Showcase Minerals Terminates Option Agreement Respecting Its Nevada Property Interests

7/26/2024 7:16:13 PM

(MENAFN- Newsfile Corp) Calgary, Alberta--(Newsfile Corp. - July 26, 2024) - Showcase Minerals Inc. (CSE: SHOW) (FSE: ZJ0) ("Showcase" or the "Company") announces that it has provided a termination notice to the sub-optionor of the Dixie Flats, North Star, and Woodruff properties with respect to the option covering those claims. The Company's decision is based on the results of its drill program on the Dixie Flats - North Star project, which failed to encounter significant Gold mineralization similar to nearby deposits.

The greatest gold assay in the Company's reverse circulation drill program was 0.254 grams per tonne gold over 6.1 metres. The thickest intercept was 25.9 metres of 0.252 grams per tonne gold. In comparison, production grades at the nearby Emigrant Mine, which is geologically similar to the Company's project, are at least 0.8 grams per tonne. The Company's consulting geologist has advised it that the likelihood of significant improvement in grades in the vicinity of previous drilling is small, and the costs of exploration and risk increase substantially in other untested areas of the project. Accordingly, given the Company's budget and results to date, no further work was recommended.

Showcase will now focus its exploration efforts on its recently acquired Pontiac Uranium Project located near the town of Fort Coulange in southwestern Québec. The Company intends to conduct an initial exploration program on this property imminently, which will consist of prospecting, mapping and sampling, and a scintillometer radiometric survey.

Qualified Person:

Mr. Steve McMillin, M.Sc., C.P.G. is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this news release.

About Showcase Minerals Inc.

Showcase is a Canadian mineral exploration company with an option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in 60 mineral claims comprising the Pontiac Uranium Project located near the town of Fort Coulange in southwestern Québec.

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