The drill results released today by Tocvan Ventures Corp. are significant for one reason above all: With JES-26-172, Tocvan has now delivered a strong confirmation hole for the emerging El Mezquite discovery at the Gran Pilar Project.
After earlier drilling had already demonstrated broad gold mineralization, JES-26-172 has now confirmed another substantial, near-surface gold-silver zone across the JES-26-155 discovery area, adding further confidence that the previous intercepts are not isolated occurrences but part of a broader mineralized system.
Tocvan CEO Chris Gordon therefore explicitly described JES-26-172 as the “confirmation hole we wanted”. That choice of words is significant. In exploration, a single exceptional intercept can trigger a discovery, but establishing its true significance requires follow-up drilling that confirms mineralization at additional locations and begins to define its spatial continuity. That is increasingly what appears to be happening at El Mezquite.
The newly released JES-26-172 hole once again intersected very broad mineralization, this time with a particularly compelling combination of width, stronger average grades and a high-grade core:
- 81.1 m @ 0.48 g/t gold and 3.29 g/t silver from just 13.5 m downhole
- including 47.65 m @ 0.8 g/t gold and 5.02 g/t silver, with a high-grade core of 2.75 m @ 8.44 g/t gold and 53.95 g/t silver
This kind of confirmation is especially important for the market: A new discovery often starts with 1 or 2 strong drill holes. It is the subsequent holes that begin to show whether those intercepts may form part of a coherent mineralized body and, potentially, a future deposit. With each additional hole that intersects comparable mineralization, geological uncertainty can be reduced and the potential scale of the discovery can be assessed with greater confidence.
At El Mezquite, an increasingly compelling picture is beginning to emerge: Not only has the known strike length of the mineralized corridor grown to ~1.4 km, but drilling is now also beginning to identify broader zones carrying stronger gold grades within that system.
Only a few days ago, the central question was still: Where within this kilometre-scale mineralized system are the next broad, higher-grade gold zones located?
With JES-26-172, Tocvan has now delivered an impressive first answer.
In our Rockstone Report on September 10, we explained why the previously reported 247 m of anomalous gold-silver mineralization in JES-26-162 was geologically important despite its low average grades. The key takeaway was that Tocvan appeared to have discovered more than a series of isolated gold intercepts at El Mezquite; the drilling was increasingly pointing toward a substantially larger hydrothermal gold-silver system.
The resulting exploration strategy was summarized in a simple sentence: “First find the system. Then find the gold.”
In hydrothermal systems of this kind, higher gold grades are often not distributed evenly but tend to concentrate within specific structures, breccia bodies and higher-grade shoots.
With today’s confirmation hole, Tocvan is now beginning to better unravel the internal architecture of El Mezquite, adding another important piece of evidence to the thesis that a new gold-silver deposit could be taking shape here in close proximity to the planned pilot facility and the established Main Zone.
FROM THE BROADER SYSTEM TO THE HIGHER-GRADE ZONES
Only a few days ago, the focus at El Mezquite was primarily on the scale of the system.
JES-26-162 intersected more than 247 m of anomalous gold-silver mineralization from surface. Its average grade of 0.1 g/t gold was not particularly compelling on a standalone basis. Geologically, however, the key point was that the hole provided further evidence for the lateral and vertical continuity of the hydrothermal system.
That is precisely why we argued in our previous Rockstone Report that Tocvan had entered a new phase of exploration. As drilling provides increasing confidence in the presence and scale of the system, the focus is shifting toward understanding its internal architecture and targeting those areas where gold and silver appear to have become more strongly concentrated. the focus is shifting toward understanding its internal architecture and targeting those areas where gold and silver appear to have become more strongly concentrated.
JES-26-172 now represents an important step in that process, and the contrast with JES-26-162 is clear: While the latter primarily helped demonstrate the broader scale of the system, JES-26-172 shows what can occur within that system when drilling intersects a more strongly mineralized structure. Within a broad 81 m mineralized envelope, the average gold grade increases to 0.8 g/t over almost 48 m, while within that interval grades rise further to 8.44 g/t gold over 2.75 m.
This is precisely the type of geological zonation Tocvan is now systematically trying to define.
WHAT MATTERS MOST IS THE COMBINATION OF WIDTH AND GRADE
At first glance, the high-grade interval of 2.75 m @ 8.44 g/t gold and 53.95 g/t silver is likely to attract the most attention.
From the perspective of El Mezquite’s potential further development, however, the much broader intervals may be at least equally significant: 81 m @ 0.48 g/t gold and 3.29 g/t silver, including 47.65 m @ 0.8 g/t gold and 5.02 g/t silver. A narrow high-grade interval can be geologically exciting, but on its own it says relatively little about a possible future development scenario.
By contrast, a broad, near-surface mineralized interval becomes especially interesting when a project may eventually be evaluated in the context of a potentially low-cost open-pit and heap-leach concept. That is exactly the kind of combination now beginning to emerge in JES-26-172. The full mineralized interval starts at just 13.5 m downhole.
“POTENTIAL OPEN-PIT AND HEAP-LEACH FEED”: WHAT TOCVAN MEANS BY THIS
One particularly noteworthy phrase appears in today’s news-release. Tocvan explicitly describes the geometry of JES-26-172 as potentially relevant for future open-pit and heap-leach feed. At the same time, the company highlights existing road access and the proximity of the planned pilot facility.
Tocvan is not saying that El Mezquite has already been defined as future material for an open pit or for the pilot facility. It is still too early for that conclusion.
What the company is emphasizing instead is the geometry of the current discovery: The mineralization starts close to surface, occurs over comparatively broad drilled intervals and lies less than 2 km from the planned pilot facility. The area is also accessible by existing roads.
These are exactly the kinds of characteristics that can become highly relevant when evaluating a potential open-pit and heap-leach development concept. In an open-pit setting, near-surface mineralization can be advantageous because less barren material may need to be moved to access the mineralized zones.
For heap leaching, large volumes of comparatively low-grade mineralization can become relevant where the material is sufficiently oxidized and metallurgically amenable, as the process can be suited to the relatively low-cost treatment of substantial tonnage.
So, for now, Tocvan’s statement essentially means this: From a geological and infrastructure perspective, the shape and location of the mineralization in JES-26-172 are increasingly showing characteristics that could be favourable for a potential near-surface development scenario.
WIDTH, GRADE, STRIKE LENGTH AND INFRASTRUCTURE
Tocvan CEO Chris Gordon summed up the significance of the new drill hole particularly well:
“JES-26-172 is the confirmation hole we wanted. Eighty-one metres of mineralization starting 13.5 metres downhole, a 47.7-metre interval at 0.8 g/t gold, and 2.8 metres of 8.4 g/t gold with 54 g/t silver — that is a near-surface, drill-ready system sitting less than two kilometres from our permitted pilot plant. El Mezquite now has width, grade, strike, and infrastructure. That is how Gran Pilar moves from explorer to near-term producer.”
Accordingly, Tocvan describes JES-26-172 as the strongest grade-width confirmation along the El Mezquite trend since JES-26-155.
And indeed, the 4 factors highlighted by Gordon can now be seen increasingly clearly in both the drill results and El Mezquite’s location:
- Width: JES-26-172 returned 81.1 m of mineralization, including 47.65 m @ 0.8 g/t gold.
- Grade: Within this broader interval lies a high-grade core of 2.75 m @ 8.44 g/t gold and 53.95 g/t silver.
- Strike length: The mineralized corridor has now been traced over ~1,400 m. JES-26-169 extends the known mineralization by roughly another 100 m to the north.
- Infrastructure: El Mezquite lies only about 1.6-1.9 km east of the Main Zone and the planned pilot facility, with existing road access already in place.
Particularly noteworthy is that the scale of the system continues to grow. In our previous Rockstone Report, we referred to the El Mezquite trend extending for 1.2 km. That interpretation was based on the combination of JES-26-135, JES-26-155, JES-26-162 and additional step-out drilling. With the latest results, Tocvan now describes the continuous mineralized corridor as extending for 1.4 km.
Assay results released today from the more northerly step-out hole JES-26-169 also returned several gold-bearing intervals, including 2.8 m @ 0.45 g/t gold and 5.11 g/t silver from just 26.5 m downhole. On its own, this intercept may not appear particularly spectacular. Its greater significance lies in the fact that JES-26-169 extends the known near-surface mineralization by approximately another 100 m to the north.
2 developments are therefore occurring at the same time: The known footprint of the system is expanding, while more strongly mineralized zones are beginning to be defined within it. That combination will be particularly important as the next phase of drilling progresses.
NOT EVERY DRILL HOLE HITS THE CORE
Today’s news includes more than just JES-26-172 and JES-26-169.
Drill holes JES-26-166, JES-26-167, JES-26-170 and JES-26-171 returned predominantly narrow and lower-grade intercepts.
JES-26-168 also provides useful geological information: The hole intersected a 21.35 m anomalous interval grading 0.1 g/t gold along a separate trend ~1 km east of the Main Zone. Tocvan describes this as an early-stage second corridor closer to the Main Zone. At first glance, the grade itself may appear underwhelming. Geologically, however, the result fits precisely into the exploration phase we described in our previous report.
As Tocvan works to define higher-grade shoots within a large hydrothermal system, weaker drill holes can also be important. They help show where the stronger mineralized structures are not located and, in doing so, help constrain the geometry of the higher-grade core.
At this stage, the objective is not for every drill hole to deliver spectacular grades or exceptional widths. The more important task is to progressively refine the 3-dimensional model of the system with each additional hole.
With every drill hole, Tocvan can build a better understanding of which faults and breccia zones are mineralized, how those structures are oriented and where gold and silver appear to be most strongly concentrated. JES-26-172 now provides a clear example of why this approach can be effective.
THE EVOLUTION OF EL MEZQUITE CAN NOW BE TRACED STEP BY STEP
The exploration of El Mezquite is now showing a remarkably clear progression:
- The first drill hole, JES-26-135, reported in April: 22.9 m @ 0.6 g/t gold from surface. This provided the first confirmation of a new gold zone.
- This was followed by JES-26-155 in August: 215 m @ 0.6 g/t gold, including significantly higher-grade intervals. This showed that El Mezquite was potentially much larger than initially thought.
- Then came JES-26-162 on September 10: 247 m @ 0.1 g/t gold. This provided further confirmation of the considerable scale of the hydrothermal system.
- And now JES-26-172: 81.1 m @ 0.48 g/t gold, including 47.65 m @ 0.8 g/t gold, which in turn includes 2.75 m @ 8.44 g/t gold and 53.95 g/t silver.
The progression is therefore notably consistent: JES-26-155 revealed the broad scale of the new system, JES-26-162 further demonstrated its dimensions and JES-26-172 now shows that broader zones carrying materially higher gold grades also occur within this kilometre-scale system. This is precisely the kind of progression the next phase of drilling will need to continue testing.
Tocvan may therefore now be starting to identify the higher-grade structures within the broader system that we described in our previous Rockstone Report as the next key exploration objective.
THE NEXT DRILL HOLES COULD BECOME PARTICULARLY IMPORTANT
Tocvan is now planning additional step-out and infill drilling along the ~1.4 km-long El Mezquite trend. Of particular interest will be the planned drilling below, or down-dip of, JES-26-172. At the same time, drilling is expected to continue farther north of JES-26-169.
Tocvan is therefore now trying to answer 2 key questions:
- How far does the stronger mineralization encountered in JES-26-172 continue at depth?
- How much farther can the overall El Mezquite corridor be extended to the north?
If the next step-out and infill holes again intersect broad mineralization with comparable grades, the case for a more continuous mineralized body would continue to strengthen. That would make it easier to assess whether a distinct deposit may ultimately be taking shape at El Mezquite, potentially with a substantially larger spatial footprint than the current Main Zone.
BOTTOM LINE
Only a few days ago, we wrote: “First find the system. Then find the gold.” With JES-26-172, that phrase has taken on new meaning.
The early drilling at El Mezquite indicated that Tocvan had not simply encountered a series of isolated gold-bearing veins, but rather a kilometre-scale hydrothermal gold-silver system.
That led into the more difficult, but also more exciting, phase of exploration: Determining where within this extensive system the structures are located in which gold has become more strongly concentrated.
JES-26-172 now provides an important first part of that answer: 47.65 m @ 0.8 g/t gold and 5.02 g/t silver within a broader 81.1 m mineralized envelope starting at just 13.5 m downhole, including a high-grade core of 2.75 m @ 8.44 g/t gold and 53.95 g/t silver. This is precisely the kind of combination of width, grade and near-surface geometry Tocvan has been looking for.
At the same time, the known footprint of El Mezquite continues to expand. What only recently was described as an ~1.2 km-long trend is now being traced as a roughly 1.4 km mineralized corridor that remains open along strike and at depth. In other words: Tocvan is not only identifying stronger gold grades within the system – the limits of the system itself have yet to be defined.
The near-surface geometry is particularly noteworthy. Tocvan explicitly links the mineralization encountered in JES-26-172 with the potential for future open-pit and heap-leach feed.
The characteristics relevant to a potential near-surface development scenario are therefore becoming increasingly interesting: Broad mineralization close to surface, higher-grade cores, existing road access and a location less than 2 km from the planned pilot facility.
And JES-26-172 may be far from the final word in the current drill program. ocvan has now drilled 11,865 m in 2026, while assay results remain pending for a further 3,883 m. In other words, assay results are still pending for roughly one-third of the metres drilled during 2026 to date, leaving a substantial portion of this year’s program yet to be reflected in reported laboratory results. In other words, assay results are still pending for roughly 40% of the metres drilled in 2026, leaving a substantial portion of this year’s program yet to be reflected in reported lab results.
The next drill results are expected shortly. Meanwhile, drilling continues with 2 rigs, and Tocvan has already outlined targeted step-out and infill drilling along the ~1.4 km El Mezquite trend, particularly below JES-26-172 and farther north of JES-26-169.
This could shift the key question once again over the coming weeks: Initially, the question was whether El Mezquite hosted a large mineralized system at all. The accumulated drilling now provides increasingly strong evidence that it does. The next question was whether broader zones carrying stronger gold grades also occur within that system. JES-26-172 provides a compelling first answer.
The next question is therefore: How often can Tocvan repeat these kinds of zones along the now 1.4 km long structure, and can they ultimately be connected into a more continuous mineralized body?
If Tocvan can extend the mineralization encountered in JES-26-172 along strike and at depth, while identifying additional comparable higher-grade cores elsewhere within the El Mezquite system, the potential scale of the discovery could expand considerably.
At that point, El Mezquite would increasingly become more than the story of a newly discovered hydrothermal system. It could begin to take shape as a kilometre-scale gold-silver system whose most economically interesting zones Tocvan may only now be starting to define.
And with assays still pending from 3,883 m of drilling, the next chapter may already be sitting in the lab.
Company Details
Tocvan Ventures Corp.
Suite 1150 Iveagh House
707 – 7th Avenue S.W.
Calgary, Alberta, Canada T2P 3H6
Phone: +1 403 668 7855
Email: bsutherland@tocvan.ca (Brodie Sutherland)
www.tocvan.com
ISIN: CA88900N1050
Shares Issued & Outstanding: 78,735,014
Canada Symbol (CSE): TOC
Current Price: 0.78 CAD (09/15/2026)
Market Capitalization: 61 Million CAD
Germany Symbol / WKN (Tradegate): TV3 / A2PE64
Current Price: 0.489 EUR (09/15/2026)
Market Capitalization: 39 Million EUR
Contact
Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com
Disclaimer and Forward-Looking Information: Rockstone and Tocvan Ventures Corp. (“Tocvan”; “the Company”) expressly point out that all forward-looking information contained in this report does not represent a guarantee of future results or performance. Actual results may differ materially from those projected. Readers are referred to Tocvan’s public filings, available on SEDAR+ at www.sedarplus.ca, for a more detailed discussion of risk factors and their potential impact. All statements in this report, other than statements of historical fact, constitute forward-looking statements. This report includes expectations, interpretations, projections and assumptions based on information available at the time of writing, including public disclosures by Tocvan and statements made by its management. Forward-looking statements include, but are not limited to, statements, expectations and assumptions regarding: The interpretation, significance and potential economic relevance of the latest drilling at the El Mezquite trend within the Gran Pilar Gold-Silver Project; the interpretation of JES-26-172 as an important confirmation hole for the emerging El Mezquite discovery; the significance of the reported intercepts of 81.1 m @ 0.48 g/t gold and 3.29 g/t silver, including 47.65 m @ 0.8 g/t gold and 5.02 g/t silver and a higher-grade interval of 2.75 m @ 8.44 g/t gold and 53.95 g/t silver; the possibility that these intervals form part of a broader, continuous mineralized body; the possible lateral and vertical continuity of mineralization between JES-26-135, JES-26-155, JES-26-162, JES-26-169, JES-26-172 and other drill holes; the interpretation of El Mezquite as a kilometre-scale hydrothermal gold-silver system extending along an approximately 1.4 km-long mineralized corridor; the possibility that the corridor may extend farther along strike, to depth or laterally; the possible existence, geometry, continuity, orientation and distribution of higher-grade zones, shoots, breccias and mineralized structural corridors within the broader system; the possibility that future step-out, infill and down-dip drilling may identify additional broad, higher-grade or potentially economically significant gold-silver mineralization; the possibility that mineralization comparable in grade, width or character to JES-26-172 or JES-26-155 may occur elsewhere within the El Mezquite trend; the interpretation of JES-26-169 as extending known near-surface mineralization approximately 100 m farther north; the interpretation of weaker or lower-grade drill holes as useful for refining the geological and structural model; the continued refinement of the three-dimensional geological model at El Mezquite; the potential for improved targeting of higher-grade structures as geological understanding increases; the possibility that El Mezquite may ultimately evolve into a distinct mineral deposit; the possibility that its spatial footprint could ultimately exceed that of the current Main Zone; the potential integration of El Mezquite into the broader Gran Pilar exploration and development strategy; the possible strategic significance of El Mezquite’s proximity to the Main Zone, existing road infrastructure and the planned pilot facility; the potential relevance of the geometry of JES-26-172 to a future open-pit and heap-leach development concept; the possibility that El Mezquite material could ultimately be suitable for processing through a heap-leach or other processing route; the continuation of drilling along the approximately 1.4 km El Mezquite trend; the timing, receipt, interpretation and potential significance of approximately 4,511 m of pending assay results from the 2026 drilling program; the possibility that additional drilling may define one or more future mineral resources; and the continued advancement of Gran Pilar toward pilot-scale gold-silver production. Statements in this report describing JES-26-172 as a “confirmation hole,” or suggesting that it increases confidence that previous intercepts are part of a coherent mineralized system, represent geological interpretations based on currently available drilling data. A confirmation hole does not establish a mineral resource, mineral reserve, economically mineable deposit or commercial mining operation. Although additional drill holes may reduce geological uncertainty, there can be no assurance that mineralization encountered in individual holes is laterally or vertically continuous, that apparently related intercepts are physically connected or that they will ultimately form part of a mineral resource or economically viable mining operation. Statements regarding El Mezquite as an approximately 1.4 km-long mineralized corridor, kilometre-scale hydrothermal system or emerging discovery are based on the Company’s current interpretation of drilling, mapping, geochemical, geophysical and structural information. Such statements should not be interpreted as confirmation that the entire approximately 1.4 km trend is continuously mineralized, that all reported intercepts belong to one continuous mineralized body or that mineralization throughout the trend has sufficient grade, width, tonnage, metallurgical characteristics or continuity to support economic extraction. The currently interpreted dimensions of the system may change materially as additional drilling and geological information become available. The latest drilling includes JES-26-172, which returned 81.1 m @ 0.48 g/t gold and 3.29 g/t silver from 13.5 m downhole, including 47.65 m @ 0.8 g/t gold and 5.02 g/t silver and a higher-grade interval of 2.75 m @ 8.44 g/t gold and 53.95 g/t silver. These intercepts should not be interpreted as representative of the grade, width or continuity of the entire El Mezquite system. Higher-grade sub-intervals may be structurally controlled, discontinuous or limited in extent and may not be repeated in adjacent drill holes. Likewise, broad lower-grade mineralized intervals may contain internal zones of differing grade, alteration, oxidation, structural character and metallurgical response. There can be no assurance that future drilling will reproduce the widths or grades encountered in JES-26-172 or demonstrate continuity between the higher-grade intervals identified to date. References to JES-26-155, JES-26-162 and other previously reported holes are intended to illustrate the evolving geological interpretation of the El Mezquite system. JES-26-155 returned a broad mineralized interval with stronger internal zones, while JES-26-162 returned approximately 247 m of anomalous gold-silver mineralization. Anomalous or low-grade mineralization should not be interpreted as economically mineable mineralization. The presence of broad anomalous mineralization may be geologically significant but does not establish sufficient grade, continuity or tonnage for economic extraction. Statements regarding JES-26-169 extending known mineralization approximately 100 m farther north are based on the location of the drill hole and reported mineralized intervals. Such statements do not imply that economically significant mineralization is continuously present between JES-26-169 and other drill holes. The reported intercept of 2.8 m @ 0.45 g/t gold and 5.11 g/t silver and other mineralized intervals in JES-26-169 may be narrow, discontinuous or structurally isolated and may not be representative of mineralization elsewhere along the trend. Reported drill intervals represent drilled lengths and may not correspond to true widths. According to Tocvan, true widths for the intervals discussed in the current news release are estimated to be approximately 60-80% of drilled widths. These estimates remain subject to geological and structural uncertainty and may change materially as additional drilling, modelling and structural interpretation are completed. Statements regarding faults, fractures, breccias, hydrothermal alteration, structural corridors, fluid pathways, higher-grade shoots and the internal architecture of the El Mezquite system are geological interpretations based on currently available drilling, geochemical, geophysical and mapping data. There can be no assurance that these interpretations accurately represent subsurface geology or that future targeting based on these models will result in additional mineralization, higher grades, broader intercepts or economically significant discoveries. Geological and structural models may be revised substantially as new information becomes available. Statements in this report regarding “potential open-pit and heap-leach feed”, near-surface geometry or the possible suitability of El Mezquite for a future open-pit and heap-leach development concept are forward-looking and highly preliminary. The fact that mineralization occurs near surface, over broad drilled intervals and close to existing roads or the planned pilot facility does not establish mineability, economic viability or metallurgical suitability. No conclusion should be drawn that El Mezquite mineralization constitutes ore, that it is suitable for heap leaching or that it will ultimately be processed through the planned pilot facility or any future commercial operation. Heap-leach suitability depends on numerous factors, including mineralogy, oxidation state, gold and silver deportment, crush size, permeability, reagent consumption, recovery rates, leach kinetics, geotechnical characteristics, water availability and operating costs. There can be no assurance that El Mezquite material will demonstrate metallurgical characteristics comparable to other material previously tested at Gran Pilar. Dedicated metallurgical testing, resource definition, engineering, economic analysis and other technical work would be required before any determination regarding a future processing route could be made. Statements regarding El Mezquite’s proximity to the Main Zone, existing road access and the planned pilot facility are forward-looking to the extent they imply future strategic, operational or economic benefits. Proximity to infrastructure may be advantageous but does not establish economic viability or guarantee that El Mezquite mineralization can be incorporated into any future mine plan, pilot program or processing scenario. Additional drilling, resource estimation, metallurgical testing, mine planning, engineering, permitting, financing and economic evaluation would be required before such conclusions could be reached. Any comparison between the potential spatial extent of El Mezquite and the existing Main Zone is preliminary and conceptual. Statements suggesting that El Mezquite could ultimately have a larger spatial footprint than the Main Zone refer only to geological extent and should not be interpreted as a statement regarding contained ounces, grade, tonnage, economic value, mineral resources, mineral reserves or future production potential. There can be no assurance that future drilling will confirm such an interpretation. Statements regarding approximately 4,511 m of pending assay results from the 2026 drill program are forward-looking. The existence of pending assays should not be interpreted as implying that such results will be positive, higher-grade, broad, economically significant or supportive of the current geological model. Pending results may be weaker than expected, may fail to confirm interpreted structures or continuity and may lead to substantial revisions of the current exploration model. Assay timing depends on drilling progress, sample preparation, laboratory capacity, quality-control procedures and other factors outside the Company’s direct control. Statements regarding continued drilling with two rigs, planned step-out and infill drilling, drilling below or down-dip of JES-26-172 and drilling north of JES-26-169 are forward-looking. There can be no assurance that planned drill holes will be completed at the anticipated locations or on the anticipated schedule, that drilling conditions will permit the intended targets to be tested or that future drill holes will intersect mineralization of comparable grade, width or geological character. Statements regarding Tocvan’s ability to improve drill targeting as the geological model becomes more refined are also forward-looking. Although additional drilling and geological information may improve the understanding of mineralized controls, exploration remains inherently uncertain. More refined targeting does not guarantee the discovery of additional higher-grade shoots, broad mineralized zones or economically viable mineralization. Statements concerning the planned Gran Pilar pilot facility, including its construction, commissioning, operation and the targeted commencement of initial gold-silver doré production in Q4 2026, are forward-looking. Although the facility is reported by the Company to be permitted and advancing, there can be no assurance that construction or commissioning will be completed according to the current schedule, that production will commence in Q4 2026 or at all, or that the facility will achieve anticipated throughput, grades, recoveries, reagent consumption, operating costs or other technical and economic parameters. Past bulk-sample results and metallurgical test work may not be representative of future pilot-scale or commercial-scale operating conditions. Pilot-scale production is not equivalent to demonstrated commercial-scale economic viability and does not replace a mineral resource estimate, mineral reserve estimate, Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study. There are currently no mineral reserves defined for the Gran Pilar Project and, unless otherwise disclosed by the Company, no completed maiden mineral resource estimate. Drill intersections, surface samples, geochemical anomalies, geophysical anomalies, alteration zones, historic workings, metallurgical test work and geological interpretations do not constitute mineral resources or mineral reserves. There can be no assurance that continued exploration will define economically recoverable mineral resources or ultimately support commercial mining operations. Forward-looking statements are subject to numerous known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include, but are not limited to: The speculative nature of mineral exploration and development; geological, structural, sampling, drilling, geochemical, geophysical and metallurgical uncertainties; uncertainty regarding grade, true width, continuity, orientation, depth extent and lateral extent of mineralization; the possibility that higher-grade zones or shoots may be narrower, less continuous, lower-grade, more structurally complex or less extensive than currently interpreted; the possibility that broad mineralized or anomalous envelopes may not contain sufficient economically significant mineralization; the possibility that the approximately 1.4 km trend may prove less continuous than currently interpreted; the possibility that mineralization encountered in separate drill holes may not connect into a coherent mineralized body; the possibility that current geological, structural or hydrothermal interpretations may not be confirmed by additional drilling; risks associated with pending assay results and future exploration drilling; drilling productivity, equipment availability, contractor performance and exploration costs; laboratory delays and assay turnaround times; financing and liquidity risks; future shareholder dilution; construction, commissioning and operating risks relating to the pilot facility; uncertainties regarding metallurgical recoveries, oxidation characteristics, mineralogy, reagent consumption, throughput and operating costs; permitting, environmental, water, infrastructure, land-access and community-relations risks; political, legal, regulatory, taxation, security and social risks associated with operating in Mexico; fluctuations in gold and silver prices, exchange rates, energy prices, labour costs, operating costs and capital costs; capital-market conditions; and other risks beyond the Company’s control. Assumptions made by management and interpretations made by the author may prove to be incomplete, overly optimistic or incorrect. Future drill results may be weaker than expected; the approximately 1.4 km corridor may prove less continuous than currently interpreted; higher-grade zones may be smaller, narrower, lower-grade or less connected than anticipated; the high-grade interval in JES-26-172 may prove locally restricted; future drilling may not reproduce the broad widths or grades encountered to date; geological models may be revised; pending assays may fail to support current expectations; El Mezquite material may prove less amenable to heap leaching than currently contemplated; mineralization may be more structurally complex, lower-grade or more metallurgically challenging than anticipated; future resources, if defined, may be smaller or lower-grade than expected; and timelines for drilling, assay reporting, resource definition, construction, commissioning, pilot production or potential commercial development may be materially delayed. Any references in this report to El Mezquite as a discovery, confirmation of the discovery, a kilometre-scale hydrothermal system, an approximately 1.4 km mineralized corridor, a potential future deposit, a system containing higher-grade zones, a possible open-pit or heap-leach development scenario, potential future heap-leach feed, improved drill targeting, potential resource growth, pilot production, project expansion, district-scale potential, project value, market re-rating or similar expressions represent the opinions, expectations and interpretations of the author based on publicly available information at the time of publication. Such statements should not be interpreted as confirmation of a mineral resource, mineral reserve, economically mineable deposit, future mine, commercial production, economic viability, financing, profitability, share-price appreciation or investment returns. Forward-looking statements are inherently subject to significant risks and uncertainties and there can be no assurance that such statements will prove accurate. Assumptions made by management or interpretations made by the author may prove to be incomplete, overly optimistic or incorrect. Actual results, exploration outcomes, construction progress, production timelines, economic conditions and future events may differ materially from those expressed or implied in this report. Readers are cautioned not to place undue reliance on forward-looking statements and should review the risk factors described in the Company’s public filings before making any investment decision. Neither Rockstone, the author nor Tocvan Ventures Corp. undertakes any obligation to update or revise forward-looking statements, except as required by applicable law.
Disclosure of Interests and Legal Notice: Nothing in this report should be construed as an invitation to buy or sell securities. Rockstone, its owners, and the author of this report are not registered broker-dealers or financial advisors. Before investing in securities, you should always consult your financial advisor and a registered broker-dealer. Never make an investment decision based solely on online or printed reports, including reports from Rockstone – particularly when it comes to small, thinly traded companies. The author of this report, Stephan Bogner, received compensation from Tocvan Ventures Corp. in the amount of 19,000 CAD for a period of 3 months. In addition, he holds securities of Tocvan and will therefore also benefit from increased trading volume and share price appreciation. This represents a significant conflict of interest that may affect the objectivity of this reporting. The author may buy or sell securities of Tocvan at any time without notice, which may give rise to additional conflicts of interest. This report should be understood as a promotional publication and does not replace individual investment advice. All information is current as of the date of publication and is subject to change without notice. Liability for financial losses resulting from investments made on the basis of this report is excluded. The views of Rockstone and the author regarding the companies presented in this report reflect solely their own assessments and are based on information from public sources deemed reliable. Rockstone and the author have not conducted independent due diligence. Neither Rockstone nor the author guarantees the accuracy, completeness, or usefulness of the content, nor its suitability for any particular purpose. There is likewise no guarantee that the companies mentioned will perform as expected, or that comparisons with other companies will prove valid. Please read the full disclaimer carefully. If you do not agree with it, do not use this website or report. By using the website or this report, you agree to the disclaimer, regardless of whether you have read it in full. The information provided is of a general and educational nature. Data, tables, figures, and images, unless otherwise indicated or linked, originate from Tradingview.com, Stockwatch.com, Tocvan Ventures Corp., and publicly available sources. The cover picture has been obtained and licenced from 123rf.com.
