Gold Candle announces Initial Resource at the Geminid Nickel Sulphide Zone and provides Project Update

News provided by

Gold Candle Ltd.

May 26, 2025, 07:26 ET

  • Initial Underground Resource of 2.93 million tonnes at 1.6% nickel or 105 million pounds of nickel, all within the Inferred category
  • Recent drilling, outside of the known resource shapes, has intersected KAD25-326-B2; 18.9 m @1.90% Ni from 890 m depth and KAD25-326-B1; 1.80 m @ 1.96 Ni% from 750 m depth.

TORONTO, May 26, 2025 /CNW/ - Gold Candle Ltd. is pleased to provide the first Mineral Resource Estimate (MRE) for the Geminid nickel sulphide zone located 1,300 metres to the east of the historic Kerr-Addison Mine located outside Virginiatown, northeastern Ontario, Canada along the prolific Cadillac Larder Lake Break (CLLB) Geminid was first discovered in 2023 by the Gold Candle exploration team. Since the initial discovery hole in Summer 2023, the Company has drilled 16,181 metres in 23 holes.

Key Highlights

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Inferred MRE - 2.93 Mt @ 1.6% Ni, containing 105 181 700 pounds of nickel
(at 0.69% Ni cut-off grade).

Significant Intercepts: Downhole interval estimated true width (etw), nickel grades and vertical depth for significant intercepts comprising the MRE.

  • KAD23-266: from 278.4m to 301.8m, 12.2 m (etw) @ 1.93% Ni, from 360 metres depth
  • KAD24-300: from 528.0m to 584.5m, 19.8 m (etw) @ 3.73% Ni, from 500 metres depth
  • KAD24-308: from 709.0m to 716.5m, 5.1 m (etw) @ 4.23% Ni from 550 meters depth
  • KAD24-313: from 803.0m to 808.0m, 7.5 m (etw) @ 3.79% Ni from 660 metres depth

Gold Candle President and COO Leon LeBlanc stated: "We are incredibly proud to announce our initial Inferred Resource at the Geminid Project, located adjacent to our 5.7 million ounce gold project at Kerr Addison. With less than two years of drilling, we have reported one of the highest grade, undeveloped nickel sulphide projects not currently owned by a major mining company. The orebody in this resource has approximate dimensions of 200 m strike, 700 m vertical extent and has an average thickness of 4.5 m. Historical work has identified nickel mineralization up to 400 m east of the orebody and recent drilling has extended the mineralization beyond the limitations of the resource. We are planning to drill an additional 5,000 m on Geminid through 2025, targeting significant extensions along strike and at depth." LeBlanc continued. "It was not our intention to be pursuing a nickel discovery, but we see significant complimentary value in delineating a multi-million tonne, high grade resource along with a multi-million ounce gold system in the heart of one of the world's great mining camps. This is another example of the exploration upside of Gold Candle's property and supports our ongoing +50,000 m exploration plan.''

Gold Candle VP Exploration Dean Crick said: "We are excited to report a nickel resource that is open in all directions with expansion drilling planned along strike and at depth. We are also encouraged to report signs of chalcopyrite (copper sulphide) mineralization beyond the nickel zones. Concurrently we will be undertaking geophysical surveys across the regional project land tenure of roughly 5 km to the Quebec border to define potential additional drill targets for follow-up. As such, Geminid presents a compelling poly-metallic opportunity in addition to gold targets along the prolific Cadillac Larder Lake Break)."

About Geminid

The Geminid Project is located 1.3 km east northeast of the Kerr #3 Shaft in the McGarry Township of the Timiskaming District of Ontario. It is hosted within the 6 km Gold Candle regional land tenure package reaching from the Kerr-Addison mine to the Quebec border. 

Geminid was discovered in 2023 targeting the projected CLLB identified by high magnetic signature Larder Lake group ultramafic rocks in contact with low magnetic Timiskaming sedimentary rocks. The 2023 regional program was further designed to test the apparent 1 km spacing of historic Larder Lake Au deposits along the CLLB east of the Kerr Addison Mine. The initial discovery hole, KAD23-266 intersected 12.2 m (etw) of millerite, sulfidic mineralization grading 1.9% nickel, with trace gold mineralization. Other 2023 Au intercepts along the 5 km strike of the CLLB are illustrated in Figure 1. 

The 2023 drilling program took place between May and October and included eight drill holes totaling 3,708 m. Between January and December 2024, 17 holes totalling 11,493 m were drilled to expand the mineralization east, west and down plunge (Figure 2). (Six drill holes on the Geminid project Figure 3B.)

Notes to Accompany Mineral Resource

1.

These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction ("RPEEE").

2.

The independent and qualified persons for the mineral resource estimate, as defined by NI 43‑101, are Chafana Hamed Sako, P.Geo., Martin Perron, P.Eng. and Simon Boudreau, P.Eng. (InnovExplo, a wholly own subsidiary of Norda Stelo). The effective date of the estimate is February 24, 2025.

3.

The estimation encompasses six (6) wireframes using Leapfrog Geo and interpolated using Leapfrog Edge.

4.

High-grade capping on assays (supported by statistical analysis) was set between 65,000 ppm Ni for HG domains and 15,000 Ni for LG domains. No capping for Co. 1.0-m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of 0.30 when not assayed. A low-cut value of 1,800 ppm was used to filtered out mineralogical contamination.

5.

The estimate was completed using an octree sub-block model from Leapfrog Edge, with a parent block size of 5m x 5m x 5m (X,Y,Z) and a minimum sub-block size of 1.25m x 1.25m x 1.25m (X,Y,Z).

6.

Grade interpolation was obtained by ordinary Kriging (OK) interpolation method using hard boundaries.

7.

Density values result database have been used. The density was assigned by lithology by averaging the measurements for each lithology: FELS-SSMS: 2.82 g/cm3, GWG: 2.74 g/cm3, MSSS: 2.75 g/cm3, SSMS: 2.88 g/cm3, UM: 2.79 g/cm3, UM LOWMG: 2.85 g/cm3, UM REG1: 2.82 g/cm3, UM REG2: 2.84 g/cm3, Overburden: 1.80 g/cm3.

8.

The mineral resource estimate is classified as Inferred. The Inferred category is defined with a minimum of one (1) drill hole in areas where the drill spacing is less than 200 m, and reasonable geological and grade continuity have been demonstrated.

9.

The MRE is locally constrained. The resources meet the RPEEE requirement by applying constraining volumes to all blocks (selective underground long-hole) using Deswik Mineable Shape Optimizer (DSO).

10.

The RPEEE requirement is satisfied by having cut-off grades based on reasonable parameters for underground extraction scenario, minimum widths, and constraining volumes. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 2 m for blocks 20 m high by 20 m for the long-hole method at a cut-off grade of 0.69% Ni. Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The underground cut-off grade was calculated using the following parameters for the long hole method: mining cost = CA$130.00/t; processing & transport cost = CA$35.00/t; G&A cost = CA$0.00/t; selling costs = CA$.00/tNi price = US$19,932/t; USD/CAD exchange rate = 1.35 and mill recovery = 88.5%.

11.

Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).

12.

The number of metric tons (tonnes) was rounded to the nearest thousand, following the recommendations in NI 43-101. The metal contents are presented in pounds (tonnes x grade / 2204.6) rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects.

13.

The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate.

QA/QC and Data Verification
Gold Candle Ltd. maintains an internal Quality Assurance / Quality Control (QA/QC) program at the Geminid Project to ensure sampling and analysis during exploration work is conducted in accordance with best practices.

Drill core is logged and sampled at a secure core logging facility within the historic mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis and the sample intervals, sample numbers, standards, blanks and duplicate samples are entered into the database. All drill core is cut in half using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a plastic sample bag and stapled closed in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large reusable crates, which are secured with numbered security tags. The core samples are picked up at the mine site and are delivered to the ALS Canada Ltd. laboratory in Sudbury, Ontario. ALS is a certified laboratory with an internal Quality Control (QC) program that includes the insertion of blanks, reference materials, and coarse and pulp duplicates.

Nickel is analyzed as part of a multi-element analytical package. A 0.25g sample is subjected to a four-acid digest and is analysed with an Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES) finish. Samples greater than 10,000 ppm Ni are re-analyzed using a similar method specific for higher grade samples. Gold is analyzed by a 50g fire assay with an ICP-AES finish. Samples greater than 10.0 g/t Au, are re-analyzed using a gravimetric finish.

Gold Candle Ltd. inserts QC samples (blanks, reference materials and duplicate samples) at regular intervals to monitor sample preparation and analytical performance. Umpire assays are completed on a regular basis at a secondary accredited laboratory.

Qualified Persons
The mineral resource estimate was conducted by InnovExplo (a wholly owned subsidiary of Norda-Stelo) under the supervision of Martin Perron, P.Eng. and Simon Boudreau, P.Eng., both are Independent Qualified Persons under NI 43-101 standards.

The initial mineral resource estimate relating to the Geminid Zone contained in this presentation is based on the technical report on the Kerr-Addison project by Martin Perron, P.Eng, Chafana Hamed Sako, P.Geo. and Simon Boudreau, P.Eng., from InnovExplo, a subsidiary of Norda Stelo, which will be filed on Sedar +. 

The technical information in this news release has been reviewed and approved by Dean Crick P. Geo Msc, Vice-President of Exploration for Gold Candle, whom is a Qualified Person under NI 43-101 standards.

An independent technical report prepared in accordance with the requirements of NI 43-101 will be completed within 45 days of this news release. 

About Gold Candle
Gold Candle is a privately funded Canadian exploration company led by a diverse and highly experienced group of mining professionals. In 2015, the Company acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in the McGarry Township, located in the Timiskaming District of Ontario. Our approach to responsible mineral exploration is to perform our activities in a manner that benefits local communities, employees and shareholders and respect people and the environment.

SOURCE Gold Candle Ltd.

Media Contact: Leon LeBlanc, President & COO, [email protected]

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Gold Candle Ltd.