Gold Candle Files Technical Report for Kerr-Addison and Geminid Deposits

TORONTO, June 03, 2025 (GLOBE NEWSWIRE) — Gold Candle Ltd. (“Gold Candle” or the “Company”) has filed a National Instrument 43-101 technical report supporting its updated mineral resource estimates for the Kerr-Addison gold project and Geminid nickel sulphide zone in northeastern Ontario.

The report, titled NI 43-101 Technical Report and Mineral Resource Estimate for the Kerr-Addison and Geminid Properties, Ontario, was prepared by InnovExplo Inc. and Libertas Metallurgy Ltd., and is dated May 26, 2025, with an effective date of February 19, 2025. It is under Gold Candle’s profile on SEDAR+ (www.sedarplus.ca).

2025 Mineral Resource Estimates

Kerr-Addison*

Geminid*

Qualified Persons

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.

MRE Notes

*Notes to Accompany Kerr-Addison 2025 Mineral Resource

1. The effective date of the 2025 MRE is February 3, 2025.
2. The independent and qualified persons for the 2025 MRE are Martin Perron, P.Eng and Simon Boudreau, P.Eng., both from InnovExplo, a subsidiary of Norda Stelo.
3. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM definitions and guidelines.
4. The estimate encompasses 146 mineralized lenses in eight (8) groups (A to H) using the grade of the adjacent material when assayed or a value of zero when not assayed.
5. High-grade capping supported by statistical analysis was done on raw assay data before compositing. It was established on a group-by-group basis, varying from 10 to 200 g/t Au for mineralized zones. Composites (1.0 m) were calculated within the zones using the grade of the adjacent material when assayed or a value of zero when not assayed.
6. The estimate was completed using a sub-block model in Isatis.neo 2024.04. The parent block size was 5m x 5m x 5m (subblocks of 1.25m x 1.25m x 1.25m).
7. Grade interpolation was obtained by Ordinary Kriging for all groups using hard boundaries.
8. Density values were assigned at 2.82 g/cm3 for all groups.
9. The mineral resource estimate is classified as Indicated and Inferred. For groups A, B, C, F and H, the Inferred category is defined with a minimum of three (3) drill holes in areas where the drill spacing is less than 60 m, and reasonable geological and grade continuity have been demonstrated. For groups A, B, C, F and H, the Indicated mineral resource category is defined with a minimum of three (3) drill holes in areas where the drill spacing is less than 30 m, and reasonable geological and grade continuity have been demonstrated. For groups D, E and G, the Inferred category is defined with a minimum of three (3) drill holes in areas where the drill spacing is less than 30 m, and reasonable geological and grade continuity have been demonstrated. For groups D, E and G, the Indicated mineral resource category is defined with a minimum of three (3) drill holes in areas where the drill spacing is less than 15 m, and reasonable geological and grade continuity have been demonstrated. The initial resource classification was edited with a mix of automated and manual methods to eliminate the spotted dog effects considering the spatial continuity of drill holes and was run in each mineralized solid to upgrade inferred blocks, or downgrade indicated blocks locally, as needed.
10. The MRE is locally pit constrained. The out-pit resources meet the RPEEE requirement by applying constraining volumes to all blocks (Selective underground long-hole extraction scenario) using Deswik Mineable Shape Optimizer (DSO). The RPEEE requirement is satisfied by having cut-off grades based on reasonable parameters for surface and underground extraction scenarios, minimum widths, and constraining volumes. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 3 m for blocks 45 m high by 30 m long at a cut-off grade of 1.2 g/t Au for the long-hole method. Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The potential open-pit component of the 2025 MRE is locally constrained by an optimized surface in GEOVIA Whittle™ using a rounded cut-off grade of 0.20 g/t Au. The surface cut-off grade was calculated using the following parameters: mining cost = CA$7.00/t; mining overburden cost = CA$4.90/t; processing & transport cost = CA$11.82/t; G&A cost = CA$3.36/t; selling costs = CA$5.00/t; gold price = US$1,980/oz; USD/CAD exchange rate = 1.30; overburden slope angle = 25°; bedrock slope angle = 50° to 55°; and mill recovery = 90%. The underground cut-off grade was calculated using the following parameters: mining cost = CA$57.50/t; processing & transport cost = CA$13.60/t; G&A cost = CA$6.72/t; selling costs = CA$5.00/t; gold price = US$1,980/oz; USD/CAD exchange rate = 1.30 and mill recovery = 90%.Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
11. The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101, and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348) rounded to the nearest hundred. Numbers may not add up due to rounding.
12. The independent and qualified person for the 2025 MRE is not aware of any known environmental, permitting, legal, political, title-related, taxation, socio-political, or marketing issues that could materially affect the mineral resource estimate.

*Notes to Accompany Geminid 2025 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.

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

Media Contact:
Leon LeBlanc
President & COO
contact@goldcandle.com

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