Nexcel Metals Provides Update on Expanded Burnt Hill Tungsten Project Ahead of Phase 1 Drilling
The Northex acquisition would bring the land position to more than eight times its original size, including optioned claims and acquisition agreements.
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Rhea-AI Summary
Nexcel Metals (NXXCF) is preparing to begin fully permitted Phase 1 drilling while pursuing an expansion of its Burnt Hill Tungsten Project. Provincial authorization covers approximately 5,000 metres of diamond drilling from up to 15 drill pad locations in New Brunswick. An exploration licence agreement and concurrent escrow agreement were secured in October 2026 to access and commence exploration.
The agreement to acquire a 100% interest in the Northex Claims covers approximately 3,994 hectares. Upon completion, land held, under option or under agreement to acquire will total approximately 12,598 hectares, versus the original 1,553 hectares. Nexcel completed approximately 1,755 line-kilometres of airborne surveying and engaged Condor Consulting to integrate modern and historical data. Planned drilling will validate selected historical results and test extensions of known mineralization.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.Northex agreement adds a 100% interest in two contiguous claims covering approximately 3,994 hectares, upon completion.
- Moderate pointProvincial authorization permits approximately 5,000 metres of diamond drilling from up to 15 drill pad locations.
- Moderate pointExploration licence and concurrent escrow agreements secured in October 2026 enable access and commencement of exploration.
- Minor pointCompleted airborne electromagnetic and magnetic surveying covers approximately 1,755 line-kilometres.
- Minor pointCondor Consulting engagement supports integration of modern and historical data to prioritize tungsten, molybdenum and tin targets.
- Minor point. Forward-looking: it has not happened yet and may not happen.Planned Phase 1 drilling will validate selected historical results, test mineralization extensions and improve the geological model.
Negative
- Minor pointNorthex acquisition remains pending; the approximately 12,598-hectare consolidated land position depends on completion.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Strategic Land Expansion Surrounding the Historic Burnt Hill Tungsten System Sets the Stage for Upcoming Phase 1 Diamond Drill Program
Vancouver, British Columbia--(Newsfile Corp. - October 22, 2026) - Nexcel Metals Corp. (CSE: NEXX) (OTCQB: NXXCF) (FSE: 2OH) ("Nexcel" or the "Company") is pleased to provide additional information regarding the continued expansion and consolidation of its Burnt Hill Tungsten Project ("Burnt Hill" or the "Project") in New Brunswick, Canada, as the Company prepares to commence its fully permitted Phase 1 diamond drill program.
As announced on October 16, 2026, Nexcel entered into an agreement to acquire a
Upon completion of the acquisition, Nexcel's Burnt Hill land position, including claims held, under option or under agreement to acquire, will encompass approximately 12,598 hectares. This is more than eight times the size of the original 1,553-hectare property held when the Company initially entered the Project in October 2025.
Importantly, the expansion comes as Nexcel transitions Burnt Hill into an active drilling phase. The Company's Phase 1 diamond drill program is fully permitted and preparations are underway for mobilization to the Project site.
Nexcel believes the combination of a substantially expanded and consolidated land position, modern airborne geophysical data, extensive historical exploration information and the commencement of new drilling represent an important step in evaluating Burnt Hill as a potentially much broader tungsten mineralized system.
Why the Expanded Land Position Matters
The consolidation of the Burnt Hill Project marks a shift from evaluating a localized historic deposit to exploring a potentially larger mineralized system.
By expanding the project footprint to 12,598 hectares, Nexcel will, upon closing of the Northex acquisition, hold or have the right to acquire a contiguous land package that surrounds the historic Burnt Hill tungsten mine. This expanded footprint allows the Company to explore prospective geological structures, geophysical anomalies, and mineralized trends well beyond the boundaries that constrained historical exploration.
Modern Geophysics to Support a Broader Exploration Target Pipeline
The land expansion directly complements Nexcel's investment in modern data. Earlier this year, Nexcel completed a high-resolution HeliTEM® helicopter-borne Time Domain Electromagnetic ("TDEM") and magnetic survey over the historic Burnt Hill mine area and prospective geologic formations. The program comprised approximately 1,755 line-kilometres of airborne surveying and was designed to identify conductive mineralization and structures potentially associated with tungsten mineralization and related intrusive systems.
Nexcel engaged Condor Consulting to integrate this new HeliTEM® data with extensive historical datasets—including electromagnetic, induced polarization, ground magnetic, and geochemical surveys, alongside historical drilling. This integrated technical dataset is intended to establish a modern geological, structural and mineral potential model to systematically rank and prioritize tungsten, molybdenum, and tin targets across the entire consolidated land package.
Phase 1 Drilling Represents the Next Step
Nexcel is now preparing to commence its fully permitted Phase 1 diamond drill program at Burnt Hill. The Company has received authorization from the Province of New Brunswick for approximately 5,000 metres of diamond drilling from up to 15 drill pad locations and has, in October 2026, secured an exploration licence agreement and executed a concurrent escrow agreement to access and commence exploration at the Burnt Hill property.
The initial drill program has been designed to advance several objectives:
- validating selected historical drill results and known tungsten mineralization;
- testing potential extensions of known mineralization through step-out drilling;
- integrating modern geophysical targets with historical geological and drilling information;
- improving Nexcel's geological model of the Burnt Hill mineralized system; and
- generating new technical data that may ultimately support future mineral resource evaluation.
Evolution of the Burnt Hill Land Position
Nexcel's land position has expanded rapidly over the past year through a systematic combination of direct staking and strategic acquisitions surrounding the original project footprint:
| Date | Transaction | Approx. Area Added | Approx. Burnt Hill Land Position |
| October 2025 | Original Burnt Hill property | — | 1,553 ha |
| March 2026 | First Nexcel claim staking | 4,124 ha | 5,677 ha |
| April 2026 | Second Nexcel claim staking | 2,373 ha | 8,050 ha |
| June 2026 | Fitzgerald Claims option | 554 ha | 8,604 ha |
| October 2026 | Northex Claims acquisition | 3,994 ha | 12,598 ha |
Note: Areas are calculated from the Company's GIS claim boundaries for mineral claims as recorded in NB e-CLAIMS and are rounded to the nearest hectare. They differ slightly from the approximate figures reported in the Company's previous news releases.
Hugh Rogers, Chief Executive Officer of Nexcel, commented:
"Over the past year, our strategy at Burnt Hill has evolved from acquiring an interest in a 1,553-hectare historic tungsten property to assembling a much larger land position around what we believe should be evaluated as a broader mineralized system. Following completion of the Northex acquisition, our land position will encompass approximately 12,598 hectares surrounding the historic Burnt Hill mine.
"The timing of this consolidation is important. We have completed a modern airborne geophysical survey, are integrating that work with decades of historical geological and exploration information, and are now preparing to mobilize for our first drill program at Burnt Hill. The upcoming drilling will give us new subsurface information that can help us better understand the geological controls on mineralization and refine the geophysical signatures we are seeing across the Project.
"Our objective is not simply to confirm what previous operators identified at Burnt Hill. We want to use modern exploration techniques to determine whether the known tungsten mineralization forms part of a larger system. By consolidating the surrounding ground before undertaking this next phase of exploration, Nexcel is positioned to follow prospective structures and targets well beyond the footprint of the historic deposit."
Qualified Person
Graham Giles, P.Geo., a consultant to the Company and a Qualified Person as defined under National Instrument 43-101 — Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
About Nexcel Metals Corp.
Nexcel Metals Corp. is a Canadian mineral exploration company focused on the acquisition, exploration and development of critical mineral projects in Canada. The Company's flagship Burnt Hill Tungsten Project is located in New Brunswick and encompasses a significant land package within one of Canada's most historically significant tungsten camps. Nexcel's strategy is to advance and expand its critical minerals portfolio through systematic exploration, strategic property acquisitions and the evaluation of development opportunities in stable mining jurisdictions. The Company also has the option to acquire a
ON BEHALF OF THE BOARD OF DIRECTORS
"Hugh Rogers"
CEO & Director
For all other inquiries:
Email: hrogers@nexcelmetals.com
Phone: (604) 250-6162
Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding the completion of the acquisition of the Northex Claims, mobilization and commencement of the Phase 1 drill program, the objectives and scope of drilling, the interpretation and application of geophysical data, the potential identification and testing of additional exploration targets, future exploration activities and the potential identification of additional mineralization at the Burnt Hill Tungsten Project.
Forward-looking statements are based on management's current expectations and assumptions 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 statements. Such factors and assumptions include, among others: Canadian Securities Exchange acceptance and closing of the Northex acquisition; completion of the remaining option payments and share issuances required to earn a
Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320344
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much land would Nexcel Metals control after the Northex acquisition?
Upon completion, Nexcel's Burnt Hill land position, including claims held, under option or under agreement to acquire, will encompass approximately 12,598 hectares. The Northex agreement covers a 100% interest in two claims comprising 180 mineral cells over approximately 3,994 hectares.
What is authorized for Nexcel Metals' Phase 1 drilling at Burnt Hill?
New Brunswick has authorized approximately 5,000 metres of diamond drilling from up to 15 drill pad locations. The program is fully permitted, and preparations for mobilization are underway. Planned work includes validating selected historical drill results and testing potential extensions of known mineralization.