Lux Metals Corp. is about to enter one of the most important phases in the advancement of its La Grande Gold Project in Québec’s James Bay region. On August 25, the drill rig is scheduled to start turning at Zone 32, where Lux plans an initial ~4,500 m drill program targeting the highest-priority holes from 8,800 m of drilling already designed. For shareholders, the significance is straightforward: Lux is returning to a gold system that has already demonstrated substantial scale and grade, yet still offers considerable room for expansion.
More than 40,000 m of historical drilling have outlined mineralization at Zone 32 over ~600 m of strike and to ~350 m depth. Importantly, the system remains open at depth, along strike and laterally, leaving multiple directions in which the known mineralized envelope could grow.
The opportunity also extends beyond Zone 32 itself. Pari, Brèche, Mico-Milan and Vein occur within the same broader structural corridor, adding further geological scope across a system that has never been fully tested with a modern, integrated exploration approach.
As Rockstone highlighted in its initiating report in May, La Grande stands out because of the combination of broad historical gold intercepts, locally exceptional grades and a large amount of untested potential surrounding an already established mineralized system with considerable room for further expansion.
The upcoming drill program now has the opportunity to begin translating that potential into a much clearer picture of just how large Zone 32 – and the broader La Grande system – could ultimately become.
Historic drilling includes some remarkable results:
- 83.8 m @ 7.95 g/t gold in LGS97-98, contained within a broader 103.8 m @ 6.52 g/t gold
- 56 m @ 2.73 g/t gold in LGS97-83
- 47.4 m @ 2.06 g/t gold in LGS01-170 at the Pari Zone
- 38.5 m @ 4.32 g/t gold in LGS98-125
- 36 m @ 3.37 g/t gold in LGS97-103
- 37 m @ 1.93 g/t gold in LGS12-224
These historical results extend across several drill programs and demonstrate that substantial widths of gold mineralization occur throughout the Zone 32 corridor. They also highlight the consistency of mineralization across multiple areas of the system. The standout LGS97-98 interval is particularly notable, with the broader 103.8 m interval averaging 6.52 g/t gold and containing 83.8 m @ 7.95 g/t gold.
Reported lengths are downhole core lengths and true widths have not been determined. The historical results were generated by previous operators and should be considered in the context of the applicable historical-data cautions and the January 12, 2026 NI 43-101 Technical Report.
Rockstone’s first report “Lux Metals: High Gold Grades, Massive Scale and Drilling Ahead” focused heavily on the strength of these historical intercepts and the possibility that Zone 32 could represent only part of a considerably larger mineralized system.
One historical hole remains particularly relevant as the new campaign begins: LGS12-224 intersected 37 m @ 1.93 g/t gold ~400 m down-plunge from the main Zone 32 envelope. Lux specifically identifies this hole as evidence that the mineralized system extends beyond the area where the majority of historical drilling was concentrated.
The upcoming drilling program is designed to pursue that expansion opportunity directly. Lux intends to test the continuation of Zone 32 at depth and along strike while also evaluating parallel structures within the surrounding tonalite corridor.
SURFACE ASSAYS ADD FURTHER SUPPORT AHEAD OF DRILLING
The drill campaign is also being launched against a more refined geological backdrop following Lux’s June field program, which added fresh surface data across the wider project area.
The company collected 100 rock samples and 55 soil samples during the surface prospecting and geochemical campaign. The newly released assays include grab samples returning 1.4 g/t gold with 1,030 ppm copper and 5.7 g/t silver and 0.519 g/t gold with 729 ppm copper and 3.55 g/t silver.
Across the rock sample set, gold was observed to co-vary with silver, copper and tellurium, consistent with the disseminated and vein-hosted sulphide mineralization described in the technical report.
These results are relevant in the context of the broader exploration strategy discussed in Rockstone’s second Lux report in July. That report focused on the company’s effort to build a geological framework across the roughly 40 km La Grande trend through mapping, structural analysis, geochemistry and geophysics before progressively advancing drill targets beyond Zone 32.
The June program documented alteration, quartz veining, sulphide mineralization and favorable host rocks across areas that had seen comparatively little modern exploration.
The newly reported assays now provide geochemical information to accompany those field observations.
Grab samples are selective in nature and are not necessarily representative of average mineralization on the property or indicative of future drill results. Their relevance at this stage is primarily geological: The observed gold-copper-silver-tellurium association provides additional surface evidence consistent with the mineralization model Lux is applying to Zone 32.
“Zone 32 has more than 40,000 metres of historic drilling behind it and it is still open in every direction. We spent this year designing 8,800 metres of holes against that dataset and we are now putting the best 4,500 of them in the ground. The June field programme confirmed at surface exactly the gold-copper signature the model is built on.”
In this respect, the forthcoming drilling begins to address one of the central questions raised in Rockstone’s earlier coverage: How much larger can the known Zone 32 system become when modern exploration is directed toward its open extensions and the broader surrounding structural corridor?
THE HIGHEST-PRIORITY 4,500 METERS NOW MOVE TO THE DRILL BIT
Another noteworthy aspect of today’s announcement is that Lux has designed substantially more drilling than it initially intends to complete.
Management has developed 8,800 m of drill holes against the historical dataset and geological model and selected what it considers the best 4,500 m for the forthcoming program.
That provides flexibility as new geological information becomes available and suggests that the current campaign sits within a broader inventory of already defined drilling opportunities.
The initial program has 3 principal objectives: Expand Zone 32 down-plunge and along strike, improve definition within the existing system and test parallel structures in the tonalite corridor.
Each objective addresses a different aspect of the project’s potential.Successful step-outs could increase the dimensions of the known system. Infill drilling can provide greater confidence in continuity and geometry. Parallel structures could indicate that mineralization extends beyond the principal Zone 32 envelope into a broader network of structurally controlled gold-bearing zones.
The adjacent Pari, Brèche, Mico-Milan and Vein zones already demonstrate that mineralization occurs at several locations within the same structural corridor.
BOTTOM LINE
For junior explorers, the drill bit ultimately determines how geological potential translates into value.
Lux enters this program with several characteristics established: More than 40,000 m of historical drilling, repeated broad gold intercepts, exceptionally high grades in parts of Zone 32, mineralization extending ~600 m along strike and 350 m at depth and evidence from LGS12-224 that the system continues farther down-plunge.
The June field campaign has now added a new layer of geological and geochemical information, including surface samples displaying the gold-copper association underlying the exploration model. Lux can now begin testing how these different pieces fit together at depth.
The upcoming 4,500 m campaign does not need to rediscover Zone 32. Historical drilling has already demonstrated the presence of a substantial gold system.
The opportunity now lies in determining its dimensions. If modern drilling can extend the known mineralization down-plunge and along strike, demonstrate continuity around the historic high-grade intervals and identify additional mineralized structures within the tonalite corridor, the geological picture at La Grande could expand considerably.
More than 52,000 m of historical drilling and trenching established the foundation. An 83.8 m interval grading 7.95 g/t gold demonstrated the strength of the system. A 37 m intercept grading 1.93 g/t gold ~400 m down-plunge demonstrated that the mineralization continues beyond the main envelope.
On August 25, Lux begins drilling to determine just how far the Zone 32 system extends.
Company Details
Lux Metals Corp.
1055 West Georgia Street, 1500 Royal Centre
Vancouver, BC V6E 4N7 Canada
Phone: +1 604 678 5308
Email: info@lux-metals.com
www.lux-metals.com
ISIN: CA55067G1081 / CUSIP: 55067G108
Shares Issued & Outstanding: 77,155,216
Canada Symbol (TSX.V): LXM
Current Price: 0.155 CAD (08/17/2026)
Market Capitalization: 12 Million CAD
Germany Symbol / WKN: GP80 / A41JQW
Current Price: 0.096 EUR (08/17/2026)
Market Capitalization: 7 Million EUR
Stephan Bogner
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 Information on Forward Looking Statements: Rockstone, Lux Metals Corp. (“Lux“; “the Company“) and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Lux’s public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through its documents filed on SEDAR+ at www.sedarplus.ca. All statements in this report, other than statements of historical fact, should be considered forward-looking statements. Much of this report is comprised of statements of projection. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements in this report include statements, interpretations, conclusions and expectations regarding Lux Metals Corp.’s exploration strategy and the advancement of the La Grande Gold Project in Québec’s James Bay region. Such statements include expectations regarding the planned ~4,500 m diamond drilling program at Zone 32, the selection of priority holes from ~8,800 m of designed drilling, the potential expansion of mineralization down-plunge and along strike and the testing of parallel structures within the broader tonalite corridor. Forward-looking statements also include interpretations regarding the geological significance, scale and continuity of the Zone 32 gold system, the relevance of historical drill intercepts, including LGS12-224, and the possibility that future drilling may extend, connect or better define known mineralized zones or identify additional mineralized structures. Forward-looking statements further include interpretations regarding the Company’s June 2026 surface exploration program, including the significance of rock and soil sampling, observed alteration, quartz veining, sulphide mineralization and the reported association of gold with copper, silver and tellurium. Statements suggesting that these results support or are consistent with the Company’s geological model are subject to uncertainty and may not be confirmed by drilling. Forward-looking statements are based on current expectations, estimates, interpretations and assumptions and are subject to significant geological, technical, operational, regulatory, financial and market uncertainties. Such risks and uncertainties include, but are not limited to: Exploration & Geological Interpretation Risks: Historical drilling, surface sampling, geological mapping and structural interpretations may not accurately predict the grade, width, continuity, location or economic significance of mineralization encountered in future drilling. There can be no assurance that the upcoming program will confirm current interpretations, extend known mineralization or reproduce historical grades or widths. Historical Data & Verification Risks: A substantial portion of the technical information referenced in this report is based on exploration work completed by previous operators. Historical drill results have not necessarily been independently verified by Lux Metals Corp. and true widths may not be known. Historical results should not be relied upon as indicative of future exploration success or future mineral resource estimates. Drill Program Execution Risks: The planned approximately 4,500 m drill program, its commencement date, target selection and total meterage are subject to change. Drilling may be delayed, modified, reduced or cancelled due to weather, wildfire conditions, contractor or equipment availability, logistical constraints, permitting matters, technical challenges, financing limitations or other unforeseen circumstances. Drilling & Assay Risks: Future drilling may fail to reproduce historical grades or widths, intersect expected structures or confirm interpreted extensions of Zone 32. Assay results may differ materially from expectations and no assurance can be given that drilling will result in the expansion of the known mineralized system. Surface Sampling Risks: Grab samples are selective in nature and are not necessarily representative of average grades on the Property or indicative of future drill results. The reported gold-copper-silver-tellurium association and related geological interpretations may not be confirmed by subsequent exploration. Mineral Resource Risks: The La Grande Project does not currently host a mineral resource estimate compliant with NI 43-101 standards. Statements regarding potential scale, future resource delineation or development potential are speculative and there can be no assurance that future exploration will define an economically recoverable mineral resource. Financing & Market Risks: Mineral exploration is capital intensive and Lux may require additional financing to advance future exploration activities. Commodity prices, capital market conditions and investor sentiment toward junior exploration companies may affect the Company’s ability to finance operations or maintain market valuation. Regulatory & External Risks: Exploration activities are subject to permitting, environmental, Indigenous consultation and regulatory requirements in Québec and Canada. Operations may also be affected by weather, wildfires, logistics, labor availability, supply-chain disruptions, regulatory changes or broader economic and market conditions. Accordingly, readers should not place undue reliance on forward-looking information. Actual results may differ materially from those expressed or implied in the forward-looking statements contained in this report. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report except as required by law. Past performance, comparisons to other companies, projects, deposits, jurisdictions, exploration results, geological analogies, commodities, market events or industry trends are provided for illustrative purposes only and should not be considered indicative of future results.
Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that is not well known. The author of this report, Stephan Bogner, is paid by Zimtu Capital Corp. (“Zimtu”), a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. Accordingly, while the author of this report is not paid directly by Lux Metals Corp. (“Lux” or the “Company”), the author’s employer Zimtu Capital Corp. may benefit from volume and appreciation of Lux’s stock price. Zimtu currently holds securities of Lux Metals Corp., including common shares and share purchase warrants. According to Lux’s news-release dated March 9, 2026, Zimtu currently holds 2,750,000 common shares of Lux and 2,750,000 warrants comprised of: (i) 1,000,000 warrants exercisable at 0.05 CAD per share until February 14, 2027; and (ii) 1,750,000 warrants exercisable at 0.40 CAD per share until January 26, 2028. The author of this report also owns equity of Lux Metals Corp. and equity of Zimtu Capital Corp., and therefore may benefit from volume and price appreciation of these securities. This represents a significant conflict of interest that may affect the objectivity of this report. The author may buy or sell securities of Lux Metals Corp., Zimtu Capital Corp. or comparable companies at any time without notice, which may create additional conflicts of interest. Lux Metals Corp. has engaged Zimtu Capital Corp. to provide advertising, marketing and investor awareness services pursuant to a consulting agreement announced by Lux on February 13, 2026 and updated on March 9, 2026. Under the agreement, Zimtu is to provide services including investor presentations, online publications, digital marketing, newsletters, social media content, video news releases and related investor awareness activities. The agreement is for a term of 12 months at a rate of 16,666.67 CAD per month plus applicable GST, representing aggregate annual cash compensation of approximately 200,000 CAD plus GST. All payments under the agreement are payable in cash. Lux Metals Corp. has stated that no securities are proposed to be issued to Zimtu as compensation for the services provided under the agreement. The agreement remains subject to approval of the TSX Venture Exchange. Zimtu Capital Corp. is located at Suite 1450 – 789 West Pender Street, Vancouver, BC V6C 1H2 Canada and may be contacted at 604-681-1568 or info@zimtu.com. Overall, multiple conflicts of interest exist. Therefore, the information provided in this report should not be construed as independent financial analysis or investment advice, but rather as paid promotional commentary and market awareness material. This report does not constitute a recommendation to buy or sell securities and does not replace independent investment advice or independent due diligence. Rockstone’s and the author’s views and opinions regarding Lux Metals Corp. are the author’s own views and are based upon information believed to be reliable, including publicly available information, company disclosures and third-party sources. Rockstone and the author have not independently verified all technical, financial or corporate information referenced in this report. Rockstone and the author do not guarantee the accuracy, completeness or usefulness of any content contained in this report, nor its fitness for any particular purpose. Furthermore, Rockstone and the author do not guarantee that Lux Metals Corp. will perform as anticipated or that any comparisons made to other companies, projects or geological systems will prove to be accurate or applicable. For the avoidance of doubt, this report is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution, publication or use would be contrary to local law or regulation. 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