VANCOUVER, British Columbia, Sept. 21, 2026 (GLOBE NEWSWIRE) — Miata Metals Corp. (TSXV: MMET; FSE: 8NQ; OTCQX: MMETF) (“Miata” or the “Company”) is pleased to announce metallurgical test results for samples collected from the Jons Trend corridor within the Company’s Sela Creek Gold Project in Suriname (“Sela Creek” or the “Project”).
Testing of four composite samples from drill core returned gold recoveries ranging from 91.8% to 98.5%, averaging 94.6%. The Company also announces that its sample preparation laboratory at the Sela Creek exploration camp is now operating and is ramping up to prepare all samples within the next month. Furthermore, founding director James Reid will assume the role of Executive Chair, effective October 1, 2026.
Highlights:
- 94.6% average gold recovery achieved from initial metallurgical testing of four Jons Trend composite drill core samples using combined gravity and 48-hour bottle roll leach processing
- Gold from the four Jons Trend composite samples is predominantly free-milling and non-refractory, allowing for conventional and straightforward processing
- On-site sample preparation laboratory with two industrial jaw crushers is now operating and is ramping up this month to process all Sela Creek drill core, channel and soil samples
- Sample preparation on site will reduce the sample size by ten-fold, with estimated assay laboratory savings of approximately US$10 per metre drilled, plus significantly lower shipping costs
- Founding director Mr. James Reid appointed Executive Chair, effective October 1, 2026
Dr. Jacob (Jaap) Verbaas, CEO of Miata, comments:
“These initial positive metallurgical results are highly encouraging for our main discovery zone Jons Trend. Recoveries averaging 94.6% and reaching up to 98.5% from four drill core composites using a proven, reliable and conventional approach to gold extraction, is a significant de-risking of the Sela Creek project. As drilling continues to expand Jons Trend, we continue to increase our understanding of the mineralization and how to ultimately recover the gold.
“We are also pleased to appoint James Reid as Executive Chair. James has helped guide Miata from its founding through the acquisition of our Suriname assets and the financings that have supported our progress. His expanded role strengthens our ability to align corporate strategy and capital allocation with the opportunities emerging at Sela Creek.”
Mr. James Reid, incoming Executive Chair of Miata, comments:
“I am excited to take on an expanded role as Miata enters its next stage of growth,” said Mr. Reid. “We have built a strong foundation at Sela Creek, and I look forward to working alongside Jaap, the Board and our team to build on that momentum and pursue opportunities that create long-term value for shareholders.”
Metallurgical Results — Jons Trend:
Initial metallurgical results yielded recoveries of up to 98.5% gold with an average recovery of 94.6%. The Company tested four composite drill core samples from Jons Trend. The composite samples contained sections of core from multiple drill holes and spanned a range between high- and low-grade gold within zones of shear veining and extensional veining. The core samples reflect the spatial variability as well as the variability in mineralization types, mineral assemblages and grade in Jons Trend. The submitted composite sample had lab grades of 8.22 g/t Au, 0.93 g/t Au, 2.03 g/t Au and 1.34 g/t Au. Gravity recoveries are slightly higher for high-grade extensional vein dominated gold occurrences, which likely contain a larger proportion of coarse-grained gold.
Gold was recovered using gravity separation followed by a 48-hour bottle roll leach. X-ray diffraction analysis indicates that all composites contained approximately 1 to 2 % sulphides in roughly equal amounts pyrite and pyrrhotite. Total organic carbon content is low and ranges from 0.03 % – 0.05 %, indicating very limited potential for preg-robbing. The results are very favourable and imply Jons Trend is amenable to standard-practice gold recovery circuits for orogenic gold systems. Subsequent testing to optimize grind size, reagent consumption and leaching kinetics is expected to further optimize recovery and processing cost.
Sample Preparation Laboratory Ramping Up to Full Scope:
The Company’s preparation laboratory is a facility at Sela Creek built to crush drill core, rock and channel samples. The preparation laboratory is now in use and will continue to ramp up to prepare all samples at Sela Creek within the next month. The preparation lab uses heavy-duty jaw-crushers to reduce regular half core samples to a fine crush, whereby at least 75% of the sample can pass a 2.2 mm screen. The uniformly crushed sample is then put through a riffle-splitter; resulting in a ca. 300-500 g sample, to be shipped to the Filab in Paramaribo for further sample prep and analysis, and the remaining reject is kept in dry storage for future quality control or duplicate testing. The on-site preparation laboratory reduces sample weight by ten-fold, and yields assay laboratory cost savings of approximately USD$10 per metre drilled. An additional cost saving comes from the reduced shipping weight of samples from site to the laboratory in Paramaribo, the capital of Suriname. The Company’s QAQC protocol for samples that are run through the prep lab has been adjusted with additional coarse crush duplicates.
Figure 1. Inside preparation laboratory at Sela Creek.
Appointment of James Reid as Executive Chair:
The Company is pleased to announce the appointment of James Reid as Executive Chair, effective October 1, 2026. Mr. Reid is a founding director of Miata and has been involved with the Company since its inception, including the acquisition of its Sela Creek and Nassau gold assets and over $50 million in financings.
As Executive Chair, Mr. Reid will chair the Board and support its governance responsibilities, while working with the CEO and senior management on corporate strategy, organizational structure and executive development. His responsibilities will also include supporting capital markets strategy, market positioning, capital allocation and financing initiatives; assisting in the evaluation and execution of strategic transactions and partnerships; and engaging with shareholders, investors and strategic counterparties to advance opportunities for shareholder value creation.
Mr. Reid is a Managing Partner at Three Peaks Capital, a Vancouver-based merchant bank focused on public and private company formation, financing and strategic transactions. He has extensive experience in corporate finance, capital markets and accounting, and has been involved in the formation, capital raising and asset acquisition strategies of numerous mining companies.
Mr. Reid previously worked at Haywood Securities Inc., where he served as a publishing research analyst covering Diversified Industries and Special Situations before moving into institutional sales. He also held an Investment Advisor role at the firm. His experience spans equity research, financial modelling, valuation, capital raising and transaction structuring. He holds the CPA designation and earned a Bachelor of Commerce from McGill University.
In connection with his appointment, the Company will grant an initial award of 1,683,331 performance share units (“PSUs”), representing 1% of the Company’s issued and outstanding common shares. The PSUs will vest only upon the occurrence of a change of control of the Company or the commencement of commercial production, aligning the equity component of Mr. Reid’s compensation with the achievement of significant long-term value creation milestones for shareholders. The award is intended to be maintained at 1% of the Company’s issued and outstanding common shares through annual PSU top-up grants.
The PSUs and any subsequent PSU grants will be issued under the Company’s 2026 Equity Incentive Plan, are subject to acceptance by the TSX Venture Exchange and applicable award agreements, and may not vest before the first anniversary of the applicable grant date.
QAQC
Composite samples selected for metallurgical testing were derived from one-quarter NQ diamond drill core. To ensure that the composites adequately reflected the spatial and lithological variability of the deposit, more than one composite sample was selected from specific drill holes to capture natural variations in head grade and mineral assemblages across the different zones. All analytical and testing work was performed by ALS, an independent, internationally recognized laboratory accredited under relevant ISO standards.
QP Statement
The scientific and technical information in this news release has been reviewed and approved for disclosure by Dr. Jacob Verbaas, P.Geo., a director of the Company and Qualified Person as defined under the definitions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Miata Metals Corp.
Miata Metals Corp. (TSX.V: MMET) is a Canadian mineral exploration company listed on the TSX Venture Exchange, as well as the OTCQX (OTCQX: MMETF) and Frankfurt (FSE: 8NQ) Exchanges. The Company is focused on the acquisition, exploration, and development of mineral properties. The Company holds a 70% interest in the ~215 km2 Sela Creek Gold Project with an option to acquire a full 100% interest in the Project, and a 70% beneficial interest in the Nassau Gold Project with an option to acquire 100%. Both exploration properties are located in the greenstone belt of Suriname.
On Behalf of the Board
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
For Further Information, please contact:
Nikki McEachnie
Director of Investor Relations
nikki@miatametals.com
1-778-486-1500
Forward-Looking Statements
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipates”, “anticipated”, “expected”, “intends”, “will” or variations of such words and phrases or statements that certain actions, events or results will occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Neither the TSX.V nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b34aa8dc-f938-4a02-ba8d-8983bbdfb338
