XXIX Updates on Fully Funded 2026 Exploration Plan
XXIX Updates on Fully Funded 2026
Exploration Plan
Highlights:
Quebec - Opemiska (PFS pathway + near-term drilling)
Fully funded through 2026: >$20M cash and $24M working capital to advance Opemiska
toward a Preliminary Feasibility Study (PFS).
Cooke drilling: 10,000 m underway, results from 29 holes expected in the coming weeks.
Saddle Zone: planning in-fill drilling to improve pit geometry and economics (deeper pit
potential, higher resources, lower strip ratio)
3D model refinement to improve confidence to support upgrading Inferred to M&I
Updated MRE (Q4 2026): to incorporate Cooke and Saddle drilling and refined modelling,
and to serve as the basis for the PFS.
Ontario - Thierry
K1 Zone maiden large-scale program (20,000 m planned): first systematic, large-scale
drilling on Thierry in ~50+ years to test grade, scale, and continuity under the new bulk-
tonnage interpretation.
K2 validation expected to be completed soon, leveraging extensive historical drilling and
datasets.
Resource growth potential is intended to underpin a high-quality updated MRE and evaluate
continuity along the K1-K2 corridor.
Toronto, Ontario--(Newsfile Corp. - February 18, 2026) - XXIX Metal Corp. (TSXV: XXIX) (OTCQB:
QCCUF) (FSE: 5LW0) ("
XXIX
" or the "Company") is pleased to update on its 2026 exploration plans, in
light of its recently completed $17.2M financing.
XXIX is well funded through 2026, with over $20M in
cash and $24M in working capital. This positions the Company to accelerate exploration at Opemiska
as it advances toward a preliminary feasibility study, and to launch its first large-scale drill program at
Thierry in 2026.
"Having closed our financing, we are looking forward to pursuing an aggressive exploration plan in 2026
with multiple exploration catalysts at both our Opemiska copper project in Quebec and Thierry in Ontario.
We are well funded through 2026 as we progress Opemiska towards a preliminary feasilbity study, while
commencing a large-scale drill program at Thierry, the first in over fifty years," said Guy Le Bel, CEO of
XXIX.
Opemiska 2026 Development and Drilling Plans
1
.
On-going 10,000-metre Drill Program on Cooke Gold Zone ("Cooke")
Cooke is located 2.5km east of the envisioned Opemiska pit and historically produced 1.97Mt at 5.04
g/t gold and 0.66% copper
1
. XXIX is continuing its expanded drill program at Cooke (
see December 8,
2025 news release
), based on earlier results that confirmed a more extensive mineralized horizon than
initially modeled. The expanded drill program is targeting both the near-surface crown pillar of the
historical Cooke Gold Mine as well as step-outs along a newly identified mineralized horizon. This drill
program isdesigned to further supplement XXIX's recently announced PEA and will strengthen project
scale as the Company will seek to add to Opemiska's MRE, that will flow into the preliminary feasibility
study ("PFS").
The Company expects to receive results from the initial 29 holes drilled in Fall 2025 in the coming
weeks.
2
.
Drill Program at Saddle Zone
XXIX has planned a follow-up in-fill drill program at the Saddle Zone in Q3 2026 with the goal of
enhancing existing resources, while further optimizing potential geometry and engineering. The Saddle
Zone, located between the envisioned Springer and Perry pits, will allow for a deeper pit, increased
resources, and a reduced strip ratio.
Furthermore, the Company will drill test the perimeter of the current
proposed open pit to identify lower-grade, fringe mineralization for future optionality based on an
increasing copper price environment.
Location of Cooke and Saddle Zones - Figure 1
Opemiska 3D Model Refinement
As part of its preparation towards a preliminary feasibility study the Company is refining the digitized
historical stopes from the Springer and Perry mines within the Opemiska 3D resource model in Q2
2026, further increasing grade and tonnage certainty. Refining the 3D model, will assist in upgrading the
existing inferred mineral resource classification into the measured and indicated category without
additional drilling necessary.
Updated Mineral Resource Estimate
In Q4 2026, the Company will aim to initiate an updated mineral resource estimate that will be the basis
for the upcoming preliminary feasibility study.
The updated mineral resource estimate will incorporate
drilling from the Cooke and Saddle zones, along with a further derisked 3D resource model.
Thierry 2026 Exploration Plan
Maiden Drill Program at K1 Zone
With XXIX's new bulk-tonnage, copper-PGE near surface interpretation of the K1 deposit based on
comprehensive data validation and re-modelling, the Company is planning a large-scale, 20,000-metre
drill program to test and validate grade, scale and continuity.
This drill program will serve as the first, systematic and large scale drill program on the Thierry property
in over fifty years.
Furthermore, this drill program is the first step towards producing an updated MRE at
the K1 Zone under its new bulk-tonnage interpretation, with additional resource expansion potential from
improved metal prices.
Completion of Data Validation and Re-Interpretation of K2 Zone
Further to the Company's
January 16, 2026 news release
, data validation and reinterpretation at the K2
zone is expected to be completed in soon.
The K1 and K2 zones, together, represent over 210,000
metres of historical drilling, with K2 having an extensive geological and geophysical database.
On analyzing and validating the extensive datasets at Thierry, the Company determined that significant
mineralization exists between the previously interpreted mineralized veins at K1. At its present scale,
K1's dimensions are 1.4km length x 250m width x 400m depth.
Furthermore, data indicates that grade
increases with depth at K1, outlining additional mineralization potential at below the existing resource.
Furthermore, K1 remains open in all directions, as evidenced by the Company's recently completed IP
Survey which highlighted compelling targets at K1 and K2, and potential sulphide mineralization along
the corridor connecting them. Accordingly the Company will evaluate potential mineralization eastwards
and westwards, evaluating mineralization continuity towards K2.
The Company's new interpretation, paired with results from the planned 20,000-metre drill program at K1
will form the basis of a high-quality, updated mineral resource estimate that the Company envisions will
be significantly more robust than the existing resource model.
K1 Reinterpretation:
Bulk Tonnage Open Pit Model - Figure 2
IP Chargeability Survey:
Compelling Targets at Thierry - Figure 3
Options
The Company is pleased to announce that the Board of Directors has approved the grant of stock
options to certain directors, officers, and consultants of the Company, allowing for the acquisition of up
to, in the aggregate, 4,400,000 shares of the Company. 3,750,000 stock options were granted to certain
directors and officers of the Company. The options are exercisable at a price of CAD $0.13 per share
for five (5) years from the date of grant, vest one (1) year from the date of grant and are subject to
regulatory policies and approvals.
The grant of options to certain directors and officers is a "related party transaction" under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The
Company relied on the exemptions from the formal valuation and minority shareholder approval
requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related
party matters, as the Company is listed on the TSX Venture Exchange ("TSXV") and neither the fair
market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the
consideration for, the transaction, insofar as it involves the related parties, exceeded 25% of the
Company's market capitalization (as determined under MI 61-101).
QP Statement
The technical information contained in this news release has been reviewed and approved by Denis
McNichols, P.Geo and géo., Vice President Exploration for XXIX Metal, a Qualified Person, as defined
in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
About XXIX Metal Corp.
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets.
The Opemiska Project, one of Canada's highest-grade open pitable copper deposits, spans 21,333
hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the
Horne Smelter. An October 2025 Preliminary Economic Assessment outlined a 12,500 tpd open pit
operation over a 17-year mine life, generating an after-tax NPV8% of $505M, IRR of 27.2%, and a 2.3-
year payback period ($4.35/lb copper price, $3,000/oz gold price, $30/oz silver price). The Thierry
Project hosts the K1 (near-surface) and the past-producing K2 (underground & surface) zones (see
XXIX news release dated October 1, 2024 for details regarding resources). Thierry has significant
infrastructure in place including an all-season road, an airport within 5km, a provincial power grid within
8km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a
key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest
copper developer.
For further information, please contact:
Guy Le Bel, Chief Executive Officer
Phone: 514.654.8550
Email:
www.xxix.ca
Forward Looking Statements
This news release contains certain forward-looking statements, including statements about the
Company's belief that Opemiska has potential for continued growth, various cost, price and production
assumptions used to inform the PEA, and outstanding risk factors, including Opemiska's proximity to the
Town of Chapais, Historical Assay validation, Geotechnical considerations of open stopes in the eastern
pit wall, the Venture sill, the Gwillim fault, host rock competency and Historical Stope Modeling.
Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar
words or phrases, have been used to identify these forward-looking statements. These statements
reflect management's current beliefs and are based on information currently available to management as
at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could
cause actual results, performance or achievements to differ materially from the results discussed or
implied in the forward-looking statements. Such factors include, among other things: risks related to
uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with
executing the Company's plans and intentions. These factors should be considered carefully, and
readers should not place undue reliance on the forward-looking statements. Although the forward-looking
statements contained in this news release are based upon what management believes to be reasonable
assumptions, the Company cannot assure readers that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of the date of this news
release, and the Company assumes no obligation to update or revise them to reflect new events or
circumstances, except as required by law.
The reader is advised that the Preliminary Economic Assessment (PEA) summarized in this news
release is intended to provide only an initial, high-level review of Opemiska's economic potential. The
PEA mine plan and economic model include numerous assumptions and the use of inferred mineral
resources. Inferred mineral resources are considered to be too speculative to be used in an economic
analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that inferred mineral
resources can be converted to indicated or measured mineral resources, and as such, there is no
guarantee Opemiska's economics described herein will be achieved. XXIX may be eligible for Clean
Technology Manufacturing Investment Tax Credit (CTM-ITC). This legislation has been enacted on June
20, 2024. There is no guarantee the Company will be able to access the CTM-ITC.
Non-IFRS Financial Measures
XXIX has included certain non-IFRS financial measures in this news release, such as C1 Cash Cost
which are not measures recognized under IFRS and do not have a standardized meaning prescribed by
IFRS. As a result, these measures may not be comparable to similar measures reported by other
corporations. Each of these measures used are intended to provide additional information to the user
and should not be considered in isolation or as a substitute for measures prepared in accordance with
IFRS.
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
news release.
1
Morin, R. DV90-01, Energie et Ressources Naturelle Québec, Edition L. Blais-Leroux, p. 75
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/284193