OTTAWA, Ontario, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Assays are now pending from the first diamond drill holes completed as part of Viridian Metals Inc.'s (CSE: VRDN) (OTCQB: VIRMF) 2026 drill program at the Kraken project in Labrador. The initial assay submission includes the extension of hole VKS25-024, which previously returned 24.05 metres grading 0.77% CuEq¹ (0.21% Cu, 0.30% Ni, 0.04% Co) from 1 metre before terminating in mineralization (see Viridian news release dated February 26, 2025). Massive to semi-massive sulphides observed at the end of the original hole continue to approximately 33 metres, transitioning to patchy net textured and disseminated sulphides to the end of the hole at 51 metres.*.
The 2026 drill program is focused on systematically defining the near-surface Kraken Main Zone as the Company advances toward establishing an NI 43-101 target resource. Analytical results from the first submission are expected in the coming weeks, with additional drill core to be submitted as drilling progresses.
"The extension of hole VKS25-024 was one of the highest priorities of the 2026 program since the original intersection was continuously mineralized from surface to end of hole," said Tyrell Sutherland, President and Chief Executive Officer of Viridian Metals. "The continuation of massive sulphides into the extension, followed by net patchy net textured sulphide mineralization to the end of the hole, extends one of Kraken Main's strongest mineralized intervals andsupports the continuity and scale of the system. We look forward to reporting the first assay results as they become available while continuing to systematically define the Main Zone toward an NI 43-101 target resource."
Copper and other critical metals in magmatic sulphide deposits are hosted within sulphide minerals. As a result, the abundance, texture and continuity of sulphide mineralization are important geological observations. While laboratory assays are required to determine metal grades, the continuation of massive sulphides into the extension of hole VKS25-024, with patches of net textured sulfides to the end of the hole is encouraging.
Kraken is hosted within the oldest recognized intrusion of the Nain Plutonic Suite, which also hosts the Voisey's Bay deposit. Both Kraken and Voisey's Bay are magmatic sulphide systems in which copper, nickel and other critical metals are concentrated within sulphide minerals.
Analytical work is being completed by Activation Laboratories in Ancaster, with results expected on a rolling basis as additional samples are received and processed.
*Visual observations of sulphide mineralization are preliminary in nature and should not be considered representative of assay results. Laboratory analyses are required to determine the presence, grade and distribution of copper, nickel, cobalt and other metals.
Figure 1: Semi-massive sulphides observed in the extension of hole VKS25-024. Drill core is BTW size with a diameter of 4.2cm (1.65”)
Figure 2: Extension of hole VKS25-024 from 25 to 42 metres, showing intervals of massive to net-textured pyrrhotite and chalcopyrite. Drill core is BTW size with a diameter of 4.2cm (1.65”)
Understanding the Sulphide Minerals
The brassy yellow sulphide visible in the photographs is chalcopyrite, the principal copper-bearing mineral in magmatic sulphide systems such as Kraken. The bronze-grey sulphide is pyrrhotite, the dominant sulphide mineral, which commonly hosts or is intimately intergrown with microscopic pentlandite, the principal nickel-bearing mineral. Cobalt is also commonly associated with pentlandite and related sulphide minerals but, like pentlandite, is typically too fine grained to be distinguished visually in drill core. Consequently, while chalcopyrite and pyrrhotite can often be identified by eye, laboratory assays and mineralogical studies are required to determine the distribution and grades of copper, nickel and cobalt.
For more information on Viridian’s upcoming projects please visit: viridianmetals.com
Qualified Person
Tyrell Sutherland, P.Geo (Ontario), President and CEO of Viridian Metals, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained in this news release.
1Copper Equivalent Calculation
CuEq represents CuEq calculated based on the following metal prices (USD): 4.0 $/lb Cu, 7.5 $/lb Ni and 15.0 $/lb Co., and a recovery grade of 80% for Ni and Co, consistent with comparable peers. The Company believes that all metals included in the CuEq calculation have a reasonable potential to be recovered. CuEq values are provided for illustrative purposes only; actual recoveries and metal prices may differ materially from those assumed.
About Viridian Metals
Viridian Metals is a pioneer and leader in generative metal exploration with a focus on environmental responsibility and ethical practices. Founded with the intention of discovering new critical metals deposits with the potential to transform the metal supply chain. We leverage innovative technologies and methods to enhance efficiency and sustainability in jurisdictions eager to be leaders in supplying the energy transition. Viridian maintains expertise in a range of critical metals with a primary focus on copper, nickel and cobalt in the near term. Our commitment to integrity and transparency fosters strong partnerships with both local and global stakeholders.
For further information, please contact:
Viridian Metals
Tyrell Sutherland
CEO
Telephone: (613) 884-8332
Email: Info@viridianmetals.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Viridian with respect to future business activities and operating performance.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information in this news release includes, but is not limited to, statements regarding: (i) the timing of receipt of analytical results from the first sample submission, including the expectation that results will be received in the coming weeks and on a rolling basis thereafter; (ii) the submission of additional drill core for analysis as drilling progresses; (iii) the scope, design, continuation and completion of the 2026 drill program at the Kraken project; (iv) the Company's intention to systematically define the near-surface Kraken Main Zone and to advance toward an initial mineral resource estimate prepared in accordance with NI 43-101, and the timing thereof; (v) the expectation that assay results will be consistent with visual observations of sulphide mineralization in drill core; (vi) the potential to expand mineralization through extension drilling on holes that previously ended in mineralization, including hole VKS25-024; (vii) the Company's geological interpretations, including its characterization of the Kraken project as a magmatic sulphide system and its characterization of the host intrusion; (viii) the assumptions underlying the copper equivalent calculation, including assumed metal prices and metallurgical recoveries, and the expectation that all metals included in that calculation have reasonable potential to be recovered; (ix) the business plans and expectations of Viridian; and (x) expectations for other economic, business and/or competitive factors in respect of Viridian.
Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Viridian to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Viridian, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects Viridian’s current beliefs and is based on information currently available to it and on assumptions it believes to be reasonable in the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the availability of drill rigs, qualified personnel and contractors on the timelines anticipated; the ability to obtain and maintain all required permits, surface access rights and Indigenous and community consents to conduct the planned program; weather, site access and logistical conditions in Labrador remaining consistent with the Company’s expectations; the accuracy of the Company’s geological models and the Company’s interpretations of prior drilling, geophysical surveys and modeled conductor plates; that analytical results received from the laboratory will be consistent with the Company's visual observations of sulphide mineralization in drill core; that sample turnaround times at Activation Laboratories will be consistent with the Company's expectations; that the Company's sampling, sample preparation, security and analytical procedures are adequate and that assay results will be representative of the mineralization sampled; that the Company will be able to define a mineral resource on the Kraken project; that the assumptions underlying the copper equivalent calculation, including assumed metal prices and metallurgical recoveries, are reasonable; the continued availability of financing and working capital to fund the program through to completion; commodity prices for copper, nickel and cobalt remaining at levels supportive of the program; the absence of material adverse changes in applicable laws, regulations or political conditions; and anticipated and unanticipated costs. Risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking information include, without limitation: delays in the receipt of analytical results; the risk that assay results do not confirm the Company's visual observations of sulphide mineralization; the risk that a mineral resource is never defined on the Kraken project; the risk that assumed metal prices and metallurgical recoveries are not achieved; the ongoing conflicts in Ukraine and the Middle East and any actions taken by other countries in response thereto, such as sanctions or export controls; and the other risk factors referenced in the Company's continuous disclosure record available on SEDAR+. Although Viridian has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, Viridian disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
In particular, readers are cautioned that visual observations of sulphide mineralization in drill core are qualitative in nature, are not a substitute for laboratory analysis, and may not be indicative of the presence, grade, continuity or distribution of copper, nickel, cobalt or any other metal. Assay results may differ materially from what visual observations suggest, and there can be no assurance that any mineralization observed will prove to be economically recoverable or that a mineral resource will ever be defined on the Kraken project.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/229ddb7e-9c20-47f2-83e8-7d1033bbe749
https://www.globenewswire.com/NewsRoom/AttachmentNg/a97b412d-f935-4933-a75f-1c5fadcaa5c3
Figure 1
Semi-massive sulphides observed in the extension of hole VKS25-024. Drill core is BTW size with a diameter of 4.2cm (1.65”)
Figure 2
Extension of hole VKS25-024 from 25 to 42 metres, showing intervals of massive to net-textured pyrrhotite and chalcopyrite. Drill core is BTW size with a diameter of 4.2cm (1.65”)
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