Ottawa, Ontario--(Newsfile Corp. - October 9, 2026) - NeoTerrex Minerals Inc. (TSXV: NTX) (the "Company" or "NeoTerrex") is pleased to announce that, further to its news release of August 19, 2026, it has entered into a definitive option agreement dated October 6, 2026 (the "Option Agreement") with Eastmain Resources Inc. ("Eastmain"), an arm's length party and a wholly owned subsidiary of Fury Gold Mines Limited ("Fury"), pursuant to which NeoTerrex may acquire up to a 100% interest in Fury's copper-gold-silver-tungsten ("Cu", "Au", "Ag" and "W") Reservoir Project (the "Reservoir Project" or the "Project"), located in the Eeyou Istchee (James Bay) region of Québec. No finder's fees are payable in connection with the Option.
Highlights
6,090-hectare polymetallic project hosting multiple Cu-Au occurrences
C52 Zone drilling: up to 1.79 g/t Au over 21.0 m and 11.5 g/t Au over 1.5 m
Mitlin channel sampling: up to 8.15% Cu, 13.17 g/t Au and 45.9 g/t Ag over 1.0 m
Underexplored: no recorded work since 2013; most drilling completed between 1985 to 1997
100% earn-in: $500,000 cash and $3.0 million in exploration expenditures
The Reservoir Project represents a significant addition to NeoTerrex's Québec exploration portfolio, providing the Company with exposure to a large, historically underexplored polymetallic mineralized system hosting numerous copper, gold, silver and tungsten occurrences.
The 116-mineral-claims Reservoir Project, covering approximately 6,090 hectares, is located in the Eeyou Istchee (James Bay) region of Québec, Canada, approximately 390 km north-northeast of Matagami and close to major hydroelectric infrastructure and associated access roads. The Reservoir Project lies within the Eastmain Greenstone Belt and hosts a broad polymetallic mineralized system containing copper, gold, silver and tungsten.
Under the terms of the Option Agreement, NeoTerrex may earn a 100% interest in the Reservoir Project by making aggregate cash payments of $500,000 and incurring $3.0 million in exploration expenditures through December 31, 2030.
"This transaction gives NeoTerrex control over what we believe is a highly compelling and significantly underexplored polymetallic system in one of Québec's premier mining jurisdictions," said Mathieu Stephens, President and Chief Executive Officer of NeoTerrex. "Importantly, much of the historical drilling at Reservoir was completed between 1995 and 1997, during a period when gold averaged approximately US$368 per ounce-an exceptionally low gold-price environment compared with today. With gold currently trading at more than 10 times the average price during that period, we believe the historical results warrant a fresh look through a modern exploration lens. Reservoir combines scale, multiple styles of mineralization, strong historical copper and gold results with additional potential for silver and tungsten and numerous targets that have seen little or no modern exploration. Of particular interest are the 1.6-kilometre C52 mineralized corridor, the gold/copper Mitlin occurrence and several zones that remain undrilled or open along strike and at depth. With no recorded exploration work since 2013, we see substantial opportunity to systematically advance the Project using modern geological interpretation and geophysical techniques."
Exploration at the Reservoir Project dates to the late 1960s, when gold and copper were first discovered in the area. Subsequent work, including 7,500 metres of drilling during the 1980s and 1990s, led to several discoveries described further below.
In 2013, a further 1,365 metres of drilling turned up several notable gold-copper intersections and broad anomalous gold-copper envelopes highlighting the scale of the mineralized system. No work is recorded thereafter. Select occurrences include:
C52 Zones
The C52 Zone consists of a series of sub-parallel mineralized gold/copper zones traced by historical drilling for approximately 1.6 kilometres along strike. Mineralization is hosted predominantly within mafic volcanic rocks.
Historical drilling returned broad mineralized intervals and higher-grade zones, including:
North Zone
South Zone
Additional zones have also been reported in historical reports as well as widespread anomalous tungsten within the mineralized system, with assay results reaching 0.10% W.
The most recent historical technical work reviewed by the Company indicates that the C52 Zones remain open along strike and at depth. Available historical information also indicates a strong spatial correlation between gold and copper mineralization, suggesting that geophysical methods targeting conductive sulphide-bearing zones may provide an effective exploration tool.
Based on the information reviewed by the Company, no downhole electromagnetic or comparable modern borehole geophysical surveys appear to have been completed on the Project.
A review of historical drill logs also documents quartz-feldspar porphyry dykes within the mineralized system. Such intrusive rocks can be spatially associated with structurally controlled gold mineralization in a number of Archean greenstone-belt settings and represent an additional geological feature to be evaluated during future exploration.
Mitlin Zone
The Mitlin Zone, discovered in 1997, is a high-grade Cu-Au-Ag occurrence located approximately 1,400 metres southwest of the C52 Zones.
Historical surface channel sampling returned values of:
8.15% Cu, 13.17 g/t Au and 45.9 g/t Ag over 1.00 m; and
5.14% Cu, 36.48 g/t Au and 52.0 g/t Ag over 1.00 m.
Historical drilling returned values of:
- 1.12 g/t Au, 0.93% Cu and 4.54 g/t Ag over 8.00 m (C52-97-07)
Only two drill holes are recorded as having tested the Mitlin area, both in 1997, with no subsequent drilling identified by the Company. The occurrence remains open along strike, particularly toward the southwest, and at depth.
The relationship, if any, between the Mitlin Zone and the larger C52 mineralized system remains unknown and represents an important target for future exploration.
Bear Island
The Bear Island occurrence comprises a felsic-dominated volcanic sequence containing anomalous Cu and Zn mineralization together with interbedded cherty oxide-facies iron formation. Historical interpretations suggest that the geological setting may be prospective for polymetallic volcanogenic massive sulphide-style mineralization.
Historical drilling returned broad anomalous intervals, including:
20 m averaging 753 ppm Zn, including 1.0 m grading 0.79% Zn; and
Cu-anomalous intervals of up to approximately 48 metres.
Bear Island remains relatively underexplored. Historical technical work recommended additional drilling along strike and at depth to test for larger and potentially higher-grade sulphide lenses.
Cyr Zone
The Cyr Zone is a Cu-Au-Ag occurrence located west of the Bear Island horizon and near the western boundary of the Project. Historical channel sampling returned:
- 3.0 m grading 2.77% Cu, 0.98 g/t Au and 32.5 g/t Ag
No historical drill holes are recorded in the immediate Cyr Zone area, providing NeoTerrex with an untested near-surface target within the broader Reservoir mineralized system.
Terms of the Option
The Option Agreement provides NeoTerrex with the right to acquire up to a 100% interest in the Reservoir Project through staged cash payments and exploration expenditures.
Table 1: Terms of Option
| Date | Cash | Work Expenditures | NeoTerrex ownership of the Property |
| At the signing of the definitive option agreement | $50,000 | - | 0% |
| By December 31st, 2027 | $75,000 | $500,000 | 0% |
| By December 31st, 2028 | $75,000 | $750,000 | 50% |
| By December 31st, 2029 | $100,000 | $750,000 | 75% |
| By December 31st, 2030 | $200,000 | $1,000,000 | 100% |
| Total | $500,000 | $3,000,000 | 100% |
Upon NeoTerrex earning a 100% interest in the Reservoir Project, Fury will retain a 2% net smelter returns royalty (the "NSR"). NeoTerrex will have the right to purchase one-half of the NSR, representing a 1% NSR, for $1.0 million at any time prior to commercial mine production, subject to the terms of the Option Agreement.
NeoTerrex will act as operator of the Reservoir Project throughout the earn-in period and thereafter for so long as it maintains a majority interest in the Project.
The Option Agreement also creates the potential for a strategic joint venture between NeoTerrex and Fury (Eastmain), providing additional flexibility to collaboratively advance and unlock the value of the Reservoir Project following an intermediate earn-in.
The Option Agreement and the transactions contemplated thereby remain subject to any applicable regulatory approvals, including, where required, the approval of the TSX Venture Exchange.
Exploration Plans
NeoTerrex has undertaken a systematic review, compilation and digitization of historical geological, geochemical and geophysical information covering the Reservoir Project, together with field verification of priority mineralized zones and targets.
The Company's initial exploration objectives will include evaluating extensions of the known C52, Mitlin, QET, Bear Island, Cyr and Barrage mineralized zones, identifying additional targets within the broader mineralized system and advancing priority targets toward drilling.
The Company has initiated the permitting process required for future exploration activities and, subject to receipt of the necessary permits and approvals, intends to advance the Project toward a winter drilling program.
Historical Exploration Information
The exploration results disclosed in this news release are historical in nature and were completed by previous operators. NeoTerrex has not independently verified all of the historical analytical results, sampling procedures, assay methodologies, quality assurance and quality control procedures or drill-core recoveries associated with the historical work.
The Company believes that the historical information is relevant to assessing the mineral potential of the Reservoir Project and provides a reasonable basis for planning future exploration. However, the reader is cautioned that the historical results should not be relied upon as necessarily indicative of future exploration results.
Reported drill and channel-sample widths represent apparent widths unless otherwise stated, and true widths have not been determined.
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved by Mathieu Stephens, P.Geo., President and Chief Executive Officer of NeoTerrex Minerals Inc., a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About NeoTerrex Minerals Inc.
NeoTerrex Minerals Inc. is a Canadian mineral exploration company focused on the discovery and advancement of critical and precious-metal projects in Québec. The Company maintains a diversified portfolio of exploration-stage properties prospective for copper, gold, tungsten and rare earth elements and seeks to create shareholder value through systematic exploration, project advancement and strategic acquisitions.
Neither the TSXV 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 news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "objective", "potential", "proposed" and "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to, statements or information with respect to: NeoTerrex's future plans, objectives or goals; the exercise of the Option and the staged expenditures, cash payments and ownership milestones described herein; the NSR royalty and the related buy-back right; NeoTerrex acting as operator of the Reservoir Project; acceptance of the TSX Venture Exchange, if required; and the potential of the Reservoir Project. The forward-looking information is based on a number of factors, expectations and assumptions which have been used to develop such information, and which may prove to be incorrect. Such material factors, expectations and assumptions include, but are not limited to: the ability of the parties to negotiate and execute a definitive option agreement on the terms contemplated by the LOI; the results of due diligence; the availability of financing to fund the required expenditures and cash payments; the receipt of all necessary regulatory, exchange and third-party approvals; and the accuracy of historical exploration data. Readers are cautioned that the foregoing list is not exhaustive of all factors, expectations and assumptions which have been used. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such information, including, without limitation: the failure to satisfy the conditions to, or to make the expenditures and payments required to exercise, the Option; the failure to obtain, or delays in obtaining, required regulatory or TSX Venture Exchange acceptance, if required; risks that historical exploration results are not indicative of current or future results and have not been verified by a qualified person; commodity price volatility; exploration, development and operating risks; and general market, economic and financing conditions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that the forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this news release is made as of the date specified in this news release and the Company does not undertake any obligation to update or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Readers are cautioned not to place undue reliance on the forward-looking information because the Company can give no assurances that they will prove to be correct.
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