our
geophysical targeting methodology will allow us to expand on the known zones of mineralization and
more effectively vector into additional zones, with an emphasis on finding thick massive sulphides,
within the Venus East Trend and the broader Lac Gayot Project."
Baseline Zone Results - Background and Discussion
The Baseline drill target was initially identified as a strong subsurface (blind) conductor detected during
the Company's 2024 Helitem
2
airborne survey, 600 metres SW of a nickel sulphide-mineralized boulder.
Ground-truthing of these conductors did not reveal surface mineralization, but a moving loop SQUID EM
survey conducted in the summer of 2024 confirmed the airborne conductor location, with the resulting
3,000 Siemen per metre ("
S/m
") conductive plate becoming the initial Baseline conductor shallow drill
target.
Holes BAS-25-001 and 002 early in the summer/fall 2025 program both intersected Ni-Cu-Co-PGE
mineralization correlating to this plate (see Table 1 below and
Nov 5, 2025 PMI News Release
).
Subsequent BHEM surveys within these two holes led to the modelling of a 200m long, 7,000 S/m plate
trending to the NE, which became the target of follow up holes BAS-25-003, 004, 005, and 008. Final
BHEM modelling further increased the conductance of the Maxwell plate to 10,000 S/m and indicates
extensions along strike over 100m to the NE and over 60m to the SW from current drilling.
The magmatic massive sulphide mineralization at the Baseline Zone appears to be a lens that loosely
tracks the contact of an ultramafic unit (
see Figure 4 below
). Based on textures within the sulphides and
their localized presence within hanging wall rocks above the ultramafic unit, it is probable that this lens of
sulphides is structurally mobilized from where it was initially deposited. This is further supported by a lack
of disseminated mineralization in the immediate vicinity of the massive sulphide zones.
Importantly, this provides a means to use this sulphide lens and its strong geophysical signature to trace
it back to the more fertile ultramafic rocks responsible for the sulphide generation. The longitudinal
section (
see Figure 5 below
) illustrates the trend of the zone shallowing to the NE and plunging the SW -
an orientation that is supported by the geophysical model. In 2026, step-out drilling will be directed at
testing down-plunge of the massive sulphide mineralization and will be continuously guided by BHEM
data with the goal of vectoring towards the source of deposition as well as zones of structural thickening
of massive sulphide lenses.
Baseline Zone - Next Steps in 2026
A high-resolution ground SQUID (
Superconducting Quantum Interference Device
) - a high sensitivity
ground EM survey specifically designed to detect similar massive sulphide zones at the Raglan Ni-Cu-
Co-PGE mine - will be conducted in early 2026 over the entire Venus East Trend. This will include the
Baseline and five other mineralized zones identified to date, with the goal of identifying additional
conductive targets for the spring/summer 2026 drill campaign, which will focus on the Venus East Trend
of the Lac Gayot project.
Baseline Zone 2026 drill results - Significant Assays
Hole ID
From
To
Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Pd
(g/t)
Pt
(g/t)
Au
(g/t)
Ag
(g/t)
BAS-25-001
*2
96.00
97.60
1.60
0.21
0.25
0.01
0.51
0.32
0.27
2.35
BAS-25-002
*2
110.90
112.00
1.10
1.69
0.59
0.07
0.69
0.07
0.41
4.99
including
*2
110.90
111.20
0.30
4.13
0.33
0.14
1.53
0.19
0.02
7.80
BAS-25-003
98.80
102.30
3.50
0.68
0.64
0.07
0.42
0.07
0.07
3.55
including
98.90
100.20
1.30
1.31
1.39
0.15
0.90
0.13
0.14
7.18
including
99.15
99.65
0.50
2.06
3.39
0.35
1.62
0.20
0.32
16.20
BAS-25-004
114.8
117.20
2.40
3.63
0.61
0.11
1.59
0.07
0.06
5.40
including
114.8
116.90
2.10
4.03
0.69
0.12
1.79
0.07
0.06
5.93
BAS-25-005
166.50
169.00
2.80
0.06
0.02
0.00
0.12
0.16
0.01
0.38
BAS-25-006
34.40
34.90
0.50
1.31
0.05
0.04
0.09
0.10
1.05
6.60
BAS-25-007
70.00
73.70
3.70
0.15
0.01
0.00
0.01
0.01
0.25
2.39
BAS-25-008
93.45
93.80
0.35
0.14
0.27
0.05
pending
2.10
Table 1:
Significant assay results from the Baseline Zone.'
*2
' indicates previously reported results,
see
PMI News Release Nov 5 2025
]
Note to Table 1:
At this point in time, thicknesses and orientations of mineralized zones are still being understood, as a result, intersections are
not necessarily indicative of the true width of the zone. However, given the dip of stratigraphy and orientation drilled, it is expected that the
intersections are between 60-100% of true thickness
*1
Drill results for "L" Zone drill hole GA00-23B are sourced from assessment report GM 58741 prepared by BHP (2000). De Champlain trench
results from the 'fall 2000 trench' sourced from assessment report GM 58440 prepared by BHP (2000). These results are historical in nature and
have not been verified by the Company. Further exploration is required to verify the historical results, and they may not be indicative of
mineralization of the Lac Gayot project. For further information on historical exploration completed at the Lac Gayot project, see the Company's
technical report titled "NI 43-101Technical Report, Lac Gayot Ni-Cu-PGE project, Quebec" prepared by Claude Duplessis and dated September
10, 2025, which is available on SEDAR+ (
http://www.sedarplus.ca
).
Figure 2:
Drill holes and traces for the Baseline Zone drilling over airborne magnetics including
conductive Maxwell plate models from Borehole EM and SQUID Ground EM surveys (
click to
enlarge
)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9861/279785_1a78d0a714504b04_002full.jpg
Figure 3
: The Venus East Trend, highlighting the potential of the Baseline Zone to extend over 4 kms
to include the Nasique, L" and De Champlain Zones (
click to enlarge
)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9861/279785_1a78d0a714504b04_003full.jpg
Figure 4
: Cross-section through the Baseline Zone mineralization (
click to enlarge
).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9861/279785_1a78d0a714504b04_004full.jpg
Figure 5:
Long section of the Baseline Zone mineralization (
click to enlarge
)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9861/279785_1a78d0a714504b04_005full.jpg
Hole ID
Easting
Northing
Length
(m)
Azimuth
Dip
Elevation
(m)
BAS-25-001
370620
6163847
157.00
110
-45
480
BAS-25-002
370620
6163847
160.25
110
-60
480
BAS-25-003
370629
6163870
143.00
110
-52
479
BAS-25-004
370629
6163870
145.10
110
-64
479
BAS-25-005
370628
6163870
227.00
110
-73
479
BAS-25-006
371184
6164175
86.00
120
-45
475
BAS-25-007
371184
6164175
92.60
120
-72
475
BAS-25-008
370633
6163900
173.00
110
-45
476
Table 2:
Baseline drill hole collar locations and orientations. Coordinates are in UTM Nad 83, Zone
19
QA/QC
Drill core description and sampling were completed by Laurentia Exploration. The quality assurance and
quality control protocols include insertion of blank and standard samples in the sampling. A regular
insertion of blank, duplicate, and standard samples accredited by ALS Minerals during the analytical
process was also completed. The drilling operation was performed by Forage Fusion from Hawkesbury
in Ontario. The drill core is NQ size.
During drilling program, the drill core was logged and sampled at Gayot camp. The drill core was cut by
a diamond saw and put in plastic bags with their unique sample numbers. They were grouped in large
rice bags at the camp. All the samples were flown by helicopter between the Gayot Camp and the Lac
Pau outfitter before being transported by truck to the Laurentia Exploration office in Saguenay, Quebec.
All samples were then sent to the ALS Minerals laboratory in Val d'Or, Québec for PREP-31a
preparation protocol. They were then sent to the ALS Minerals Vancouver laboratory for analysis. ALS
Minerals is independent from the Company.
The results available in this News Release come from samples analyzed by two different methods. Gold,
platinum and palladium values were determined using the PGM-ICP24 procedure which involves fire
assay using a 50-gram charge with an inductively coupled plasma-atomic emission spectroscopy finish
("ICP-AES"). The same samples were also analyzed using the ME-ICP61 method to determine their
cobalt, copper, nickel and silver content. The ME-ICP61 method is a 4-Acid digestion with an ICP-AES
finish. Samples exceeding the detection limit (10,000ppm) for nickel or copper were reanalyzed using
method Ni-OG62 for Nickel and Cu-OG62 for Copper, a 4-acid digestion and ICP finish.
Technical Information & QP Statement
The technical and geological information contained in this news release has been reviewed, verified and
approved by Hugues Guérin-Tremblay, P. Geo (OGQ #1584), who is recognized as a Qualified Person
under the guidelines of National Instrument 43-101. Mr. Guérin-Tremblay is a geologist consultant with
Laurentia Exploration who is responsible for the exploration work on the Gayot property. M. Guérin-
Tremblay has read and approved the technical contents of this news release.
Drilling and sampling results may be influenced by factors such as core recovery, sample
representativity, or analytical limitations; however, none of these factors are considered to materially
affect the accuracy or reliability of the data at this stage.
About Perseverance Metals
Perseverance Metals is a critical minerals explorer with a project portfolio that is strategically located in
key North American Ni-Cu-Co-PGE and hard rock lithium regions, including Québec's prolific James
Bay district and Michigan's productive Mid-Continent Rift.
Our strict science-driven approach and extensive track record of discovery as leveraged via an
exceptional technical advisory board, coupled with an industry-leading team armed with next-generation
exploration tools, provide us with a distinct competitive advantage. This offers a unique opportunity for
investors to be exposed to a portfolio of projects with the potential for multiple discoveries.
Perseverance's exploration assets include:
i
.
the
Lac Gayot
high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety
of the 30km Venus Greenstone Belt in Québec, featuring multiple, very high-grade Ni-Cu-Co-PGE
showings and zones along with numerous large spodumene-bearing pegmatites with consistent
high lithium grades in channel sampling;