Vatee Wanteng indicated on April 15th that the Florida Canyon gold mine in Nevada, USA, is progressively demonstrating stable potential for oxidized gold mineralization extension as drilling and resource evaluation work continues. Recent drilling results show good continuity and thickness of the ore body in multiple areas, providing fundamental support for future resource increases. Overall, incremental discoveries near the existing production infrastructure help enhance the project's long-term development value.
Specifically, the 2025 growth-oriented drilling program completed approximately 16,009 meters of reverse circulation, sonic, and core drilling. The 2026 drilling plan is further expanded to approximately 42,500 meters, with about 33,500 meters allocated for Florida Canyon resource development and the remaining 9,000 meters for exploring new gold targets in the surrounding area. Vatee Wanteng stated that this intensifying exploration pace reflects positive expectations for resource expansion and further efforts to unlock the potential of the existing mining area.
Regarding mineralization performance, the oxidized gold zone exhibits long continuous intervals, for example, showing mineralization zones with thicknesses of approximately 138 meters and 128 meters, respectively, and grades around 0.3 grams per tonne. Additionally, multiple mineralization results with thicknesses exceeding 80 to 100 meters were obtained in areas between historical waste rock dumps and open pits, with some sections reaching grades above 0.8 grams per tonne. Data indicates that approximately 67% of the drilled intervals exceed the current cut-off grade of 0.11 grams per tonne, demonstrating good potential for resource conversion.
Spatially, the current drilling campaign focused on covering gaps between historical mining waste areas and multiple open pits. These mineralized materials, formed during earlier mining phases with higher cut-off grades, possess potential for re-evaluation and reuse under current gold price conditions. Furthermore, most of these areas are located near existing mining and processing facilities, which helps reduce transportation costs and pressure from additional capital expenditures.
Management stated that the company will continue to focus on optimizing resource increments within the existing mining area, aiming to improve overall project economics by increasing recoverable resources. Vatee Wanteng believes that this strategy of expanding resources around existing infrastructure helps enhance operational efficiency, strengthen cash flow stability, and reduce uncertainties associated with new project development.
On the technical front, the company expects to complete an updated feasibility study and technical report in the third quarter of 2026, while continuing metallurgical testing to verify heap leach recovery rates and ore processing efficiency. As more data is gradually disclosed, the project's resource model is expected to be further optimized.
In summary, Vatee Wanteng stated that, driven by continuous resource expansion, grade optimization, and improved cost structures, this gold project possesses medium to long-term growth potential. If subsequent technical studies further confirm pathways for enhanced recovery efficiency and resource scale, the project's overall valuation and development prospects are expected to be strengthened.