MetalQuest Completes Due Diligence and Elects to Proceed with the West Cameron Gold Project, Kenora Mining District, Northwestern Ontario
(TheNewswire)
March 12, 2026 – TheNewswire - Vancouver, BC –MetalQuest Mining Inc. (TSX.V: MQM; OTCQB:MQMIF) (“MQM” or the “Company”) furtherto the Company’s news release of February 3, 2026, MQM is pleased toannounce that it has completedits technical due diligence review of theWest Cameron GoldProject (the “Project”) located in theKenora Mining District of northwestern Ontario. Following completionof the review, the Company has provided formal notice to proceed under the previously announcedoption agreement with Gallik Explorations Inc.(“Gallik”), a wholly owned company of Mr. Troy Gallik, to acquirea 100% interest in theProject.
Chairman and CEO Harry Barrstated, “Completing due diligence and proceeding with the West Cameron GoldProject marks an important step as MetalQuest adds a new goldexploration division. The Kenora Mining Districtremains an underexplored but prospective region, and West Camerongives us an opportunity to advance a structurally favorable projectwith good access and infrastructure. Our focus will be on disciplinedexploration aimed at building long-term value for ourshareholders.”
The Company will host an open houseon April 11, 2026, at its newly established Kenora, Ontario fieldoperations office and core facility (Figure 1). The facility will alsobe shared with New Age Metals Inc., which currently holdsapproximately 10% of MetalQuest’s outstanding shares.
Figure 1:MetalQuest Mining’sKenora-based field operations office and core facility.
The open house will take place from 10:00 a.m. to 3:00 p.m., and shareholders and interested parties are welcome toattend. Food and refreshments will be provided. Those interested in attending areencouraged to contact Doug Bundy at thechief52@hotmail.com
Highlights
Located approximately 10 km south of the town of SiouxNarrows and 60 km south of the city of Kenora, benefiting fromyear-round road access andestablished regional infrastructure
Located adjacent to First Mining GoldCorp.’s Cameron Gold Project, recently acquired by Frank Giustra’sFiore Group, more details below
Gold mineralization hosted in shear zones,quartz-carbonate veining, altered felsic intrusions, and structurallydeformed rock units
The interpreted regional Cameron Lake fault trend extends across theproperty
New porphyry intrusive target identified as a key focusfor follow-up exploration
Historical surface sampling returned gold values up to 9.18 g/t Au
MetalQuest is currently finalizingits 2026 exploration program, which is expected to include geologicalmapping, sampling, geophysical surveys, and targeted drilling tovalidate and expand known mineralization
The Company, upon notice to proceed with the Agreement,plans to engage with localFirst Nations communities and intends to pursue opportunities forcollaborative and respectful partnerships,consistent with its commitment to responsible exploration
MetalQuest is expanding itsexploration portfolio to include gold explorationopportunities
A Strategic Gold Hub
The KenoraMining District has historically beenunderexplored and is increasinglyemerging as an active exploration and development region, supported in part by improved commodity prices and renewedindustry and investor interest.
The region offers a compelling combination of:
Established mining infrastructure andhighway access
Proximity to power, workforce, andservice centers
Favorable permitting environment andcommunity relationships
Recent acquisitions and investments within and adjacentto the district include:
Regional consolidation, highlighted by Coeur Mining’s announced acquisition of New Gold in a ~US$7billion transaction.As statedhere:Coeur Mining, Inc.(2025). Coeur announces acquisition of New Gold to create a newall-North American senior precious metals producer. Coeur Mining NewsRelease.
The CameronLake Gold Project acquisition, led byFrank Giustra’s Fiore Groupand First Mining Gold Corp., in a transactionvalued at approximately CAD$27 million. As stated here:First Mining Gold Corp. (2025, November 20). First Mining announcesnew partnership to advance Cameron Gold Project.
Growing exploration and developmentactivity by junior, mid-tier, and senior mining companies, reflecting renewedindustry interest in the Kenora and nearby districts
The Company notes growing support for mineralexploration at the provincial, regional, and municipal levels,including policies and initiatives intended to encourage responsibleresource development and investment.
West Cameron Gold Project
The WestCameron Gold Project covers approximately1,700 hectares (~4,200acres) and benefits from year-round access via Highway 71, loggingroads, and established trails.
The Project is adjacent to the Cameron Lake claimgroup, as shown in Figure 2. The Cameron Lake Deposit hostspit-constrained (0.55 g/t Aucut-off) Measured and Indicated mineral resources of approximately 3.5million tonnes grading 2.45 g/t Au, containing approximately 274,000ounces of gold, and pit-constrained Inferred mineral resourcesof approximately 0.035 million tonnes grading 2.45 g/t Au, containingapproximately 3,000 ounces of gold. In addition,the deposit hosts underground(2.00 g/t Au cut-off) Measured and Indicated mineral resources ofapproximately 2.0 million tonnes grading 2.90 g/t Au, containingapproximately 190,000 ounces of gold, andunderground Inferred mineralresources of approximately 6.5 million tonnes grading 2.54 g/t Au,containing approximately530,000 ounces of gold. As disclosed in theTechnical Report on theCameron Gold Deposit, Ontario, Canada (FirstMining Finance Corp., effective January 17, 2017). Mineral resourcesare not mineral reserves and do not have demonstrated economicviability.
Historical surface sampling resultson the West Cameron Project are reported in Ontario Ministry of Minesassessment filings, including the 2004 Geological Mapping and SamplingReport on the Cameron Lake Property (CunniahLake Inc.; Clark Exploration Inc.) and the 2014 Flint Lake Prospecting and TargetEvaluation Report (Metals Creek ResourcesCorp.). These reports document grab samples returning values of up to 9.18 g/t Au fromsheared mafic volcanic rocks, as well as grab samples returning valuesof up to 1.9 g/t Au from the New Porphyry intrusive target, shown in Figure 3.
Grab samples are selective by nature and may not berepresentative of underlying mineralization or true gradedistribution.
Figure2: Location of the WestCameron Gold Project near Sioux Narrows, Northwestern Ontario, KenoraMining District, adjacent to the Cameron Lake Property. FirstMining’s Cameron Lake Gold Deposit is located approximately 12 kmfrom the project along an all-weather access road. Frank Giustra’s Fiore Group and FirstMining Gold Corp. are in a transaction valued at approximately CAD $27million for the Cameron Gold Deposit.
Gold mineralization on the property is associatedwith:
Quartz-carbonate veining within shearzones
Sheared felsic intrusions
Brecciated and structurally deformedhost rocks
Carbonate alteration and sulfideassemblages, including pyrite and chalcopyrite
The interpretedregional Cameron Lake Fault, shown in Figure 3,is mapped as trending throughthe property and is considered a prospectivestructural feature for guiding exploration targeting. This structureis part of a broader regionalstructural framework that includes the Cameron Lake area.
A key exploration focus is the New Porphyry intrusive unit, located entirely within the Project boundary. Thisintrusion is structurallycontrolled and has returned anomalous gold values, supporting the interpretation of a potential intrusive-related goldmineralizing system.
The Project has been explored intermittently byGulf Minerals, Cunniah LakeInc., Noranda, Endurance Gold, North American Uranium Corp., andMetals Creek Resources.
Figure 3:Geological map of theWestCameron Gold Project showingthe locations of historical grab samples above 0.5 g/tAu and an interpreted regionalstructural trend (Cameron Lake trend). Structural features shown are inferredbased on historical mapping and geophysical interpretation and aresubject to revision with additional work. Regional geologicalframework adapted in part from the Ontario GeologicalSurvey, Precambrian Geology of the Kakagi–Rowan Lakes Area (MapP.3594), Ontario Ministry of Mines.
Option Terms
MetalQuest Mining Inc. may earn a 100% interest in theWest Cameron Gold Project, subject to a 2% Net Smelter Return(“NSR”), by making a series of cash payments and share issuancesAny share payments that become issuable under the terms of theagreement will be based on a 10-day trading average prior to the dateof issuance, subject to a minimum deemed issue price of $0.2475 pershare. MetalQuest has the ability to terminate the agreement any timeafter the first year’s commitments have been completed. There are nofinder’s fees payable in connection with this transaction.
Date / Milestone | Cash Payment | MQM Common Shares | |
Within 10 days of Regulatory Approval | $15,000 | $15,000 in shares | |
Year 1 (from regulatory approval) | $20,000 | $20,000 in shares | |
Year 2 (from regulatory approval) | $20,000 | $20,000 in shares | |
Year 3 (from regulatory approval) | $20,000 | $20,000 in shares |
The transaction and any securities issued in connectionwith the agreement are subject to TSX Venture Exchange approval and afour-month plus one day hold period in accordance with applicableSecurities Laws.
Qualified Person
Troy Gallik, P.Geo. (Member ID 3550), a PractisingRegistrant and Qualified Person (“QP”) as defined by NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects,has reviewed and approved the scientific and technical informationcontained in this news release. Mr. Gallik is a geological consultantto MetalQuest Mining (MQM) and is not independent for the purposes ofNI 43-101.
The QP has reviewed available assessment files,historical drill logs, geophysical datasets, government geologicaldata, and public technical reports relevant to the Project, which wassubject to the Company’s due diligence review under an optionagreement. The QP has not completed sufficient work to independentlyverify all historical exploration data referenced herein, particularlydata generated by previous operators; however, the QP considers thehistorical information to have been collected using industry-standardpractices of the time and to be reasonably reliable for the purposesof early-stage exploration and target generation.
Mineral resources referenced on adjacent properties arenot necessarily indicative of mineralization on the Project.
The Company notes that Mr. Gallik is the underlyingvendor of the Project and is therefore not independent for thepurposes of NI 43-101. During the due diligence period, the Companyconducted its own separate technical review of the Project prior tomaking its decision to provide a notice to proceed with the Agreement.
The Company also notes that Gallik, a wholly ownedcompany of Troy Gallik, is a geological consultant to MetalQuestMining Inc. however, remains at arm’s length to the Company asdefined by TSX Venture Exchange policies.
About MetalQuest Mining
MetalQuest Mining (MQM) owns 100% of Lac Otelnuk and isworking to develop one of the largest Iron projects in North America.The Lac Otelnuk Iron Project is located in Quebec’s Labrador Troughand is approximately 165 km by air northwest of the Town ofSchefferville, and 1200 km northeast of Montreal by air. The Company has recently acquired a portion of the underlying netsmelter return (NSR) royaltyon the Project, https://metalquestmining.com/news/metalquest-mining-amends-royalty-on-its-lac-otelnuk-iron-project-in-quebec/.
The Quebec government has transferred 100% of theclaims into MQM’s name and management is accumulating a vast amountof technical data as approximately $120 million has been expended onthe project to date. Going forward, one of our primary objectives willbe to continue to work with Naskapi First Nation of Kawawachikamachwith whom we have an Exploration and Pre-Development Agreement as ofNovember 2023.
A Gap Study Analysis was completed as of February18th, 2026, by AtkinsRéalis, a global engineering leader and leadauthor of the 2015 feasibility study, provided a clear framework forthe Project’s next stage of advancement. Importantly, the review did not identifyany issues that would preclude continued advancement of the Project.MetalQuest is advancing Lac Otelnuk through aphased approach focused on technical validation, modernizationopportunities, infrastructure and logistics planning, ESG andpermitting progress, and updated economic evaluation, with the goal ofcreating long-term value for shareholders and stakeholders.
On December 3rd, 2025, MetalQuest Mining (MQM) announcedthe acquisition of the ROF-1 Project, a critical minerals land packagein Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares,~52,000 acres). The Ring ofFire is one of Canada’s most important emerging critical mineralsdistricts, supported by growing infrastructure and governmentattention as the region advances toward potentialdevelopment. ROF-1 Project is locatedapproximately 10 km from major nearby deposits and has identifiedexploration potential for VMS-style mineralization and multipleuntested target corridors based on historic work and technical review.https://metalquestmining.com/news/metalquest-secures-critical-minerals-project-in-northern-ontarios-ring-of-fire-region/
The previously announced acquisitionof the Fishhook Polymetallic Project represents MetalQuest’s second step inbuilding a broader multi-project Ring of Fire strategy, with theCompany continuing to review additional opportunities in the region.https://metalquestmining.com/news/metalquest-acquires-a-second-22000-ha-property-in-the-ring-of-fire-northern-ontario-the-fishhook-polymetallic-project/
NewAge Metals Inc., a significant shareholder of MetalQuest Mining Inc.with approximately 9.63% undiluted and ~14.6%partially diluted, hasrecently advanced into the Ringof Fire through theacquisition of new exploration properties, reflecting increasingexploration momentum within the district. NewAge Metals’ activities are independent of MetalQuest’soperations.
New Age Metals is focused on the discovery andadvancement of platinum group metals and other critical mineralsprojects in North America and has identified the Ring of Fire as astrategic area for long-term growth. The expansion of its explorationportfolio within this emerging district highlights continued industryinterest in early-stage, district-scale opportunities supported byimproving infrastructure, government engagement, and regionalexploration activity.
With the acquisition of the FishhookPolymetallic Project in the Ring of Fire, on the January23rd, New Age Metals Inc. andMetalQuest Mining Inc. have assembled approximately 62,800 hectares(~155,200 acres), consisting of 3,067 mining claims, subject to a 1.0%NSR with a 0.5% buyback, forming a portfolio of early-stageexploration ground considered prospective for critical minerals. Thecompanies will continue to evaluate further acquisitions in thedistrict.
MetalQuest believes that thealignment of shareholder interest and regional exploration focusfurther supports the Company’s strategy of disciplined landacquisition and systematic exploration within the Ring of Fire.
The initial phase of work, planned for Winter/Spring2026, at the recently acquired Superior Iron Project will comprisesystematic ground truthing, detailed geophysical surveys, andcomprehensive environmental baseline studies. These programs aredesigned to enhance the geological model, refine the understanding ofmineralized zones, and delineate high-priority drill targets tosupport the next stage of exploration and project development.
The Company also owns ~1.45 million free trading shares and 2.5million warrants at a strike price of $0.125 ofCanadian Copper (CCI) as of the closing of trading on January30th, 2026, CCI shares were trading at $0.78.
Two NSR royalties totaling 1% in theMurray Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous Bathurst Mining District, NewBrunswick, Eastern Canada.
Canadian Copper Inc (CCI) must payMQM a pre-production cash payment of $1 million before the projectgoes into production and has the right to purchase half of a 0.33%royalty for $1 million dollars.
In the event that CCI purchases halfof the 0.33% royalty, MQM will retain 0.82% royalty in perpetuity.
The Company has indicated that it is completing aPreliminary Economic Assessment (PEA) on processing the Murray Brookdeposit at the Caribou Processing Complex. Release date is expected inthe first half of 2026. CCI recently secured a financing to acquirethe Caribou complex. TheCaribou Process Complex is approved and maintains all requiredoperating permits. See CCI’s website forfurther details.
Investors are invited to visit the MetalQuest Miningwebsite at www.metalquestmining.comwhere they can review the company and its corporate activities. Anyquestions or comments can be directed to Harry Barr at Hbarr@mqmining.com or MaxKaczmer mkaczmer@newagemetals.comby telephone at 613 659 2773.
If you have not done so already, we encourage you tosign up on our website (www.metalquestmining.com) toreceive our updated news.
On behalf of the Board of Directorsand Management, we thank you for your continued support and trust inMetalQuest Mining.
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. Cautionary Note RegardingForward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statements maydiffer materially from actual future events or results and are basedon current expectations or beliefs. For this purpose, statements ofhistorical fact may be deemed to be forward-looking statements. Inaddition, forward-looking statements include statements in which theCompany uses words such as “continue”, “efforts”,“expect”, “believe”, “anticipate”, “confident”,“intend”, “strategy”, “plan”, “will”, “estimate”,“project”, “goal”, “target”, “prospects”,“optimistic” or similar expressions. These statements by theirnature involve risks and uncertainties, and actual results may differmaterially depending on a variety of important factors, including,among others, the Company’s ability and continuation of efforts totimely and completely make available adequate current publicinformation, additional or different regulatory and legal requirementsand restrictions that may be imposed, and other factors as may bediscussed in the documents filed by the Company on SEDAR+(www.sedarplus.ca), including the most recent reports that identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements. The Company doesnot undertake any obligation to review or confirm analysts’expectations or estimates or to release publicly any revisions to anyforward-looking statements to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipated events.Investors should not place undue reliance on forward-lookingstatements.
Copyright (c) 2026 TheNewswire - All rights reserved.
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