Liberia Gold Explorer Hits 58 m at 3.15 g/t Gold at Lewis North

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1. Disclosure for the quote from the Stewart Thomson article published on May 20, 2026

1. For the quoted article (May 20, 2026), Zodiac Gold Inc. has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

2. 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.

Zodiac Gold Inc. (ZAU:TSX.V; ZAU:XFRA; ZAUIF:OTCQB) has reported new trenching results from the Lewis North target at its Todi Gold Project in Liberia. Trench LWT003 returned 58 m at 3.15 g/t gold, including 11 m at 15.40 g/t gold and a standout 1 m interval grading 158 g/t gold. This result extends known mineralization more than 310 m west of earlier trenches and strengthens the case for near-term drilling.

Retail investors often look for clear, near-surface gold intercepts backed by follow-up plans. The latest data from three trenches now cover more than 700 m of strike inside a 1.8 km gold-in-soil anomaly, giving the target both width and continuity.

Key Investor Takeaways

• Zodiac Gold reported 58 m at 3.15 g/t gold at Lewis North, including 11 m at 15.40 g/t with 1 m at 158 g/t.
• Three trenches have identified broad gold mineralization across more than 700 m of strike within a 1.8 km gold-in-soil anomaly.
• Drilling at Lewis North is scheduled to begin this week after trenching extended the mineralized zones farther west.
• Lewis North sits along the 16 km Monterra Trend, where the company is running a 3,600 m trenching program to advance multiple targets.
• Insider ownership stands at 30 percent, and the board includes experienced mining executives and fund managers.²
• Gold prices remain elevated compared with 2025 levels, supporting continued exploration spending in West Africa.

Why These Results Matter for Retail Investors Right Now

Exploration companies often progress from soil sampling to trenching to drilling, with each stage generating additional geological information that can reduce uncertainty. The new intercepts at Lewis North show both broad widths and high-grade pockets in favorable host rocks such as banded iron formation and amphibolite. This combination often attracts attention from larger mining companies looking for district-scale opportunities.

The Todi Gold Project covers a 16 km corridor known as the Monterra Trend. Zodiac Gold is systematically testing gold-in-soil anomalies along this trend. A gold-in-soil anomaly is an area where soil samples contain higher gold concentrations than surrounding ground, often pointing to underlying bedrock mineralization.

Company Position and Exploration Advantage

Zodiac Gold focuses exclusively on the Todi Gold Project in Liberia. The country offers a mining-friendly regulatory environment with a 25 percent corporate tax rate, a 3 percent royalty, and full repatriation of profits. Management has noted that West Africa contains more than 450 million ounces of discovered gold across numerous large deposits, yet Liberia remains one of the least explored parts of this belt.

The company has already started Phase 1 diamond drilling at the parallel Lewis South target. Previous trenching there returned 84 m at 0.51 g/t gold, including 30 m at 1.04 g/t gold. Drilling at Lewis North begins this week, adding a second active drill program.

Key Assets and Next Catalysts

Lewis North now ranks as a priority target because of the combination of grade, width, and strike extent. Trench LWT005 was excavated an additional 375 m west of LWT003 to test for further continuity. The 3,600 m trenching program across the Monterra Trend continues to generate new targets for drill testing.

Investors should also watch the flagship Arthington discovery, where the company plans to update its mineral resource estimate in Q4 2026 following additional drilling.

Broader Sector Timing and Gold Price Context

Gold prices have fluctuated in 2026 but remain well above levels seen in August 2025.

On September 15, 2026, prices traded near US$4,300 per ounce. Higher gold prices improve the potential economics of early-stage discoveries and can increase investor interest in junior explorers.

Zodiac Gold could benefit from this macro environment as it advances district-scale targets in a stable jurisdiction.

Analyst Views and Valuation Context¹

Technical Analyst Stewart Thomson gave Zodiac a "Speculative Buy" rating, with a short-term price target of CA$0.45, a medium-term price target of CA$0.75, and a long-term technical price target of CA$1.00.

Thomson noted that early results appear to highlight significant potential for the project.

Market observers also point to improving sector fundamentals. The World Bank Group has projected that its metals and minerals price index will rise 17 percent in 2026.

Share Structure and Near-Term Events²

Zodiac Gold Inc. has a market capitalization of approximately CA$65.69 million and 184.76 million shares outstanding. The 52-week trading range is CA$0.13 to CA$0.44. Insiders hold 30 percent of the shares, while institutions hold 10 percent. 

Strong insider ownership aligns management with shareholders. The board includes mining fund manager Larry Lepard, mining executive Brett Richards, and experienced geologists.

Common Questions from Investors

Q: What is the Todi Gold Project?
A: The Todi Gold Project is Zodiac Gold's exploration property in Liberia that includes the 16 km Monterra Trend containing multiple gold-in-soil anomalies and targets such as Lewis North and Lewis South.

Q: What are the latest trenching results at Lewis North?
A: Trench LWT003 returned 58 m grading 3.15 g/t gold, including 11 m at 15.40 g/t gold with a 1 m interval at 158 g/t gold, extending mineralization more than 700 m along strike.

Q: When does drilling start at Lewis North?
A: Zodiac Gold plans to begin drilling at Lewis North this week, following the new trenching results that extended the interpreted mineralized zones farther west.

Q: Why do host rocks such as BIF and amphibolite matter?
A: Banded iron formation (BIF) and amphibolite are rock types known to host gold mineralization in greenstone belts, and amphibolite has been linked to mineralization along the Monterra Trend.

Q: How does the current gold price affect exploration companies?
A: Elevated gold prices can improve project economics and investor sentiment, although exploration companies still face geological, financing, and permitting risks.

Zodiac Gold continues to advance multiple targets along the Monterra Trend, with drilling underway at Lewis South and scheduled to commence at Lewis North. The combination of high-grade intercepts, expanding strike length, and a clear path to resource definition provides retail investors with a focused story in the West African gold sector.