Miata Reports 94.6% Average Gold Recovery in Initial Metallurgical Test Results from Jons Trend at Sela Creek, Suriname
Initial metallurgical tests suggest Jons Trend mineralization may be processed with conventional circuits, while a new prep lab and leadership change support project advancement.
Rhea-AI Summary
Miata Metals (MMETF) reported initial metallurgical testwork from the Jons Trend at Sela Creek with 94.6% average gold recovery.
Four composite drill core samples returned gold recoveries from 91.8% to 98.5% using combined gravity separation and 48‑hour bottle roll leach. Gold is described as predominantly free‑milling and non‑refractory with low sulphide (about 1–2%) and organic carbon (0.03–0.05%) content, indicating suitability for conventional orogenic gold processing. An on‑site preparation laboratory equipped with industrial jaw crushers is now operating and is expected to prepare all Sela Creek drill core, channel and soil samples within the next month, reducing sample weight ten‑fold and assay costs by about US$10 per metre drilled.
Founding director James Reid will become Executive Chair on October 1, 2026, and is being granted 1,683,331 PSUs, equal to 1% of current shares, vesting only upon a change of control or start of commercial production.
Positive
- Gold recovery 94.6% average from four Jons Trend composite drill core samples
- Gold recovery up to 98.5% using gravity plus 48‑hour bottle roll leach
- On‑site prep lab reduces sample weight ten‑fold and assay costs by about US$10 per metre drilled
- PSU award 1,683,331 units vests only on change of control or commercial production, tying compensation to long‑term milestones
Negative
- 1,683,331 PSUs represent 1% of current shares and are intended to be maintained at that level via annual top‑up grants, implying future equity dilution upon vesting
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, British Columbia, Sept. 21, 2026 (GLOBE NEWSWIRE) -- Miata Metals Corp. (TSXV: MMET; FSE: 8NQ; OTCQX: MMETF) (“Miata” or the “Company”) is pleased to announce metallurgical test results for samples collected from the Jons Trend corridor within the Company’s Sela Creek Gold Project in Suriname (“Sela Creek” or the “Project”).
Testing of four composite samples from drill core returned gold recoveries ranging from
Highlights:
94.6% average gold recovery achieved from initial metallurgical testing of four Jons Trend composite drill core samples using combined gravity and 48-hour bottle roll leach processing- Gold from the four Jons Trend composite samples is predominantly free-milling and non-refractory, allowing for conventional and straightforward processing
- On-site sample preparation laboratory with two industrial jaw crushers is now operating and is ramping up this month to process all Sela Creek drill core, channel and soil samples
- Sample preparation on site will reduce the sample size by ten-fold, with estimated assay laboratory savings of approximately US
$10 per metre drilled, plus significantly lower shipping costs - Founding director Mr. James Reid appointed Executive Chair, effective October 1, 2026
Dr. Jacob (Jaap) Verbaas, CEO of Miata, comments:
“These initial positive metallurgical results are highly encouraging for our main discovery zone Jons Trend. Recoveries averaging
“We are also pleased to appoint James Reid as Executive Chair. James has helped guide Miata from its founding through the acquisition of our Suriname assets and the financings that have supported our progress. His expanded role strengthens our ability to align corporate strategy and capital allocation with the opportunities emerging at Sela Creek.”
Mr. James Reid, incoming Executive Chair of Miata, comments:
“I am excited to take on an expanded role as Miata enters its next stage of growth,” said Mr. Reid. “We have built a strong foundation at Sela Creek, and I look forward to working alongside Jaap, the Board and our team to build on that momentum and pursue opportunities that create long-term value for shareholders.”
Metallurgical Results — Jons Trend:
Initial metallurgical results yielded recoveries of up to
Gold was recovered using gravity separation followed by a 48-hour bottle roll leach. X-ray diffraction analysis indicates that all composites contained approximately 1 to 2 % sulphides in roughly equal amounts pyrite and pyrrhotite. Total organic carbon content is low and ranges from 0.03 % – 0.05 %, indicating very limited potential for preg-robbing. The results are very favourable and imply Jons Trend is amenable to standard-practice gold recovery circuits for orogenic gold systems. Subsequent testing to optimize grind size, reagent consumption and leaching kinetics is expected to further optimize recovery and processing cost.
Sample Preparation Laboratory Ramping Up to Full Scope:
The Company’s preparation laboratory is a facility at Sela Creek built to crush drill core, rock and channel samples. The preparation laboratory is now in use and will continue to ramp up to prepare all samples at Sela Creek within the next month. The preparation lab uses heavy-duty jaw-crushers to reduce regular half core samples to a fine crush, whereby at least
Figure 1. Inside preparation laboratory at Sela Creek.
Appointment of James Reid as Executive Chair:
The Company is pleased to announce the appointment of James Reid as Executive Chair, effective October 1, 2026. Mr. Reid is a founding director of Miata and has been involved with the Company since its inception, including the acquisition of its Sela Creek and Nassau gold assets and over
As Executive Chair, Mr. Reid will chair the Board and support its governance responsibilities, while working with the CEO and senior management on corporate strategy, organizational structure and executive development. His responsibilities will also include supporting capital markets strategy, market positioning, capital allocation and financing initiatives; assisting in the evaluation and execution of strategic transactions and partnerships; and engaging with shareholders, investors and strategic counterparties to advance opportunities for shareholder value creation.
Mr. Reid is a Managing Partner at Three Peaks Capital, a Vancouver-based merchant bank focused on public and private company formation, financing and strategic transactions. He has extensive experience in corporate finance, capital markets and accounting, and has been involved in the formation, capital raising and asset acquisition strategies of numerous mining companies.
Mr. Reid previously worked at Haywood Securities Inc., where he served as a publishing research analyst covering Diversified Industries and Special Situations before moving into institutional sales. He also held an Investment Advisor role at the firm. His experience spans equity research, financial modelling, valuation, capital raising and transaction structuring. He holds the CPA designation and earned a Bachelor of Commerce from McGill University.
In connection with his appointment, the Company will grant an initial award of 1,683,331 performance share units (“PSUs”), representing
The PSUs and any subsequent PSU grants will be issued under the Company’s 2026 Equity Incentive Plan, are subject to acceptance by the TSX Venture Exchange and applicable award agreements, and may not vest before the first anniversary of the applicable grant date.
QAQC
Composite samples selected for metallurgical testing were derived from one-quarter NQ diamond drill core. To ensure that the composites adequately reflected the spatial and lithological variability of the deposit, more than one composite sample was selected from specific drill holes to capture natural variations in head grade and mineral assemblages across the different zones. All analytical and testing work was performed by ALS, an independent, internationally recognized laboratory accredited under relevant ISO standards.
QP Statement
The scientific and technical information in this news release has been reviewed and approved for disclosure 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. (TSX.V: MMET) is a Canadian mineral exploration company listed on the TSX Venture Exchange, as well as the OTCQX (OTCQX: MMETF) and Frankfurt (FSE: 8NQ) Exchanges. The Company is focused on the acquisition, exploration, and development of mineral properties. The Company holds a
On Behalf of the Board
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
For Further Information, please contact:
Nikki McEachnie
Director of Investor Relations
nikki@miatametals.com
1-778-486-1500
Forward-Looking Statements
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipates”, “anticipated”, “expected”, “intends”, “will” or variations of such words and phrases or statements that certain actions, events or results will occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Neither the TSX.V nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b34aa8dc-f938-4a02-ba8d-8983bbdfb338
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How were the Jons Trend metallurgical tests conducted and what were the head grades?
Four composite samples were created from one‑quarter NQ drill core, combining intervals from multiple holes across different mineralization styles and grades. Lab head grades for the composites were 8.22 g/t Au, 0.93 g/t Au, 2.03 g/t Au and 1.34 g/t Au. Gold was recovered with gravity separation followed by a 48‑hour bottle roll leach.
What do the mineralogical results indicate about processing Jons Trend ore?
X‑ray diffraction shows all composites contain about 1–2% sulphides, roughly equal pyrite and pyrrhotite, and 0.03–0.05% total organic carbon. The company states these low sulphide and organic carbon contents, plus predominantly free‑milling, non‑refractory gold, suggest Jons Trend is amenable to standard orogenic gold recovery circuits, with further testwork planned to optimize grind size, reagent use and leach kinetics.
How does the new on‑site preparation laboratory operate and where are samples sent?
The Sela Creek prep lab crushes half‑core, rock and channel samples using heavy‑duty jaw crushers until at least 75% passes a 2.2 mm screen. The crushed material is riffle‑split into a 300–500 g sub‑sample shipped to Filab in Paramaribo for further preparation and analysis, while rejects are stored dry on site for quality control or duplicate testing.
When will the Sela Creek preparation lab reach full scope of operations?
The on‑site preparation laboratory is already operating and is expected to ramp up to prepare all Sela Creek drill core, channel and soil samples within the next month.
What are James Reid’s responsibilities as Executive Chair of Miata Metals?
Effective October 1, 2026, James Reid will chair the Board and support its governance duties, work with the CEO and senior management on corporate strategy, organizational structure and executive development, and support capital markets strategy, market positioning, capital allocation and financings. His role also includes assisting with strategic transactions and partnerships and engaging with shareholders, investors and strategic counterparties.
What are the key terms and conditions of James Reid’s PSU award?
James Reid will receive an initial 1,683,331 performance share units, equal to 1% of Miata’s issued and outstanding common shares. The PSUs vest only upon a change of control of the company or the commencement of commercial production, and may not vest before the first anniversary of the grant date. The company intends to maintain this award at 1% of outstanding shares through annual PSU top‑up grants, all under the 2026 Equity Incentive Plan, subject to TSX Venture Exchange acceptance and applicable award agreements.