VANCOUVER, British Columbia, July 10, 2026 (GLOBE NEWSWIRE) -- Canadian Goldfields Discovery Corp. (TSX-V: CGM, OTCQB: CGMXF) ("Canadian Goldfields" or the "Company") is pleased to announce the commencement of an extensive soil geochemical survey at its Swayze Central Gold Project (previously referred to as the Newton Gold Project) in Ontario. The survey represents the first phase of the Company's target generation strategy and is designed to advance the Company's geological understanding of the property through modern geochemical techniques.
The program is targeted to collect approximately 6,000 soil samples over a three-month period. Sampling will focus on areas surrounding known mineralization, historical drill targets and additional prospective areas identified through the Company's review of historical geological data. Results will be used to refine and prioritize exploration targets and guide future exploration activities.
John Booth, Chief Executive Officer and Director, commented: "The Swayze Central Gold Project benefits from a strong foundation of historical exploration, and this program represents an important step in advancing our understanding of the property's geological potential. By integrating historical exploration results with modern geochemical techniques, we expect to refine existing targets, identify new areas of interest and prioritize future exploration across the project."
Historical Exploration
Historical exploration at Swayze Central has included an eight-hole diamond drilling program completed in 2010. As reported in the Ontario Assessment Report, 2010 Diamond Drilling Report - Saracourt Property, Newton Township, N.T.S. 41 O (Myles Johnson, 2011), drill hole RPX10-02 intersected 35.0 metres grading 4.05 g/t Au, including 15.42 metres grading 7.76 g/t Au, while drill hole RPX10-08 returned 40.0 metres grading 2.65 g/t Au. True widths are unknown.
Historical mapping completed by Dome Exploration in 1982 documented numerous gold occurrences across the property, including reported results of 118.97 g/t Au over 0.91 metres, 32.23 g/t Au over 1.22 metres, and grab samples returning up to 22.22 g/t Au. Historical assay values and intervals have been converted to metric units for consistency with current reporting conventions.
The soil geochemical survey is expected to:
- Refine historical exploration targets;
- Identify additional prospective target areas;
- Prioritize future prospecting and geophysical programs; and
- Support future drill targeting.
The Company will provide additional updates as field activities progress and analytical results become available.
About Canadian Goldfields Discovery Corp.
Canadian Goldfields Discovery Corp. is a Canadian mineral exploration company focused on advancing district-scale gold opportunities in Ontario, Canada. The Company's portfolio includes the flagship Miminiska Gold Project in northwestern Ontario and the Swayze Gold Project located within the prospective Swayze Greenstone Belt near Timmins.
Miminiska hosts a gold-rich banded iron formation ("BIF") system with multiple high-grade intercepts drilled across the Miminiska and Frond Zones and more than 14 km of underexplored strike extent. Supported by approximately 28,000 m of historical drilling, the project demonstrates significant scale potential with mineralization remaining open along strike and at depth. The Swayze Gold Project complements the Company's portfolio with historical high-grade gold occurrences and additional district-scale exploration upside in one of Canada's most established mining regions.
Canadian Goldfields is led by a lean and execution-focused leadership team committed to disciplined exploration, systematic discovery and long-term value creation through the advancement of high-quality gold assets in tier-one mining jurisdictions.
On behalf of the Company,
John G. Booth, Chief Executive Officer and Director
Contact information
Harp Gosal | Director of Capital Markets & Communications
Canadian Goldfields Discovery Corp.
Phone: (604) 218-1142
Email: hgosal@canadiangoldfields.com
Qualified Persons and Technical Disclosure
The scientific and technical information contained in this news release has been reviewed and approved by Ian Raymond Dasti, P.Geo, Vice-President of Exploration of Canadian Goldfields Discovery Corp., and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI-43101").
Mr. Dasti has reviewed the technical information disclosed in this news release and has approved its dissemination. The information presented herein relates to planned exploration activities at the Company's Swayze Central Gold Project, including the design and objectives of the geochemical soil sampling program.
Historical exploration information referenced in this news release has been compiled from publicly available sources and historical reports. A Qualified Person has not completed sufficient work to independently verify all historical information, and the Company is not treating such information as current mineral resources or mineral reserves as defined by NI 43-101. Historical results, mineral occurrences, and exploration data should not be relied upon as indicative of future exploration results.
The Company considers historical exploration information to be relevant for the purpose of guiding future exploration programs; however, readers are cautioned that such information may not be representative of actual mineralization or exploration potential on the Property.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the Company's planned exploration program for the Miminiska Gold and/or Swayze Central Gold Project are subject to change. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
