Stelmine Canada announced a recent IP survey completed on the Mercator property has led to the discovery of a northward extension of the Meridian Zone covering an area of 2 km X 300 m. This new area, the T-Rex Zone, displays similar geophysical responses to those detected on the Meridian Zone, reflecting substantial disseminated sulphides associated with gold mineralization in iron formations. Mercator (100% STH) is located in northeastern Quebec, 150 west of Fermont. The IP survey had two principal objectives: Increase the precision of the geophysical information by decreasing the line spacing on the Meridian Zone to optimize the choice of drilling targets and Finding new extensions to the known Zone (Meridian) within the T-Rex sector.

Results from a till survey completed in 2022 defined an Au, As and Cu anomalous area north of the Meridian Zone named the T-Rex Zone. A cursory exploration of the T-Rex Zone identified several outcrops and boulders of sulphide-rich iron formations and metasediments. The results of the IP survey are compelling, highlighting a new 2 km x 300m anomaly.

The configuration of the IP survey allows a depth of investigation of up to 175 m depth, much deeper than the original survey (80 m). The new survey identified several IP anomalies generally associated with a large decrease in resistivity, magnetic structures and/or sulphide or ferromagnesian mineral-rich lithological units. The new apparent chargeability and resistivity contour maps display better delineated sectors in the core of the Meridian zone, generally oriented NE/SW and extending for 3.7 km.

The inversion model suggests in several cases the existence of sub-horizontal conductors. On the T-Rex grid, the new NNE/SSW-oriented chargeability/resistivity anomalies over 2 km are among the strongest identified to date on the Mercator project (in part over 25mV/V).