Zodiac Gold Expands Lewis North to 3km, Delivers Best Feh Feh Trench at Todi to Date

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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; ZAUIF:OTCQB; K19:XFRA), a West African gold explorer, released its strongest trenching result to date at the Feh Feh target and extended the Lewis North gold-in-soil anomaly to approximately 3 km (kilometer) along the 16 km Monterra Trend at the Todi Gold Project in Liberia.

Key Investor Takeaways

• Zodiac Gold's October 6, 2026, results highlight scale and continuity along the Monterra Trend, with Lewis North now spanning ~3 km, with prior high-grade zones in trenches already reported on the trend.
• Feh Feh delivered its widest, highest-grade trench interval to date on a 100 m (meter) step-out, reinforcing it as a priority drill target.
• New soil anomalies at Gbolomine and reconnaissance areas expand the exploration pipeline beyond the previously defined 16 km trend.
• Drilling remains active at Lewis with two rigs, while additional targets advance toward systematic testing.
• Results build on earlier 2026 trenching and support ongoing de-risking of the district-scale Todi project in Liberia.

Latest Exploration Results

On October 6, 2026, the company announced trench FFT003 at Feh Feh returned 34 m at 0.71 g/t Au (gold), including 18 m at 1.18 g/t Au with a highest individual sample grade of 2.91 g/t Au, exceeding the prior FFT002 interval of 23 m at 0.68 g/t Au, which included 12m at 1.16 g/t Au. The new trench, a 100 m step-out from FFT002, supports mineralized continuity along strike.

Soil sampling extended Lewis North by 1.2 km to roughly 3 km, with nine samples above 1 g/t Au and a peak of 35.7 g/t Au. Lewis South grew to 2.2 km. A new 1.3 km anomaly was identified near Gbolomine artisanal workings, plus anomalism in wider-spaced reconnaissance soil sampling north of the prior Monterra footprint.

David Kol, President and CEO of Zodiac, commented in the release, "The significance of these results is the scale and continuity that are beginning to emerge across the Monterra Trend. Lewis North is no longer a localized anomaly — it now extends for approximately 3km, along the trend from some of our strongest trench results, and we are seeing additional gold trends develop beyond the footprint we had previously defined. At the same time, Feh Feh has delivered its best trench result to date on a 100 m step-out. From an exploration standpoint, this is exactly what we want to see: multiple independent datasets — soil geochemistry, trenching, and artisanal exposures—pointing us toward a larger, connected mineralized system and giving us a growing inventory of high-priority drill targets. With two rigs turning at Lewis and drilling at Feh Feh planned shortly, we are moving quickly to test that potential."

According to the press release, the company plans to begin drilling on the extension of the Lewis North trend within the next three weeks.

Gold Sector Fueling Exploration

In an exclusive conversation with Streetwise Reports, management of Zodiac remarked on the importance of location in the company's success strategy.

The company said, "West Africa hosts over 450 Moz (million ounces) of discovered gold across 70+ deposits over 1 Moz, making it the largest Paleoproterozoic gold-producing region in the world. Liberia is one of the least explored regions within this prolific belt, with strong potential for the discovery of +1 Moz deposits. The country is politically stable with a mining-friendly code, 25% corporate tax, 3% royalty, and 100% repatriation of profits. Gold prices at record highs provide a strong macro tailwind for exploration-stage companies advancing district-scale discoveries."

Gold has pulled back sharply from its 2026 high, but the metal remains well above year-ago levels. As of October 6, 2026, CNBC reported spot gold at approximately US$4,170 per ounce, compared with about US$4,156 per ounce the previous day. Gold has faced pressure from elevated Treasury yields, a stronger U.S. dollar, and shifting expectations for Federal Reserve policy, although softer recent economic data has reduced some expectations for an October rate increase.

¹Technical 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.

The September correction was particularly notable because investment demand remained comparatively strong. The World Gold Council reported that gold fell more than 8% during September, placing the monthly decline in the 93rd percentile of historical monthly price falls.

At the same time, global gold ETFs recorded more than 70 tonnes of inflows, ranking the increase in the 77th percentile of monthly inflows. The World Gold Council described the combination as unusual, noting that ETF demand remained strong even as futures positioning declined.

The broader demand picture also remains supportive for the gold sector. The World Gold Council's Q2 2026 Gold Demand Trends report showed total gold demand, including over-the-counter activity, reached 2,522 tonnes during the first half of 2026, up 2% year over year, while the value of demand reached a record US$380 billion. The World Gold Council's outlook called for investment to remain the principal source of gold-demand growth through the remainder of 2026, with central banks expected to remain significant buyers. At the same time, elevated prices have continued to weigh on jewelry demand.

The September decline has also affected gold equities, underscoring the leverage that mining companies can have related to movements in the underlying metal. Mining.com reported that the world's 50 most valuable mining stocks lost approximately US$264 billion in market value during September. The publication noted that gold futures declined from about US$4,441 per ounce at the end of August to US$4,158 per ounce at the end of September, a 6.4% monthly decline. The selloff came as rising bond yields, a firmer dollar, and tighter monetary-policy expectations weighed on the precious-metal market.

For exploration-stage companies, the current gold market therefore presents both an opportunity and a source of volatility. Gold remains around US$4,170 per ounce and above its level from a year earlier, while ETF inflows, investment demand, and central-bank purchases continue to provide underlying support. However, the September correction demonstrates that gold equities remain sensitive to changes in interest-rate expectations, bond yields, currency movements, and investor positioning. For companies advancing exploration programs in established gold districts, the current environment provides a still-elevated commodity-price backdrop, but one in which short-term price swings remain an important consideration.

Drilling Pipeline and Next Steps

¹On May 20, 2026, 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."

Further results will integrate with the ongoing up to 14,000-meter diamond drill program along the Monterra Trend. Recent trenching at Lewis North returned strong intervals such as 58 m at 3.15 g/t Au, including 11 m at 15.40 g/t Au, with a 1 m sample at 158 g/t Au, demonstrating mineralization along strike from trench LWT001.

Ownership & Share Information²

Company management believes that potential investors should consider who has already invested in Zodiac, as the ownership structure often demonstrates confidence in future performance. Strong insider ownership of 30% aligns management with shareholders, and the company board includes prominent mining fund manager Larry Lepard, accomplished mining executive Brett Richards, and veteran geologists. As mentioned above, management & Insiders own 30% of shares, while Institutions own 10%.

Zodiac Gold Inc. has a market cap of approximately CA$65.69 million, with 184.76 million shares outstanding. The company's 52-week range is CA$0.13-CA$0.44. 

Common Questions from Investors

Q: What do the latest trench and soil results mean for target prioritization?

A: The data strengthen multiple independent datasets pointing to a larger mineralized system, with Lewis North's 3 km extension and Feh Feh's improved interval providing coherent vectors for upcoming drilling.

Q: How does the Monterra Trend expansion affect the overall project scale?

A: The additions increase the gold footprint, add new anomalies like the 1.3 km Gbolomine zone, and generate additional drill targets along and beyond the established 16 km trend.

Q: When will drilling test the new Lewis North extension?

A: Drilling on the extension of the Lewis North trend is planned to commence within the next three weeks, while initial drilling at Feh Feh is planned in the coming weeks.

Q: What is a gold-in-soil anomaly?
A: A gold-in-soil anomaly is an area where soil samples contain elevated concentrations of gold compared with surrounding background levels. These anomalies can help explorers identify potential areas of underlying mineralization and define targets for further exploration.

Q: What is a trenching program in mineral exploration?
A: Trenching involves excavating long, relatively shallow cuts across exposed or near-surface geology to collect samples and determine the width, grade, and continuity of mineralization. Trenching can help define targets before drilling.

Q: What is a step-out drill or trenching result?
A: A step-out result comes from exploration conducted beyond a previously identified mineralized zone or anomaly. Step-out work is used to test whether mineralization continues along strike or at depth and can help determine the potential size of a mineralized system.

Q: What is a gold grade measured in grams per tonne?
A: Grams per tonne (g/t) is a standard unit used to report the concentration of gold in rock or mineralized material. One gram per tonne means one gram of gold is present in each tonne of material. Higher grades generally indicate greater gold concentration, although the economic significance of a result depends on factors such as mineralization thickness, continuity, metallurgy, mining costs, and other project characteristics.

Q: What is an exploration-stage gold project?
A: An exploration-stage gold project is a mineral property where a company is conducting activities such as geological mapping, soil sampling, trenching, and drilling to identify and define potentially economic mineralization. At this stage, the presence of exploration results does not necessarily establish a mineral resource or demonstrate that the project will ultimately be economically viable.