Miata Metals Provides Update on Drilling Program at Sela Creek Gold Project, Suriname

Rhea-AI Summary

Miata Metals (MMETF) has provided an update on its 10,000m diamond core drilling program at the Sela Creek Gold Project in Suriname. The company has completed approximately 1,500m of drilling across 10 holes, representing 15% of their 2025 target. Four holes were drilled at the Stranger Target, with the sixth hole currently being drilled at the Golden Hand Target.

Key developments include plans to mobilize a second drill rig to improve efficiency and reduce costs, though heavy rains have temporarily prevented access to the high-priority Puma Target. The company is conducting QAQC checks on several holes, with results expected this month. The Golden Hand target spans over two kilometers with numerous mining pits, and multiple potential gold-bearing structures are being tested.

Positive

• Progress of 1,500m (15%) completed in drilling program
• Plans to add second drill rig to increase efficiency and reduce cost per meter
• Golden Hand target shows promising extent with over 2km length
• Comprehensive QAQC protocols being implemented to ensure accurate gold detection

Negative

• Heavy rain causing access issues to high-priority Puma Target
• Slower than optimal drilling progress requiring second rig mobilization
• Delays in assay results pending QAQC checks

VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) -- Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (OTCQB:MMETF) ("Miata" or the "Company") is pleased to update on the 10,000m diamond core drilling program at the Sela Creek Gold Project in Suriname (“Sela Creek”).

Highlights:

• Approximately 1,500m of diamond drilling has been completed across 10 holes
• Four holes were drilled at the Stranger Target, and the drill is currently drilling the sixth hole at the Golden Hand Target
• The Company plans to mobilize a second drill rig to Sela Creek
• Assays are pending QAQC checks for several holes, which are expected to be completed this month

“We have completed the first 10 holes totalling approximately 1,500m, or 15%, of our targeted of 10,000 meters this year, and the drill crew continues to increase their average daily production,” stated Dr. Jaap Verbaas, CEO of Miata. “Assays are pending QAQC checks for several holes and will be disseminated once the Company has verified current assaying protocols and methods. The drill is currently testing the Golden Hand target where a large amount of small-scale saprolite mining has taken place in the past.”

Figure 1. Map showing the drill collars of holes drilled to date and prepared drill pads.

Operational Update

The Company has made ample progress in the last four months since camp build started, and camp continues to be gradually expanded as the drilling program continues to test additional targets. A second drill rig is expected to be mobilized to Sela Creek. Initially, the second drill rig is planned to replace the one currently drilling and is expected to reach a higher meterage per shift. This is expected to reduce the cost per meter drilled and increase production. The Company anticipates running two drill rigs simultaneously before the end of the year.

Road access to certain targets has been difficult over the last few weeks because of heavy rain. As a result, the Puma Target, one of the Company’s high-priority targets, remains undrilled for the time being. The Company is currently working to establish reliable access to Puma where several drill pads have been prepared. In the meatime, the Company continues to drill at the Golden Hand target.

Select intervals of the first five drill holes were sent for reassay with 30g aliquot fire assay, 50g aliquot fire assay, and metallic screen assay, to verify whether nuggety gold is present and not captured in 30g aliquot or 50g aliquot fire assay. Once these QAQC checks are complete the first set of results will likely include all of the holes drilled in the Stranger Target and a portion of those in the Golden Hand target.

Figure 2. Drill rig at the Stranger Target.

Golden Hand

The Golden Hand target is over two kilometers long and has numerous mining pits that crosscut the main orientation of foliation and metasedimentary rocks. Several potential structures may host the gold at the Golden Hand target, and all are being tested. The Company is currently drilling its sixth hole at Golden Hand.

Quality Assurance and Quality Control

Sample intervals from the first 5 holes were sent for reassay in 50g aliquots from the original 30g aliquots, and select samples sent for metallic screen to verify whether nuggety gold is present and not captured in 30g aliquot or 50g aliquot fire assay. The metallic screen process includes a 500g sample pulp that will be screened to 106 μm, a 50g fire assay is completed on the fine and a fire assay on the entire coarse fraction duplicate.

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.

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. 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", "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/3b6fcdb0-a826-4796-aa70-c06fea4a2084

https://www.globenewswire.com/NewsRoom/AttachmentNg/c57d5934-becf-4333-aa90-5ccfb2b18a07

FAQ

What is the current progress of MMETF's drilling program at Sela Creek?

Miata Metals has completed 1,500m of drilling across 10 holes, representing 15% of their 10,000m target for 2025. Four holes were drilled at the Stranger Target, and they are currently drilling the sixth hole at the Golden Hand Target.

Why is Miata Metals (MMETF) adding a second drill rig at Sela Creek?

The company is adding a second drill rig to achieve higher meterage per shift, reduce cost per meter drilled, and increase production efficiency. They plan to operate both rigs simultaneously by year-end.

What challenges is MMETF facing at the Sela Creek Gold Project?

The main challenges include heavy rain preventing access to the high-priority Puma Target, and pending QAQC checks causing delays in assay results. The company is working to establish reliable access to Puma Target where several drill pads are prepared.

What is the extent of the Golden Hand target at MMETF's Sela Creek project?

The Golden Hand target extends over two kilometers in length and contains numerous mining pits that crosscut the main orientation of foliation and metasedimentary rocks. Multiple potential gold-bearing structures are being tested.

How is Miata Metals conducting quality control for their Sela Creek drilling program?

The company is conducting extensive QAQC checks including 30g and 50g aliquot fire assays and metallic screen assays on select intervals to verify the presence of nuggety gold and ensure accurate results.