VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Canadian Goldfields Discovery Corp. (TSX-V: CGM, OTCQB: CGMXF) (“Canadian Goldfields” or the “Company”) is pleased to report it has commenced an airborne geophysical survey at its 6,366-hectare Miminiska Gold Project (“Miminiska” or the “Project”) in northwestern Ontario. The geophysical survey, in combination with the already completed soil geochemical and geological fieldwork, is designed to refine priority drill targets in advance of the upcoming winter drill program. 

This survey, being conducted by SHA Geophysics, will cover approximately 1,362 line-kilometres at 50 metre spacing. The survey will collect HeliGT three-axis magnetic and radiometric data. The high-resolution survey will allow for additional geological and structural interpretations to support the evaluation of prospective gold targets across the Project, including the largely untested corridor between Miminiska and Frond Zones.

Canadian Goldfields Vice President of Exploration, Ian Dasti, P.Geo., commented: “Our exploration work at Miminiska continues to improve our understanding of the broader gold-bearing system and highlights the opportunity to expand known areas of mineralization and evaluate more than 14 kilometres of largely untested prospective strike between the Miminiska and Frond Zones. With our soil geochemistry and geological mapping programs complete, the airborne survey represents an important final step in target refinement prior to winter drilling."

The Company’s 2026 field activities have been strategically focused on advancing Miminiska toward its planned winter 2027 drill campaign. The completion of soil geochemistry and geological mapping programs, together with extensive compilation and analysis of historical drilling and exploration data, has established the technical foundation for integrating the airborne survey results and finalizing priority drill targets.

While historic drill results include multiple high-grade intercepts in two book ended corners of the project, there remains a 14 kilometre strike length between these two areas almost completely undrilled but highly prospective. Upcoming drilling will focus on confirmation and expansion of mineralization in the two known zones along with exploration in between.

Historical Exploration and Drill Targeting

Historical drilling at Miminiska has been concentrated primarily at the Miminiska and Frond Zones, where multiple high-grade gold intercepts have been reported. Approximately 14 kilometres of prospective strike between the two zones remains largely untested, representing a significant opportunity for systematic exploration (Figure 1). The planned winter 2027 drill program will focus on evaluating extensions of known mineralization and testing new targets within the intervening corridor.

Selected historical drill results from the Miminiska and Frond Zones, as summarized in the Technical Report (as defined below), include:

Miminiska zone:

• 11.18 m of 4.49 grams per tonne (g/t) gold (Au);
• 5.32 m of 13.95 g/t Au;
• 4.28 m of 9.66 g/t Au;
• 3.05 m of 5.94 g/t Au;
• 3.96 m of 12.69 g/t Au
  
  

Frond Zone:

• 1.31 m of 14.74 g/t Au;
• 1.25 m of 7.53 g/t Au;
• 0.97 m of 6.17 g/t Au;
• 0.95 m of 11.32 g/t Au.
  
  

Of note, within the underexplored 14 kilometre gap between the Miminiska and Frond patents, the 1987 Noramco hole SL87-04 intersected an interval of 28.11 g/t Au over a core interval of 1.5 metres (true width unknown) at a downhole depth of 32 metres (Geology Ontario Assessment report 52P09SW001). Through the company's review of historic databases, our team is now convinced of the location of this historic hole (including casing location) and will be followed up on. This hole, almost halfway in between the two known zones of mineralization but in a similarly prospective geological setting, indicates the potential for high-grade mineralization in an area with very little historic drilling. It represents one of several highly prospective zones to drill test in the upcoming program.

Canadian Goldfields has developed a positive and respectful working relationship with the Eabametoong First Nation (“EFN”) and is appreciative of ongoing collaboration as the project advances.

Figure 1: Miminiska Gold Project – Historical Drilling and Priority Exploration Corridor

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 Central Gold Property 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 kilometre 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 Central Gold Property 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

Additional 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 43 101”).

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 Miminiska Gold Project.

Historical exploration information referenced in this news release has been compiled from publicly available sources and historical reports. Historical drillhole intercepts, except those for hole SL87-04, are taken from Section 6 of the technical report entitled “NI 43-101 Technical Report on the Miminiska Property, Northern Ontario, Canada” with an effective date of December 1, 2025], prepared by Edward Parker, P.Geo., and Eliza Verigeanu, P.Geo., of APEX Geoscience Ltd. on behalf of Canadian Goldfields (the “Technical Report”). The Technical Report is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. 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 Property is 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/93c33e70-3452-44d5-a71d-d8c2299d81ed

Figure 1

Miminiska Gold Project – Historical Drilling and Priority Exploration Corridor

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