Loyalist Completes Preliminary Review of the DeSantis Gold Property, Identifying Six New Drill Targets
Loyalist Completes Preliminary Review of the DeSantis Gold Property,
Identifying Six New Drill Targets
Toronto, Ontario – TheNewswire – April 23, 2026 – Loyalist Exploration Limited (CSE:PNGC)
(“Loyalist” or the “Company”) is pleased to announce the completion of a preliminary review of its DeSantis
gold property (the “Property” or the “DeSantis Property”), located approximately 4.5 kilometres (“km”)
southwest of Timmins, Ontario. Six priority targets have been identified, plus an additional target on the
McEnaney claims to the east, highlighting the significant exploration potential of the Property.
In addition, Loyalist has identified a series of historical progress reports from 1963–1964 that reference the
New Hope Porcupine (DeSantis) property and include historical tonnage estimates and sample results for
that property prepared in support of a then-contemplated restart. Readers are cautioned that these historical
estimates are not current, have not been verified by the Qualified Person, and should not be relied upon;
see the Cautionary Statement under “Historical Documents Support Additional Ore Potential at DeSantis”
below.6
DeSantis Preliminary Review Highlights:
• Six priority targets identified in and around the historic DeSantis Mine workings
• 1963–1964 historical progress reports reference the New Hope Porcupine (DeSantis)
property and include historical tonnage estimates (non-NI 43-101 compliant, not current,
not verified and not to be relied upon — see Cautionary Statement below)
• Shallow up-dip extension of the Albitite Zone (Target 1) from surface to the 800-foot level
with the potential to add resources to the property
• Possible parallel gold zone above the Albitite Zone (Target 4) includes a notable
intersection of 25.0 g/t Au over 0.61 m
• Depth extension of the Albitite Zone (Targets 3a & 3b) highlighted as high-priority
exploration target
• West extension of the Hydrothermal Zone (Target 2) supported by historical drill intercepts
• Notable historical intercepts include 7.54 g/t Au over 1.52 m (Target 6) and 3.26 g/t Au over
1.25 m (McEnaney claims)
• Review based on 488 drill holes totalling 101,945.4 m and 21,158 gold assays
Errol Farr, Loyalist’s President & Chief Executive Officer commented, “6 significant targets and
mineralization left in the historic workings make DeSantis a compelling exploration property with significant
untapped potential along the prime Destor-Porcupine corridor. The next step is to conduct a more detailed
review and mapping of the historic workings and creation of a summer work program. We look forward to
advancing these targets as part of our broader Buy Timmins, Mine Timmins strategy.”
DeSantis Project Overview
The Property is located approximately 4.5 km southwest of Timmins, Ontario and is situated 11 km west of
Discovery Silver’s Dome Mine, and 14 km east of Pan American Silver’s Timmins Mine. It covers nearly 5
km of strike length along the north side of the Destor-Porcupine Deformation Zone (DPDZ), a major
structure controlling gold deposits in the region. Between 1926 and 1943, the DeSantis Mine produced
35,784 oz. of gold, 3,142 oz. of silver and 193 lb. of scheelite from 196,928 tons of material at an average
mill head grade of 0.19 oz/ton Au1.
A historical non-NI 43-101 compliant resource estimate totalling 182,505 tonnes at 8.64 g/t Au2,3,4,5 was
completed across the Albitite and Hydrothermal Zones. Investors are cautioned not to rely on this historical
estimate as a current mineral resource; a qualified person has not done sufficient work to classify it as
current under NI 43-101 standards.
Figure 1. The DeSantis Property boundary (magenta) is shown with a bedrock geology map of the Timmins-Porcupine mining
district and the locations of head frames (red stars), historical shafts (orange stars), and gold occurrences (yellow stars) across the
region (modified from the Excellon Resources Inc. news release dated October 31, 2012).
Preliminary Review – Data Overview
An initial review of a historical database acquired by the Company included the following data:
• 488 drill holes totalling 101,945.4 m (surface and underground), with hole depths ranging from 5.4
m to 1,354 m
• 21,158 gold assays from core samples
• Wireframes of historical underground mine workings
• Wireframes of the Hydrothermal and Albitite Zones
Two main gold-mineralized domains have been historically recognized at the DeSantis Mine and described
as follows:
Albitite Zone (AZ): This altered and gold-mineralized zone sits in close proximity to a sheared
mafic/ultramafic contact, approximately 260 m south of Shaft No. 2. The zone exhibits a northeasterly strike
with an apparent southerly dip.
Hydrothermal Zone (HZ): Spatially associated with a zone of hydrothermal alteration in the mafic
volcanics, primarily located west of the shaft. The zone strikes west-southwesterly and dips -40° to -50°
southward. Gold values are genetically associated with relatively sparse and irregular quartz-carbonate
stringers, minor tourmaline, and up to 5% pyrite.
Targets and Areas of Interest
The preliminary review identified six priority targets in and around the DeSantis Mine, plus an additional
target on the McEnaney claims to the east.
Figure 2: Plan map of the Desantis property showing the location of targets (projected to surface) identified in the preliminary data
review.
Figure 2. A 3d view looking towards the west, showing the target areas proximal to the DeSantis Mine workings.
All drill intercepts referenced below are historical, have been sourced from a database acquired by the Company, and
have not been independently verified by the Qualified Person. Reported widths are downhole (core-length) intervals;
true widths are not known at this stage of review. Investors are cautioned not to rely on these historical data as current.
Drill hole collar information for each historical hole referenced below is summarized in Table 1 near the end of this news
release.
Target 1 – Shallow Up-Dip Extension of the Albitite Zone
Target 1 is a high priority target that covers the shallow up-dip extension of the Albitite Zone from surface
to the 800-foot level. There are no documented drill holes or underground sample results from this area in
the recently reviewed database. This lack of information is most likely due to data loss over time, as the
underground workings clearly intersect this target area in the past. Loyalist recommends a thorough data
search to identify any missing historical records. If unsuccessful, a small drilling program is recommended
to evaluate its gold potential in these upper levels of the historical underground workings.
Figure 3. 3D image showing the T arget 1 area from surface to the 800-foot level where historical information is
lacking.
Target 2 – Shallow West Extension of the Hydrothermal Zone:
Historical drilling west of the Hydrothermal Zone intersected gold values in altered mafic volcanics including
the following:
Hole ID From (m) To (m) Length
(m)
Grade (g/t
Au)
DS13-007 37.25 40.35 3.10 2.68
MJD85-006 130.00 131.22 1.22 4.47
Hole ID From (m) To (m) Length
(m)
Grade (g/t
Au)
MJD85-007 93.57 94.09 0.52 2.26
H61-026 65.41 65.87 0.46 1.37
H61-026 71.45 71.93 0.48 4.45
H61-026 79.25 79.86 0.61 1.71
H61-030 30.78 31.79 1.01 1.03
H61-030 53.46 54.44 0.98 1.71
Additional work is recommended to determine if these intersections represent the extension of the HZ.
Targets 3a & 3b – Depth Extension of the Albitite Zone:
Historic deep drilling on the Albitite zone intersected the following significant gold values highlighting the
potential for the continuation of the AZ at depth:
Hole ID From (m) To (m) Length
(m)
Grade (g/t
Au)
DS12-004 845.00 848.00 3.00 5.34
DS11-016F 1,192.45 1,218.40 25.95 2.29
Including 1,196.30 1,199.65 3.35 6.48
Including 1,210.20 1,211.65 1.45 10.00
DS11-016B 1,213.25 1,215.35 2.10 3.19
Target 4 – Possible Parallel Zone Above the Albitite Zone
While testing the Albitite Zone, several historical drill holes intersected narrow gold values that appear to
define a possible zone parallel to and sitting above the AZ. Notable intersections include:
Hole ID From (m) To (m) Length
(m)
Grade (g/t
Au)
DS10-002 290.02 290.63 0.61 25.00
MJD85-012 287.12 295.02 7.90 1.74
Including 292.43 292.88 0.45 12.75
Additional data compilation is recommended, potentially leading to a drill program to test the continuity and
grade of the target.
Target 5 – Deep Isolated Anomaly (DS12-003A)
A low-priority deep target identified by drill hole DS12 -003A, which intersected anomalous gold
mineralization south of the Hydrothermal and Albitite Zones. Testing of this target may be incorporated into
a future deep drilling program targeting the Albitite Zone depth extension (Targets 3a and 3b). Assay
highlights are shown below:
Hole ID From (m) To (m) Length
(m)
Grade (g/t
Au)
DS12-003A 740.00 741.50 1.50 1.30
DS12-003A 766.20 767.00 0.80 1.66
DS12-003A 787.70 788.54 0.84 2.48
Target 6 – West Property Target:
A low-priority target following up on anomalous gold values intersected in historical drill holes on the western
end of the property. Drill hole S34 -008 returned a significant intercept near the bottom of the hole,
warranting further follow-up exploration:
Hole ID From (m) To (m) Length
(m)
Grade (g/t
Au)
S34-008 304.80 306.32 1.52 7.54
McEnaney Claims Target (East Property)
An additional low-priority target occurs on the McEnaney claims to the east of the DeSantis mine area.
Widely-spaced historical drill holes intersected anomalous gold values in altered mafic volcanics, providing
a basis for follow-up exploration. Notable intercepts are shown below:
Hole ID From (m) To (m) Length
(m)
Grade (g/t
Au)
DS13-011 163.75 165.00 1.25 3.26
Historical Documents Support Additional Ore Potential at DeSantis
In conjunction with the preliminary review, Loyalist has identified a set of historical progress reports, filed
under Timmins File T-140 with the Ontario Ministry of Mines and dated 1963–1964, that reference the
DeSantis Mine (then known as New Hope Porcupine Mines Ltd.). The reports were authored by Grant and
Oja Limited (Mine & Exploration Management) on behalf of Kenilworth Mines Limited. During this period,
Kenilworth Mines Limited operated two separate properties: its own Kenilworth Mine and, under a 99-year
operational contract dated August 1963, the adjacent New Hope Porcupine (DeSantis) Mine, located
approximately 2.25 miles northwest of the Kenilworth workings. Only the portions of the T-140 reports that
describe the New Hope Porcupine (DeSantis) property are relevant to the current DeSantis Property;
information relating to the separate Kenilworth Mine is not disclosed here.
The T-140 reports include a section specifically addressing the New Hope Porcupine (DeSantis) property.
The tonnage figures reported for the New Hope Porcupine property are attributed in the November 16, 1963
report to W.R. Dunbar, who served as consulting geologist to the DeSantis Mine during its earlier period of
operation. Key figures from these documents relating to the New Hope Porcupine (DeSantis) property
include:
• 833-20 stope area, 800-foot level (historical estimate): Approximately 108,000 tons of
potential material indicated by drilling (stope 833-20 plus diamond drill holes 15, 19 and 23),
reported at a grade of 0.40 oz/ton Au uncut, as estimated by W.R. Dunbar and cited in the
November 16, 1963 report.6
• 950-foot level (historical estimate): Approximately 157,000 tons of potential material indicated
by four additional drill holes (holes 25, 36, 28 and 37) at the 950-foot level, reported at a grade of
0.40 oz/ton Au uncut.6
• West of the diabase dike (historical estimate): Approximately 265,000 tons reported at a grade
of 0.40 oz/ton Au uncut, located west of a prominent diabase dike on the New Hope Porcupine
property.6
• Aggregate above the 1,200-foot level (historical estimate): W.R. Dunbar estimated, in total,
approximately 700,000 tons above the 1,200-foot level on the New Hope Porcupine property, as
cited in the November 16, 1963 report. No grade was disclosed in that report for the aggregate
figure beyond the 0.40 oz/ton Au uncut grade reported for the component 108,000-ton, 157,000-
ton and 265,000-ton estimates described above.6
The August 27, 1963 shareholder progress report states that the DeSantis Mine was closed during wartime
due to a shortage of available labour and sharply rising material costs, rather than a lack of ore, and that
following closure its equipment was progressively repossessed or sold. The property was subsequently
reorganized under the name New Hope Porcupine Mines, Ltd. in the late 1950s, with additional surface
diamond drilling reported in 1953. Readers should note that the August 27, 1963 document is a promotional
circular issued by Kenilworth Mines Limited to its shareholders, the tonnage and grade figures attributed to
W.R. Dunbar have not been independently verified by the Qualified Person, and the characterization of the
reasons for closure reflects the views of the author of that circular.
Cautionary Statement Regarding the 1963–1964 Historical Estimates.
The historical tonnage and grade figures disclosed above in respect of the New Hope Porcupine (DeSantis)
property are taken from Progress Reports authored by Grant and Oja Limited (Mine & Exploration
Management) on behalf of Kenilworth Mines Limited, dated July 8, 1963, August 27, 1963, November 16,
1963 and January 28, 1964, and filed under Timmins File T-140 with the Ontario Ministry of Mines. The
tonnage estimates are attributed in those reports to W.R. Dunbar.
The 1963–1964 reports predate both NI 43-101 and CIM Definition Standards and use the historical
categories “proven,” “probable,” “possible” and “indicated” as those terms were understood at the time;
these categories are not the same as, and are not directly comparable to, the CIM mineral resource and
mineral reserve categories (Measured, Indicated, Inferred, Probable and Proven) referenced in NI 43-101.
The historical estimates were prepared to support an exploration and financing program and the key
assumptions, parameters, cut-off grades, drilling density, sampling methodology, QA/QC procedures and
mining parameters underlying the estimates are not described in the T-140 reports and are not available to
the Company. As a result, the Company considers the historical estimates to be of limited reliability,
although potentially relevant as an exploration guide to areas where further work may be warranted. In
order for the historical estimates to be upgraded or verified as current mineral resources under NI 43-101,
a qualified person would be required to locate and review the underlying drill logs, assay certificates,
sampling data and survey information (to the extent these records still exist), undertake a program of
twinned drilling, re-sampling and independent check assaying, apply current CIM classification criteria, and
prepare a current mineral resource estimate supported by a technical report.
A Qualified Person has not done sufficient work to classify the 1963–1964 historical estimates as current
mineral resources or mineral reserves. The Company is not treating the 1963–1964 historical estimates as
current mineral resources or mineral reserves. The historical estimates should not be relied upon. It is
uncertain whether, following further evaluation and exploration, any of the historical estimates will ever be
able to be reported as current mineral resources or mineral reserves in accordance with NI 43-101.
Subject to the cautionary statement above, Loyalist views the 1963–1964 T-140 reports as providing useful
additional historical context for the exploration potential of the New Hope Porcupine (DeSantis) property.
The depth extension of the Albitite Zone (Targets 3a & 3b), the shallow up-dip gap (Target 1), and the
possible parallel zone above the Albitite Zone (Target 4) identified in the current preliminary review cover
portions of the property that, based on the T-140 reports, had not been fully tested at the time the DeSantis
Mine ceased operations. The Company intends to consider the historical information, together with the
modern drill hole database, as part of its planned detailed review and summer work program for the
Property.
Summary of Historical Drill Holes Referenced in this News Release
Collar coordinates, orientation, and total length for the historical drill holes referenced in the target
descriptions above are summarized in Table 1.
Table 1. Summary of Historical Drill Holes Referenced in this News Release
Hole ID Easting (m) Northing
(m)
Elev.
(m)
Azi.
(°)
Dip
(°)
Length
(m) Associated Target
DS10-002 471,619.3 5,363,688.2 276.1 323 -77 544.4 Ta r g e t 4
DS11-016B 471,675.0 5,363,370.0 285.0 345 -67 1,354.0 Ta r g e t s 3 a & 3 b
DS11-016F 471,675.0 5,363,370.0 285.0 345 -67 1,342.0 Ta r g e t s 3 a & 3 b
DS12-003A 471,860.0 5,363,465.0 285.0 330 -75 932.0 Ta r g e t 5
DS12-004 471,917.0 5,363,603.0 285.0 306 -70 1,088.0 Ta r g e t s 3 a & 3 b
DS13-007 471,071.0 5,364,127.0 285.0 360 -45 252.0 Ta r g e t 2
DS13-011 473,046.0 5,364,106.0 285.0 155 -65 408.0 McEnaney Claims
H61-026 471,150.3 5,364,059.0 285.0 351 -47 122.5 Ta r g e t 2
H61-030 471,136.3 5,364,130.0 285.0 351 -48 97.8 Ta r g e t 2
MJD85-006 471,087.0 5,363,991.0 285.0 000 -45 227.7 Ta r g e t 2
MJD85-007 471,025.0 5,364,017.0 283.0 000 -45 285.6 Ta r g e t 2
MJD85-012 471,618.1 5,363,689.7 276.2 322 -80.8 660.5 Ta r g e t 4
S34-008 470,462.0 5,363,322.0 285.0 008 -45 323.7 Ta r g e t 6
Notes: (1) Collar coordinates are reported in UTM NAD83 Zone 17N; elevations are in metres above sea level. (2)
Azimuths are reported relative to true north; azimuth and dip values represent the collar (start -of-hole) orientation
recorded in the downhole survey database and do not reflect downhole deviation. (3) Length is the total drilled depth
recorded in the historical database. (4) All drill holes listed are historical, were completed by prior operators of the
DeSantis Property between 1961 and 2013, and are sourced from a historical database acquired by the Company. A
Qualified Person has not independently verified the collar, survey, or assay data; investors are cautioned not to rely on
these historical data as current. (5) Holes prefixed “MJD85-” and “H61-” are historical underground holes with collars
surveyed underground; original historical collar elevations have been retained where available. (6) Reported intercepts
in the target descriptions above are downhole (core-length) intervals; true widths are not known.
Statement Regarding Historical Mineral Resource Estimates
The historical Mineral Resource Estimate (“MRE”) on the DeSantis Property is unclassified and does not
comply with CIM Definition Standards on Mineral Resources and Mineral Reserves as required by NI 43-
101. The MRE was taken from a report titled “TECHNICA L REPORT on the DESANTIS PROPERTY
Porcupine Mining Division Ogden Township, Ontario, Canada” authored by Minorex Consulting Ltd. and
dated May 30, 2011. Investors are cautioned not to treat the estimate as current or rely on the estimate in
making an investment decision. The MRE is being included herein to provide shareholders with background
on the rationale for acquiring the asset. A qualified person has not done sufficient work to classify this
historical MRE as current mineral resources, and the Company is not treating this historical MRE as a
current estimate. It is uncertain whether following evaluation and/or further exploration, the historical MRE