Miata Metals Begins Drilling at Puma Target Following High Grade Surface Results on Sela Creek Gold Project

Rhea-AI Summary

Miata Metals (OTCQB:MMETF) has commenced drilling at its high-priority Puma Target within the 215 km² Sela Creek gold project. The Puma Target spans 2.7 km in strike length and 400m in width, characterized by intense hydrothermal alteration and repeating vein sets.

Historical channel samples at Puma returned 3.12 g/t Au over 8m and 4.07 g/t Au over 5m, while recent grab samples yielded up to 194.2 g/t Au. The company plans to drill a minimum of 2,000m at Puma as part of a larger 10,000m program. The first hole has already intersected a significant oxide zone from surface to 60 metres depth.

Additionally, a newly discovered artisanal adit revealed banded sulphide-bearing veins near a tonalite intrusion, representing the first such association at Sela Creek and a key drilling target.

Positive

• High-grade surface samples with up to 194.2 g/t Au and historical channel samples of 3.12 g/t Au over 8m
• Significant oxide zone discovered in first drill hole from surface to 60m depth
• Large exploration potential with 2.7 km strike length and only 10% of artisanal mining area tested
• Strategic location near the Central Guyana Shear Zone, a major gold-controlling structure

Negative

• Historical channel samples may not be representative of actual mineralization
• Grab samples are inherently selective and may not represent bulk grade
• Project is still in early exploration stage with no defined resource

News Market Reaction – MMETF

+2.92%

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+2.92% News Effect

On the day this news was published, MMETF gained 2.92%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, British Columbia, June 24, 2025 (GLOBE NEWSWIRE) -- Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (OTCQB:MMETF) (“Miata” or the “Company”) is pleased to announce that it has begun its planned drill test of the Puma Target. This follows the successful completion of the latest five holes drilled at the Golden Hand Target, for which assays are pending (see Miata news release dated June 19, 2025).     

Featuring a high-quality data set that showcases evidence of a potentially rich gold system, the Puma Target in the southeast part of Sela Creek is one of the Company’s highest-priority targets. Puma encompasses a total of approximately 2.7 km of strike length and a width of 400m, as indicated by soil sampling and Miata’s predictive vein model. The Puma Target is characterized by intense hydrothermal alteration and repeating vein sets, and has never been drilled.

Miata anticipates drilling a minimum of 2,000m on Puma, with the remainder of the 10,000m program to be allocated based on results and ongoing interpretation.

Puma and Golden Hand represent just two of multiple targets the Company has identified at the 215 km² Sela Creek gold project to date. Host to shallow artisanal mining for generations, less than 10% of the artisanal mining area of Sela Creek has been drill-tested at depth, leaving ample room for further discovery.

Highlights

• Drilling has commenced on the Puma Target, one of Miata’s highest priority zones, where historical channel samples returned 3.12 g/t Au over 8m and 4.07 g/t Au over 5m, and recent grab samples returned 194.2 g/t Au and 39.16 g/t Au^*.
• Recent mapping has identified new mineralized structures, confirming Puma’s potential and refining drill targets.
• Miata’s first hole at Puma intersected a significant oxide zone, beginning at surface and descending to a depth of 60 metres, and is indicative of a high proportion of sulphides in the system.
• A newly opened artisanal adit revealed banded sulphide-bearing veins near a tonalite intrusion, the first such association at Sela Creek and a key target for drilling (Figure 1).

“We are excited to have started drilling at Puma, a high-priority target from our initial modeling and now confirmed by all the mapping and sampling in the area to date,” stated Dr. Jacob Verbaas, CEO of Miata. “We believe Puma’s 2.7 kilometre strike length and high-grade surface sampling are testament to the target’s discovery potential. With the first hole underway and multiple drill pads already prepared, we intend to unlock Puma’s value by the drill bit over the coming weeks. With assays pending from Golden Hand and a robust exploration pipeline, Miata is entering a catalyst-rich period for its shareholders”

Puma Target

The Puma Target spans approximately 2.7 km in strike length and 400m in width, as indicated by soil data and artisanal mining activity. Company geologists have continued to collect valuable surface data and samples in the lead up to drilling. A recent artisanal mine working, depicted in Figure 1 below, was assessed by Company geologists and hosts banded mineralization on the edge of a tonalite intrusion and within a fold hinge. This is the first clear association between mineralized veining and intrusive rock recognized on the concession and represents a high-priority drill target.

Figure 1. Adit recently excavated by artisanal miners at Sela Creek, showing banded sulphide-bearing veins (right) and a tonalite intrusion (hanging wall, left).

The Puma Target is the closest to the Central Guyana Shear Zone of all the Company targets identified to date. The Central Guyana Shear Zone is one of the few structures that controls gold mineralization across the Guyana Shield.

Figure 2. Drill Plan at Puma Target.

Figure 3. Drilled areas in red and target areas in white, overlain on orthophotos flown in 2024 on the 215 km² Sela Creek gold project. Planned drill collars are shown in black, drilled collars in red.

Exploration Update

Five drill holes are currently pending assays from drilling at Golden Hand, including two drill holes that may have intersected key mineralizing structures. Exploration drilling at Golden Hand has significantly refined the geological model, increasing confidence in the broader potential of the Sela Creek concession. These insights and related structural interpretation are directly informing targeting at Puma.

The Company is further preparing to launch a stream sediment and soil sampling program to extend the Puma trend.

QP Statement

The scientific and technical information in this news release has been reviewed and approved by Dr. Jacob Verbaas, P.Geo., a director of the Company and Qualified Person as defined under the definitions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

^*Channel samples noted in this news release are historical in nature. Grab samples are inherently selective and may not be representative of bulk grade.

About Miata Metals Corp.

Miata Metals Corp. (CSE:MMET) is a Canadian mineral exploration company listed on the Canadian Securities Exchange, as well as the OTCQB (OTCQB:MMETF) and Frankfurt (FSE:8NQ) Exchanges. The Company is focused on the acquisition, exploration, and development of mineral properties. The Company holds a 70% interest in the ~215km² Sela Creek Gold Project in Suriname with an option to acquire a full 100% interest in the project, and a 70% beneficial interest in the Nassau Gold Project in Suriname with an option to acquire 100%. Both assets are located in the greenstone belt of Suriname.

On Behalf of the Board
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
info@miatametals.com 
+1 778 488 9754

Forward-Looking Statements

This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. Forward-looking statements include, but are not limited to the scope and timing of the Company’s drilling programs. The words “expected”, “believes”, “will” and similar expressions are intended to be among the statements that identify forward looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward- looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change.

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/caa3e425-791b-4cfa-85c7-2b14cc5bca5a

https://www.globenewswire.com/NewsRoom/AttachmentNg/23fc819c-8848-4132-b92a-38607d61cf38

https://www.globenewswire.com/NewsRoom/AttachmentNg/067b0a4c-117e-4b75-8a0c-045afb0b0426

FAQ

What are the key findings from Miata Metals' (MMETF) Puma Target drilling program?

The first drill hole at Puma Target intersected a significant oxide zone from surface to 60m depth. The target shows high-grade surface samples up to 194.2 g/t Au and historical channel samples of 3.12 g/t Au over 8m.

How large is the Puma Target at Miata Metals' Sela Creek project?

The Puma Target spans 2.7 kilometers in strike length and 400 meters in width, as indicated by soil sampling and the company's predictive vein model.

What is the significance of the newly discovered adit at Miata Metals' Sela Creek project?

The newly discovered artisanal adit revealed banded sulphide-bearing veins near a tonalite intrusion, representing the first such association at Sela Creek and establishing a high-priority drill target.

How much of Miata Metals' Sela Creek project has been explored through drilling?

Less than 10% of the artisanal mining area at the 215 km² Sela Creek project has been drill-tested at depth, indicating significant exploration potential.

What is Miata Metals' (MMETF) planned drilling program at the Puma Target?

Miata Metals plans to drill a minimum of 2,000 meters at the Puma Target as part of a larger 10,000-meter program across the Sela Creek project.