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Tocvan Expands El Mezquite: 107 m @ 0.5 g/t Gold Reinforces Growing Discovery Just 2 km from Pilot Facility

A Third Major Hit

Evidence continues to build that El Mezquite is emerging as an important new gold-silver discovery within Tocvan Ventures Corp.’s Gran Pilar Project. In today’s news-release, Tocvan states that the El Mezquite Target has the potential to ultimately surpass the established Main Zone in terms of resource scale. The company also notes that operating gold mines in Sonora often report average grades in the range of 0.25 to 0.4 g/t gold.

The newly reported step-out hole JES-26-175, drilled ~130 m north of the original discovery hole, once again returned broad, near-surface mineralization:

106.75 m @ 0.5 g/t gold and 3.46 g/t silver within an exceptionally broad mineralized envelope of 271.45 m @ 0.26 g/t gold.

This marks the third significant drill intercept along El Mezquite, while the discovery remains open in multiple directions and is located only about 2 km from Tocvan’s developing pilot facility.

JES-26-175 intersected mineralization from just 1.53 m downhole, including:

  • 271.45 m @ 0.26 g/t gold and 2.41 g/t silver
  • including 106.75 m @ 0.5 g/t gold
  • as well as higher-grade intervals including 16.78 m @ 0.97 g/t gold and 3.05 m @ 1.11 g/t gold and 23.43 g/t silver

El Mezquite now has 3 key drill intercepts:

El Mezquite is developing into a significant new gold-silver discovery just about 2 km from the pilot facility. The plan-view map shows the location of the key drill holes to date as well as the close proximity to the Main Zone and future processing infrastructure.

BROAD MINERALIZATION BECOMES INCREASINGLY IMPORTANT

For near-surface open-pit and heap-leach projects, grades should not be viewed in isolation. Width, continuity, strip ratio, metallurgy and processing costs are equally important.

For context in Sonora: Tocvan notes in today’s news that heap-leach cut-off grades in Sonora are typically around 0.1 to 0.15 g/t gold. Put simply, the cut-off grade is the minimum grade at which mineralized material is considered potentially suitable for processing under the relevant technical and economic assumptions. According to Tocvan, operating mines in Sonora often have grades in the range of 0.25 to 0.4 g/t gold.

Against this backdrop, JES-26-175 becomes particularly noteworthy: Tocvan intersected more than 100 m @ 0.5 g/t gold within a much broader mineralized envelope of 271.45 m @ 0.26 g/t gold and beginning almost at surface. Even the average grade of this very broad envelope therefore falls within the range Tocvan cites for operating mines in Sonora.

It is precisely this combination of width, near-surface positioning and grade that CEO Chris Gordon highlights in his comments on the new results:

“Three significant holes now define El Mezquite: 215 metres of 0.6 g/t gold in the discovery hole, 81 metres starting near surface with a high-grade core of 8.4 g/t gold in the confirmation hole, and now 107 metres of 0.5 g/t gold inside a 271-metre envelope 130 metres further north. That last hole is very significant. In Sonora, heap-leach cut-offs are typically around 0.10 to 0.15 g/t gold, and operating mine grades are often in the 0.25 to 0.40 g/t range. We are seeing 0.5 g/t over more than 100 metres, inside a much broader 0.26 g/t envelope that starts almost from surface. Those three hits validate the resource potential at El Mezquite. We think this trend has the potential to surpass the Main Zone as the larger resource on the property. It sits less than two kilometres from a permitted pilot plant, on existing roads, and it is still open. That is how Gran Pilar scales from explorer to producer.”

The long section highlights the growth potential at El Mezquite: The 3 key drill holes reported to date already define a broad, near-surface gold-silver system, while large portions of the ~1.4 km-long trend remain untested or open.

PILOT FACILITY TAKING SHAPE IN PARALLEL

While Tocvan continues to expand the new El Mezquite discovery through additional drilling, development of the permitted pilot facility is progressing only 1.6 to 1.9 km to the west. The current cover image shows the area already prepared for stockpile. Exploration and preparation for processing are therefore advancing in parallel, an increasingly important aspect of the broader Gran Pilar story.

Gran Pilar pilot facility: The area for the stockpile has been prepared. While infrastructure for the planned pilot production is taking shape at surface, the new El Mezquite gold-silver discovery is expanding only about 2 km away.

BOTTOM LINE

Today’s news may mark only the beginning of a more active flow of drill results. Assays remain pending for a further 3,501 m of drilling, meaning a series of additional results could follow over the coming weeks. At the same time, further drilling is planned north of JES-26-175, south of JES-26-155 and down-dip of JES-26-172 to further test the scale of El Mezquite.

With 3 significant drill intercepts now reported, a mineralized trend traced over ~1.4 km and numerous assays still pending, the evidence continues to build for a significant new gold-silver discovery. Tocvan states that El Mezquite has the potential to surpass the Main Zone as the larger resource on the property.

If upcoming drilling confirms the continuity, width and extent indicated by the results to date, El Mezquite could become highly important to a future resource estimate. A large, near-surface system can contain substantial amounts of gold even at moderate average grades, although considerably more drilling and technical work will be required before the scale of any future resource can be established.

It is still too early to estimate a potential resource size. However, the 3 significant drill intercepts reported so far provide encouraging evidence of a substantial new discovery. The key question is therefore increasingly shifting from whether El Mezquite represents a sizeable mineralized system to how large that system may ultimately prove to be and how much gold a future maiden resource estimate could potentially define.

That is why the next drill results will be particularly important: Additional strong intercepts could further support the interpretation of a large, potentially continuous gold-silver mineralized system at El Mezquite.

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: 0.76 CAD (09/22/2026)
Market Capitalization: 60 Million CAD

Germany Symbol / WKN (Tradegate): TV3 / A2PE64
Current Price: 0.475 EUR (09/22/2026)
Market Capitalization: 37 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 significance of JES-26-175 as a northern step-out from discovery hole JES-26-155; the significance of the reported intercept of 271.45 m grading 0.26 g/t gold and 2.41 g/t silver from 1.53 m downhole, including 106.75 m grading 0.50 g/t gold and 3.46 g/t silver, 27.45 m grading 0.68 g/t gold and 4.56 g/t silver, 16.78 m grading 0.97 g/t gold and 3.50 g/t silver and additional higher-grade sub-intervals; the interpretation that JES-26-175 demonstrates continuation of the broad hydrothermal breccia system ~130 m north of JES-26-155; the possible lateral and vertical continuity of mineralization between JES-26-155, JES-26-172, JES-26-175 and other drill holes; the interpretation of El Mezquite as an ~1.4 km-long mineralized trend or emerging kilometre-scale hydrothermal gold-silver system; the possibility that the system may extend farther along strike, laterally or to depth; the possible existence, geometry, continuity and distribution of higher-grade shoots and broader lower-grade mineralized envelopes; 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-26-155, JES-26-172 or JES-26-175 may occur elsewhere within the El Mezquite trend; the interpretation that the three principal holes reported to date support the resource potential of El Mezquite; the possibility that El Mezquite could ultimately develop into a larger mineral resource than the Main Zone; the possibility that future drilling may support a maiden mineral resource estimate containing significant quantities of gold and silver; 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 access and the permitted pilot facility; the possible relevance of the broad near-surface mineralized envelope in JES-26-175 to a future open-pit or heap-leach development concept; the possible future suitability of El Mezquite material for heap-leach or other processing methods; the relevance of heap-leach cut-off grades and operating mine grades cited by Tocvan for Sonora; the continuation of drilling along the ~1.4 km El Mezquite trend; the timing, receipt, interpretation and potential significance of ~3,501 m of pending assay results from the 2026 drill program; planned drilling north of JES-26-175, south of JES-26-155 and down-dip of JES-26-172; the possibility that additional drilling may define one or more future mineral resources; and the continued advancement of the permitted Gran Pilar pilot facility toward targeted initial gold-silver doré production in Q4 2026. Statements in this report describing El Mezquite as a significant new discovery, a growing discovery, an emerging mineralized system or a potentially larger future resource than the Main Zone represent geological interpretations and expectations based on currently available drilling, mapping, geochemical, geophysical and structural information and, where expressly stated, comments made by Tocvan management. Such statements do not constitute a mineral resource estimate, mineral reserve estimate, economic assessment or demonstration of economic mineability. Although the three key holes JES-26-155, JES-26-172 and JES-26-175 have each returned significant mineralized intervals, there can be no assurance that mineralization encountered in these holes is laterally or vertically continuous, that the reported intervals are physically connected or that future drilling will define a coherent mineralized body of sufficient grade, tonnage and continuity to support a mineral resource or economically viable mining operation. Statements regarding El Mezquite as an ~1.4 km-long mineralized trend or kilometre-scale gold-silver system should not be interpreted as confirmation that the entire trend is continuously mineralized. Large portions of the interpreted trend remain untested or only sparsely drilled. Mineralization may prove discontinuous, structurally complex, narrower, lower-grade or less extensive than currently interpreted. The dimensions, geometry and geological interpretation of El Mezquite may change materially as additional drilling, assay results and structural information become available. JES-26-175 returned 271.45 m grading 0.26 g/t gold and 2.41 g/t silver from 1.53 m downhole, including 106.75 m grading 0.50 g/t gold and 3.46 g/t silver. Internal higher-grade intervals include 27.45 m grading 0.68 g/t gold and 4.56 g/t silver, 16.78 m grading 0.97 g/t gold and 3.50 g/t silver and 3.05 m grading 1.11 g/t gold and 23.43 g/t silver. These intercepts should not be interpreted as representative of the average grade, width or continuity of the entire El Mezquite system or of any future mineral resource. Higher-grade sub-intervals may be structurally controlled, discontinuous or limited in extent and may not be repeated in adjacent holes. Likewise, the broader 271.45 m mineralized envelope may contain substantial internal variability in grade, alteration, oxidation, structure and metallurgical characteristics. Reported drill intervals represent drilled lengths and may not correspond to true widths. According to Tocvan, true widths for the intervals reported in the current news release are estimated to be ~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 the significance of the 271.45 m mineralized envelope and comparisons with heap-leach cut-off grades or operating mine grades in Sonora require particular caution. Tocvan’s CEO stated that heap-leach cut-offs in Sonora are typically around 0.1 to 0.15 g/t gold and that operating mine grades are often in the 0.25 to 0.4 g/t gold range. These statements represent general contextual comparisons made by management and should not be interpreted as establishing an applicable economic cut-off grade for El Mezquite or Gran Pilar. Cut-off grades are project-specific and depend on numerous factors, including metal prices, mining method, strip ratio, metallurgical recovery, processing method, reagent consumption, throughput, capital costs, operating costs, infrastructure, taxation, royalties and other technical and economic assumptions. The fact that the average gold grade of the broader JES-26-175 envelope falls within a grade range cited by Tocvan for operating mines in Sonora does not demonstrate that such mineralization at El Mezquite can be economically mined or processed. Similarly, references to near-surface mineralization, possible open-pit geometry or heap-leach potential are preliminary and forward-looking. The occurrence of broad mineralized intervals beginning near surface does not establish mineability, economic viability or metallurgical suitability. No conclusion should be drawn that El Mezquite mineralization constitutes ore, that the mineralization is suitable for heap leaching or that it will ultimately be processed through the Gran Pilar pilot facility or any future commercial operation. Heap-leach suitability depends on mineralogy, oxidation state, gold and silver deportment, crush size, permeability, reagent consumption, recovery rates, leach kinetics, geotechnical conditions, water availability and operating costs, among other factors. Dedicated metallurgical testing of El Mezquite material would be required before conclusions regarding a future processing route could be made. Statements that El Mezquite has the potential to surpass the Main Zone as the larger resource on the property are based on comments made by Tocvan management and remain inherently forward-looking and uncertain. No maiden mineral resource estimate has been completed for El Mezquite and the currently available drilling is insufficient to determine the tonnage, average grade, contained gold or silver ounces, classification or economic significance of any future mineral resource. There can be no assurance that El Mezquite will ultimately contain a mineral resource larger than the Main Zone, or that any future resource will meet management’s or the author’s current expectations. Any discussion in this report regarding the amount of gold that a future maiden mineral resource estimate might ultimately contain is speculative. Broad widths and moderate average grades can, under appropriate geological conditions, result in substantial contained metal, but contained ounces depend on mineralized volume, density, continuity, cut-off grade, geological modelling and numerous other assumptions that cannot presently be determined with sufficient confidence. No estimate of future tonnage, grade or contained ounces should be inferred from the limited drilling completed to date. Statements regarding ~3,501 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, broad, higher-grade, economically significant or supportive of the current geological interpretation. Pending results may be weaker than expected, may fail to confirm interpreted continuity or structures and may lead to revisions of the current exploration model. Assay timing depends on drilling progress, sample preparation, laboratory capacity, quality-control procedures and other factors that may be outside the Company’s direct control. Statements regarding planned step-out and infill drilling north of JES-26-175, south of JES-26-155 and down-dip of JES-26-172 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. Future drilling may identify additional mineralization, but it may also return narrower, lower-grade or non-significant intervals and may change the current interpretation of El Mezquite. Statements regarding El Mezquite’s proximity to the permitted pilot facility and existing roads are forward-looking to the extent they imply future strategic, operational or economic benefits. El Mezquite is reported to lie ~1.6-1.9 km from the Main Zone and permitted pilot facility, but proximity to infrastructure does not establish economic viability or guarantee that El Mezquite mineralization can be incorporated into a pilot program or future mine plan. Additional drilling, resource estimation, metallurgical testing, mine planning, engineering, permitting, financing and economic evaluation would be required before such conclusions could be reached. Statements concerning the Gran Pilar pilot facility, including construction, commissioning, operation and the targeted production of initial gold-silver doré in Q4 2026, are forward-looking. Although Tocvan reports that the 50,000-tonne heap-leach pilot facility is permitted and advancing, there can be no assurance that construction or commissioning will be completed according to the current schedule, that initial doré production will occur 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 or of material from El Mezquite. 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 for El Mezquite. Drill intersections, surface samples, soil anomalies, geophysical anomalies, alteration zones, 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 or less extensive than currently interpreted; the possibility that broad mineralized envelopes may not contain sufficient economically significant mineralization; the possibility that the ~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 or structural 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; uncertainties regarding future mineral resource estimates; 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 ~1.4 km trend may prove less continuous or less mineralized than currently interpreted; higher-grade zones may be smaller, narrower, lower-grade or less connected than anticipated; the broad envelope in JES-26-175 may not continue laterally or vertically; future drilling may not reproduce the grades or widths encountered in JES-26-155, JES-26-172 or JES-26-175; 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, lower-grade or contain fewer ounces than expected; El Mezquite may not exceed the Main Zone in resource size; and timelines for drilling, assay reporting, resource definition, pilot construction, commissioning, doré production or potential commercial development may be materially delayed. Any references in this report to El Mezquite as a discovery, significant new discovery, growing discovery, kilometre-scale hydrothermal system, ~1.4 km mineralized trend, potentially larger future resource than the Main Zone, possible future open-pit or heap-leach development scenario, future resource growth, substantial contained gold, pilot production, transition from explorer to producer, project expansion, project value, market re-rating or similar expressions represent statements, expectations and interpretations based on publicly available information at the time of publication and, where applicable, statements made by Tocvan management. 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, resource estimates, 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. 

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