Gold Intercepts Up to 10.79 g/t Confirm Continuity in Underground Manitoba Mine Plan Zones

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

1911 Gold Corp. (AUMB:TSXV; AUMBF:OTCQX; 2KY:FSE) reported assay results from an underground drill program at its wholly owned True North Gold Project in southeast Manitoba, Canada. The results include 25 drill holes totaling 3,894 meters from an infill and delineation drilling program targeting mineral resources outlined in the mine plan contained in the recent Preliminary Economic Assessment.

The drilling program focused on confirming the continuity of gold mineralization within areas scheduled for early production in the PEA mine plan. The results confirmed mineralization within the V-810 vein located in the Hinge Zone and the V-1030 and V-1040 veins within the L10 Zone, both situated adjacent to Level 16 of the True North mine, approximately 695 meters below surface.

According to the company, the Hinge infill and delineation drill program confirmed the continuity of the targeted V-810 vein and returned wider widths on average than the modeled vein. Highlighted intercepts from the Hinge program included drill hole UG16-25-006, which intersected 10.03 grams per tonne gold over 1.10 meters at 136.80 meters downhole depth, including 14.50 grams per tonne gold over 0.50 meters. Drill hole UG16-25-015 intersected 10.79 grams per tonne gold over 2.20 meters at 119.70 meters downhole depth, including 14.60 grams per tonne gold over 1.10 meters. Drill hole UG16-25-017 intersected 6.62 grams per tonne gold over 3.40 meters at 135.60 meters downhole depth, including 23.60 grams per tonne gold over 0.70 meters.

Additional results from the Hinge drilling included UG16-25-027 intersecting 5.23 grams per tonne gold over 2.00 meters at 118.70 meters downhole depth, UG16-25-028 intersecting 4.75 grams per tonne gold over 2.90 meters including 10.60 grams per tonne gold over 0.60 meters, UG16-26-031 intersecting 5.02 grams per tonne gold over 6.00 meters including 15.90 grams per tonne gold over 0.80 meters, UG16-26-034 intersecting 6.65 grams per tonne gold over 2.20 meters including 9.72 grams per tonne gold over 0.60 meters and 7.88 grams per tonne gold over 0.80 meters, and UG16-26-035 intersecting 3.83 grams per tonne gold over 2.90 meters including 9.59 grams per tonne gold over 0.90 meters.

The L10 infill drilling program consisted of four drill holes totaling 750 meters. The program confirmed the continuity of the V-1040 vein. Drill hole UG16-25-009 intersected 4.38 grams per tonne gold over 1.00 meter at 162.20 meters downhole depth. Other holes confirmed mineralization, including 2.31 grams per tonne gold over 1.30 meters in drill hole UG16-25-008 and 2.60 grams per tonne gold over 0.90 meters in drill hole UG16-25-012.

Shaun Heinrichs, President and CEO, said in the news release, "We are pleased to provide the first set of drill results from our underground infill and delineation drill program as we systematically de-risk True North for a production restart next year. The drilling at Hinge and L10 not only confirms the continuity of gold mineralization in these veins but also demonstrates that these zones are wider on average than previously modelled."

The underground drill program began on Level 16 on October 1, 2025, with one drill rig, and a second drill rig was added on November 6, 2025. Initial drilling focused on areas scheduled for early production in the PEA mine plan that are accessible from existing underground development. Current development drilling is focused on upgrading and delineating resources scheduled for the initial years of the mine plan and supporting planned bulk sampling and test mining activities.

The company also reported exploration drilling within the True North mine footprint, targeting the Shore area and depth extensions of the San Antonio Southeast target. In addition, two surface drill rigs have been mobilized to test near-surface extensions of gold mineralization previously intersected at the San Antonio West, San Antonio Southeast, and Shore targets.

Record Gold Prices, Capital Discipline, and Global Demand Shape the Mining Sector

According to a March 11 report from Kitco Media, VanEck portfolio manager Imaru Casanova discussed how gold prices trading above US$5,000 per ounce had altered the financial profile of mining companies. She said miners were generating significant margins and cash flow, noting that "the durability of record or near-record margins and cash flow generation, even if the gold price holds at current levels, is a central driver of our conviction in gold mining equities for 2026." Casanova added that estimated industry all-in sustaining costs remained below US$2,000 per ounce and said "the math remains compelling: margins have already expanded year over year," which demonstrated "substantial resilience at current price levels."

Casanova also summarized discussions with producers, developers, and royalty companies during the BMO Global Metals and Mining Conference, stating that industry participants were operating within what she described as "a cash-generative, disciplined phase, not a reckless expansion cycle." She added that "companies are generating record margins, balance sheets are strong, and capital allocation is notably more disciplined than in past cycles," while management teams were prioritizing returns and selectively advancing projects.

A separate March 11 analysis by Dominic Frisby examined where the gold market currently stood within the broader cycle. Frisby evaluated a range of indicators, including price trends, investor participation, and institutional demand, and concluded that the current environment appeared to represent the middle phase of a longer bull market rather than its final stage. In discussing market positioning, he wrote that "gold is still under-owned in institutional portfolios," adding that gold mining equities were "even more neglected." Frisby also observed that although participation in the sector had increased, "gold is a crowded trade, but it is not a mania."

Frisby also reviewed central bank demand for gold, citing World Gold Council data showing that official sector purchases reached 863 tonnes in 2025, which remained well above the 2010 through 2021 average despite slowing from the previous year. He also referenced the growing interest in mining equities during the recent rally, noting that activity at the PDAC mining conference reflected renewed attention toward the sector.

Additional perspective on the macro drivers behind gold demand came from a March 11 research note from Myrmikan Research. The report examined the broader financial forces behind the current market cycle and stated that "the current gold bull market began with global reserve diversification, as central banks quietly shifted away from dollar assets after the freezing of Russian reserves in 2022." The analysis described gold as functioning within the financial system as a balance sheet asset and added that the move seen so far "may represent only the first stage of a broader monetary repricing."

'Excellent High-Grade Drilling Results' and Market Momentum

Simply Wall St wrote on March 3 that the company "has drawn fresh attention after securing a US$30,000,000 credit facility from Auramet International Inc., intended to fund equipment purchases, underground development, and mill upgrades at the True North Gold Project." The report added that the company "has seen strong momentum, with a 90 day share price return of 40.82% and a very large 1 year total shareholder return." The analysis also noted that "with 1911 Gold trading at CA$1.38, a very large 1-year total shareholder return and an analyst price target of CA$2.30," the market was evaluating whether the recent rally reflected future growth expectations.

Melissa Pistilli of Investing News Network wrote on March 4 that the company "has demonstrated remarkable financial performance with a 468% appreciation in share price and a 1,026% growth in market capitalization." The report stated that the company was "primarily engaged in advanced gold exploration and development, focusing on the wholly-owned True North Gold Project located in the Archean Rice Lake Greenstone Belt in Manitoba."

In a commentary dated March 11, Chen Lin of What's Chen Buying? What's Chen Selling? discussed the company's drilling results and wrote that "AUMB.v released excellent high-grade drilling results." Lin added that the drilling "confirmed the resource continuity underground," and stated that "their grade is so high they can do a bulk sampling and make good money."

Development, Drilling Programs, and Production Planning at True North

Corporate materials describe how surface exploration drilling programs are underway on several near-mine targets, including Ogama Rockland, San Antonio West, San Antonio Southeast, and the Shore target area. Underground exploration drilling is also being conducted to test prospective discoveries within the existing mine footprint.

Development drilling programs are focused on delineation drilling and testing extensions of planned mining areas with the objective of adding additional resources that may be included in a future prefeasibility study. Additional underground infill drilling programs are intended to upgrade existing resources in preparation for inclusion in the prefeasibility study mine plan.

Operational development activities include re-establishing underground workings and completing development required for the first years of production. Access, infrastructure, and development work are being carried out as required to support the early years of the mine schedule.

Test mining and bulk sample work is also planned. The company reported that this program includes confirming head grades, recoveries, and life-of-mine assumptions. Subsequent steps include finalizing mining targets, commencing access and stope development, and conducting test mining activities.

Mill-related work described in the corporate materials includes completion of crushing circuit upgrades, followed by processing of bulk sample material. The commissioning phase concludes with the startup of the True North mill.

Additional regional exploration activities include drilling programs at the Ogama Rockland gold deposit, located approximately 27 kilometers by road from the True North mine and mill complex. The program includes approximately 2,200 meters of surface diamond drilling in eight drill holes designed to confirm the updated geological model and test extensions of quartz vein-hosted gold mineralization. The drilling program is targeting down-dip and along-strike extensions of the main vein system, as well as newly identified parallel structures based on relogging and resampling of historical core. Metallurgical test work is also planned using drill core samples from this program. 

Beyond these programs, the company is evaluating exploration targets within the broader Rice Lake greenstone belt land package. Corporate materials indicate the property position includes more than 61,647 hectares along a 90-kilometer gold belt with several target areas, including Tinney, Oro Grande, Central Manitoba, Gunnar, and Bidou.

Ownership and Share Structure¹

Strategic Entities hold 16.35% of 1911. Institutions own 42.44%. Of them, Nomura Asset Management owns 4.92%, Sumitomo Metal Mining owns 4.90%, and Iyogin Holdings owns 2.84%. The rest is retail.

1911 has 611.43 million outstanding shares, a market cap of CA$295.8 million, and a 52-week range of CA$0.11-CA$1.54.