Toogood Gold Hits 30-for-30 at Quinlan While Securing Nevada Project With 16Moz-Scale Alteration Cell

• Drilled 30 holes with 100% success rate hitting gold-bearing felsic dyke; strike length doubled to 400m and remains open in both directions with best intercept of 29m at 2.3 g/t gold near surface
• Three inaugural holes at previously undrilled Melange contact all intersected gram-to-multi-gram gold over thinner intervals, validating 10km trend with historical surface samples averaging over 1 g/t
• Binding LOI to acquire Table Mountain project featuring 4km x 2km alteration cell comparable to 16-million-ounce Silicon-Merlin system, with outcropping epithermal veins showing no evidence of previous drilling
• Successfully deployed ground penetrating radar (GPR) to map dyke structures under cover, enabling step-out discovery 150-200m along strike and providing tool to test 45 identified felsic dyke occurrences
• $3.2 million cash plus $600k charity flow-through earmarked for Newfoundland drilling, supports systematic soil sampling, geophysics, and mapping across both projects without immediate financing requirement

Toogood Gold Corporation (TSXV:TGC) stands at a pivotal juncture in its evolution as a discovery-focused gold explorer. With systematic drilling results from the Quinlan discovery in Newfoundland now demonstrating geological continuity, and the acquisition of a potentially significant epithermal target in Nevada, the company is positioning itself across two of North America's most prospective gold jurisdictions. CEO Colin Smith's March 2026 discussion reveals a management team balancing methodical technical work with aggressive expansion into underexplored terrain.

Quinlan Discovery: From Concept to Continuity

The Quinlan target, first drilled by previous operator Prospector Metals in 2022, has evolved from a promising early-stage discovery into a systematically understood geological system. Toogood's 30-hole program achieved a perfect strike rate, with every hole intersecting both the gold-bearing felsic dyke and gold mineralisation of varying grades. This represents a significant technical achievement, confirming the target's geological predictability.

The strike extent has expanded from approximately 200 meters to over 400 meters, with the system remaining open in both directions. Importantly, the down-dip extent has more than doubled since initial testing. The standout intercept from the most recent program measured 29.1 meters at 2.3 grams per tonne gold near surface, with higher-grade zones approaching half an ounce per tonne within that interval. These results establish Quinlan as a legitimate exploration target warranting continued systematic testing.

However, Smith acknowledged a fundamental challenge: "the only critique that one might have at this point is that it's a bit skinny". The dyke averages 3-5 meters in true thickness, which presents both opportunities and constraints for future resource development. The system outcrops at surface with visible gold observable in outcrop, providing excellent geological exposure but requiring structural understanding to identify zones where the dyke might dilate into economically more attractive widths.

Structural Geology and Exploration Vectors

The company's structural interpretation has evolved significantly through systematic mapping by APEX Geoscience specialists. The focus has shifted toward identifying locations where the Quinlan dyke might "kink or bend or intersect some other structure" that could expand mineralisation from the current 3-5 meter envelope to tens of meters. This represents sound geological reasoning, as structural intersections frequently create dilation zones that host higher-grade, wider mineralisation.

The mineralisation style at Quinlan appears robust: free gold systems with arsenopyrite association, with visible gold observed in 10 of the 30 most recent holes. The gold appears confined to the felsic dyke itself, with minimal bleeding into black shale wall rocks, suggesting focused hydrothermal fluid pathways and potentially predictable metallurgical behavior.

Technological Innovation: Ground Penetrating Radar Success

A significant technical breakthrough came from deploying ground penetrating radar (GPR) technology to map dyke structures under cover. Previous geophysical methods proved ineffective because the dyke responds magnetically similarly to its black shale host rocks. The GPR approach succeeded in mapping the dyke beneath cover sufficiently well that Toogood stepped out 150-200 meters along strike from previous drilling and successfully intersected the target with no surface exposure.

This technological validation carries substantial implications for the 45 felsic dyke occurrences identified across the southwestern block of the project. Most remain untested by drilling, but the proven geophysical method now provides a systematic pathway to prioritise and test these targets under cover without requiring surface outcrop identification.

Interview with Colin Smith, Director & CEO of Toogood Gold

Melange Contact: A New Discovery Vector

Perhaps the most significant strategic development involves the Melange contact, a regional geological boundary between different rock types running through the newly consolidated Golden Nugget property. This contact, which had never been drilled before 2025 despite running approximately 8.5-10 kilometers with historical surface samples averaging over one gram per tonne gold, represents genuine greenfield potential.

Toogood drilled three holes into the Melange contact, and all three intersected gram-to-multi-gram gold mineralisation over thinner intervals directly at the contact. Smith noted: "it sort of establishes the fact that the Melange contact is indeed a fertile lithological boundary that warrants further testing". More significantly, the southwestern holes at Quinlan - which delivered the best results from the recent program - are vectoring toward where the Quinlan trend and Melange contact trends coincide.

This structural intersection represents exactly the type of target exploration geologists prioritise: two mineralised trends converging, potentially creating dilation zones where substantial gold accumulation could occur. Smith acknowledged this target will be a priority, though the company is taking a systematic approach through regional soil sampling before committing drill meters.

Nevada Entry: Table Mountain's Epithermal Potential

The binding letter of intent to acquire the Table Mountain project in Lincoln County, Nevada, represents a significant strategic expansion. Located approximately two hours from Las Vegas and ten kilometers south of Nevada King's Atlanta gold project (which hosts over one million ounces), Table Mountain sits on the Indian Peak caldera complex - a geological environment known for hosting epithermal gold systems.

The project's genesis through Orogen Royalties' generative work provides important validation. Orogen, which generated the Silicon project (over 4 million ounces) near Battle Mountain, employed high-resolution spectral alteration mapping across more than 200,000 square kilometers of the southwestern United States. Table Mountain stood out for its alteration cell scale: approximately 4 kilometers north-south by 2 kilometers east-west.

Critically, this alteration cell footprint matches the size of the combined Silicon-Merlin system, which collectively hosts over 16 million ounces. While alteration cell size alone does not guarantee mineralisation, it provides a first-order scale indicator for system potential.

The Unexplored Anomaly in Nevada

What makes Table Mountain particularly compelling is its apparent lack of modern exploration despite outcropping epithermal quartz veins returning anomalous to multi-gram gold values. Smith visited the property weeks before this interview and observed veins with "textbook epithermal textures" - including colloform banding, crustiform banding, and brecciation - that showed no evidence of previous sampling, drilling, or even hammer marks.

The absence of prior work appears attributable to two factors: relative remoteness by Nevada standards (though excellent by Canadian standards) and location outside well-known trends like the Carlin, Cortez, or Walker Lane belts. Smith characterised the opportunity as "exceedingly rare" for Nevada's heavily explored landscape.

The company collected confirmatory samples during the site visit, currently in assay at a North Vancouver laboratory. The validation approach demonstrates appropriate technical diligence before committing capital to systematic work.

Development Pathway and Capital Allocation

Smith outlined a clear development sequence for Table Mountain: detailed geological mapping, property-wide soil sampling, targeted geophysics, and interpretation leading to a drill program targeted for Q3. This methodical approach reflects sound technical practice for early-stage epithermal systems, where understanding structural controls and alteration zonation before drilling significantly improves target quality.

The company maintains $3.2 million in treasury plus $600,000 in charity flow-through funds earmarked for Newfoundland work. Management believes current capital supports the planned surface work and potentially a small drill program at Table Mountain, though Smith suggested a "small top-up" might be warranted if numerous high-quality targets emerge from systematic work.

For Newfoundland, the remaining $600,000 in flow-through will fund continued drilling at Quinlan and the Melange contact intersection target, plus expanded regional geochemical coverage. The company is taking a page from Kenorland Minerals' playbook: blanketing large ground positions with regional soil grids (lines spaced one kilometer apart) to identify kilometer-scale gold-in-soil anomalies before infilling and drill testing.

Portfolio Management and Strategic Focus

Managing dual assets across jurisdictions presents both opportunity and execution risk. Smith expressed confidence in the team's ability to advance both projects simultaneously, noting extensive experience operating in both Canada and the southwestern United States. The company is also looking to add a technical team member with specific experience advancing epithermal systems in Nevada.

The Newfoundland asset provides access to Canadian flow-through financing, a meaningful capital markets advantage. The Nevada asset offers potential for larger-scale discovery in a jurisdiction with superior infrastructure and permitting timelines (BLM land). Smith indicated flexibility to separate assets if warranted but sees current synergies justifying the dual-jurisdiction approach.

Regarding Quinlan's ultimate potential, Smith provided realistic framing: "I'm not claiming that it's, you know, multi-million ounce gold deposit at this point." However, he emphasised the broader project's underexplored nature, sitting on the same structural corridor as the Valentine Lake camp, which Smith projects could ultimately host 15-20 million ounces when Equinox completes development.

The Investment Thesis for Toogood Gold

• Quinlan System Expansion: 400-meter strike length (open both directions) with 100% drill success rate establishing geological continuity; best intercept 29m at 2.3 g/t gold near surface demonstrates near-term exploration upside
• Structural Target Priority: Intersection of Quinlan trend with Melange contact represents high-priority dilation target where two mineralised trends converge; southwestern Quinlan holes (best results) vectoring toward this intersection
• Melange Contact Validation: Three first-ever holes at 10km Melange contact all hit gold mineralisation, confirming historical surface sampling (8.5-10km averaging >1 g/t); represents legitimate greenfield discovery vector
• Table Mountain Scale Potential: 4km x 2km alteration cell matches footprint of 16-million-ounce Silicon-Merlin system; outcropping epithermal veins with gold values showing no evidence of previous drilling in Nevada
• Technological Advantage: Proven GPR methodology for mapping dykes under cover unlocks 45 identified felsic dyke occurrences across southwestern block for systematic testing
• Capital Position: $3.2M treasury plus $600K flow-through supports 12+ months of systematic work without immediate dilution; flow-through access provides Canadian financing advantage
• Jurisdiction Quality: Nevada BLM land (favorable permitting) and Newfoundland (same structural corridor as Valentine Lake 15-20Moz potential camp) provide tier-one exploration addresses
• Undervaluation Potential: Nevada entry at minimal market recognition; Quinlan success rate (30/30 holes) not yet reflected in valuation amid broader junior sector weakness
• Near-Term Catalysts: Q2-Q3 Table Mountain drill program targeting epithermal veins; continued Quinlan-Melange intersection drilling with flow-through capital; regional soil results identifying additional targets

Macro Thematic Analysis

North American gold exploration increasingly focuses on revisiting underexplored geological terrains with modern techniques and systematic approaches. Newfoundland represents exactly this opportunity - a jurisdiction on the same structural corridor as multi-million-ounce systems like Valentine Lake but lacking the decades of iterative exploration that established camps like the Abitibi have received. The application of proven techniques (systematic soil geochemistry, advanced geophysics, structural mapping) to ground with demonstrated mineralisation but minimal historical work creates asymmetric discovery potential. 

Similarly, Nevada's vast geography means projects outside well-known trends can harbor significant systems that simply never received modern attention, particularly when spectral alteration technology identifies large-scale epithermal signatures. Smith captured this dynamic: 

"It's part of the reason why we really feel the need and have the desire to blanket that unexplored ground with soils because there could be something hiding in the rough out there that just literally hasn't been walked over or sampled at this point."

TL;DR: Executive Summary

Toogood Gold delivered 100% drill success at Quinlan (30/30 holes hitting gold-bearing dyke), doubled strike length to 400m, and validated the 10km Melange contact as a fertile new discovery vector with all three inaugural holes intersecting gold. Simultaneously, the company secured a binding LOI for Nevada's Table Mountain project, featuring a 4km x 2km alteration cell matching the footprint of the 16-million-ounce Silicon-Merlin system, with outcropping epithermal gold veins showing no evidence of previous drilling. With $3.8M total capital (including flow-through) and clear technical pathways on both assets, Toogood is advancing systematic exploration programs targeting Q3 drilling in Nevada while expanding Newfoundland's geological understanding through regional geochemistry and structural targeting.

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